Dan Mackta and Kenn Richards pose at the Qobuz installation during the GRAMMY Wing Producers & Engineers Week Celebration at The Preserve LA on January 28, 2026 in Los Angeles, California.
Getty Images for The Recording Academy
The independent music streaming and download platform Qobuz reported revenue growth of 45.7% in 2025. This rate significantly outpaces the global paid streaming market, which grew by 8.8% over the same period.
The company’s continued expansion is a result of strong international performance, with 80% of revenue now generated outside its home territory of France. The US is the biggest market for Qobuz and the UK is also a key growth area, accounting for 10% of global revenue, thanks to 37.6% year-on-year growth.
Currently, the global paid streaming market is worth approximately $16.6 billion and is growing at an annual rate of 8.8% in 2025. With 45.7% growth in 2025, Qobuz is bucking the trend and has an average revenue per user that is more than 6.5 times the market average, amounting to $135.90 instead of the industry average of $20.74. The company also has positive free cash flow and zero financial debt
A growing market
In 2025, the global recorded music market will reach $31.7 billion in sales, according to the IFPI Global Music Report. Streaming services accounted for 69.6% of total revenue and continue to drive industry growth. In streaming, the paid subscription model leads with 8.8% growth.
Since day one, Qobuz has been active exclusively in the paid subscription segment, recording more than five times the growth rate of the market as a whole. In May 2026, Qobuz reported that it had 1.2 million monthly active users. Subscriptions start at $10.83 per month for an all-you-can-stream service.
Qobuz in numbers showing key financials for 2025 with a growth rate of 45.7% for the year, compared to the industry average of 8.8%.
QOBUZ
Founded in 2007 and owned since 2015 by a private, mainly French family group, Qobuz is establishing itself as a global streaming player with around 80% of the company’s revenue coming from international markets. The US accounts for the lion’s share of that number, and the company currently operates in 26 countries, including Japan, which went live in October 2024.
Qobuz says it has a clear path to profitability with positive free cash flow, zero financial debt, EBITDA achieved on an IFRS basis, plus a positive net result expected by March 2027. These financial results highlight the strength of Qobuz’s independent model based on the quality of its high-definition 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 diversification strategy, disciplined execution and fully committed teams. No dispersion, no public funding. It is this consistency that delivers strong, sustainable growth today,” says Georges Fornay, deputy CEO of Qobuz.
A player that stands out
In a field dominated by large tech companies with huge financial resources, Qobuz has sought to position itself by staying true to its founding vision, which is to respect music, the artists who create it, and the people who listen to it. The business has a paid subscription model without any advertising on the platform. The tracks are all available in high-resolution audio quality from CD quality 16-bit/44.1 kHz) to Hi-Res 24-bit/192 kHz, as well as DSD / DXD formats for downloads.
Circuit Des Yeux perform on stage at the ‘Qobuz Music Festival Showcase’ during the 2022 SXSW Conference and Festivals. Qobuz is run by music lovers for music lovers and the site features in-depth articles about music and musicians.
Getty Images for SXSW
Qobuz says it’s the only music streaming platform that combines high-resolution music streaming with à la carte downloads. Streaming content is supported by extensive music editorial written by a team of journalists and music experts. Music selections are 100% human-curated and support an eclectic and diverse range of music and recording artists. In addition, 100% of Qobuz’s employees are shareholders, who participate in the company’s success.
The business model has a direct and measurable impact on the level of royalty payments Qobuz makes compared to the rest of the music industry. In March 2025, Qobuz announced that it was the first and only streaming platform to publicly disclose its average royalty rate per stream. The figure has been independently validated as $0.01873 per stream for FY2024, which equates 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 economic and industrial imperatives often take precedence.
“Our belief has never changed: music at the heart of everything, by people, for people. This is what drives every decision at Qobuz, and our results show that this belief is also a sustainable business model,” says Georges Fornay.
Qobuz’s deputy CEO continued: “Music streaming is a huge market. We chose to build our position within it on our own terms: premium, independent, serving artists and music lovers. This journey is built to last.”
