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Spotify planning to move into Canada, South America and Asia

Despite posting a £35.9m loss in 2011
Thu Aug 23 2012, 16:10
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MUSIC STREAMING SERVICE Spotify has said it plans to grow and will launch its brand in Canada despite posting a £35.9m loss last year.

According to a report at the Wall Street Journal, the information was revealed in the Anglo-Swedish company's recently published annual accounts that also revealed possible plans to expand into South America and sometime in the near future.

Spotify's accounts were made available earlier in August, although the details have only recently come to light. The annual financial filing contains a management report dated 23 April in which the firm mentioned its planned launch in the Canadian market.

Spotify said it aims to further consolidate its position as the "world's largest music-streaming service", though with such a massive loss last year, many are Sceptical of its chances.

Earlier ths year, Spotify inked a deal with search portal Yahoo that will eventually see Yahoo adding the streaming music service to its media network.

Yahoo said that it has 700 million active users, or just under half of the internet audience, and that it will add the Spotify service to its Music pages first before adding it to other properties like Yahoo Movies. µ

 

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