Spotify's Loss More Than Doubles Even as User Growth Surges
- Streaming company files financial accounts in Luxembourg
- Firm has since upgraded accounting software, systems
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Spotify Ltd. lost 539 million euros ($601 million) last year -- its biggest loss yet -- even as it added tens of million of customers, underscoring how difficult it will be for the owner of world’s largest paid streaming service to turn a profit.
Sales jumped 52 percent to 2.93 billion euros in 2016, but the net loss more than doubled, according to documents filed Wednesday in Luxembourg. Spotify also acknowledged an accounting error that understated losses in previous years.