Europe’s Biggest Tech Hope Spotify Starts Talking About Profit

Business, Music, Spotify, Streaming

Music streaming service Spotify, one of Europe’s most valuable tech start-ups, could start to become profitable as early as next year, said a board member who was also one of the company’s first investors. Spotify, the global leader of the music streaming industry even in the face of mounting competition from tech giant Apple Music  – has posted steep losses since it was created a decade ago by Swedish founders Daniel Ek and Martin Lorentzon.

“Up until now, I think it’s been growth, growth growth,” Par-Jorgen Parson, a general partner at venture capital firm Northzone, told Reuters on the sidelines of tech start-up conference Slush in Helsinki.

“Maybe profitability will start to become a priority too.” Asked if that profitability could come as early as next year, Parson said: “Absolutely, yes.”

Source: Reuters

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