Music streamer Spotify (NYSE: SPOT) may hold a dominant position in the industry, with 572 million monthly active users (MAUs) around the world, but the company has been a chronic loser when it comes to turning a profit. Throughout its history, Spotify has booked a cumulative net loss of nearly $4.2 billion.

The second quarter of 2023 was more of the same. Spotify had no problem gaining subscribers or growing revenue. The number of premium subscribers grew 17% to 220 million, the number of ad-supported users jumped 34% to 343 million, and revenue surged 11% to $3.2 billion. But the company posted a net loss of $302 million, down from a loss of $125 million in the prior-year period, and free cash flow nearly vanished. The bottom line is getting worse as Spotify grows.

Spotify announced on Monday that it was raising prices on all its premium plans across a wide swath of countries, including the U.S. This represents the first price increase for the core premium plan in the U.S. since the service launched nearly a decade ago.

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Source Fool.com