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Spotify revenues rise but losses widen | |
(about 3 hours later) | |
Spotify saw revenues reach €1.95bn ($2.2bn; £1.5bn) over the past year, but the Swedish music streaming platform has still not made a profit. | |
Losses deepened at the industry leader, which offers music over the internet for free with advertisements or ad-free for a fixed monthly rate. | |
Revenue increased by 80% over the past year, beating the 45% growth rate of 2014 by a wide margin. | Revenue increased by 80% over the past year, beating the 45% growth rate of 2014 by a wide margin. |
Net losses increased by 7% from the previous year to €173m. | |
Spotify's main expenses are royalties paid to artists. | Spotify's main expenses are royalties paid to artists. |
It said its revenue from advertisements had nearly doubled while it user base had also grown significantly. | It said its revenue from advertisements had nearly doubled while it user base had also grown significantly. |
It had 89 million active monthly users by the end of 2015, 28 million of which were paying for subscriptions. | It had 89 million active monthly users by the end of 2015, 28 million of which were paying for subscriptions. |
More competition | More competition |
Spotify, long at the forefront of online music streaming, said it was prioritising investment, as it faces increasing competition. | Spotify, long at the forefront of online music streaming, said it was prioritising investment, as it faces increasing competition. |
Apple launched its own music streaming service in 2015, while Rhapsody and Deezer are two other companies offering a similar service. | Apple launched its own music streaming service in 2015, while Rhapsody and Deezer are two other companies offering a similar service. |
As the industry leader, the firm has received a lot of criticism from artists who argue that the royalties they receive from streaming are not fair, and that streaming platforms fail to support new artists. | As the industry leader, the firm has received a lot of criticism from artists who argue that the royalties they receive from streaming are not fair, and that streaming platforms fail to support new artists. |
It has led to some big names like Taylor Swift, Adele and Radiohead keeping some or all of their music off the service. | It has led to some big names like Taylor Swift, Adele and Radiohead keeping some or all of their music off the service. |
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