Spotify Is Worth $1 Billion. No Really, It Is

TechCrunch is reporting that Digital Sky Technologies is set to have another round of financing for Spotify at a $1 billion valuation, which some are calling absurdly overvalued. DST, which has backed Facebook, Groupon and Zynga, is said to be leading the deal. The round will be $100 million or more, which is more than than the $90 million the company has raised so far. Spotify currently operates in Europe, and the streaming music service isn't yet available in the U.S. Just last week, Pandora announced it would be raising $100 million in an IPO as the company looks to cash in on the social media craze, amid valuations of companies like Facebook and Twitter.