In a sign of the rising popularity of streaming music, Spotify announced it is in discussions with an unnamed investor group for the purchase of up to a 50% share in the struggling music service.
The company is looking to raise $10 billion for its music business in the first quarter of 2018, according to the company’s quarterly earnings statement, though it is unclear if that would be enough to unlock a significant infusion of cash to fund its expansion.
Spotify, which was founded in 2003 and has more than 200 million users around the world, has struggled to find its footing amid its $4 billion acquisition of Beats by Dre in January.
The deal saw Beats become the world’s most popular streaming music service, with over $2 billion in annual revenue.
Spotify announced last month it had added 50 million paying subscribers, bringing its total paid subscribers to over 500 million.