simfy reveals strong revenue growth - profitable within the next quarter

Monday, 12. March 2012

Music streaming service preparing to increase global footprint in emerging markets

Cologne, Germany; March 12, 2012. After strong growth in the last six months, Germany's leading music streaming service simfy is on track to reach profitability within the next quarter and achieve strong revenue figures well into the double digit millions this year. Accelerated global expansion across various emerging markets is the primary target for 2012 and music discovery a clear focus.

"Our strong growth has translated into more than 2 million users and a very healthy percentage of it is paying premium users - showing us that we have achieved very good performance in our core markets", says Gerrit Schumann, CEO of simfy. "Reaching profitability is difficult in any music business and we are well on our way to achieving that in the next quarter."

The company is currently not seeking funding, but says a larger capital increase may be decided on in the second half of the year to fuel further expansion.

The companys plans include international expansion with a number of partners, the next imminent launch being in the first non-European territory within the next 30 days. simfy is currently available in four languages and these countries: Germany, Austria, Belgium and Switzerland.  

While the company seeks to expand globally, it stresses the importance of acting locally. Schumann: "We see other companies try a 'sprinkler strategy' and establish a global service without making it a local experience. While I believe that time-to-market is important, it is even more essential to do it right. Address each music market with its unique characteristics - you need to be in the market, understand it and cater to the local content needs."

That is reflected in simfy's product direction as well: music discovery is the core element of this year's product strategy: "Besides social discovery and our extensive editorial recommendations we offer already today, we will be introducing a number of new features that make music discovery very personal and define music recommendations in new ways - something we are really passionate and excited about as it is unique to the market", says Gerrit Schumann.



About simfy
simfy gives music fans access to over 16 million songs in the cloud. Users can listen to music, create playlists, and share them via social networks. A number of service options are available including free advertising-financed and subscription based premium services. Launched in 2010, simfy has rapidly grown to become one of the leading music streaming providers in Europe.

simfy press contact:

Marcus von Husen

Tel.: +49-221-788787-0

Fax: +49-221-788787-79

E-Mail: undefinedpress(at)simfy.com

www.simfy.com

 



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In case you require additional information, please contact our press staff at: press(at)simfy.com 

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