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Music streaming service Spotify says its active monthly user base had grown to 100 million, with some 30 million paying listeners.
Founded in 2006, it’s now the world’s leading music streaming service, with almost three times more listeners than its closest rival, Apple Music. In fact, Spotify has more users than the five largest competitors combined.
Reuters said that the Swedish firm pays more than 80 percent of its revenue to record labels and artists and has not yet shown a profit as it spends to grow internationally. Last year, it made an operating loss of 184.5 million euros ($209 million), widening from 165.1 million in 2014.
Tech firms in Stockholm have helped enhance Sweden's reputation for business all over the world, and it's not surprising that a record amount of money was invested in Swedish startups last year.
Swedish parents in search of the latest Disney toy to treat their child will no longer have to leave the country to visit an official store.
Volvo Car Group, owned by China’s Geely, said on Friday it sold a record 503,127 cars last year, up 8 percent from the previous year.
"Now, with a successful 2015 behind us, Volvo is about to enter the second phase of its global transformation," Volvo Car Group Chief Executive Hakan Samuelsson said in a statement.
"Once completed, Volvo will have ceased being a minor automotive player and taken its position as a truly global premium car company."
For 2016 Geely Auto is aiming for a sales increase of 18% to 600,000 units which will be achieved by further strengthening the brand, introduction of several new key models, including SUV's, Crossovers and sedans and strengthening domestic and international sales networks, it said.
Sales were boosted by demand for its new flagship XC90 SUV model and strong growth in the United States and Europe.
The Stockholm-Uppsala region is famous for its advanced life science sector. GE Healthcare, which is a unit of General Electric, has announced plans to invest $100 million to expand its facilities in Uppsala, a city in the Stockholm region.
When Amazon Web Services (AWS) first launched its cloud-computing platform a decade ago, Swedish companies were among the quickest to adopt the service. Today, many of Stockholm’s most successful tech companies base their businesses on Amazon’s cloud web facilities.
Services like Uber and Airbnb are two major examples of young companies using new platforms to shake up established markets. It is no surprise that traditionally tech-savvy Swedes are embracing them.
The legacy of Alfred Nobel is more than just dynamite and the prizes awarded in his name. It’s also about innovation, creativity and entrepreneurship. These are values still visible in Stockholm, Nobel’s birthplace, with a multitude of cutting edge tech startups, like Spotify, Mojang and Skype.
The legacy of Alfred Nobel is of innovation and how to find solutions to current and future global issue that may arise. A new event platform – the Nobel Prize Series – aims to tackle issues such as how innovation can stimulate sustainable growth and how education systems have to change to meet future challenges.
Swedish car maker Volvo plans to put self-driving cars on the roads in two years, ahead leading rivals like of Google and Ford.
Volvo Car Group, owned by Zhejiang Geely Holding Group Co, and Microsoft reasently announced that they are working together to have an autonomous vehicle on the streets of Sweden by 2017.
“Volvo Cars is a pioneer in car safety and is leading the way when it comes to connected cars and autonomous driving. It has announced a programme called Drive-Me in which 100 self-driving and connected cars will be given to real customers on real roads around the Swedish city of Gothenburg by 2017, the world’s largest autonomous driving experiment”, it said.
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