Revenues at Spotify’s UK business grew to almost £190m last year as subscription income soared by over 40% thanks to music fans flocking to the company’s mobile service.
Spotify, the world’s biggest music streaming service with an $8.5bn (£6.9bn) valuation, saw total UK revenues rise by 18% from £159m to £187.2m last year.
This was fuelled by a 44% surge in subscription revenues 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.”
Subscription income accounts for over 90% of Spotify UK’s total revenues, the remainder comes from advertising.
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