"This is a particularly meaningful development, as our brand partners now have a bigger opportunity than ever to activate Spotify's free user base", blogged its VP and global head of ads monetisation Brian Benedik.
The company hasn't updated the figure for how many paying subscribers it has, but as of March those were north of 50 million. So in addition t a fixed amount that enables Spotify to host songs on its platform in the first place, it must also pay out some money every time someone streams a song.
Spotify, the Swedish music-streaming company, reported an operating loss of $389 million (349 million euros) for 2016, topping its loss of $263 million (236 million euros) for 2015.
The growth of Spotify has lifted sales across the entire music industry, reversing years of decline due to piracy and the transition from CDs to iTunes. That's a 50 percent jump in revenue year-over-year.
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In part, that's because Spotify got over $1 billion in debt financing with the promise to investors and lenders that the company would soon go public. And with its deals with Sony and Warner Bros. approaching expiration, Spotify will need to pony up even more dough to keep its content.
However, the company isn't exactly taking home the $3.3 Billion. Notes Recode: "Spotify doesn't spell out who that money is going to ..."