The online music service Spotify, which is due to arrive in Brazil in September, more than doubled its revenues in 2012, reaching 435 million euros (US $ 577 million). The company also doubled its number of users, according to the company.
The Stockholm-based company, which provides free music on demand or paid for by customers, had a net loss of 58.7 million euros, compared to 45.4 million euros of loss recorded in 2011, and a revenue of 190 million euros.
Spotify, founded in 2006 by Swedes Daniel Ek and Martin Lorentzon, has deals with record labels and pays about 70% of its revenues to copyright holders.
The company, which has no publicly traded shares, has more than 20 million active users and 5 million subscribers.
The streaming and on-demand music market has become popular with the explosion of mobility, but companies like Spotify and Pandora – which have nearly 68 million active users – are struggling to profit due to copyright costs.
The information is Reuters.
Music Streaming result Spotify