Everything is up at Spotify: revenue, users, and – unfortunately for them – losses.

According to The Wall Street Journal, the streaming giant posted a net loss of €45.4 million last year, up from a €28.5 million loss in 2010. This is despite more than doubling revenue (€187.8 million, up from €73.9) from its 32.8 million registered users.

Spotify is currently available in 15 countries, including the US, UK, Germany, Australia, and New Zealand. After establishing subsidiaries in Canada, Singapore and Hong Kong, the company is expected to expand to those markets. The service has paid out about €200 million to labels and publishers since its 2008 launch.

In a statement, Spotify said: “Offering both a basic free and fully featured paid-for service has been instrumental to what we’ve achieved so far, both in fighting piracy and convincing millions of people to pay for music. Over 15 million people now actively use the service worldwide, with four million of them now paying. That’s a pretty phenomenal following for a music service still in its relative infancy.”



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