Spotify Technology S.A.
Thesis
Spotify is a strong platform with a well-known brand that continues to invest in improving its services. With a large base of 600 million subscribers, there is significant potential to convert the 400 million free users to paid subscriptions. Additionally, Spotify's ability to raise prices without losing customers enhances its profitability.
Did it work?
No price performance data is available and the time elapsed since the pitch is unknown, so the return cannot be weighed against the long thesis. The thesis's key claims — conversion of free users to paid subscriptions and successful price increases without churn — cannot be verified from the information provided. Without evidence that these dynamics have played out or been invalidated, no confident judgement is possible.