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 a2bn (1.5bn) but losses widened as it invested heavily amid tough competition from the likes of Apple Music and Tidal.

Revenues jumped to a1.95bn, 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 a1.7bn, while advertising revenues nearly doubled to a196m.