Norwegian Billionaire Halvorsen’s Top 10 Stock Picks

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

Viking Global’s Q3 Stake: $949.9 million

Number of Hedge Fund Holders: 98

Headquartered in Luxembourg, Spotify Technology S.A. (NYSE:SPOT) is a digital music streaming leader, celebrated for revolutionizing the music industry. Departing from traditional revenue models based on album sales and live performances, Spotify compensates artists based on song streams, reshaping how music is monetized.

In its efforts to expand its business model, Spotify Technology S.A. (NYSE:SPOT) recently launched the Spotify Partner Program, enabling creators to earn more from their audio and video content. The company also entered a partnership with Emirates, integrating Spotify’s media offerings into the airline’s in-flight entertainment system, further diversifying its reach.

Spotify’s third-quarter results showcased strong performance, with Monthly Active Users (MAUs) and Premium Subscribers aligning with market expectations. Revenue grew 18.5% year-over-year, reaching $16.8 billion, driven by an 11% increase in average revenue per user (ARPU) within the premium subscription segment. The platform added 14 million users, bringing its total user base to 640 million, and 6 million new subscribers, raising the total to 252 million. Looking ahead to the fourth quarter, Spotify Technology S.A. (NYSE:SPOT) forecasts further growth, projecting MAUs to reach 665 million and Premium Subscribers to climb to 260 million.

On December 2, Canaccord Genuity expressed continued confidence in Spotify Technology S.A. (NYSE:SPOT), raising its price target from $525 to $560. The firm’s optimism reflects Spotify’s strong November performance, where its stock surged approximately 24%, signaling sustained momentum and investor confidence in its growth trajectory.