LeakedTT: Spotify's financial numbers have reportedly hit the web, can't make a profit

A company known as PrivCo has reportedly obtained Spotify's private financial records. PrivCo attempts to obtain private, non-publicly traded companies' financial reports and sell the info. In this case, PrivCo has released the data on its website for all to see, and it paints a somewhat bleak picture.

Even with increasing revenues for 2011 from 2010, Spotify reportedly widened its losses by 60 percent year over year. In 2010, Spotify brought in $97.5 million in revenue and had to pay out $101.4 million in royalty fees, distribution, and other costs. They then had to pay out personnel costs which netted them a $37.5 million loss for the year.

In 2011, Spotify managed to increase revenue by 151 percent up to $244.5 million, and the cost of sales followed right with them coming in at $239 million. Personnel costs increased by a massive 173 percent, which helped produced a massive $59 million loss for 2011. Spotify has yet to comment on these numbers, though if accurate, they might prove Spotify won't be around much longer.