Spotify: Q2 Strengthens The Long Term Story

Spotify Technology S.A. delivered strong Q2 results, driven by robust MAU growth and effective monetization strategies, including AI and advertising scale. Premium subscribers exceeded guidance with 7 million net additions, supporting 14% YoY revenue growth and a 7% YoY increase in premium ARPU (FX neutral). Ad business momentum accelerates, with auction-based ads now 40% of mix and ad revenue growing 30%, enhancing top-line visibility.