Spotify UK sales surge as it ramps-up presence

Spotify, a global music streaming service that offers songs by Taylor Swift and Ed Sheeran, among thousands of others, saw its UK revenue soar last year, as it expanded its British operation.

The Stockholm-born company, which is one of the most well-known tech companies in the world, will increase its UK workforce by 933 employees between 2022 and 2025.

The UK subsidiary in London’s Adelphi Building on Savoy Place reported a turnover of £225 millions last year. This is up from £133million the previous year. Its UK profit before tax increased from £9.1 to £16.7 million.

Spotify Limited’s latest accounts show that total costs for staff, including salaries, NI, and pensions have increased from £79 to £139 millions in the last year.

The UK revenues are from the ad sales of £53million made in London last year, and from other services provided for the main company listed in New York. These figures do not include revenues from the UK subscriber base. Spotify reported that it paid income tax of £9.3million in the UK in 2018, up from £741,000 a year earlier.

The cost of a monthly subscription in the UK has increased from £9.99 per month to £10.99.

Spotify’s total revenue in 2022 will be €11,7 billion, an increase of 21 percent on the previous year.

In June, Spotify had 551 millions active users per month and 220,000,000 subscribers. This was largely due to hits like the new song by Billie Eilish. The American singer is near the top Spotify charts with What Was I Made for?, from the Barbiesoundtrack.