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Spotify Becomes The Second Largest Revenue Source For Digital Music In The USA

Almost a year after its launch, the company is established on the complex North American market

Almost a year after its launch in the USA, Spotify has revealed the details of its economic impact on the American music market. According to a source close to the Swedish company in Business Insider, Spotify is now the second largest revenue source for digital music for the majors, even though there is still a huge gap between Spotify and iTunes, which paid about 3.2 billion dollars to the labels in 2011.

During a conference at this year's SXSW, Sean Parker, one of the earliest investors in Spotify, said that “if we continue growing at our current rate in terms of subscriptions and downloads, we’ll overtake iTunes in terms of contributions to the recorded music business in under two years.” The company raises 220 million dollars at the moment, for a value of 4 billion dollars.

In February 2011, Spotify was already the second largest revenue source for digital music in Europe, which only confirms the company's rapid growth.

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