Music

Spotify posts a €70 million loss in final quarter of 2023

The loss comes on foot of severance payments related to sweeping lay-offs and its lean into the audiobook market, the company said

Spotify posted a €70 million loss in the three months to December

Music streaming platform Spotify posted a loss in the fourth quarter of 2023, amounting to €70 million, the company has revealed.

The loss comes on foot of severance payments related to sweeping lay-offs and its lean into the audiobook market.

As chief executive Daniel Ek has sought to convince Wall Street that the company he founded is a “great business”, Spotify has been raising prices and firing thousands of workers in a bid to boost ...