Spotify Ltd revenues climbed 41.8 percent from £92.6m in 2012 to £131.4m in 2013, bringing a net profit of £2.6m in 2013 compared to an £11m net loss the previous year.
The company’s UK advertising revenues rose from £9.1m in 2012 to £10.2m in 2013 – an increase of nearly 10 percent.
Meanwhile, subscription revenues rose by 42 percent to £92m in 2013 from £64.8m in 2012.
Spotify UK’s cost of sales for the year, which included royalties paid to rightsholders - stood at £96.2m and accounted to 73 percent of revenues.
A Spotify spokesperson told The Guardian newspaper: ‘The growth seen by Spotify Ltd mirrors the growth of digital recorded music revenues in the UK in 2013, which saw digital revenues account for 50 percent of total UK record industry trade revenues for the first time, and a 41 percent increase in streaming revenues on the previous year.’
In May, Spotify said it had reached 10 million subscribers and more than 40 million active users across 56 markets.
The company’s UK advertising revenues rose from £9.1m in 2012 to £10.2m in 2013 – an increase of nearly 10 percent.
Meanwhile, subscription revenues rose by 42 percent to £92m in 2013 from £64.8m in 2012.
Spotify UK’s cost of sales for the year, which included royalties paid to rightsholders - stood at £96.2m and accounted to 73 percent of revenues.
A Spotify spokesperson told The Guardian newspaper: ‘The growth seen by Spotify Ltd mirrors the growth of digital recorded music revenues in the UK in 2013, which saw digital revenues account for 50 percent of total UK record industry trade revenues for the first time, and a 41 percent increase in streaming revenues on the previous year.’
In May, Spotify said it had reached 10 million subscribers and more than 40 million active users across 56 markets.
