Music streaming service nevertheless recorded widening losses in 2015 due to heavy investment and fiercer competition

Revenues for Spotify, the world’s biggest music streaming service, surged 80% last year to nearly €2bn £1.5bn, but losses widened as it invested heavily amid tough competition from the likes of Apple Music and Tidal.

Revenues jumped to €1.95bn, as the growth rate accelerated from 45% in 2014 and 74% in 2013. Revenues from advertisements nearly doubled to €196m, while revenues from subscriptions rose 78% to €1.74bn.

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Read more at Spotify revenues surge 80% to more than £1.3bn

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