Spotify Sees A Loss Of $26.7 Million In 2009

Spotify was one of the first free music services on the iPhone that has been operating around Europe for a couple of years now. It turns out that Spotify is not doing too well financially. Spotify’s revenues for 2009 was $18.1 million (£11.32 million). However the cost of sales and distribution caused the company to have a loss of $26.7 million (£16.66 million). Spotify currently had 7 million users by the end of 2009. About 250,000 of those subscribers were paid. As of September of this year, the company hit 10 million users. [Mashable]

Related posts:

1. Spotify Goes Invitation-Only After iTunes Approval
2. Spotify Almost Sold To Google For $1 Billion [RUMOR]
3. Cisco Sees 19% Profit Drop; Acquires Chinese DVD Top Box Company DVN
4. T-Mobile Added 1 Million Subscribers In 2009, But Lost Income and Revenue
5. Sprint Reports 2Q Loss Of $384 Million