The independently owned music streaming and download platform Qobuz has reported revenue growth of 45.7% in 2025. This figure significantly outperforms the global paid streaming market, which saw growth of 8.8% over the same period.
The company’s continued expansion is a result of strong international performance, with 80% of revenue now being generated outside its home territory of France. The U.S. is the largest market for Qobuz and the U.K. is also a key growth territory, accounting for 10% of global revenue, thanks to a 37.6% increase, year-on-year.
Currently, the global paid streaming market is worth some $16.6 billion and is experiencing annual growth in 2025 of 8.8%. With growth of 45.7% in 2025, Qobuz is bucking the trend and has an Average Revenue Per User that’s more than 6.5x the market average, equating to $135.90 instead of the $20.74 industry average. The company also boasts a positive free cash flow and carries zero financial debt
A Growing Market
In 2025, the global recorded music market notched up sales of $31.7 billion, according to IFPI Global Music Report. Streaming services accounted for 69.6% of total revenue and is continuing to drive the sector’s growth. Within the streaming sector, the paid subscription model is leading with 8.8% growth.
From day one, Qobuz has operated exclusively in the paid subscription segment, recording more than five times the growth rate of the market overall. In May 2026, Qobuz reported having 1.2 million monthly active users. Subscriptions start at $10.83 per month for an all-you-can-stream service.
Founded in 2007 and owned since 2015 by a private, primarily French family-owned group, Qobuz is estabilishing itself as a global streaming player with some 80% of the company’s revenue being generated from international markets. The U.S. representing the lion’s share of that figure and the company currently operates across 26 countries, including Japan, which went online in October 2024.
Qobuz says it has a clear path to profitability with positive free cash flow, zero financial debt, EBITDA break-even reached under IFRS, plus a positive net result expected by March 2027. These financial results underline the strength of the independent Qobuz model which is built on the quality of its hi-res streaming service and the engagement of its subscribers rather than sheer volume.
“Since the acquisition in 2015, we have chosen a structured, coherent path forward: a differentiation strategy, disciplined execution, and fully committed teams. No dispersion, no public funding. This consistency is what is delivering strong, sustainable growth today,” says Georges Fornay, deputy CEO of Qobuz.
A Standout Player
In a sector that’s dominated by major tech companies with massive financial resources, Qobuz has sought to position itself by staying true to its founding vision, which is a respect for music, for the artists who create it and for the people who listen to it. The business has a paid-for subscription model without any in-platform advertising. The music tracks are all available in high-resolution audio quality from CD quality of 16-bit/44.1 kHz) up to Hi-Res 24-bit/192 kHz, as well as DSD / DXD formats for downloads.
Qobuz says it’s the only music streaming platform to combine high-resolution music streaming with à la carte downloads. The streaming content is backed up by extensive music editorial that’s written by a team of journalists and music experts. The music selections are 100% human-curated and champion an eclectic and diverse range of music and recording artists. What’s more, 100% of Qobuz employees are shareholders, sharing in the company’s success.
The business model has a direct and measurable impact on the level of royalty payments Qobuz makes compared with the rest of the music industry. In March 2025, Qobuz announced it was the first and only streaming platform to publicly disclose its average per-stream royalty rate. The figure has been independently validated as being $0.01873 per stream for fiscal year 2024, which is equivalent to $18.73 per 1,000 streams paid to rights holders.
An Independent Platform
Qobuz claims its business is proof that companies with a genuine passion and clear vision for music, its creators and listeners have a real place in an industry where financial and industrial imperatives often take precedence.
“Our conviction has never changed: music at the heart of everything, by humans, for humans. That is what drives every decision at Qobuz, and our results show that this conviction is also a viable business model, says Georges Fornay.
The deputy CEO of Qobuz went on to say, “Music streaming is a vast market. We have chosen to build our place within it on our own terms: premium, independent, in service of artists and music lovers. That journey is built to last.”
