Posted by Glen Sears | October 19, 2015 10:39 am | No Comments
Story of the Week
Spotify U.K. Subscription Revenues Climb as Overall Profits Fall
The U.K. arm of Spotify experienced strong growth in its subscription and advertising revenues last year, but still posted a £1.2 million ($1.5 million) loss after taxation, according to the company’s latest set of financial results, which cover the year 2014.
The rise in sales was not enough, however, to prevent the London-based company reporting an overall loss for the year after taxation of £1.2 million ($1.5 million) — a significant slide when compared to the previous calendar year when Spotify recorded a profit of £2.6 million ($4 million).
The loss can be partially attributed to a sizeable rise in cost of sales — a category that includes royalties paid to labels and publishers — which jumped from £96.2 million ($148 million) in 2013 to £124.4 million ($191.7 million) last year. “Individual company reports are not necessarily a reflection of the whole company, one way or the other,” a Spotify spokesperson maintained in a statement provided to Billboard.
Read more on Billboard: http://bit.ly/1GeFiF5
Condé Nast Buys Pitchfork – Confirming the buy, which includes all Pitchfork ventures, so the spin-off live events too, Condé Nast’s newly appointed big cheese Bob Sauerberg told reporters: “Pitchfork is a distinguished digital property that brings a strong editorial voice, an enthusiastic and young audience, a growing video platform and a thriving events business. We look forward to bringing Pitchfork to the network of best-in-class brands of Condé Nast”. Read More
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