The Swedish online music streaming company Spotify has published its 2009 financial accounts, showing total operating losses of £16.4 million during 2009 a net loss rising to £16.66 million after tax.
However, the company remains committed to launching the service in the USA before the end of this year.
The company increased its user base from one million to seven million during 2009.
Spotify’s financial model relies upon a mixture of advertising and monthly subscription revenues. In 2009, the company made just under 40% (£4.51 million) of its revenues from advertising and a little over 60% (£6.81) from subscriptions.