Swedish distribution startup Amuse is one of the more disruptive music/tech companies to have emerged in recent years, but is it a profitable one? Not yet.
The company’s financial results for 2019 show that it generated revenues of SEK 85.1m (around $9.5m), which was impressive 209% growth year-on-year. However, the company’s net losses nearly doubled to SEK 97.8m ($10.9m) last year, as MBW reports.
Amuse’s last round of VC funding was in May 2018, when it raised $15.5m in a round co-led by Lakestar and Raine Ventures.
In March this year, the company announced Amuse Pro, a higher tier of its distribution platform offering more services to artists, including team accounts, royalty splits and distribution to Instagram and TikTok. If the takeup was good, that’ll have a positive effect on Amuse’s financials for this year.