Created in 2008, Spotify is a pioneer in its sector; but it seems that the music streaming service still isn't making money despite the fact that it grew by 74 percent in 2013.

Currently, the service is available in 58 countries. As of May 2014, the music streaming service has over 40 million active users.

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Despite expanding worldwide and into 32 new markets last year, the company has yet to announce a profit.

Spotify remains as a private company, belonging only to its founders and investors who have believed in the service and has been putting in capital into it since its inception.

Aside from not being able to declare profit, the company has also undergone intense criticism from global artists who believe that they have been paid very little, and that the service has proven to bring down album sales. Radiohead and AC/DC are two of the groups that have been vocal about their criticisms over the service.

Pop star Taylor Swift also had a falling out with the streaming service after she pulled out all her songs from their roster, believing that she wasn't being paid fairly for the music she was producing.

Not all is lost, however. There are some good news for the service.

After Spotify a year's worth of immense expansion, net losses shrank by a third.

Also, the service's revenue, 91 percent of which comes from its premium members and 9 percent from advertising, reached US$931 million.

Despite the spat, Spotify wrote a blog post saying that 70 percent of its revenue have been allotted and given back to the music industry, which may account for the fact that they have yet to really profit from the service they offer.

Spotify president Martin Lorenzon also shared in November that Spotify will be adding on 500 more employees to its staff in the near future.

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