7 Best Streaming and TV Stocks To Invest In

3. Spotify Technology S.A. (NYSE:SPOT)

Number of Hedge Fun Holders: 88

Spotify Technology S.A. (NYSE:SPOT) is known for providing audio streaming services worldwide. The platform launched in 2008, moved into podcasting, and brought a new generation of listeners to the medium. Spotify made its way into the next audio market primed for growth with the addition of audiobooks in 2022.

Spotify serves as the most popular audio streaming subscription service globally with over 626 million users, including 246 million subscribers in over 180 markets. Other than boasting a robust list of premium plans globally, the firm is introducing new subscription plans to give subscribers more listening choices with options like the Audiobooks Access and Basic tiers. Subscribers can now access more than 6 million podcasts, 250,000 audiobooks, and almost the world’s whole music catalog.

Spotify Technology S.A. (NYSE:SPOT) recorded a good Q2 with healthy subscriber gains, record profitability, and improved monetization. Total revenue grew 20% year-over-year to €3.8 billion and operating income finished at a record high of  €266 million. Monthly active users grew 14% and premium subscribers grew 12%, year-over-year. Spotify also unveiled new experiences by expanding video podcast catalog to over 250,000 shows, introducing a new Basic plan in Australia, the UK, and the US for ad-free music listening without audiobook listening time, and incorporating over 250,000 audiobook titles into its Premium offering in Canada, Ireland, and New Zealand.

The firm’s recent quarter marked three consecutive quarters of profitability. Spotify remains a good deal by giving access to all of the content that would normally cost a user approximately $26 in the US, which is significantly more than a Spotify subscription. While Spotify Technology S.A. (NYSE:SPOT) has a strong penetration and broad awareness in developed markets, the firm has huge potential to attract a mass of new users in its developing markets.