According to reports from The Wall Street Journal and Business Insider, music streaming giant Spotify is closing in on a deal that would net them an extra $400 million in investments at an $8.4 billion valuation. The funding, which would be sourced from Goldman Sachs and Abu Dhabi's sovereign wealth fund, among other investment houses, would make Spotify's worth exceed that of the entire American recorded music industry by nearly $1.5 billion. (In 2014, the RIAA's valuation was reported at $6.972 billion.) Last year was the first in which music streaming was more profitable than CD sales. This hefty new round of investment comes at an opportune time for Spotify, as it is soon to face its stiffest competition ever, from the Jay Z-helmed Tidal and its promise of a high fidelity streaming experience that delivers to users exclusive content, and from Beats Music, which continues to improve its curated user experience and enjoys backing from some of the industry's biggest power players.

That first competitor, Tidal, has made waves around the industry, although most of the initial buzz had to do with the roster of musicians who showed up in the promotional campaign. Artists from Rihanna to Jason Aldean changed their social media profile pictures to a specific hue of blue, throwing their support behind a service that makes all artists who got in on the ground floor part owners. If nothing else, Tidal's wave of support illustrates a wholesale shift within the creative ranks toward streaming as the choice medium to pipe music to their fanbases.

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