Spotify is starting to look like a different company.
For years, the stock was mostly framed as a scale platform. The argument was user growth, engagement, optionality and category leadership. That part of the story is largely proven now. Spotify is the most widely used audio streaming platform globally, and Q1 did nothing to weaken that position. Monthly active users reached 761 million, up 12% year on year, while Premium subscribers rose 9% to 293 million.
The harder question now is what that scale is worth.
That is where the investment case has become more interesting and more demanding. The. . .
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