Is Spotify already worth more than the entire US music industry?

New reports suggest that streaming service Spotify is worth more than the entire North American recorded music industry combined.

The company is rated at $8.4 billion, having picked up a new funding deal of $400 million, as reported by The Wall Street Journal. This pushes its value way above that of the Recording Industry Association of America, which is currently earning $6.97 billion. The value was calculated in 2014, combining both physical and digital sales, and new streaming profits.

It’s worth nothing that Spotify is an international company, hence how it can provide a significant portion of the recording industry’s 27% of the $6.97 billion earned from streaming sales. We’re also comparing value and actual revenue. However, given the short period of time that Spotify has existed, this is a significant comparison to make, only emphasising just how significant a player this service really is.

Report via Consequence of Sound.