During a recent financial filing, Akazoo published impressive Q3 2019 numbers, showing significant subscriber, user and revenue growth.
Akazoo is gaining popularity in emerging markets such as Eastern Europe and Latin America.
Their premium user base is at 5.5 million subscribers, up 28% year-on-year. While its registered user base is at 44 million, up 18% for the same period the year before.
The company also sees a healthy increase in revenue and profit. With revenue up 24% year-on-year, for close to €35 million ($38m), bringing in a net profit of €1.6 million.
“We are pleased with the solid revenue and subscriber growth in the third quarter and first nine months of the year. Additionally, we are excited about being well capitalised following the closing of the equity financing late in Q3.”Apostolos Zervos, Founder & CEO