Spotify reports increase in revenues

Swedish music streaming service, Spotify, has reported a 74 per cent increase in revenues for 2013 to around USD 932 million, Swedish news agency TT reports.  

Currently the world's largest music streaming service, Spotify also announced a fall in losses of a third on the year to USD 72 million.

The service has not recorded a profit since it was launched in 2008.

The Luxembourg-registered company said that some 91 per cent of its revenues were from paying customers, with the remainder coming from advertising.

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