What sector is SPOT in?

Spotify Technology S.A. is classified under GICS Communication Services (Entertainment).

What is SPOT's last close price?

SPOT last closed at $506.19 on 2026-09-24.

SPOT

NYSENext earnings·Nov 3AnalystsBuy·38+20%

Spotify Technology S.A.

Communication Services · Entertainment

$506.19last close

-28.6%~252d

Price

-28.57% over 1Y

4 auto-fib

Thesis

as of 2026-09-23

Bull case

Structural read: SPOT is the only scale pure-play in audio streaming, with the cost side (royalties to labels + publishers) historically capping gross margin in the high-20s. 3% (2024) → 31%+ trajectory (2025), with ad-tier and marketplace tools providing further mix lift.

• Gross margin expansion still early - label re-licensing locks in lower variable cost; audiobook bundle is gross-margin accretive vs music

• ~675M MAU funnel - Premium conversion ~39% vs ~30% pre-2022 (audiobook + price hikes drove upgrade)

• Price hikes stuck - 2023/2024 hikes saw <1% churn; pricing power confirmed

• Ad-supported scaling - Spotify Audience Network (SPAN) + automated buying (~$2B run-rate) leverages podcast inventory

• AI features (AI DJ, AI Playlist) deepen engagement without royalty cost - owned/operated content

Bear case

• Label dependency - UMG/WMG/Sony control catalog; any re-negotiation cycle can compress margin overnight

• $AAPL Music + $AMZN Music + YouTube Music compete with platform subsidy (loss-leader bundling)

• Podcast investment ($1B+ cumulative on Rogan/Gimlet/Parcast) generated underwhelming ROI through 2023; bundling era now

• Subscriber growth decelerating in mature DM markets - Latam/SEA drive the gross-add line but at lower ARPU

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Analyze SPOT· interactive tools

Top correlated· 252d co-movement

0.42
0.41
0.40
0.33
0.33
0.32

Frequently asked questions

What sector is SPOT in?: Spotify Technology S.A. is classified under GICS Communication Services (Entertainment).
What is SPOT's last close price?: SPOT last closed at $506.19 on 2026-09-24.

•2025-01 - Multi-year licensing renewal with Universal Music Group ($UMG); direct-licensing terms with shared marketplace economics, framed as gross-margin accretive
•2024-Q4 - Warner Music ($WMG) multi-year direct deal renewed on similar marketplace structure
•2024-03 - Audiobook bundle launched in Premium Individual tier (15hr/mo), driving Premium ARPU + gross margin mix lift
•2024 - Three rounds of price hikes across US/UK/EU on Individual + Family + Duo tiers (~$1-3/mo); churn impact <1%
•2023-2024 - Joe Rogan deal restructured from exclusive to multi-platform distribution (revenue share with YouTube + Amazon Music); reduced fixed cost
•2020-2022 - Acquired Megaphone (podcast ad-tech), Findaway (audiobooks), Whooshkaa, Sonantic (AI voice)

Key levels

$532.97
0.618 retr of 405.00->740.00 (52w) · 2026-09-24
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
-5.0%
$476.69
0.786 retr of 405.00->740.00 (52w) · 2026-09-24
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
+6.2%
$572.50
0.5 retr of 405.00->740.00 (52w) · 2026-09-24
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
-11.6%
$612.03
0.382 retr of 405.00->740.00 (52w) · 2026-09-24
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
-17.3%

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Facts

Exchange: NYSE
Currency: USD
Market cap: $104.93B
Last update: 2026-09-24

Revenue (TTM)$20.6B

P/E28.0×

P/S5.8×

Net margin18.4%