Spotify Lost Lots of Money but Grew Revenue

Peter Kafka, writing for Re/Code, on how Spotify lost a lot of money last year, but revenue grew:

Filings show that Spotify, based in Sweden and the U.K., generated revenue of $2.12 billion last year, up about 80 percent from the $1.18 billion it brought in the prior year (all prices in the story converted from euros to dollars at the exchange rate from December 31, 2015). Losses, meanwhile, hit $188.7 million — but that number was only up 6.7 percent from the previous year’s total of $176.9 million.

It looks like their paid subscribers hit 28 million.