Spotify (SPOT)

• Market cap: $147B
• 1 day: 1.18%
• 5 days: -2.84%
• 1 month: 0.27%
• 3 months: 30.65%
• 6 months: 54.77%
• Year to date: 56.73%
• 1 year: 137.46%
• 5 years: 173.02%
• 10 years: 381.50%
• Sector: Communication Services
• Industry: Internet Content & Information

About: Spotify is the leading global music streaming service provider, with nearly 700 million monthly active users and over 250 million paying subscribers, with the latter constituting the firm's premium segment. Most of the firm's revenue and nearly all its gross profit come from the subscribers, who pay a monthly fee to access a music library that consists of most of the most popular songs ever recorded, including all from the major record labels. The firm also sells separate audiobook subscriptions and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog but cannot customize a similar on-demand experience.

Employees: 7,691

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

118% more first-time investments, than exits

New positions opened: 220 | Existing positions closed: 101

29% more repeat investments, than reductions

Existing positions increased: 440 | Existing positions reduced: 340

24% more capital invested

Capital invested by funds: $59.7B [Q4 2024] → $73.8B (+$14.1B) [Q1 2025]

15% more funds holding in top 10

Funds holding in top 10: 53 [Q4 2024] → 61 (+8) [Q1 2025]

9% more funds holding

Funds holding: 1,046 [Q4 2024] → 1,141 (+95) [Q1 2025]

7% more call options, than puts

Call options by funds: $3.28B | Put options by funds: $3.08B

1.51% less ownership

Funds ownership: 67.29% [Q4 2024] → 65.78% (-1.51%) [Q1 2025]

Research analyst outlook

20 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $550 23% downside
• Avg. target: $772 8% upside
• High target: $900 25% upside

20 analyst ratings

• positive: 17 85%
• neutral: 3 15%
• negative: 0 0%

JP Morgan Doug Anmuth	9% upside $780	Overweight Maintained	11 Jul 2025
Keybanc Justin Patterson	20% upside $860	Overweight Maintained	11 Jul 2025
Morgan Stanley Manan Gosalia	18% upside $850	Overweight Maintained	10 Jul 2025
Benchmark Mark Zgutowicz	17% upside $840	Buy Maintained	10 Jul 2025
Barclays Kannan Venkateshwar	12% upside $800	Overweight Maintained	9 Jul 2025