Episode 105: Discussion on Spotify with Francisco Olivera and TSOH
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Debriefing
This was a lengthy discussion on Spotify, but one I think anyone interested in the company will enjoy. The four of us hit every part of the business including subscriber growth/ARPU, geographic dynamics, podcast advertising, podcast exclusives like JRE, Anchor and Megaphone, and what type of margins and valuation multiple Spotify will have at scale.
Ryan’s topic was the Wirecard saga. It is not recent news, but a fantastic story that investors can learn from.
My topic was Square acquiring Tidal. Still can’t come up with any reason why the acquisition makes sense. But hey, Jay-Z and “synergies,” right?
Plenty of funny stories on the back-end of the show, including AT&T “working” bank analysts and Chamath quoting returns in a percent of a percent. Good times.
Disclosure: The author and podcast guests are not your financial advisors. Ryan Henderson and Brett Schafer are general partners and portfolio managers at Arch Capital. Clients of Arch Capital may hold securities discussed on this podcast.