Music group Spotify in talks to raise new funds

SPOTIFY, the Swedish peer-to-peer legal music streaming site, is seeking new investment in the region of &pound;30m as it seeks to capitalise on its strong position within the market. Any deal would value the group at around &pound;200m. <br /><br />Spotify hopes to become profitable for the first time later this year. The site has grown rapidly throughout Europe, and has attracted more than 2m users in the UK alone since October 2008.&nbsp; It is aiming to convert as many customers as it can away from free, advert-interrupted music onto its premier, advert-free service, charged at &pound;9.99 per month.<br /><br />Founders Daniel Ek and Martin Lorentzon have good reason to be optimistic about the company's future.&nbsp; Lengthy negotiations have finally been completed with major record labels EMI, Sony BMG, Universal Music Group and Warner Music Group.