Music-streaming service Spotify have announced they’ve experienced a year of increased growth.
Having made losses in previous years, the company have confirmed they are nearing “operating profitability”.
Losses of the business have dropped staggeringly over the past 12 months, falling from £26.5m to around £2.1m.
Expert Mark Mulligan told Financial Times:
“It is good evidence that if you give the model time it can get to profitability. Taking this at face value, they are close to reaching operating profitability.”
Music Week also confirm that revenues also grew to a total of £95.5m, from £63.2m the year prior.
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