Spotify CEO Daniel Ek. Photo credit: Spotify

Music streaming company Spotify has announced its financial results for the second quarter of this year, indicating €1.9 billion ($2.2 billion) in revenues, up 13% year-over-year. Out of the €1.9 billion, €131 million ($154 million) came from advertising while the rest came from subscriptions. Despite increasing revenues, Spotify, however, recorded a sizeable loss of €356 million ($419 million) during the quarter.

During the second quarter, the number of Spotify’s monthly active users boosted 29% year-over-year to 299 million.

Photo credit: Spotify