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Spotify reveals surprising and somewhat worrying financial figures...

Spotify reveals surprising financial figures for 2013

Spotify today told shareholders to 'keep the faith' as they reported losses of €57.8.

There are a few reasons for the loss: at the beginning of 2013, the company operated in 17 markets - today they work in 55. This kind of exponential growth requires a lot of spondulas; double, in fact, was the difference in sales and marketing spend from 2012 to 2013.

It's not all sour though, revenues in 2013 are up 73.6% on 2012, totalling €746.9 million. So the amounts they're dealing with are just much huger.

Here is the letter that the Spotify management has sent out to shareholders: "We have already proven that we've created real value for our users, and we know that the more time people spend with our product, the more likely they are to become paying subscribers. We believe that we will generate substantial revenues as our reach expands, and that, at scale, our margins will improve."

Take a look at the infographic below for more information:

Spotify reports revenue up 73.6% to €746.9m for 2013, but with operating losses of €93.1m the same year

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