Though Jay Z’s Tidal streaming service is facing an uphill battle to remain afloat, his chief competitor, Spotify, is doing just fine.
According to the Wall Street Journal, Spotify recently received additional funding to push its worth to $8.4 billion.
That total now makes the streaming giant worth more than all of the U.S. music industry, which is valued at about $6.8 billion and doubles its arch rival, Pandora, which is worth $3.5 billion.
Music business experts have seen the writing on the wall for a while now and have been slowly but surely making strides to adapt to the all new way in which music is consumed. With physical CD sales, and now even digital downloads, continuing to slump, it seems streaming music is now officially the official way the majority of people enjoy their music.
Last month, it was reported that streaming services overtook CD sales for the first time in history.
