Spotify still isn’t profitable

Music streaming service Spotify likes to crow about how it hands 70% of the revenue it generates right back to artists in the form of royalty payments. Such a massive expense has led the company to be wildly unprofitable in recent years, but Spotify may be slowly crawling its way out of the red. A new regulatory filing released in Luxembourg shows Spotify had revenues of 747 million euros (around $1 billion) in 2013, up 74% from 2012, according to The New York Times. The startup posted a loss of $80 million, but that was smaller than its $115 million loss in 2012.