Spotify May Need More VC Cash
PaidContent.org , Tuesday, August 28, 2012 1:08 PM
Spotify more than doubled its revenue through 2011/12 after expanding to new countries like the U.S.. But the cost of doing so ballooned by the same proportion. The company spent 97% of the the €187.8 million it earned. So annual loss widened to €45.4 million. In its 2011/12 Luxembourg filing, the company acknowledges: “In a low-margin business dependent on rapid growth to cover fixed costs, it is crucial that the group continues to penetrate existing and new markets as quickly as possible…”
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