Jay-Z, consider yourself warned: It turns out it's pretty hard to make a profit on music streaming for $10 a month. Money is streaming out the door of Spotify.

The streaming music startup lost $197 million in 2014, a drastic increase over the year before.

Spotify is bringing in a lot of money — $1.3 billion in revenue last year — but it's just not turning a profit.

In fact, its losses are getting worse, almost tripling from 2013 when the company lost $68 million. Revenue grew by 45%.

See also: How Spotify Engineered the New Music Economy

The financial data, revealed in a public document in Luxembourg and reviewed by the New York Times, comes as the company is reportedly preparing to enter the streaming video market. That move could entice more advertising money, which would help alleviate the losses.

Spotify blamed the losses on costs associated with product development, expansion and licensing, the Times reported.

Spotify has long claimed that it would be able to achieve profitability once it hits a certain number of paying customers. The fact that its losses seem to grow as it brings in more money seems counter to that notion.

It now has 60 million total users, 15 million of which paid for the service.

The service's free streaming has become an issue recently, with numerous artists claiming it does not adequately compensate artists. Taylor Swift pulled her music off the service in November 2014 in protest. Spotify asked Swift to come back, and now it's clear why: Spotify needs Taylor Swift far more than Taylor Swift needs Spotify.

Competitors have also popped up, like Jay-Z's Tidal and Apple's launch of Beats, complicating Spotify's competitive position.