Spotify: 81,088 euros won in 2019. 15,217 euros lost in 2020. The losses may not seem like much, especially in the case of a company like Spotify, but we are talking about its Spanish subsidiary, and we are talking about more than € 65,000 lost in just 12 months – and precisely the months of the Coronavirus pandemic, which precisely if something has brought with it has been to promote all online platforms due to confinements.
Spotify Spain in the red
The curious thing is that this seems to highlight a downward trend, since in the year of 2019, Spotify Spain obtained a net profit 26% lower than it obtained in 2018. According to data from El País Economía taken from the accounts it has presented The company in the Civil Registry, Spotify Spain is officially in the red, registering a drop in its business figure of 1.4 million, 15% in total -in 2019 it obtained 9.4 million and in 2020 the figure fell to 8 million.
In 2016, Spotify Spain obtained almost 49 million euros in the sale of subscriptions to its Premium streaming music service. In 2020 it was only € 8 million, and 6.03 of these million were obtained from advertising, the rest being Premium subscriptions and partners, which marks a decrease in 4 years of € 43 million no less.
The change from UK to Sweden
Curiously, Spotify Spain had an average of 22 employees in 2020, which was 2 more than in 2019, going from spending 1.95 million euros on personnel in 2019 to 2.77 million euros in 2020.
In December 2020 there was a change in ownership of the company, as the parent company changed from Spotify Ltd. (domiciled in the UK) to Spotify AB (in Sweden). Will Spotify Spain continue to post losses this year? Or in 2021 they will recover those red numbers?