Spotify gains users but losses increase

Music streaming service Spotify Technology SA says it had 271 million users at the end of 2019, an increase by almost a third year-on-year, but its losses widened.

The full-year net loss was 186 million euros ($A303 million), roughly double the net loss for 2018.

The firm recorded higher costs for marketing and sales as well as research and development.

Revenue was 6.7 billion euros, up 28 per cent compared to 2018.

Spotify has been listed on the New York Stock Exchange since April 2018.

The company, which is registered in Luxembourg, said it had 124 million premium subscribers at the end of December, up nine per cent compared to the third quarter.

Rival Apple Music has about 60 million paying subscribers while Amazon Music Unlimited has 55 million paying users.

In its outlook for 2020, which it labelled "an investment year," Spotify estimated it would have 328 to 348 million users at the year's end.

The estimate included 143 to 153 million premium subscribers.

Austrlaian Associated PressBack to Breaking News

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