Spotify doubles revenues but losses rise too

The Swedish-based music streaming service Spotify reported Wednesday that it more than doubled revenues in 2012, as it expanded to new markets. But losses increased as well.

Spotify is unlisted, and the figures were filed by its holding company in Luxembourg.

It shows turnover reached 435 euros last year (up from 190 million euros in 2011), with a loss of 58.7 million euros (compared to 45.4 million euros the previous year).

Spotify has more than 20 million “active” users and over 5 million paying subscribers.

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