Spotify made a loss of £26.5m in 2010

"Accounts filed with Companies House show the likely reason Spotify wanted to break America so badly.
Last year, the music service’s revenue exploded by 458 percent, but its income was more than swallowed up by growing outgoings. So Spotify finished 2010 with a deeper annual loss of £26.5 ($41.46) million.
“It is crucial that Spotify continues to penetrate existing and new markets as quickly as possible,” according to Spotify’s accounts filed at Companies House.
2010 was, however, the year when subscriptions (£45 ($70.4) million) began leaping ahead of advertising income (£18 ($28.16) million) for Spotify…
These accounts, of course, are almost a year old. In 2011, Spotify tightened available free music and got the U.S. launch it wanted. Now its path to success looks far more likely. It now has over two million paying subscribers - more than any rival service."

Source:  PaidContent, 10th October 2011