Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren and Charlie. We have relied on Spotify's own regulatory filings (Form 20-F and the Form 6-K earnings reports), the earnings commentary of the company and its competitors, developments since the most recent filing, and the latest market price. We have deliberately avoided any knowledge of what other well-known investors own or have said. The conclusions are entirely our own. Let us start where we always start: by describing the business plainly, the way we'd explain it to a neighbor over a Cherry Coke. Spotify is the world's largest audio-streaming service. You pay it roughly $13 a month (in the United States), and in return you get on-demand access to essentially every recorded song in the world, plus podcasts and a ration of audiobooks, with no ads. There is also a free, advertising-supported tier that funnels listeners toward the paid product.
Recent filings analysed: 20-F (2026-02-10).
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