Spotify saw large loss in 2009
Spotify has revealed their 2009 financials today, and it appears that the company saw a hefty loss for the last year.
Revenue grew to £11.32 million but costs rose to £18.82 million, not including distribution costs of £608,711 and administrative expenses of £8.29 million.
Overall, the company saw a £16.4 million loss.
Revenue came mainly from subscriptions, with £6.81 million coming from monthly subscribers. The rest of the revenue came from advertisements, to the tune of £4.51 million.
Spotify had seven million users in Europe by the end of the financial year, but only 250,000 paying subscribers.
“2009 saw us focus on establishing a new and innovative music service and bringing it to millions of people across Europe. The groundwork laid in our launch year has been crucial to the significant achievements made in 2010. Further strengthening and expansion of the service remains our top priority,” says the company.
Editor Pick !!! - YouTube Robot
 |
Powerful tool that enables you to Download, Convert and Transfer to mobile devices videos from YouTube and other similar websites.
You may also schedule the save and conversion tasks to be executed automatically, even when you are not around. Downloading is followed by conversion to the format of your choice and uploading videos to a mobile device (if needed). ![Download free [9.8M]](../../images/download.jpg){kind=small} |
