Spotify top of the pops

SPOTIFY has become the world’s first music streaming service to reach 100 million paying subscribers as it fights a vicious turf war with Silicon Valley’s tech titans.

The milestone is an early victory for the Swedish firm amid fierce competition from rival services run by Apple, Google and Amazon.

The company revealed revenues had surged by 33pc to $2.4 billion in the first quarter and losses narrowed to $269 million – a better result than analysts expected.

But the pressure on the New York-listed business is set to increase after Google and Amazon both unveiled free versions of their music streaming platforms this month. Paid-for service Apple Music is also gaining fast on Spotify, boasting 50m subscribers and has surpassed it in the US.