Spotify UK reported a loss of £10.1 ($16.3) million in 2012.
Sounds like bad news, though the ‘good news’ is that Spotify says the loss is due to a ‘redistribution of revenues,’ not declining users. Spotify’s global premium subscription revenue shifted from the UK branch to local branches in June 2011, which skewed year-over-year comparisons. Revenues went down 4.1 percent.
Total revenue went from £96.5m in 2011 to £92.6m in 2012. Revenue from subscriptions went from £72.4m to £64.7m.
Overall, Spotify doubled revenue in 2012, but they spent more money (and doubled their staff).