Spotify by the Numbers Trials, Churn and Margin

Mark Mulligan

March 2018

This report presents analysis of Spotify’s key performance metrics as presented in the filing in advance of its direct listing. The report focuses on business performance metrics, such as user acquisition and retention, user engagement and user spend. In addition to the headline numbers, this report includes detailed supplementary data analysis to create further implied datasets that were not reported in the filing.

Companies and brands mentioned in this report: Amazon, Apple, Apple Music, Deezer, Spotify

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