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With 50 million paid subscribers, why is Spotify still not profitable?

Business booms for the nine-year-old company. Spotify hit 20 million paying subscribers in June 2015, 30 million in March 2016, and 40 million in September 2016. This week's 50 million figure indicates a slight slowdown in growth—but an impressive, continuous increase nonetheless, and one that bucks industry skepticism that the streaming market may have reached saturation.

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