The streaming service has brought in $526 million in new funding.

Apple might have announced its new streaming service, but that hasn’t affected Spotify’s value – it’s now valued at $8.53 billion, up from $5 billion last September.

As The Wall Street Journal reports, the valuation follows a funding round that began in April with the company originally looking for $400 million, but managed to bring in $526 million in new money.

Despite this, Spotify still operates at a loss – according to The Verge, the Swedish company has to pay almost 70 per cent of its revenue to label owners and musicians in royalties.

All this extra cash might explain why Spotify CEO Daniel Ek was so unimpressed with Apple’s announcement on Monday.