Oh Là Là: Spotify Reportedly Turns First Profit in France
Bust out some champagne, Spotify is profitable in France. L'Express is reporting that the Swedish subscription music service grew its revenue by 66 percent in 2013 and now accounts for over a third…
Bust out some champagne, Spotify is profitable in France. L’Express is reporting that the Swedish subscription music service grew its revenue by 66 percent in 2013 and now accounts for over a third of the streaming market in that country, which is home base to rival Deezer.
Spotify U.K. Sees Big Jump in Revenue
According to the report, revenues reached 18.75 million euros in 2013, up from 11.48 million in 2012. With this growth, Spotify France posted a net profit of over 311,000 euros last year, the first time company has turned a profit since launching there in 2010.
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A Spotify France spokesperson told L’Express that the company saw a 76 percent increase in premium subscribers. The fast-growing service has inched up to 35 percent of the French streaming market, up from 21.6 percent in 2012.
A request for comment from Spotify on the revenue report was not immediately returned.
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Across the English Channel, Spotify UK recently announced that it too had turned a profit for the first time. The company reported that revenues rose 41 percent from £92.6m in 2012 to £131.4m in 2013, resulting in a net profit of £2.6m.
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