Spotify has turned the music industry on its head by replacing one-off music downloads with an all-you-can-eat subscription streaming service, but it is yet to prove that it can deliver profits.

A filing from the Swedish company, registered in Luxembourg, showed that despite revenues almost doubling last year, the company is making a bigger loss than ever.

The new figures, which come as Spotify’s paying users reach 30 million, could raise questions about whether the subscription model, which accounts for a growing proportion of music industry revenues, is sustainable in its current form.

Nonetheless, the company called 2015 “in many ways, our best ever year”. Revenues rose 80 per cent to €1.95bn (£1.5bn) last year, bolstered by a growing number of subscribers, while losses rose by just 10 per cent to €173m.