Streaming service Spotify’s revenues increased by a massive 74% (up to almost 750 million Euros) in 2013. At the same time, its losses have been reduced by nearly 70%.
Spotify has been expanding its reach and is now available in 58 countries and the company is planning to continue to expand.
The challenge for Spotify is that only 8 million of its 36 million active users are paying a fee to use the service.
Some artists have complained about the level of payments made by Spotify. In a well-publicised move, singer Taylor Swift has withdrawn her music from the service.
Sources: The Local; GoDigital.