• Media Week , Sunday, September 30, 2012 8:15 AM

Advertising revenue at Spotify's UK operation grew 24.2% to £22.4m in 2011, while a big increase in subscription revenue helped the company reduce its operating losses by 92% year on year. According to Spotify UK’s accounts for 2011, overall revenue was £95.48m, up 51.1% on 2010 and predominantly attributable to an increase in revenue from subscriptions. Revenue from sales of subscriptions was £72.46m, up 60.8% year on year. For 2011 the ad revenue figure only includes income generated in the UK but the subscription revenue includes all European subscription revenue until the end of May 2011, after which revenue from outside the UK was recognised in Spotify’s local subsidiaries.

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