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Spotify sees both revenues and losses rise Spotify revenues rise but losses widen
(about 3 hours later)
Spotify has seen revenue reach 1.95bn euros ($2.2bn;£1.5bn) in the past year, but the Swedish music streaming platform has yet to make a profit. 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. 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 euros. 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 competitionMore 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.