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Spotify confirms 2011 financials and prepares brand apps


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Spotify’s revenues in 2011 grew 160% to $250m, but its losses increased 59% to $59m, according to figures published in Swedish newspaper Dagens Industri, and confirmed by CEO Daniel Ek. However, he predicts a big increase in revenues for 2012 to $887m. The interview also shows Spotify remains focused on growth rather than profit: “The question of when we’ll show a profit actually feels irrelevant. Our focus is entirely on growth. It is priority one, two, three, four and five,” says Ek, adding that Spotify “would definitely be interested in talking” to potential new investors. In separate news, Spotify is preparing to welcome brands like AT&T, McDonald’s, Intel and Reebok to its apps platform. Advertising Age claims Ek will unveil them at its digital conference in New York this week. “Brands will build these apps, and they’ll spend their marketing dollars to promote them on and off Spotify,” says chief marketing solutions officer Jeff Levick.

Music Ally

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