Spotify is on track to finally turn a profit in 2017

Spotify is on track to finally turn a profit in 2017
There are plenty of choices out there when it comes to music streaming services, and while Apple and Google Play Music certainly have their following that continue to grow, Spotify remains as the largest and most expansive option out there. The company has been constantly focused on growing their presence as much as possible since they launched, and while the platform certainly has grown and matured, things haven't been so great when looking at the service from a financial perspective. 

Despite being present in more than 60 markets with their paying subscriber count now over 40 million, Spotify has continued to report profit losses every single quarter since its inception. Any money that's made by the company is immediately put towards paying off music licenses and working on expanding the service even more, but in a recent interview that Reuters conducted with Par-Jorgen Parson (member of the venture capital firm Northzone and initial investor of Spotify), things look hopeful for the company.

In the interview, Parson reiterated the point that Spotify has been continually focused on growing and expanding as much as possible. However, when asked as to whether or not Spotify would be able to turn a profit in 2017, Parson responded with, "Absolutely, yes." That's huge news for the company, and if Spotify really is able to make a profit next year, that should help the company continue to be the bigwig when it comes to music streaming. 

Spotify is on track to finally turn a profit in 2017
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source: Reuters via AppleInsider

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1 Comment

3. QWIKSTRIKE

Posts: 1457; Member since: Mar 09, 2010

Seems like they spent most of the money on rent and don't, and expansion. If you aren't growing you are dying.

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