Spotify has reportedly made double the loss that they did last year, with a net loss this year totalling to €394 million as opposed to last years €188 million since the platform entered the public stock markets in April this year.
The companies CFO Barry McCarthy quoted: “We did see some GDPR disruption across our European markets during Q2 but seem to be largely past that now.”
“We are, and will remain, GDPR compliant thanks to a terrific cross-functional effort.” he added.
Mentioning Europeans General Data Protection Regulation as the most major reason for loss in the company, he also added that the company is very much doing well and keeping afloat, with a reported 180 million monthly active users on the platform and 83 million premium subscribers alike.
With more and more artists taking the initiative to sell their music through independent music platforms and labels as opposed to putting their music on Spotify, we’re wondering what way music streaming will go. With apps like Spotify slowly declining, we’re seeing artists and labels reclaim their work and releasing it through their platforms only for their consumers, steering clear of apps like Spotify, YouTube and more.