Advertising revenue at Spotify’s UK operation grew 24.2% to £22.4m in 2011

From Mediaweek:

According to Spotify UK’s accounts for 2011, overall revenue was £95.48m, up 51.1% on 2010 and predominantly attributable to an increase in revenue from subscriptions.

Revenue from sales of subscriptions was £72.46m, up 60.8% year on year.
For 2011 the ad revenue figure only includes income generated in the UK but the subscription revenue includes all European subscription revenue until the end of May 2011, after which revenue from outside the UK was recognised in Spotify’s local subsidiaries.

Operating losses were reduced from £26.54m in 2010 to £2.06m.

Ad revenue accounted for 23.5% of all revenue in 2011, down from 2010 when it comprised 28.6% of overall revenue.