SPOTIFY TURNS PROFIT IN BLIGHTY

The British Isles is the first place Spotify has turned a profit thanks to a £190 million ($231m) surge in revenues in 2015 and 44% rise in subscription income. News comes amid multiple reports of the streamery’s plans to float next year with a valuation of $8.5bn (£6.9bn).

Pre-tax profit for its U.K. business was £2m (up from £1.67m in 2014). Payouts to copyright holders, predominantly listed as cost of sales, rose 20% to £149m. Globally, Daniel Ek’s business lost £156m ($189m) last year.

U.K. revenues rose 18% from £159m to £187.2m in 2015, with subs revenues rising to £171.1m from £119m. That accounts for over 90% of Spotify U.K.’s total revenues, with the rest derived from advertising. Interestingly, that ad revenue fell from £11m to £10.8m last year.

“The transition from desktop to mobile,” powered the good results, said Spotify. The company reported 2015, when competitor Apple Music arrived, as its “best year ever”. Will the imminent IPO—the first for a streaming service following failed attempts by Deezer and Guvera—top that?