The music streaming company Spotify Norway AS had a turnover of 804 million nok last year, but almost all of the income goes right out again.
With 803 million nok in costs, the company remains with a modest operating profit of 478,000 nok, according to Dagens Næringsliv.
Over 795 million of the expenses are according to accounting for acquisitions from music group companies, while 3.2 million goes to salaries of the company’s 4 fulltime employees.
When the company started back in 2010, their sales have increased significantly, back in 2010 their turnover was close to 30 million nok. Five years later, they brought in 819 million nok. 2016 figures is the company’s first decline.
Spotify is the world’s largest music streaming service. In July, the company announced that it has reached 60 million paying subscribers worldwide, while also having over 100 million free users.
Spotify has recently began to take steps to be listed on the Stock exchange.
© NTB Scanpix / Norway Today