Spotify revenues surge 80% to more than £1.5bn

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

Revenues at 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. Most of the firm’s revenues comes from subscriptions, which rose 78% to €1.7bn, while advertising revenues nearly doubled to €196m.