That's according to a Business Insider source close to the streaming music service, who conceded that the gap between Apple and Spotify still remains 'extremely large'.
Business Insider analysis estimates that iTunes paid around $3.2 billion to record labels in 2011 and points back to the claims of Spotify's Sean Parker at SXSW earlier this year when he said: "If we continue growing at our current rate in terms of subscriptions and downloads, we'll overtake iTunes in terms of contributions to the recorded music business in under two years."
Spotify is currently in the process of raising a new round of financing that could value the service at up to $4 billion.
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