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Spotify reports $159 million net loss in the first quarter of 2019

It's a hit despite reaching 100 million premium subscribers...

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Spotify have reported a net loss of $159 million for the first quarter of 2019.

Despite hitting 100 million premium subscribers, the Swedish streaming giant announced the €142 million deficit - a figure that's down from €169 million in the same quarter a year ago.

The company launched in India in late February, expanding their global market footprint to 79 countries.

Last month, Spotify, Amazon and Google opened a legal appeal a significant royalty increase for songwriters.

Streaming accounted for 75% of music industry revenue in 2018.

It was recently announced that Spotify paid $340 million for its podcast expansion.

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