The Wall Street Journal reports that Spotify's losses rose from E28.5 million in 2010 to E45.4 million last year. However, the company's revenues also grew rapidly in 2011, up to 156.9 million euros - over E100 million more than the previous year's 52.6 million euros. Despite considerable growth, the streaming service is still relying on venture capital funding, and the latest accounts noted that it "cannot exclude the need or desire to raise more funds in the future".
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