Qobuz Delivers 45.7% Revenue Growth in 2025 in a Paid Music Streaming Market Growing at 8.8%

Paris, June 16, 2026

• +45.7% growth in 2025 in a paid streaming market worth $16.6 billion, growing at +8.8%
• 80% of revenue generated from international markets, with the U.S. as Qobuz's #1 market
• Average Revenue Per User (ARPU): more than 6.5x the market average - $135.90 vs. $20.74
• Positive free cash flow and zero financial debt

A Growing Market, Driven by the Paid Model

In 2025, the global recorded music market reached $31.7 billion (IFPI 2026, 2025 market figures), with streaming accounting for 69.6% of total revenues and continuing to drive the sector's growth. Within streaming, the paid subscription model leads with +8.8% growth, concentrating value creation among engaged, paying listeners.

Positioned in the paid subscription segment from day one, Qobuz delivers +45.7% revenue growth in 2025 - more than five times the market rate, and now has 1.2 million monthly active users.

The Success Story of an Independent Company That Has Gone Global

Founded in 2007 and owned since 2015 by a private, primarily French family-owned group, Qobuz is today a global player.

• An international business. 80% of revenue is generated from international markets. The United States is Qobuz's largest market, ahead of France. Present in 26 countries, including Japan since October 2024, the company continues its global expansion.
• A clear path to profitability. Positive free cash flow, zero financial debt, EBITDA break-even reached under IFRS, and a positive net result expected by March 2027.
• Revenue per user (ARPU) more than 6.5 times the market average. A Qobuz subscriber generates an average annual revenue of $135.90, compared to $20.74 for the market average* (*IFPI 2026, 2025 market data - ECB exchange rate: 1.13).

These results confirm the strength of an independent model built on the quality of its offering and the engagement of its subscribers, rather than on volume.

"Since the acquisition in 2015, we have chosen a structured, coherent path forward: a differentiation strategy, disciplined execution, and fully committed teams. No dispersion, no public funding. This consistency is what is delivering strong, sustainable growth today," said Georges Fornay, Deputy CEO, Qobuz.

A Standout Player in a Market Dominated by Giants

In a sector dominated by major tech companies with considerable resources, Qobuz has built its position by staying true to its founding vision: respect for music, for the artists who create it, and for the people who listen to it.

This translates into structural choices that have been consistent since day one:

• An exclusively paid subscription model, with no in-platform advertising
• High-resolution audio quality, faithful to the original recording
• The only platform combining streaming and à la carte Hi-Res downloads, in addition to editorial written by a team of journalists and music experts
• 100% human-curated selection, championing a diverse range of music and artists
• An exception in the sector: 100% of employees are shareholders, sharing in the company's success.

These choices have a direct, measurable impact on royalty payments within the music industry. In March 2025, Qobuz was the first and only streaming platform thus far to publicly disclose its average per-stream royalty rate, validated by a leading firm: $0.01873 per stream for fiscal year 2024 - equivalent to $18.73 per 1,000 streams paid to rights holders (see methodology at end of release).

An Independent Platform Built for the Long Term

Qobuz is proof that companies with a genuine passion and clear vision for music, its creators, and its listeners have a real place in an industry where financial and industrial imperatives often take precedence.

"Our conviction has never changed: music at the heart of everything, by humans, for humans. That is what drives every decision at Qobuz, and our results show that this conviction is also a viable business model."

"Music streaming is a vast market. We have chosen to build our place within it on our own terms: premium, independent, in service of artists and music lovers. That journey is built to last," said Georges Fornay, Deputy CEO, Qobuz.