Spotify financial results show struggle to make streaming music profitable
by Stuart Dredge from Technology | The Guardian on (#8TAZ)
Its 15m paying subscribers helped Spotify to more than a1bn of revenues in 2014, but its losses are still growing faster than its income
Spotify has hailed 2014 as a "transformative" year in which its annual revenues passed a1bn for the first time, but the music-streaming service's growth came at a cost - a sharp increase in its net losses.
The company's financial results, published in Luxembourg and seen by the Guardian, reveal that its revenues increased from a746.9m (537.87m) in 2013 to a1.08bn (777m) in 2014 - year-on-year growth of 45%.
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