Investors love growth. They especially love growing companies during times when global economies are seemingly stuck in low-growth, or in the case of England, really low-growth.

For Spotify, recent financials from the world's largest on-demand music streaming service are sure to excite current holders of its equity as well as those eager to buy shares once CEO Daniel Ek and advisors from Morgan Stanley (MS - Get Report) , Goldman Sachs Group (GS - Get Report) and Allen & Co. decide on a good time to sell them.

Sales at Spotify jumped 55% in 2016 to 2.9 billion euros, or $3.2 billion, according to a filing Wednesday in Luxembourg for Spotify Technologies SA. The Swedish company began operations in its home market and a few smaller European countries in 2008 before Ek expanded the service to the U.S. in 2011.

Total active monthly users for its free and subscription-based platform grew to 126 million in 2016, compared to 91 million at the end of 2015. Spotify also reported a 50% rise in advertising sales, a striking data point given that the bulk of its sales comes from monthly subscribers to its paid on-demand service, which allows users to pick songs and create play-lists.

It's possible that Spotify has been winning new customers from competing platforms such as Pandora Media (P) , which only began offering an on-demand service in March. Pandora's total active monthly users, largely those listening to its free ad-supported curated radio service, have declined over the past two years as listeners migrated to on-demand platforms.

Pandora was falling 3.2% on Thursday to $7.24, near its all-time lowest closing price of $7.18 reached on Nov. 16, 2012.

To be sure, Spotify watchers will be unhappy to learn that the company miscalculated losses for both 2015 and 2014. Its loss for 2015 was actually 231.4 million euros, or $238 million, rather than the 164.8 million euro ($183.6 million) loss it had reported a year ago. Similarly, the loss for 2014 was miscalculated by 23.9 million euros ($26.6 million).

Spotify, which has yet to become profitable, reported a net loss for 2016 of 539.2 million euros, or $601 million.

To get to profitability, Spotify is in the midst of negotiating new royalty agreements with Warner Music and Sony (SNE - Get Report) Music. The world's largest music label, Universal Music Group, signed a new multiyear licensing deal in April. Not only are those new deals expected to improve Spotify's bottom line, they're widely viewed as essential to winning investor confidence for a public offering.

Spotify, though, may be not need cash given a $1 billion convertible debt deal the company secured a year ago. Nonetheless, its equity investors are likely eager to see the music streaming service make its shares accessible to public investors.