Spotify’s annual results show a company emptying out its pockets as it aims for rapid global expansion.

The Sweden-based streaming service grew its revenues sharply in 2013, but its operating losses also increased as it sank money into marketing and product development. The latest financial results show revenues of €746.9m (£592.9m) in 2013, up 73.6% from €430.3m in 2012, while operating losses rose 16.4% to €93.1m.

These results cover Spotify’s entire global business, although its local subsidiaries in UK and France have also reported their own financial results, with both of them profitable. Spotify royalties recently overtook iTunes earnings for the first time in Europe, as streaming continues to nudge out downloads.

In slightly more exciting front-end news from the company, Spotify recently teamed up with taxi-hailing app Uber to let you play your own music from the backseat, should you wish. CEO Daniel Ek has also been embroiled in a dispute with Taylor Swift and her people after the pop star pulled her entire catalogue from the streaming service.