Shawn and Daniel explore Spotify (SPOT), its growth, margins, and competition with YouTube, Apple, and Amazon. What you’ll learn here: 00:00:00 - Intro 00:13:25 - How Spotify saved the recorded music industry from piracy 00:24:40 - Why the freemium business model was key to Spotify's growth 00:29:24 - What makes Spotify's recommendation engine and personalization a competitive moat 00:51:00 - How Spotify is diversifying beyond music into podcasts and audiobooks 00:37:56 - Why music streaming margins are structurally constrained by label royalties 01:16:27 - How YouTube poses the biggest competitive threat to Spotify 01:11:26 - What Spotify's management team thinks about AI's impact on the business 00:41:11 - How Spotify's pricing power and international expansion affect its valuation 01:23:06 - Valuation discussion of Spotify 01:27:38 - Intrinsic value of Spotify 01:28:14 - Whether Shawn and Daniel add SPOT to their Intrinsic Value Portfolio Transcript & Host Info: https://www.theinvestorspodcast.com/intrinsic-value-podcast/ 📨 Sign up for The Intrinsic Value Newsletter: https://www.theinvestorspodcast.com/subscribe-youtube/ 🤝 Connect with dedicated, savvy investors who are committed to building wealth alongside you. https://www.theinvestorspodcast.com/intrinsic-value-community/ ▶️ Related Episodes: - Drew Cohen on Adobe's AI Threat, Constellation Software, Copart's Moat and Shift4: https://youtu.be/WueljzuVDKU - Duolingo (DUOL): Generational Opportunity or fad?: https://youtu.be/1lQNqxRHBw4 - Kelly Partners (KPG): The Constellation Software of Accounting?: https://youtu.be/zii-PxspGg8 Listen to our episodes here: https://open.spotify.com/show/7dnn22EWyo6MLsPaR492BM Visit our website: https://www.theinvestorspodcast.com/intrinsic-value-podcast/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ Disclaimer: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting. #Spotify #StockAnalysis #MusicStreaming #Investing #BusinessModel