31 July 10:39
Spotify has reached 696 million monthly users, but is losing money on social and other costs.
Lara Maior
International
Algi Febri Sugita / Shutterstock.com
Spotify reported an 11% increase in monthly users to 696 million and a 12% increase in subscribers to 276 million. Total revenue rose 10% to €4.2 billion, but the company continues to lose money, citing social costs of €116 million. Spotify is preparing a special subscription for lossless sound, while its competitors Apple Music and Amazon Music already offer the service at no extra cost.
Sources
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