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Spotify reports quicker growth since Apple Music's launch

It now boasts close to 100 million users in more than 59 markets despite increasing competition

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Mr Forster said it was reassuring that the company's conversion rate for turning new users of the advertising-based service into subscribers had held up at 25 to 30 per cent, despite its user growth.

Stockholm

MUSIC streaming service Spotify has seen a faster pace of growth since the launch in June last year of rival Apple Music, a top executive said.

Spotify, which was created in Stockholm 10 years ago, now boasts of having close to 100 million users in more than 59 markets,