Spotify didn't confirm that amount, but Sweden-based telecommunications company TeliaSonera said Wednesday that it invested $115 million in Spotify in return for a 1.4 percent stake in the company. The news came just after the Wall Street Journal reported that Spotify has closed a funding round for $526 million on an $8.53 billion valuation. In May 2014, Spotify had 10 million paid subscribers and 40 million active users - those numbers swelled to 15 million paid and 60 million active by the end of last year. Spotify noted that it took five-and-a-half years to get to 10 million paid subscribers, and just one year to get to 20 million. Spotify now has more than 20 million paid subscribers and more than 75 million active users, the company announced in a blog post Wednesday. Streaming music provider Spotify has responded to the threat posed by Apple Music the best way it can: raising more money, growing its user base and preparing for battle.

Spotify, run by CEO and founder Daniel Ek, now has more cash to prepare it for a battle with Apple.

Useage increase apple music vs spotify