Spotify Faces Stiff Competition From Behemoths Such as Apple, Google, and Amazon
Spotify’s third-quarter results exceeded our expectations and consensus as the firm continued to display strong overall user growth. However, we note that user growth was driven by more lower-priced bundled offering subscriptions that decreased Spotify’s average revenue per user. We remain convinced that no-moat Spotify’s first-mover advantage will deteriorate over time as larger companies such as Apple will gain further traction in the streaming music space and may put pricing pressure on Spoti...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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