Spotify's revenues in 2013 more than doubled to Eur435 million or US$577 million from last year. The music streaming web service posted this result after its expansion to new markets that almost doubled its users. This information was according to documents showed Wednesday. The company also posted Eur58.7 million as net loss. In 2011, its net loss amounted to Eur45.4 million. 

The company was founded in 2006, with financial backing from DST, Accel Partners, Kleiner Perkins Caufield & Byers, and Northzone. The site's "active" users now reach 20 million, with over 5 million users as paying subscribers.

Now, Google, Amazon, and Apple are interested with the streaming site. These global technology giants saw the potential in growing their presence in smartphones via music streaming. According to Kantar Worldpanel, Apple has 42.5% share in the US smartphone market. Meanwhile, Android smartphone share fell from 52.6% in Q2 2012 to 51.5% in the second quarter this year.