Music streaming service Spotify has just been valued at $1 billion according to Sky News. Facebook backers DST and Kleiner Perkins are two of the big investors willing to bet that that sum is accurate and put their money behind the service.
Founded in Sweden in October 2008, Spotify offers a free music streaming service supported by ads or a subscription service letting people stream or store music on apps on their computers or mobile phones. Integration with Facebook has allowed users to share music and collaborate on playlists.
From personal experience, it has been one of my favourite web services of the past few years.[via Forbes]