updated 10:40 am EDT, Wed August 22, 2012
Financial results show wider losses, higher revenues
Spotify is set to expand its streaming service to Canada, along with plans to open up in Asia and South America. Recently published annual accounts found by the Wall Street Journal included a management report dated April 23, detailing that the expansion into the Canadian market was always planned while hinting at moves in other continents, although not mentioning which specific countries.
Subsidiaries in Canada, Singapore and Hong Kong were established by the company last year, although none of those countries currently have the service available. Spotify currently operates in 15 countries, the latest of which to join the list were Australia and New Zealand back in May. After initially operating in Europe, the company launched in the US in July last year, despite claimed interference from Apple.
The financial results also show the company widening its net loss in 2011 to €45.4 million ($56.6 million) from the previous year, although revenues increased to €187.8 million ($234 million) for the period. At the end of the year, Spotify had 32.8 million registered users, and it was claimed in June that Spotify was the number two revenue source for the major music labels.