Music streaming service Spotify reported Wednesday a bigger net loss in 2019, driven by aggressive investing, but said it had more active users and paying subscribers.
At the end of 2019 Spotify's number of monthly active users had grown to 271 million, a 31 percent increase from a year earlier.According to media research firm Midia, Spotify is the leading company when it comes to paid music subscriptions and at the end of June last year had over 35 percent of the market, followed by US tech giants Apple and Amazon.
But with aggressive investments in both research and marketing the company also reported a net loss of 186 million euros for 2019, more than double that of the year before when the company posted a loss of 78 million. Having faith in its strategy and having seen the benefits of investing in podcasts, Spotify said "2020 will be an investment year" as well.
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