What smart money is saying about Spotify
16 funds in our archive have pitched Spotify — most recently Baillie Gifford International Concentrated Growth in June 2026.
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners. The Ad-Supported segment provides limited on-demand online access to its catalog of music and online and offline access to its catalog of podcasts on computers, tablets, mobile devices, and other smart devices. The company also offers sales, distribution and marketing, contract research and development, and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is headquartered in Stockholm, Sweden.
Get an email when a fund writes about it
Position history
Between Q4 2024 and Q2 2026, 12 fund letters reported a position in Spotify — 5 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 11 | 4 | 1 | 3 |
| Q1 2026 | 1 | 1 | 0 | 3 |
| Q4 2025 | 0 | 0 | 0 | 4 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 3 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 12 positions · 6 moves
- New positionBaron International Growth FundJune 2026
“During the quarter, as part of our digitization theme, we initiated a position in Spotify Technology S.A. , the world's leading audio streaming platform with over 750 million monthly active users and nearly 300 million paying Premium subscribers.”
Read the letterSpotify - New positionHarding Loevner International Equity ADRJune 2026
“This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.”
Read the letterSpotify - New positionHarding Loevner International EquityJune 2026
“This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.”
Read the letterSpotify - New positionHarding Loevner International Developed Markets EquityJune 2026
“This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.”
Read the letterSpotify - HoldsArtisan Partners Global Opportunities FundJune 2026
“While holdings such as Spotify, Shopify and Sea have underperformed in recent periods following strong multiyear gains, we believe patience remains warranted as these franchises have continued to execute well against large addressable markets.”
Read the letterSpotify - HoldsBaron Opportunity FundJune 2026
“Among Fund holdings, the top relative performance laggards included Spotify Technology S.A. (global streaming music and content leader), GDS Holdings Limited (leading China data center operator), and Guidewire Software, Inc. (leading cloud-based property and casualty insurance vendor).”
Read the letterSpotify - ExitedMontaka Global (Montaka Global FundJune 2026
“We also exited Spotify after making good money in this opportunity over many years.”
Read the letterSpotify - HoldsArtisan Partners U.S. Mid‑Cap Growth StrategyJune 2026
“While internet holdings such as Spotify and Shopify have underperformed in recent periods following strong multiyear runs, we believe patience will be rewarded as these unique franchises continue to execute well against large long-term market opportunities.”
Read the letterSpotify - HoldsHarding Loevner Global EquityJune 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Read the letterSpotify - HoldsHarding Loevner Global Developed Markets EquityJune 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Read the letterSpotify - HoldsArtisan Partners Global Discovery FundJune 2026
“Communication services also detracted, driven primarily by Spotify and ROBLOX.”
Read the letterSpotify - New positionLarge-Cap GrowthMarch 2026
“We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).”
Read the letterSpotify
Also mentioned · 1
These funds discuss Spotify — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedAVI Global Trust (Asset Value Investors)May 2026
“announcing plans to monetise half its stake in Spotify, having doubled the buyback from €500m to €1bn”
Read the letterSpotify
Fund coverage · 16 theses
- Baillie Gifford International Concentrated GrowthJune 2026
Spotify is continuing to compound revenue and operating profit while AI may deepen its personalisation moat and create new monetisation opportunities.
Read the full thesis - Baron International Growth FundJune 2026
Spotify Technology S.A. is the leading audio streaming platform with strong scale advantages, personalization, and long-term margin expansion potential.
Read the full thesis - Harding Loevner International EquityJune 2026
Spotify has a massive global subscriber base, is using AI to deepen engagement and monetize more profitably, and trades at a better valuation after a share price decline.
Read the full thesis - Large-Cap GrowthMarch 2026
Spotify is the leading audio streaming platform with strong engagement, margin expansion, and improving free cash flow.
Read the full thesis - Artisan Global Discovery StrategyMarch 2026
Spotify Technology is a leading audio platform with improving fundamentals and monetization catalysts, underpinned by AI-enabled capabilities and a strong recommendation engine.
Read the full thesis - Artisan Global Opportunities StrategyMarch 2026
Spotify is the leading audio streaming platform with improving margins and monetization catalysts, leveraging AI and recommendation advantages to drive growth.
Read the full thesis - Polen Global GrowthDecember 2025
Spotify Technology S.A. is a scaled two-sided streaming platform with secular tailwinds, under-monetized music, and multiple levers to drive over 20% annual free cash flow growth.
Read the full thesis - Baron Partners FundDecember 2025
Spotify Technology S.A. is a leading music streaming platform with sticky users, improving margins from marketplaces, podcasts and ads, ongoing innovation, and a path to 1B+ MAUs.
Read the full thesis - Sands Capital Select GrowthDecember 2025
Spotify Technology is the leading audio streaming platform integrating AI and benefiting from improved label agreements and pricing power.
Read the full thesis - Artisan Global Discovery StrategyDecember 2025
Spotify Technology SA is a dominant audio platform poised to monetize via pricing, ads, and tiering with diversification into podcasts, audiobooks, and video.
Read the full thesis - TCW Concentrated Large Cap Growth FundSeptember 2025
Spotify Technology S.A. is the leading audio streaming service with significant market share and growth potential, driven by user acquisition, premium conversions, and pricing power.
Read the full thesis - Sands Capital Technology InnovatorsJune 2025
Spotify is the leading audio streaming service with significant market share, inelastic demand, and strong pricing power, poised for gross and operating margin improvement over the next five years.
Read the full thesis - Brown Advisory US Sustainable Growth FundJune 2025
Spotify is a leading audio streaming service that transforms music consumption and monetization for artists, boasting a robust business model and significant growth opportunities across various audio content.
Read the full thesis - JDP CapitalJune 2025
Spotify is poised to enhance its earnings potential by enabling direct billing for purchases within its app, thereby reducing churn and expanding into a marketplace for various content creators while significantly increasing its revenue opportunities.
Read the full thesis - Alger Focus Equity FundMarch 2025
Spotify is a leading global streaming platform leveraging AI to enhance user experiences and positioning itself for sustained growth in the digital audio market.
Read the full thesis - Polen International GrowthDecember 2024
Spotify is a leading music streaming platform poised for over 20% annual free cash flow growth in the next five years due to its expanding user base and diverse content offerings.
Read the full thesis
Read every full thesis on Spotify
Unlock all 16 theses — the full reasoning behind what funds are buying, plus unlimited access to the entire archive.
View plans→