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Spotify hits stock market, Last.fm cuts down on its services

Spotify is in talks to enter the NY stock market exchange soon and for the time being the Swedish company is looking for funding that will help it manage it all. According to news posts, Spotify now costs around 4$ billion and has more than 24 million members (25% of the with paid subscription). Spotify also gets 85% of its revenue from its subscribers and only 15% from advertisement.

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Last.fm on the other hand seems to be in a rather difficult point since it announced that starting from the 28th of April it will stop its subscription radio service. Last.fm promised to repay all of its subscribers and made clear that from now on it will focus on scrobbling (the building procedure of a user's profile based on his music likes and dislikes). Note that Last.fm costs 3Euros/hour of listening to music while Spotify costs 6 Euros!

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