TSOH Investment Research Service • 511 implied HN points • 20 Feb 23
- Spotify's MAU growth has been strong, with 88 million net MAU's added in FY22
- Spotify reached a milestone with over 200 million premium subscribers in Q4 FY22, having quadrupled since 2016
- Spotify's profitability is a concern, but the company's scale positions it for potential advantages in the future