Spotify has hit over 140 million active monthly users.
However, the music streaming company is still deep in the red.
The Swedish company had revenues of over 2.9 billion euros in 2016, which is more than 50% compared to 2015.
However, operating losses rose at almost the same rate to 349.4 million euros.
Spotify is considering making it publicly available and listed on the stock market so that its latest data will be under control.
“We believe that we will generate significant revenue as our scope expands and that our margins will improve on a large scale.” said the company.
“Therefore, we will continue to invest relentlessly in our product and marketing initiatives to accelerate reach.”
Spotify reported a net loss of 539.2 million euros, more than twice the 2015 figure.
However, the number of people listening to music on the platform continues to grow rapidly.
Subscriber payments for its first-class, ad-free service have increased by 20 million to 48 million.
Apple Music, a key competitor, now has 27 million subscribers, almost twice as many as 12 months ago. Unlike Spotify, it does not offer a free level.
More than 30 million songs are available to Spotify, which has signed deals to pay at least € 2 billion in royalties over the next two years.
Spotify raised more than $ 1 billion from investors in 2016, which she said will give it the flexibility to expand, regardless of the state of the stock market.
Some of the conditions are tied to an IPO, which puts pressure on the company to go public.