Spotify turns up volume as losses fall

WIN SOME, LOSE SOME: Spotify's revenues may have increased but so did their operating costs, which may even itself out in the end.

STOCKHOLM: The world’s biggest music streaming service, Spotify, announced its revenue grew by 74% in 2013 while net losses shrank by one third, in a year of spectacular expansion. 

Revenue reached €746.9mil (RM3.11bil), 91% of which came from premium members — paying users — and 9% from advertising, Spotify Technology said in an annual financial statement published in Luxembourg, where the Swedish company is registered.