A French streaming service posted record revenue gains, far exceeding industry averages. Most of its growth came from outside France, with the U.S. and U.K. leading. The company now boasts high user revenue and zero debt.
Qobuz, the independent French music streaming and download platform, reported a striking 45.7% revenue increase for 2025, dramatically outpacing the global paid streaming market's 8.8% growth. The company attributes this surge to its expanding international footprint, with 80% of its revenue now generated outside France. The United States has become Qobuz's largest market, while the United Kingdom contributed 10% of global revenue after a 37.6% year-over-year jump.
Industry data shows the global paid streaming market reached $16.6 billion in 2025, but Qobuz's growth rate eclipsed the sector average. The platform's average revenue per user stands at $135.90—over six times the industry norm of $20.74. Qobuz also reports positive free cash flow and no financial debt, underscoring its financial stability.
According to the IFPI Global Music Report, the worldwide recorded music market hit $31.7 billion in 2025, with streaming accounting for nearly 70% of total revenue. Qobuz, which has always focused solely on paid subscriptions, grew more than five times faster than the overall streaming market. As of May 2026, the company reported 1.2 million monthly active users, with subscriptions starting at $10.83 per month.
Founded in 2007 and owned since 2015 by a private French family group, Qobuz now operates in 26 countries, including Japan, which launched in October 2024. The company projects continued profitability, citing positive free cash flow, zero debt, and an expected positive net result by March 2027. Qobuz credits its success to a high-resolution streaming service, human-curated music selections, and a business model focused on quality and subscriber engagement rather than scale.
Deputy CEO Georges Fornay said, “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.”
In a market dominated by tech giants, Qobuz has maintained its original vision: respect for music, artists, and listeners. The platform offers only paid subscriptions, no in-app ads, and streams all tracks in high-resolution audio, from CD quality up to Hi-Res 24-bit/192 kHz, with DSD/DXD formats available for downloads.
Qobuz distinguishes itself by combining high-resolution streaming with à la carte downloads and in-depth editorial content written by music journalists. All music selections are curated by humans, and every employee is a shareholder. The company also leads in royalty transparency, publicly disclosing an average per-stream royalty rate of $0.01873 for fiscal year 2024, or $18.73 per 1,000 streams paid to rights holders.
Qobuz argues its model proves that a passion-driven, artist-focused approach can succeed in an industry often shaped by financial priorities. Fornay added, “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.”
Qobuz, with 1.2 million monthly active users as of May 2026, operates in 26 countries and remains privately owned by a French family group. The company has maintained zero financial debt and reached EBITDA break-even under IFRS, with a positive net result projected by March 2027.
