Spotify Subscription Revenue Up 200 Percent

Spotify Subscription Revenue Up 200 Percent

Spotify Subscription Revenue Up 200 Percent
Subscription revenue for music streaming service Spotify increased nearly 200 percent to $197.4 million in 2011, according to a MusicWeek report. The company also reported a net loss of $57.1 million, a larger deficit compared to a $35.8 million loss reported in 2010. The company attributes the loss to its recent international expansion, having launched in the United States last July. Spotify's overall revenue reached $263.3 million in 2011, up more than 150 percent compared to 2010. (8/23) 

Classic Brit Awards To Honor Williams
Composer John Williams will be honored with the Lifetime Achievement Award at the Classic Brit Awards 2012 on Oct. 2 in London. A 21-time GRAMMY winner, Williams' most recent GRAMMY came in 2008 for Best Instrumental Composition for "The Adventures Of Mutt." (8/23)

UK Digital Retailer Tesco To Close
UK general retailer Tesco has announced it will close its MP3 store on Sept. 1, according to a Billboard.biz report. With the majority of the digital download market share held by major retailers such as Amazon and iTunes, Tesco will focus its efforts on the Internet radio sector, having recently acquired a 91 percent stake in radio service We7 for $17 million in June. (8/23)

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