Los Angeles

SPOTIFY Ltd is in the process of raising new financing that would value the largest subscription music-streaming service at about US$8 billion, according to people familiar with the matter.

That valuation is double what the company was worth when it raised money in November 2013. The latest round totals about US$400 million, according to one of the individuals, and comes from a group that includes Goldman Sachs Group and an Abu Dhabi sovereign wealth fund, the Wall Street Journal reported Friday.