Spotify revenues double but losses widen in FY2012

Spotify more than doubled its revenues in FY2012, but its net losses widened to €58.7m (£51.3m) as it spent big to lure new subscribers to the service.

According to the company's latest financial statement, filed in Luxembourg today, its sales jumped from €190.4m (£166.3m) in 2011 to €434.7m (£379.7m) in 2012, as its number of active users doubled to more than 20 million.

Its premium service subscribers climbed to more than 6 million in the year.

However, the company’s net ...

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