Pop culture obsessives writing for the pop culture obsessed.
Pop culture obsessives writing for the pop culture obsessed.
Illustration for article titled The good news is that Spotifys revenue is way up; the bad news is that Spotify has still lost a ton of money

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.

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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]

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