Spotify’s financial results for the year 2016, report that gross revenue climbed to £237 million ($312 million), up from £187 million ($247 million) in 2015. A majority of that is contributed by subscription sales, accounting for £216 million ($285 million), up from £172 million ($227 million) the previous year.
Advertising sales also rose to £17.5 million ($23 million), up from £10.8 million ($14 million). It is fueled by an increase in monthly active users, which climbed to 7.1 million. Of that total, 2.8 million were paid subscribers, up from 1.7 million only a year ago.
Spotify attributed this growth to the launch of its new global family plan and “strong holiday and summer” marketing campaigns. Going forward from November 2017, the company’s main sources of generating revenue will be display, audio, and video advertising.
Spotify’s PAT stood at £1.9 million ($2.5 million), up from £1.2 million ($16 million) the previous year.