Great summary. $SPOT is underrated indeed, with investors more focused on past music margins and operating income, than its burgeoning bargaining power with labels and potential value of its podcast business. Audio ads work well with podcasting, and I can attest to subscribing to Tegus after listening to Invest Like The Best. Subscriptions are underpriced - I would pay so much more, especially with increasing value from podcast content. $100bn is shocking - my model has $60bn, but I do not assume additional business lines like audio books

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