Spotify’s UK subsidiary has published its financial results for 2014, revealing that its revenues grew 21% to £159.1m that year. The filing for Spotify Limited came through Companies House in the UK.

Within that overall total, advertising revenues increased from £10.2m in 2013 to £11.1m in 2014, while subscription revenues grew from just under £92m to £119.2m – 8.6% and 29.6% respectively. Spotify Ltd also recorded £28.1m of income from “intercompany services” in 2014. Subscriptions thus accounted for around 75% of the UK subsidiary’s turnover in 2014.

In its notes for the financials, Spotify said the growth was due to “the transition from desktop to mobile as today the majority of new users signing up for Spotify are mobile”.

Click to enlarge. Source: Companies House

Spotify Ltd recorded a loss after taxation of £1.2m in 2014, compared to a £2.6m profit in 2013.

The financials reveal that of the £159.1m turnover, the cost of sales was £124.4m, with distribution costs accounting for £8.6m and administrative expenses another £25.6m.

Spotify Ltd reported a profit before tax from continuing operations of £1.7m, before a £2.9m income tax charge sent it back into the red.

The UK figures follow the publication in Luxembourg earlier this year of 2014 financial results for Spotify as a whole. They revealed global revenues of €1.08bn and a net loss of €162.3m.

For its part, Spotify has warned that the UK accounts only tell a part of its overall story.

“Spotify as a whole is comprised of a number of companies in different markets, and to have a clear picture of the overall business performance, it’s necessary to look at the consolidated report which is filed annually,” said a spokesperson. “Individual company reports are not necessarily a reflection of the whole company, one way or the other

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