#2 - Spotify (NYSE:SPOT)
The next two companies on the list stand to benefit from the Apple One bundle announcement. In the case of Spotify (NYSE:SPOT), the company is a direct competitor to Apple Music. But let’s be clear, there’s a reason why Apple wants to bundle its Music service. It’s a distant number two in the paid streaming sector. Spotify has nearly 300 million monthly active users, and that includes 130 million users who pay for Spotify Premium.
I have an iPhone. I’ve never used Apple Music. Yes, I suppose I can bring over some songs that I purchased in iTunes, but it was easier (and free) to just download Spotify and away I go. But since I don’t normally see myself as a barometer of the market, I look at my kids (ranging from 14 to 22). All have Spotify (two out of three have Premium) so it’s a service that has wide demographic appeal. And Spotify’s recent push to become a leader in the podcast space will also help set the company apart.
The stock is down 19.5% since September 1.
About Spotify Technology
Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
Read More - Current Price
- $298.65
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 19 Buy Ratings, 8 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $306.42 (2.6% Upside)
