Spotify: losses fall

Streaming service increases revenues - but still not in profit.

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  In a well-publicised move, singer Taylor Swift has withdrawn her music from the service.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.