Google made failed bid for Spotify: report
Published on Jul 23, 2014 7:32 AM
NEW YORK (AFP) - Internet titan Google tried last year to buy streaming music service Spotify but backed off for reasons including a whopping price tag, the Wall Street Journal reported on Tuesday.
The Journal cited an unnamed source as saying that Sweden-based Spotify was asking for more than US$10 billion (S$12.4 billion) despite being valued about US$4 billion in its latest round of equity funding.
Spotify is the world's leading service for streaming music on the Internet, claiming 40 million users in 56 countries as of May.
While the bulk of Spotify users opt for advertising support versions of the service, the company reports having 10 million subscribers to an ad-free option.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!