Spotify revenue up in 2013, but operating losses widen
Spotify’s global revenue rose 74% in 2013, to nearly £593 million (€746.9m), but still failed to turn a profit as operating losses also rose 16.4%.
The company’s financial statements, filed in Luxembourg on Tuesday (November 25), showed that operating losses jumped from €80m (£63.3m) in 2012 to €93m (£73.6m) last year.
The FT reports that the streaming giant paid €605m in royalty and distribution costs last year, accounting for more than 80% of its revenues. Sales and marketing costs were ...
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