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Spotify is a private company, which was founded in 2006 and launched in 2008.

Spotify is a private company, which was founded in 2006 and launched in 2008. Spotify is a commercial music streaming service that provides digital rights management-restricted content from record labels including Sony, EMI, Warner Music Group, and Universal.

The headquarter is located in London, and Spotify handles research and development in Stockholm, Sweden. The number of employees is more than 1500.

Spotify makes its revenues by selling streaming subscriptions to premium users and advertising placements to third parties. Spotify's encourages people to pay for music, with subscriptions as its main revenue source. A Spotify Premium subscription costs of $9.99/month. Now, the users are more than 60 million (including 15 million premium users).

Spotify pays copyright holders royalties for streamed music. The company pays 70% of its total revenue to rights holders. In 2013, the revenue was 747 million euros, but the net income of the company was negative. The net loss was  57.8 million euros.

You can get any info about this company on website.

500 Words Essay to answer below 2 questions:

1. What financial statement cycles are present?

2. Establish the level of planning materiality and support it?

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