Used to host files independently of hardware, so that they are accessible across all devices automatically, the Dropbox service is a tool frequently used by DJs and producers, and was expected to draw $8 billion of investment in a valuation round this summer.
The global financial crisis is apparently taking its toll in the technology world, though, as the service is reportedly being currently valued at $4 billion. This amount, offered by lead investors Index Ventures, has sent waves of shock through the tech community, whilst those of us who are still trying to picture what a billion would look like in cash remain somewhat nonplussed.
Tech Crunch have pointed to financial insecurity in the US and a potential drop in revenue as possible reasons for this unexpectedly low valuation round. Our thoughts go out to the owners of Dropbox, who we hope will make it through these difficult financial times.