@christoffer.jennel has published a Q4 update on Spotify. It’s an interesting report, I recommend checking it out. The valuation is certainly not cheap yet, but it likely won’t be for a long time. The company has taken quite a hit in the software sector’s AI crash, even though it’s harder to see such a clear disruption threat for the company imo. Of course, the share price had been rallying for a while, making a correction quite welcome.
Here is a link to the English report, which is free to read.