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Private online music streaming giant Spotify has told its investors that its operating loss rose substantially to between 300 million euros ($333.8 million) and 400 million euros ($ 444.5 million) last year, from 184 million euros ($204.5 million) the year before, the Information reports.

The loss comes despite a 50% increase in revenue to 2.9 billion euros ($3.1 billion).

The wider-than-expected loss highlights concerns regarding Spotify's ability to turn a profit.

The Swedish-based music platform is currently valued at $13 billion.

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