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Digital
Spotify losses up, Canadian and Asian expansion planned
By CMU Editorial | Published on Thursday 23 August 2012
Spotify’s losses rose from 28.5 million euros in 2010 to 45.4 million last year, reports the Wall Street Journal. However, the company’s revenues also grew rapidly in 2011, up to 156.9 million euros – over 100 million more than the previous year’s 52.6 million euros.
The figures, taken from the firm’s most recent submitted company accounts, show that despite considerable growth, the streaming service is still relying heavily on venture capital funding, and noted that it “cannot exclude the need or desire to raise more funds in the future”.
The document also revealed that Spotify set up new subsidiaries in Canada, Singapore and Hong Kong last year, all territories where it does not currently operate. Although the company would not confirm specific plans, this led the WSJ to speculate that launches in these countries are imminent.
