PrivCo, a financial analysis firm focusing on private companies, got a look at Spotify’s just closed full year financials and declared the music streamer’s business model “alarming” and “unsustainable”. While Spotify revenue jumped 151% in 2011 to $244 Million, “virtually every new dollar of revenue went directly to music companies as royalty payments, evidencing the fact that the more members Spotify adds, the more money the company loses”. Details and a link to the financials are HERE.

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