Scandinavian firm Aspiro has completed its full acquisition of the WiMP Music company, previously part-owned by retailer Platekompaniet. Aspiro now has full control over its streaming music service, with Platekompaniet taking a 6.5% stake in Aspiro in return.
Separately, Aspiro has announced its interim financials for the third quarter of 2011. The company’s net sales were SEK 62.8 million (around $9.4m), up 24% year-on-year. The company narrowed its losses to SEK 5.3 million ($0.8m). Aspiro now has 350,000 paying music subscribers for its WiMP service, having added 50,000 in Q3. Its music revenues were SEK 35.1 million ($5.3m) for Q3, up 131%. However, the music division’s EBITDA (earnings before interest, taxes, depreciation and amortisation – in other words its profitability) was a loss of SEK 5 million ($0.7m). Aspiro says it’s planning a beta test for WiMP in Germany late this year or early next.
“Our job right now is to continue this fantastic progress and launch on new markets. Sweden and Norway are at the leading edge of progress in the music sector, and strea- ming is in its infancy in most other countries, which means we can expect high growth,” says CEO Gunnar Sellæg in the company’s financial report.