Aspiro hails music growth as it reveals Q2 financials

More than 300k paying subscribers and revenues of $4.1m for the quarter. However, the company's overall losses increased.

Scandinavian entertainment firm Aspiro has announced its latest financial results, revealing net sales of SEK 71.3 million (around $10.8m), but a loss after tax of SEK 12.8 million (around $1.9m). That compares to SEK 60.4 million and SEK 9.5 million respectively in Q2 2010.

The company hailed the performance of its music division, which is now the largest individual segment of Aspiro's business. It generated net sales of SEK 26.5 million in Q2 (around $4.1m), with the company now having 300,000 paying users for its WiMP subscription-based streaming music service.

Aspiro's mobile TV business generated SEK 12.9 million of revenues in Q2 2011, with a further SEK 23.3 million coming from mobile solutions, and SEK 14.1 million from mobile search.

"So far, our music services are  present in four countries. We’re also continuing negotiations  on further launches," says CEO Gunnar Sellæg. "We’re improving profitability in TV  and Mobile Solutions step by step, and also noting positive  progress on the customer side for these segments going forward.