The 16-day Olympics extravaganza has come to an end with an electrifying closing ceremony, which reportedly enthralled more than 300 million viewers across the globe as well as 80,000 spectators inside the Olympic Stadium.

Some of the biggest names in the British music industry, including The Spice Girls and George Michael, performed. The Spice Girls reunited to sing Spice Up Your Life atop five London taxis.

The Olympic flag was then swiftly handed over to Eduardo Paes, the mayor of Rio de Janeiro, which will be hosting the next Olympics in 2016. A special eight-minute segment showcased Rio's music and colours, providing a glimpse of what audiences can expect in the next Games.

"These were happy and glorious Games. We will never forget the smiles, the kindness and the support of the wonderful volunteers, the much-needed heroes of these Games", said the president of the International Olympic Committee, Jacques Rogge.

"You, the spectators and the public, provided the soundtrack for these Games. Your enthusiastic cheers energised the competitors and brought a festive spirit to every Olympic venue. You have shown the world the best of British hospitality."

Rogge declared the London Olympics 2012 closed minutes before midnight. The Olympic flame was then extinguished, with fireworks lighting up the night sky; each of the nations that took part in the Games will receive one of the 204 petals in the cauldron.

Prince Harry, who was present on behalf of the Queen, said the Games were extraordinary and had touched people's hearts.

"Today sees the closing of a wonderful Games in a wonderful city. We lit the flame and lit up the world," the chairman of London 2012, Lord Coe, told the audience.

Team GB finished in third place in the medal table behind the US and China, Britain's best finish in 104 years. Along with 20 golds, GB claimed 16 silvers and 19 bronzes over the course of the Games.

US President Barack Obama called Prime Minister David Cameron to congratulate him and the people of the United Kingdom on an extremely successful Olympic Games, said the White House.

Athletes watch the fireworks show at the closing ceremony of the London 2012 Olympic Games at the Olympic StadiumReuters
A flaming phoenix rises up out of the Olympic flame before being extinquished at the closing ceremony of the London 2012 Olympic Games at the Olympic StadiumReuters
A flaming phoenix flies over the crowd coming out of the Olympic flame before being extinquished at the closing ceremony of the London 2012 Olympic GamesReuters
Performers take part in the closing ceremony of the London 2012 Olympic Games at the Olympic StadiumReuters
International Olympic Committee President Jacques Rogge holds the Olympic flag next to London mayor Boris Johnson during the closing ceremony of the London 2012 Olympic GamesReuters
Performers take part in the closing ceremony of the London 2012 Olympic GamesReuters
Fireworks explode over the Olympic Stadium during the closing ceremony of the London 2012 Olympic GamesReuters
Britain's Prince Harry and Dutchess of Cambridge Kate Middleton sing as they view the closing ceremony of the London 2012 Olympic GamesReuters
Performers take part in the closing ceremony of the London 2012 Olympic Games at the Olympic StadiumReuters
Rio de Janeiro Mayor Eduardo Paes holds the Olympic flag as he stands with IOC President Jacques Rogge and London Mayor Boris Johnson at the closing ceremony of the London 2012 Olympic GamesReuters
Rio de Janeiro Mayor Eduardo Paes waves the Olympic Flag with IOC President Jacque Rogge and London Mayor Boris Johnson during the closing ceremony of the London 2012 Olympic GamesReuters
Brazil's Renato Sorriso performs during the closing ceremony of the London 2012 Olympic GamesReuters
The Olympic flame is seen in the Olympic Stadium during the closing ceremony of the London 2012 Olympic GamesReuters
Fireworks are shown with a fisheye lens during the closing ceremony of the London 2012 Olympic GamesReuters
A combination photo shows the Olympic Flame being extinguished during the closing ceremony of the London 2012 Olympic Games at the Olympic StadiumReuters
Fireworks explode over the Olympic Stadium during the closing ceremony of the London 2012 Olympic GamesReuters