Spotify: 250k paying subscribers and a ‘double-digit million Euro’ ad business
TweetSpotify’s UK boss Paul Brown confirmed the latest stats on the streaming music service’s growth in Europe at MidemNet today, saying that the company now has 250,000 paying subscribers across its six European markets.
However, he also said Spotify’s ad-supported revenues are increasing thanks to its 40-strong sales team. Ads are now “a double-digit million Euro business now on its own”. Brown was speaking during this afternoon’s panel session on labels and services.
He also addressed head on the concerns around Spotify’s business model, saying the company isn’t just chasing user growth for the sake of it.
“There’s no point having scale if you don’t have a clue how to make money out of it,” he said. “It’s about scale AND monetisation.”
Brown also said that Spotify playlists are going mainstream, and suggested that the company would love to sell higher-resolution downloads – FLAC etc – from within its service. He also said Spotify hopes to win back some of its detractors in the artist and management community.
“You’re going to get some bumps and issues as a new business, but in time I hope all the artists are on there,” he said. “It’s a time factor, and we’re only 12 months in.”
For a full as-it-happened report of the session, read our liveblog on the Midem(Net) Blog.
Tags: spotify
