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Spotify VP Brian Benedik announced Thursday morning that the streaming service has reached 140 million monthly active users (up from 126 million at the end of last year) and the company has seen a 50% increase in advertising revenues since 2016.

Recode reports that Spotify pulled in $3.3 billion revenue last year, and promises to pay record labels over $2 billion over the next two years (according to filings released this morning).

The streaming service didn’t update its paid subscriber numbers (which they totaled 50 million as of last March) but these numbers suggest the Spotify has increased their lead on Apple Music’s recently-announced user base of 27 million.

Increasing sales figures and a growing user base doesn’t mean the company is totally out of the woods, financially, however. They also reported an operating loss of $389 million in 2016, and a net loss of $601 million (after accounting for its $1 billion debt financing last year).

 

This article can be found on pigeonsandplanes.com