According to recently released company documents, music streaming service Spotify is intent on launching in Canada later this year. The Stockholm based company, who already offers popular service in 15 countries is looking to grow and Canada makes a lot of sense. Efforts will also be focused on growing markets in Asia and South America.
Spotify allows users to share their playlists with one another allowing them to discover new artists, songs and even genres. According to VentureBeat, the company currently has 15 million active users, 4 million of whom are paid subscribers.
Canada is a logical expansion step after the US due to geo-social similarities and familiarity with major players, making for easier licensing and content related deals. One has to hope however that the Spotify’s aggressive expansion does not lead the company into further financial losses. Last year saw the company lose $56.6 million, following losses of $35.5 in 2010.
Despite the lack of profits, Spotify has had little issue raising $188 million, representing a valuation of $3.5 billion. Here’s hoping the company begins to generate the types of revenue and profit numbers their expansion warrants.
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