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# Spotify News: Big Losses, Big Hires And Cash For App Developers
- URL: https://www.hypebot.com/spotify-news-big-losses-big-hires-and-cash-for-app-developers/
- Published: 2011-10-10T08:52:02.000Z
- Updated: 2011-10-10T08:52:02.000Z
- Description: Spotify is on a roll, but it's coming at a cost. The company reported a 2010 loss of $41.5 million after taxes, compared to a loss of $26 million in. Continue reading [https://www.hypebot.com/hypebot/2011/10/spotify-news-big-losses-big-hires-and-cash-for-app-developers.html]
- Author: Bruce Houghton
- Tags: Uncategorized, #wp, #wp-post, #Import 2026-01-21 10:55

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****Spotify is on a roll, but it's coming at a cost. The company reported a 2010 loss of $41.5 million after taxes, compared to a loss of $26 million in 2009\. The loss comes despite a 458% increase in year over year revenue to $98.8 million in 2010\. Ad revenues grew from $7 million to $28 million in that period, while its subscription revenues increased from $10.6 million to $70.5 million.**

The numbers, first reported by[ Music Ally](http://musically.com/blog/2011/10/08/exclusive-spotify-2010-financials/?ref=hypebot.com), come from financial results filed with Companies House in the UK, but represent activity throughout the UK and Europe.

But despite the losses, Spotify has it's **eyes set on growth**. A new **Facebook** integration is quickly attracting new users. To monetize the increase, the company has **hired** top Clear Channel digital exec **Gerrit Meier** to head business development, and last month hired former **AOL exec Jeff Levick** as head of sales.

As part of an effort to extend it's platform and drive innovation, Spotify will now allow developers to **sell apps** or embed ads in them, according to [Evolver.fm](http://evolver.fm/2011/10/07/spotify-plans-to-let-developers-sell-spotify-powered-apps/?ref=hypebot.com).