Spotify UK revenues surge to almost £190m

Spotify saw total UK revenues rise by 18% from £159m to £187.2m last year.

Revenues at Spotify UK grew to almost £190m in 2015 as subscription income grew by over 40%.

Over 90% of Spotify's total revenues come from subscription accounts, increasing 44% from £119m to £171m. 

“This increase can be attributed to the transition from desktop to mobile as today the majority of new users signing up for Spotify are mobile,” the company said. “2015 was a big year for Spotify and we had some very significant successes. In many ways, it was our best year ever.”

Spotify offers customers access to more than 30m songs and charges a fee of £9.99 a month for its premium subscription service, but also has a free service, which features advertising.

The strong financial results for the London-registered British arm of Spotify come 24 hours after it was announced that Martin Lorentzon, one of Spotify's co-founders was stepping down as the company's chairman. Going forward,Daniel Ek, the public face and CEO of the company, will be adding Lorentzon's title to his own, while Lorentzon will remain on the board of directors.

 

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