Spotify to raise US$500m in convertible debt issue

New York

SPOTIFY is looking to raise at least US$500 million in new funding to continue its global expansion and compete with powerful outlets like Apple, Pandora and Google, according to a person briefed on the company's plans.

Spotify, whose free and paid subscription plans have been a major driver of the rise of streaming music, has raised more than US$1 billion since the company was founded in 2006 and was last valued by its investors at US$8.4 billion.