Music streaming web service Spotify more than doubled revenues in 2012 to 435 million euros ($577 million) as it expanded to new markets and almost doubled its users, documents showed on Wednesday.

Spotify, the world’s largest music subscription company which provides free on-demand music or ad-free tunes for paying customers has doubles their revenues compared to 2012. Even though that does sounds like Spotify has been killing it, the loss of the company has also been growing. Their net loss increased to €58.7 million ($77.4 million) from €45.4 million in 2012 ($58.8 million). It should not be a problem because companies regularly lose money when they gain more market share. This year, the company has been expanding their market with Latin America and Asia.

Spotify stated it almost doubled the number of monthly active users during 2012 as it launched in countries such as Germany, Australia, New Zealand and Ireland. The sector therefore has attracted a lot of interest from global technology giants like Google and Amazon, to add the success of the sector to their presence in a smartphone dominated media world.