Spotify is still being valued like a mature music-streaming app when it’s increasingly becoming the dominant global audio platform. Pricing power is finally showing up, margins have inflected hard, FCF is scaling, and they still have multiple under-monetized levers across ads, audiobooks, video/podcasts, and higher-priced tiers. If revenue keeps compounding while margins move toward mature software/platform levels, earnings can grow WAY faster than the top line. I think the market is still under
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