Artisan Global Discovery Fund on Spotify Technology S.A.
Thesis
Spotify is a leading audio streaming platform that the fund believes can further monetize its role in global music distribution and discovery. Monetization opportunities include subscription pricing, advertising and tiered offerings. Recent results showed paid subscribers reaching 300 million, accelerating revenue growth and record-high gross margins. The fund sees additional monetization potential as Spotify continues investing in AI and new product features and added to the position ahead of the quarter.
“we believe Spotify has significant monetization opportunities ahead”
Key risks
- Near-term user growth guidance was modestly below expectations