Spotify now valued at almost $1 billion (£620 million)

Music streaming service is seeking more investment as it plans expansion into US

Spotify is now valued at almost $1 billion (£620 million) according to new reports.

The music streaming service, which has spent the last few months locked in negotiations with record labels over its impending launch in North America, is now seeking new investment with a valuation given of almost $1 billion, according to technology news website

Spotify was last valued at around $200 million (£124 million) in 2009, meaning the company has grown in financial terms by almost 500 per cent.

As well as pushing for its North American launch, the music streaming service is also reported to be in the final stages of launching within Facebook.

According to reports last month, a Spotify icon would appear on the left hand side of the newsfeed on the social networking site, next to the regular photos and events icons. Clicking would install the programme and allow users to listen to songs from the 13 million strong catalogue of songs, with the option of listening to tracks simultaneously with friends.