Spotify Announcing US Launch; Closing European Service To Fund It

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(Editor’s Note: This post originally appeared on TechCrunch Europe)

I’ve been more skeptical than most about Spotify’s promise to launch in the US, but it looks like Europe’s favourite music service is ready to make good on all of its hype.

We’re hearing from multiple sources today that licensing deals are finally in place with major US record labels and the company’s Valley investors are ready to provide the additional cash needed to pay for costly music licenses. Absent any last minute hiccups, the company’s US service is ready to go live as early as next week.

The catch? Those same sources tell us that in order to finance the cost of a US launch, Valley investors have demanded the company shut down its European service, effective noon on Friday (GMT). The brand new ‘Spotify USA‘ — unavailable to users in Europe — will launch on Monday morning.

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