Billboard reports: “The U.K. arm of Spotify bounced back into profitability last year, fueled by strong growth in subscription sales. According to the company’s latest set of financial results, which cover the year 2015, total revenues climbed to £187 million ($228 million), up from £159 million ($194 million) the previous year. Subscription sales accounted for the bulk of revenues, totaling £172 million ($210 million), up from £119 million ($146 million) in 2014. The strong financial results for the London-registered British arm of Spotify come 24 hours after it was announced that Martin Lorentzon, one of Spotify’s co-founders was stepping down as the company’s chairman. Going forward, Daniel Ek, the public face and CEO of the company, will be adding Lorentzon’s title to his own, while Lorentzon will remain on the board of directors.”

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