European online music service Spotify, which offers streaming audio tracks on demand, is currently closing a round of financing of $100 million or more, reports TechCrunch from unnamed sources. DST is said to be leading the deal, which would value Spotify at around $1 billion.

According to Russian industry experts quoted by Russian business daily Vedomosti, this deal might be a means for DST to legalize the music content of its sister holding Mail.ru Group, a prominent Russian Internet player. Mail.ru Group, owner of the country’s leading social networks, was launched on the London Stock Exchange in Oct. 2010.

Update March 21, 2012

DST contributed $37.5 million to the round, Bloomberg reported based on an investor presentation of the Russian fund.