SPOT is a strong long-term investment; despite a high valuation of ~40x EPS and competition, margin expansion to 20% and improved label terms support optimism.

About Spotify I will talk about that.

You are Spotify. To start with Wanted, But I About Nintendo To talk Very excited, So I am mine. Host card Using About Nintendo I will talk about that. I bought the stock. I give it 10 out of 10, and Then we About Spotify I will discuss, Which I 9 Give, and your For Convenient Some other things With.

I always Their Quite about it Optimistic, and That is. Spotify. and All Yes. I am mine. Of bias By talking I give. 2021, In 2022, my Always regret. I would have. About Spotify A lot of work I did when Share price Probably 150 It was in the room, But the end Until I The opportunity Lost I did.

And I always do this. I would like to. Because I am in the daytime About 12 hours In the background Spotify I would listen. I All of me Listen to podcasts. This is a very Long-lasting Subscription Which is on my phone It's in front.

And I am lost. I did it because At that time, you You know, it was That time when Ackman PSTH- Through this To UMG Public was doing and this Nationality Something was happening.

I am lost. I did it because At that time I Music The labels Also work with I was doing and With whom I am I spoke, All music Label Supporters It was saying that In the long term Spotify We climb up.

I will. They are that. was saying and I Disagreement I did, But mine Imposter Syndrome It was happening. I I was thinking, "Damn, Those who are music With the label By studying If they all Tell me that Spotify In danger, go."

"Okay, that's all." Since then Spotify Great job. You take it. Quite optimistic. I think this is it. Now yours. The most Strong Long-term Investment.

Since then Spotify Great job. So, I just To ask We want Since 2026 End of the year I am on the side, Last seen According to Share price About 550. You now About Spotify Why so optimistic?

Of course. So, um this is Upload Done, this is mine. At the very end of the page It will be on top. And I am mine. Admitting mistakes To do I wanted Because I Spotify I missed you, Probably 2024 To catch up with since You can.

My Look at that. Should have given . and Article name This is Spotify. A silent one Compounder Whom I no longer Never Devaluation I won't.

Article Absolutely At the beginning I I mentioned That's how I By mistake I thought that Record The labels Their profits For them Hostage Will keep it. I I heard—I Any Specific Investor To criticize I don't want to because Many Investor Universal About music Similar Theory and I had an idea.

I In my writing In the corporate world To work Speaking of experience To highlight I like it. I Any Professional Investment Much more than Over time Corporate FP & A (FP&A) I worked. and I'm also on the radio.

I worked. and From Spotify My disinterest Born because I thought. They never The labels Relationship with Can you fix it? No. The labels Margin is low. Will keep it.

I By mistake I thought that Apple Tax, I mean, Their others Subscription A large part To pay Will be and they On that subject A little flexible It happened.

And Another thing that I avoid. I went, and This is a big one. There was a bend, that This is Spotify. Record The labels Agreement with Rescheduling Through Peacemaking Did.

But I say I want from 2024 The year 2025 In, Spotify All Record With label New contract Where did First time Like in my opinion Everyone on the same side To stay Encouraged It happened.

That, as much as Spotify Grows quickly, Their Royalty rate In fact, it decreases . The more they Subscriber Gets, it's basically A few Metrics A combination. The labels It says this. Spotify Victory, right?

Spotify The argument was Always, "ours" All the listeners nearby Yes. If any Label us Separately But we Remove everyone. We will take and we Audiobooks and Podcasts I'm going towards, So we People are different. To push towards "I can."

Rather it Was Spotify On behalf of Telling the labels That, "We are now Yours Control I am, right? We are gradually Less on you. Dependent I am. And you know What? Next Agreement At the time of renewal, To bet Can I Spotify? More "Will take advantage."

However Yes, it is. Spotify Win because they More than before Good conditions Got it. Spotify Another one for I avoid the subject. Went and This year At the beginning or at the end At the end of the year I Same thing again.

I said that, From advertising To increase income Spotify Expectations Successful according to No.

You are an audiobook. About to bring Said and That's for sure. Great. And I Podcasts In case Spotify New price Determination Strategy The matter I didn't pay attention. or avoiding I went.

Podcasts For before A lot of money It would have cost. To speak directly If they go, then Too much Unreal Made a deal . Okay, but Joe Rogan's Podcast Probably successful It happened, but Others That way it's profitable.

Not, although they Now that place Moving away from Podcast Made it profitable.

Audiobooks are great. An initiative And according to them, Through this They Users Extra close Hourly audio Selling services Can do it.

They are of course Specific No account Does not disclose. You are right, They are very fast. Said that I It seems to them Just extra Audio credits Almost since 100 million Dollar Business speed There is.

One more thing. Less important I gave that, Spotify Extra money Earnings There was a way. The labels Close up Royalty rate Taken, those who Marketing and Promotion Rate in exchange Would have agreed to reduce .

Song In case Advertisement Very good for Which place is it? This Spotify Homepage, right? You are Spotify. When opened The labels Right in front See. And If they start By them It also needs to be said.

No, hint If given, They are you. On the front page Start keeping,

Why Spotify? He is so popular. One of the reasons They are mine. All favorite songs Knows about, Isn't that right?

My It seems Spotify Another advantage There is something like that. To evaluate No, that is. All their songs Ownership and There is a clearance certificate, So they Remix or Any other AI Content creation What can you do?

Any other To make a company If you go to a big case To face Can.

Here is another one. The funny thing is Spotify Shares about 40 Multiplication of income On the contrary Transactions are made and If you want Disagreement Can, But that About 40 times EPS, right?

Spotify Revenue growth Only two In the math room. I think it is. To say Reasonable That they Revenue is increasing. You know, 40 Quality EPS-included Two digits Growth I am too much.

I wouldn't say expensive, But it is a bit Expensive.

Two digits Growth I am too much. I wouldn't say expensive, But it is a bit Expensive. In mind You are the one. At this stage Annual allowance Rate evaluation Starting to do . And such a For business What I know Apple Music Competition Prevented .

I know they are. YouTube Music Also the competition Prevented . I know they are. Amazon Music Also the competition Prevented . But such A business For which many Wealthy Competitor There are those who This is their The root of the bundle Making parts, Double digit Revenue In growth 40 times income Completely Perfect Like the price It seems.

So My main The objection is, " Brother, to you A Category Who has a business? Many Strong Competitor There is and Market ATK Categories As a winner "Looking." "As if It costs a lot. "More."

My main The objection is, " Brother, to you A Category Who has a business? Many Strong Competitor There is and Market ATK Categories As a winner "Looking." "As if It costs a lot.

"More." Then You are the answer. What do you say? Of course. Original From the context Without moving I'm telling you, this is me. Apple Heard about Some negatives Commentary Reminds.

When people Sometimes Apple On the subject Is pessimistic And says, "Oh, this So slowly "I am growing." "Whatever I say in reply." My discussion The main point and Spotify That matter is mine.

I like it, whoever I am calm. Compounding I say, that is Most Man, you are not. Of course, they Stop there. When he says, "Oh, It's only a year. 10-11% revenue "It's increasing."

But, Currently This is ongoing. Margin Expansion Actually, income Growth About 20 Percentage With close proximity "I am going." I see. They are coming. 20% in a few years At CAGR rate Real income Increasing.

Because, for a long time Catch them. Management There was a margin. Very low. I think so. LTM On this basis Now about 14% or Around him, Means middle It is in the stage. From now to 2030 By the year 20% of them On the margin To reach There is an opportunity, which Their current At speed Achievable.

And what we did before I told him. Because of everything, I think it is. Later it is 30% To go up Can. In my mind Maybe it's something like this. Situation Where you are Always like this.

A multiple You might get what you want. To many Comforting No, because it is An oligopoly Or a little bit Company Market. and To be honest, I I would say that Apple, YouTube Music And Amazon Like music.

Rivals To prevent For Spotify That achievement It is supposed to be received. They get it. They Never this Monsters Completely To lose You can't. They You can never do that. No because Rivals There will always be, But Spotify That market The obvious one Number player, Doubt about it No. I With YouTube The most Worried.

But yes, I think 30- The beginning of its story Direction Multiple, which An oligopoly 20% per year in the market Income growth rate Doing, there You earn. Growth and Cash flow Growth Looking at Will be.

They Buyback Increasing. I think cash Dividend Human More than an idea Too much. And In my case, I am margin. No increase I am arguing. No. I just Guys, Multiplex A few more years Forward Take it, you.

Easily 25% From 35% Profit Possibility You will see. And beyond that, If they are their Premium Subscription Keeps increasing and reduce costs There is, but it A winner In position There will be.

About Spotify Anything else you have? If not, I Netflix In brief about I want to talk. About Spotify My last words That is, the last five In ten years from Another one of them The big advantage is, Than before Their Streaming Competitor now Very little.

Five Years ago Daniel one How is this? Rights deals Rescheduling Did it. Take it now Criticism It's a bit of work. It's difficult, because then Too much Streaming There was an alternative, which People maybe Forgot.

Then Tidal was, There was Deezer. I Sorry, I I'm saying the name wrong. . I am literal. In their sense Forgetting the word I went. So many new things The company is falling apart.

It's gone, another one It seemed like time, "Oh, it's just... A fake Platform." But now Their best Competitors To fight with Like ability Yes, and you. Many new To do nothing You can.

Maybe This is that time, When one Medium quality The CEO and their The basis is this. That is strong. The company To continue You can.

So I you To ask We want About Spotify A little talk I said, but I It seems AI Netflix In case of short- Form and Generated Content—both More from the side Relevant.