Written by: Soumya Sekhar
The music industry is expecting its third consecutive year of growth in 2017, thanks to many paid subscription streaming services including Spotify. In the first half of 2017, it recorded a revenue of 1.9 billion euros ($2.2 billion), which is nearly 70 percent of the annual revenue that Spotify reported in 2016.
At this pace, the figures are set to reach 4.1 billion euros (US$4.9 billion) by the end of 2017, a 40 % YoY increase from 2016. The situation aligns well with the company’s aggressive user-acquisition strategy, which has grown its subscriber base by 40 % over the last year.
Spotify reported an operating loss estimated to be anywhere between 100 million and 200 million euros in H1 of 2017; which is still an improvement from 2016, during which the total operating losses were 556.7 million euros.
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