Swedish production music company Epidemic Sound saw its revenues grow by 66% to SEK 375.3m (around $42.1m) in 2019, but the company’s operating losses grew by 152% to SEK 206.7m ($23.2m) according to its financial results.
MBW has published the figures, which were released in Sweden earlier this summer. The financials offer a snapshot of the company’s business a few months before it made 79 of its 419 staff redundant in May.
“Covid-19 has just accelerated this transition into becoming a digital-first company, and supercharged it,” CEO Oscar Hoglund told us at the time.
“We’ve hit our numbers and seen healthy growth last year, similar to how we’ve been growing in previous years… This [the layoffs] is not a case of the revenue numbers dropping significantly. This is not a revenue-driven decision.”