That's according to "multiple Silicon Valley investors" close to Business Insider. The site also says that its sources wish to remain anonymous "because they don't want Spotify to know they are giggling at it behind its back."

Firms are apparently reluctant to do a deal with the streaming music service at such a high valuation because Spotify doesn't own the content it offers to its users.

The last round of Spotify fundraising saw the company valued at $1bn and ...