Spotify has doubled its revenues in 2012, but losses also rose as the streaming music platform seeks to expand in an increasingly competitive market. The Financial Times reports that the latest financial filing from the digital firm in Luxembourg shows that revenues in 2012 went up from 190.4 million euros to 434.7 million euros, with the number of 'active users' rising to 20 million worldwide, over a quarter of which are paying premium service users. However, overall losses widened to 58.7 million euros, up from 45.4 million euros the previous year.
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