Home › DMW Daily › August 26, 2009

Spotify Making Labels More Money than iTunes in Sweden

Authored by Mark Hefflinger on August 26, 2009 - 9:17am.
Stockholm, Sweden - Spotify, the Sweden-based ad-supported streaming music site preparing for its U.S. launch, now generates more revenues for record labels in Sweden than does Apple's iTunes Store, Swedish Wire reports. "In five months from the launch Spotify became our largest digital source of income and so passed by iTunes," Per Sundin, head of major label Universal Music in Sweden, told Swedish Wire.

"It's a fantastic development explained by the fact that Spotify really has exploded." "There are signs that a large number of illegal downloaders are turning to Spotify," Mark Dennis, head of digital sales at Sony Music in Sweden, told TT news wire.

Spotify recently raised $50 million in financing at a $250 million valuation, selling a stake to Hong Kong billionaire Li Ka-shing.

The company is also awaiting word on whether Apple will accept the streaming music application it submitted to the iPhone App Store.

 

Related Links:
http://snipurl.com/reh6i (Swedish Wire)

http://www.spotify.com

Published in DMW Daily, August 26, 2009
tags: Advertising | Music | Apple | Sweden | iTunes Store | Spotify |



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