Spotify launches public beta of competitor

Spotify, the Swedish startup with a service streaming music service, has launched into open public beta. The startup is understood to have raised a massive €15.3m from VCs Northzone Venture Partners and Creandum. Spotify is a lightweight iTunes-like application streams songs via encrypted P2P technology. The service is ad-financed, hence the comparison with Here’s the video they have launched to explain the service:

Spotify – the story from Spotify on Vimeo.