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After 13 years, Spotify finally turned a profit

By Kenny Yeo - on 7 Feb 2019, 9:28am

After 13 years, Spotify finally turned a profit

The world's leading music streaming service Spotify has just announced that it has turned a profit for the first time in the company's history.

According to Spotify's fourth quarter financial results, the company's operating income, net income, and free cash flow were all positive. This is a first in the company's history. The company made €94 million in the past quarter.

However, Spotify has warned that it expects to make a loss this year as it seeks to grow through acquisitions.

Specifically, Spotify is looking to acquire "two of the leading players in the emerging podcast marketplace." In its release, the company said that it expects to spend around $400 million to $500 million on multiple acquisitions this year.

It was only reported very recently that Spotify was looking to acquire both Gimlet Media and Anchor. The former is a New york-based podcast studio and network and the latter is a podcasting production company.

Spotify is the most popular music streaming service by some margin. The company has around 96 million paid subscribers, nearly double Apple Music's 50 million subscribers.

Source: Spotify