Spotify has gone and raised $1 billion in investments to help with its ongoing rat-race to be the best streaming service on the market. It isn't exactly clear how the money will be spent but TechCrunch has predicted it will be used for "growth and marketing," in its battle against Apple Music. Others like Recode speculate that they may use the money to buy a rival service.

The company, which was valued at $8.5 billion in June of last year, still had €570 million in the bank prior to gaining this new investment, which they raised in convertible debt financing, (offering its investors the option to invest in the company at a discount of 20% should the streaming service go public in the next year.)