Spotify isn’t going to let Apple walk all over it and has secured a new investment round to defend its position in the increasingly competitive streaming music sector.

The launch of Apple Music signals a new dawn for streaming music services, where vendors such as Spotify don’t think offering songs will be enough to compete and become profitable. Spotify last month launched a new version that added podcasts and video content.

To help the company grow, Spotify has closed a US$526 million round of funding valuing it at about $8.5 billion, the Wall Street Journal reported on Wednesday.

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