U.K.-based online streaming service Spotify has released its 2010 financial report, which states that the company posted a gaudy 458 percent increase in revenue over the previous year. Advertising revenue quadrupled, and subscription revenue shot up to $70 million. But Spotify also saw a great increase in administrative costs—they tripled to $37 million—and overall the company was $41 million in the red.
Figures for 2011 are expected to better, as the 2010 numbers were calculated before Spotify reached 1 million subscribers. In July, the service launched in the United States. The company now says it has 2 million subscribers, and that—along with a presumed increase in ad revenue—should improve the company's financial figures for the current year. After all, this is the music business. Everybody is cleaning up these days. [Via The Hollywood Reporter]