Online TV and films service Hulu has published some stats representing its growth in 2012, including a predicted 65% year-on-year rise in its revenues to $695m.

The service now has more than 3m paying subscribers for its premium Hulu Plus tier, which includes mobile access. In a blog post, CEO Jason Kilar notes in a blog post that this total has more than doubled in the last year.

All this growth is coming at a cost in outlay on content, though, with Hulu’s catalogue now including more than 60k TV episodes, 2.3k TV series and 50k hours of video overall.

“In 2012, we invested more than $500 million in content. Since the launch of Hulu in October 2007, we have generated over $1 billion for our content partners,” blogs Kilar.

He’s certainly optimistic about the future. “When it comes to building things that matter, most entrepreneurs hope to have the good timing and the good fortune to find and ride (and ideally shape) one massive wave,” writes Kilar.

“At Hulu, we are doubly fortunate in that we are at the crest of two massive waves that we believe will persist for the long term: the rise of online video advertising and the rise of online video subscription services.”

True enough, but with $500m spent on content against $695m of revenues in 2012, with unknown expenditure on bandwidth and other costs, it’s still unclear when these two waves will crash into a profit for Hulu, if they haven’t already.