Beyonce‘s loyalties may lie with the force that is TIDAL but that’s done little to stop Spotify from making beaucoupe bucks her songs secure on the platform.
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With over 1 billion spins between them, Beyonce & Nicki Minaj sweetened things up for Spotify this year as fans rushed through its doors to support their earlier material in anticipation for their new albums.
The result?
A 40% gain in revenue.
The music streaming service recorded revenue of 1.9 billion euros ($2.2 billion) in the first half of this year, according to two people briefed on the numbers, putting it on pace for about 4.1 billion euros in 2017. That would be about 40% higher than last year’s revenue. Spotify again recorded a significant operating loss, of between 100 million and 200 million euros in the first half of the year, according to one of the people briefed on the numbers, which the company shared with investors.
Now, with 60 million paying subscribers in its pocket and revenue on the rise, the company is expected to go public by allowing its insiders to sell their stocks in public markets (direct offering) within the next few months.
With all of this mind, we ask…