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.
Spotify will be a direct listing on the NYSE when it goes public, abandoning the traditional initial public offering.
The listing is expected to take place between the fourth quarter of 2017 and the first quarter of 2018. Morgan Stanley (MS) - Get Report, Goldman Sachs (GS) - Get Report, and Allen & Co. are advising on the listing.
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