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After 13 years, Spotify finally turned a profit

After 13 years, Spotify finally turned a profit

The world’s main music streaming service Spotify has simply introduced that it has turned a profit for the primary time within the firm’s historical past.

According to Spotify’s fourth quarter monetary outcomes, the corporate’s working revenue, internet revenue, and free money movement have been all optimistic. This is a first within the firm’s historical past. The firm made €94 million up to now quarter.

However, Spotify has warned that it expects to make a loss this 12 months because it seeks to develop by way of acquisitions.

Specifically, Spotify is seeking to purchase “two of the main gamers within the rising podcast market.” In its launch, the corporate mentioned that it expects to spend round $400 million to $500 million on a number of acquisitions this 12 months.

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It was solely reported very lately that Spotify was seeking to purchase each Gimlet Media and Anchor. The former is a New york-based podcast studio and community and the latter is a podcasting manufacturing firm.

Spotify is the preferred music streaming service by some margin. The firm has round 96 million paid subscribers, practically double Apple Music’s 50 million subscribers.

Source: Spotify

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