Spotify Profitable in France
The online music service accounts for more than a third of the French streaming market
Spotify has turned a profit in France, five years after its launch there.
The streaming music service earned a net profit of close to $400,000 (€311.426) in France on revenues of $23.5 million (€18.75 million) in 2013. France was among the first territories where Spotify went live, along with Scandinavia, the U.K. and Spain, in October 2008.
The French success, first reported in L'Express, follows a similar performance in the U.K., where Spotify moved from a $17 million (£11 million) net loss in 2012 to a $4 million (£2.6 million) profit last year.
In both cases, the company has been successful in getting a significant number of users to switch away from its ad-backed free option to its paid subscription service. According to the company's own figures, Spotify now has some 12.5 million paying subscribers worldwide out of its 50 million active users.
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The Swedish/British company has been sharply criticized by many, including Taylor Swift and Radiohead's Thom Yorke, who have pulled their music from Spotify, saying it does not properly compensate artists.