Spotify Limited has published its 2009 accounts, the first full year that its music streaming service was available to the public, and it doesn't make for very good reading.
Sure, the platform managed to record a big revenue of £11.3 million which smashed its 2008 figure of around £383k, but with the cost of sales being £18.8 million, administrative expenses of £8.3 million and distribution costs of £609k - the final figure was a loss of £16.4 million.
However, it is reported that parent company Spotify Technology will continue to support the company, even though its current liabilities of £20.9 million outweighs its total assets of £14.1 million.
And, with the service still being very much in its infancy, and a US release widely touted, it is thought that Spotify's results in the future may be far different.
A Spotify spokesperson said: "2009 saw us focus on establishing a new and innovative music service and bringing it to millions of people across Europe. The groundwork laid in our launch year has been crucial to the significant achievements made in 2010. Further strengthening and expansion of the service remains our top priority".
We at Pocket-lint love Spotify, and we hope that the disappointing sales figures are down to it being a work in progress. It would be awesome if technology and the music industry could combine with a viable financial solution to the evolution of digital music.