Music streamer Spotify revenues topped 1 billion euros in 2014

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Online music streaming service Spotify’s revenues leapt 45 percent to top 1 billion euros ($1.1 billion) last year, though its operating loss widened due to product and expansion costs, its holding said.

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Stockholm-based Spotify, which provides free on-demand music or ad-free tunes for paying , posted an operating loss of 165 euros, compared a loss of 91 million euros in 2013.

The company, founded in 2006 by Daniel Ek and Martin Lorentzon, was reportedly valued at about $8 billion in a recent fundraising.

It said the increased loss was due to substantial investments in product development and international expansion, as well as an increase in staffing.

Its sales grew to 1.08 billion euros in 2014 747 million a year earlier.

The 2014 figures for its holding company Spotify Technology S.A. were obtained by Reuters from the Luxembourg company registry on .