That is another sign of Spotify's product superiority. (Peer Tencent Music technically has a larger user base but doesn't directly compete with Spotify in any geographic markets.) Ek estimates Spotify's user engagement is twice that of Apple Music and three times that of Amazon Music. Spotify not only has far more users and subscribers than its direct competitors, but its users use the service much more. So we are still very early days in our journey. So we're talking - we probably have somewhere between 10x-15x from where are now of opportunity left. And if we're going to win that market I think we'd have to be at least a third of that market. And that's going to be at least a billion, probably two or three billion people around the world that would want to consume some form of content like that on a daily or weekly basis. We believe our market that we're going after is audio. Spotify founder and CEO Daniel Ek recently discussed the company's long-term opportunity on the Invest Like The Best podcast. The number of internet-enabled smartphones is a relative proxy for Spotify's addressable opportunity, and there are over 3 billion of them in territories where Spotify operates or intends to operate over time. And that figure should only grow as smartphone penetration continues. That is a huge number already, but Spotify is still only scratching the surface.
Spotify has 271 million monthly average users (MAUs), including 124 paying Premium subscribers. None of that appears widely accepted by the market, but I think it is only a matter of time. Here's why: It has an enormous addressable opportunity ahead, it is by far the most well-positioned company to capture that opportunity, and it is expanding into more profitable revenue streams.
Spotify ( SPOT -0.93%) looks like another richly valued tech stock, but it's a lot cheaper than you think.
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