Spotify announces an almost $80 million loss
With a streaming war between Spotify, Youtube Music Key, and Apple’s Beats Music seemingly on the horizon, the Swedish-based Spotify has announced its profits for 2013. In an official financial statement posted by the company, their records show the company earned 747 million euros, which converts to around $1 billion American dollars, in 2013. However, the start-up posted a loss of $80 million, which was smaller than 2012’s loss of over $115 million. Despite only 22% of Spotify’s users paying for the premium service and the numbers still being in red, the Stockholm-based company is trending in the right direction.