Spotify’s North American launch could be ‘imminent’

Two of the four major US record labels have reportedly signed deals with the streaming service

Music streaming site Spotify has apparently made deals to stream the music of two of the four major record labels in the United States.

According to the Independent, if the company can ink a deal with one more label, then the launch of the service in the country could be imminent.

Currently raising funding which will see the company valued at $1 billion, Spotify has 750,000 subscribers in Europe.

Launching in the UK in autumn 2008, last year Spotify paid out €45m (£38.5m) to record labels in the seven European countries in which the service is available.

It is apparently this increased revenue which has convinced record labels in the States to enter into negotiations with the Swedish streaming company.