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Spotify reports record profits of over €1billion

Spotify has announced record profits of over €1billion (£860m), following staff being laid off, subscription prices rising and costs being cut across the board.The growth of the company comes as streaming continues to dominate the music industry, and the platform has gone on to offer its subscribers access to podcasts and audiobooks too.Currently, the Swedish company has around 615million users across the globe, and has invested a huge amount of money in growing the brand since its initial launch back in 2006. However, reports of the profit come following a year of the brand cutting costs and laying off staff.Late last year, Spotify announced that it was cutting down 17 per cent of its workforce in order to save costs.
nme.com

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