Revenue soars, losses rise as Spotify expands

New York

AS streaming music has spread around the world, Spotify's financial picture has remained much the same year after year: rapid revenue growth, with steady losses.

That pattern continued in 2014, as Spotify reported US$1.3 billion in revenue, up 45 per cent from the previous year. At the same time, the company reported net losses of US$197 million, up from a loss of about US$68 million in 2013, according to documents filed in Luxembourg, where Spotify's holding company is registered, and made public on Friday.