I have no idea why Google haven't acquired Spotify to combat against iTunes yet, but the music streaming and discovery service is looking to raise $100 million in a financing round that would see the company valued at $3 billion.

Spotify is hoping to raise new funds from a bunch of investors, including Goldman Sachs. If the report is true, we're looking at a valuation target 25% lower, as earlier reports had them pegged at seeking $200 million on a valuation of $4 billion.

Reuters has reported that Spotify has already raised around $189 million in funding in previous financing rounds from Kleiner Perkins Caufield & Byers, Accel Partners and more. Spotify, since its launch, has grown into a formidable competitor in the music industry, and is proud to be the number two source of revenue from the major record labels, only behind Apple's iTunes.

Spotify has deals cranking along with Yahoo, as well as music marketing deals with AT&T, Reebok and Intel.