Andre Yoskowitz
11 Oct 2011 12:50
Spotify, the unlimited music streaming service that launched in the U.S. earlier this year saw a huge growth in revenue in 2010, but still posted a net loss.
Revenue jumped from 11.3 million pounds in 2009 to 63.2 million pounds last year and is expected to jump to 100 million pounds (at least) in 2011 thanks to U.S. exposure.
The streaming service did have a large 26.5 million pound loss for the year, however. In 2009 it had a 16 million pound operating loss.
Most of the growth in revenue came from a jump in European premium subscribers and in advertising.
Spotify has 2 million premium subscribers in Europe. It is unclear how their new American business is performing.