Spotify's popular music-streaming service will soon launch in Canada, with further expansion around the world planned. According to The Wall Street Journal, Spotify's recently published annual results included a report from this spring, confirming a Canadian launch is on the way. The service may also expand into "countries in Asia and South America." Spotify is currently accessable in 15 countries around the world.

The report also showed that as Spotify has expanded, its net losses have grown. The WSJ reports that Spotify's net loss in 2011 was approximately $56.6 million, up from loss of roughly $35.7 million in 2010. Spotify's owners have taken the hit for its losses and in the report the company said it "cannot exclude the need or desire to raise more funds in the future," noting that the source of any more capital would have to be through equity.

Spotify's revenue has also grown, as revenue reached approximately $235.4 million in 2011, up from $92.6 million a year before. The revenue increase was attributed to growth in Spotify's music subscriptions, which brought in $196.7 million in 2011. However, ad sales growth has been slower, from under $26.5 million in 2010 to $34.6 million last year. By the end of 2011, Spotify had 32.8 million registered users.