The streaming giant’s revenues soared thanks to a 78 per cent increase in subscriptions to €1.74bn (£113.8bn) while advertising revenues grew 98 per cent to €196m (£151m).
Spotify’s losses widened as it tried to compete with its arch rival Apple. In the past year, the company has spent millions to finetune its technology platforms including heavy investment in Spotify Discover, a feature that generates a personalised playlist for users.
In a statement, the Stockholm-based company said: “We believe our model supports profitability at scale. We believe we will generate substantial revenues as our reach expands and that, at scale, our margins will improve. We will therefore continue to invest relentlessly in our product and marketing initiatives to accelerate reach.”