Spotify's new offices
Spotify moves into what may be Stockholm's hottest address, set to become a new hub for the Swedish capital's innovators and start ups.

We reported in the fall that Spotify, the Swedish streaming music platform, signed a 17-year lease for an office of 380,000 square feet at 4 World Trade Center in Manhattan, New York, at a cost of SEK 275 million a year (about $32.5 million).

The Spotify music service has also moved into a new 215,000-square-foot office space in Urban Escape in central Stockholm, according to the magazine Fastighetsvärlden. Urban Escape Stockholm is on Regeringsgatan, close to Stockholm’s main shopping street and NK department store. It uses five buildings built along four streets with two public squares and a unique 37,135-square-foot rooftop garden of public space connecting three buildings. The complex houses retail and offices along with hotels, a conference facility and epicenter — positioned to become the innovation hub for Stockholm’s booming tech community. Looking for a similar address in Stockholm? See www.urbanescape.se for more info.

Spotify announced at the end of July that it has 60 million paying subscribers and over 140 million active users. The numbers meant the Swedish company was up 10 million subscribers since March, when it last announced it had 50 million. Since 2016, Spotify’s user base has grown exponentially faster than that of its nearest competitor, Apple Music, which had around 27 million subscribers as of June 2017. Could this mean the streaming service is finally on its way to profits? In spite of an upcoming likely public listing few things point to that. In 2016, losses increased by 133 percent over the previous year to SEK5.3 billion (approximately $650 million).