Music streaming service Spotify has in its current round of funding been valued at $8.4 billion. This comes as something of a surprise considering the little scuffle it had with Taylor Swift et al. last year, as well as more recent news that Apple will officially be entering the realm of streaming – and of course Jay Z's celebrity-endorsed Swedish-born service, Tidal. And also considering it virtually haemorrhages money.

They've dipped back into the money of the world for a seventh round of funding this time, with Goldman Sachs and an Abu Dhabi sovereign-wealth fund agreeing to invest. Spotify themselves have also held talks with a range of venture-capital firms and asset managers on an international level. It's been reported (Wall Street Journal) that they're nearing their target of $400 million, something that the company – with a costly business model that involves paying almost 70% of all revenue in royalties, it's no wonder they need the extra money. To Spotify's credit, they argue that keeping the service available for users who don't wish to pay is a way to attract new subscribers ($/£9.99 per month), and refuse to withhold certain releases from these free users – something which Taylor Swift's label couldn't agree with.

Spotify's 2014 revenue was $1.3 billion, meaning its current valuation at $8.4 billion is 6.5 times its revenue, not bad for a company that basically loses money and annoys record labels around the world, is it?