Spotify Model Update

As mentioned yesterday, I am uploading my detailed Spotify model behind the paywall. The objective of this exercise is to gauge what metrics you need to underwrite to believe management’s long-term outlook provided for the business during the 2026 Investor Day.

Subscribers get the daily journal and five+ years of Deep Dives, i.e. full-length analyses with financial models on 65+ companies. The daily is just how I think out loud between the Deep Dives!

You can download the model and play with the assumptions to fit your narrative.