Apparently even Spotify isn’t safe from the harsh decline of business in the music industry. According to the music streaming service’s own reports, in 2010 and 2011, Spotify reported losses of more than $100 million.
Still, Spotify clearly seems to be growing, having earned a reported revenue of $234 million in 2011, more than double its $117 million in 2010. “The question of when we’ll be profitable actually feels irrelevant,” says CEO Daniel EK. “Our focus is all on growth. That is priority one, two three, four and five. But of course we expect to make a profit in the long run.”
Spotify now reportedly has 4 million paying premium customers, up from 3 million last year, and has plans to expand into Canada, South America and Asia.