Spotify’s UK subsidiary has published its financial results for 2012, revealing that its revenues fell 4.1% year-on-year to £92.6m, due to a 10.6% drop in subscription revenues.
The accounts for Spotify Ltd, published through Companies House in the UK, also reveal that the subsidiary cut its cost of sales from £87.9m in 2011 to £76.2m in 2012. However, Spotify Ltd generated a loss after taxation of £10.1m in 2012, compared to a profit of £21m in 2011.
“Total revenue decreased from £96,544.439 to £92.612,389. This was attributable to an increase in advertising revenue from £8,148,530 to £9,147,372 and sales of subscription that decreased from £72,462,713 to £64,756,426,” explain the accounts.