ATLANTA (Hypebot) –
Coca-Cola is in serious discussions to invest $10 million in Spotify, according to both Bloomberg Business and Sky News, citing multiple sources with knowledge of the talks. The deal, while not yet done, could be inked within the next two weeks. Coke's $10 million investment would represent a fraction of the $100 – $200 million funding on a reported $4 billion valuation that Spotify has been shopping for months.
Coca-Cola has increased its entertainment footprint in recent years to market to younger consumers. The company announced a deal in April to add Spotify to its Internet marketing, following another successful musical collaboration that netted the 2010 World Cup anthem “Wavin’ Flag.”
January Japan Launch For Spotify
The Coke news comes on top of new reports that Spotify is planning to launch in Japan in January The music streamer reportedly has aggressive plans to grab market share in the only top 5 global music market in which it currently has no footprint.