Spotify has reported that it made an operating loss of £26.5 million in 2010.
But the company's full-year revenue came in at £63.2 million, up by an impressive £50 million compared to 2009.
The hike in revenue has likely been a result of Spotify's ramped up advertising and growing subscriber numbers.
On the up 'n' up
At last count, Spotify reported that it had over 2 million paying subscribers now on its books, with the music service's US launch set to bolster its figures even further.
It's looking good for the future in Europe too, with Spotify saying: "The company and the group have successfully renegotiated and renewed licensing agreements with all major European record label groups.
"The group has ambitious growth plans and has signed license agreements with a number of US record label groups for the US market."
However, the music streaming service faces new and varied competition from the likes of Deezer, Boinc, Google Music, Amazon Cloud Locker and Apple's iTunes Match.
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