Miguel, António FreitasSpahn, Marvin2026-05-182026-05-182026-01-222025-12-31http://hdl.handle.net/10362/203189This Equity Research Report analyses Spotify Technology S.A., the global leader in audio streaming, within a rapidly expanding digital audio market including music, podcasts, audiobooks and advertising. We assess Spotify’s strategic position, key value drivers and risks, and build detailed forecasts for users, ARPU and margins through 2034. Applying Discounted Cash Flow and Adjusted Present Value valuations alongside trading and transaction multiples, we derive an implied equity value range for Spotify as of its valuation date of June 30th, 2025.engSpotifyArtificial intelligenceStreamingSubscribersARPUDigital audio contentMusic streamingPodcastsAudiobooksDigital audio advertisingEntertainmentmaster thesis204240948