Spotify (SPOT) Stock on December 10, 2025: EGM Vote, Price Hikes, and 2026

On December 10, 2025, Spotify Technology S.A. (NYSE: SPOT) is in the spotlight for more than just its playlists. The company is holding an Extraordinary General Meeting (EGM) in Luxembourg to expand its board, rolling out new subscription price hikes, pushing into music video, and trading at valuations that sharply divide analysts and quants.

As of mid‑afternoon trading in New York, Spotify stock is changing hands around $594.59, up modestly on the day, after an already strong year‑to‑date rally.

Below is a deep dive into today’s key news, forecasts and analysis around Spotify stock as of December 10, 2025.

Spotify stock today: price, performance, and valuation

Spotify shares were recently quoted at $594.59, with an intraday high of $600.02 and a low of $585.42 on volume of about 637,000 shares.

Over the last year, SPOT has traded in a wide 52‑week range of roughly $443 to $785, leaving the current price well below the highs but far above the lows. ^[1]

Key valuation and risk metrics:

Market cap: ~$120–122 billion ^[2]
P/E ratio: ~92.9
PEG ratio: ~1.9
Beta: ~1.66 (meaning noticeably more volatile than the broader market) ^[3]
50‑day moving average: about $637
200‑day moving average: about $679 – Spotify is currently trading below both, a sign of a longer‑term downtrend despite recent strength. ^[4]

On a total‑return basis, Spotify has still had an excellent year: Yahoo Finance data show a year‑to‑date gain of about 33.6% as of December 10, 2025. ^[5]

Short‑term technical models are more cautious. StockInvest.us notes that SPOT gained 3.16% in Tuesday’s session to close at $590.46, marking four straight up days, but still sits inside a falling short‑term trend and remains below key long‑term moving averages. Their system recently upgraded the stock from “Sell” to “Hold/Accumulate”, while projecting that, based on current trend, the price could still decline around 20% over the next three months, with a 90% projected range of $435–$481. ^[6]

EGM in Luxembourg: adding two insider heavyweights to the board

The biggest corporate governance event today is Spotify’s Extraordinary General Meeting in Luxembourg, scheduled for 4:00 p.m. local time at Arendt House. ^[7]

According to the official convening notice and proxy materials filed with the SEC, shareholders are voting on one main agenda item:

Electing two additional members of the Board of Directors, effective January 1, 2026:
- Alex Norström (B Director)
- Gustav Söderström (B Director) ^[8]

Both are long‑time Spotify executives (Norström as a key commercial leader and Söderström as a product and engineering chief), so the move essentially formalizes their influence at the board level and reinforces Daniel Ek’s insider‑driven leadership team.

The proposal is approved or rejected by a simple majority of votes cast, with no quorum requirement, and each ordinary share and beneficiary certificate carries one vote. ^[9]

For investors, the EGM signals:

Continuity, not a change in strategic direction.
A tighter alignment between operating leadership and the board.
Ongoing reliance on a founder‑centric, insider‑heavy governance structure, which some growth investors like—and some governance purists worry about.

Subscription price hikes and the “subscription captivity” debate

Spotify’s strategy in 2025 has shifted decisively toward monetizing its massive user base through price increases, while still pushing new features.

An article today from InvestorsObserver leans into the idea of “subscription captivity”—a Wall Street Journal–backed notion that consumers are increasingly locked into recurring bills they hardly notice. A survey of 10,000 consumers found they had, on average, 19 active subscriptions and spent around $254 per month on them. ^[10]

Spotify historically raised prices more cautiously than video streamers, partly due to fierce competition from Apple Music and YouTube Music. That is changing:

Global price hikes: In August 2025, Spotify increased the monthly price of its individual Premium plan from €10.99 to €11.99 across many markets, including parts of Europe, South Asia, the Middle East, Africa, Latin America and Asia Pacific. ^[11]
Upcoming U.S. hikes: Spotify now plans additional U.S. price increases in early 2026, following global hikes earlier this year, with the current U.S. Premium price sitting at $11.99 (unchanged since July 2024). ^[12]

Co‑President and Chief Business Officer Alex Norström has framed these moves as part of a deliberate effort to invest in new services while targeting 1 billion users worldwide. Price increases plus cost cuts recently helped Spotify post its first annual profit. ^[13]

The InvestorsObserver piece notes that:

In mid‑2025, Spotify suffered its steepest one‑day share-price drop in two years after a weaker‑than‑expected earnings report and soft advertising sales. ^[14]
However, Spotify later outperformed its own guidance, delivering stronger revenue and a powerful Q3 earnings beat (more on that below). ^[15]

Taken together, today’s commentary highlights a core tension in the SPOT story:

Spotify is betting that its pricing power, combined with richer features (video, audiobooks, better discovery), will let it keep raising ARPU without triggering a mass exodus of users already drowning in subscriptions.

Earnings momentum: Q3 2025 shows scale and profits

Spotify’s Q3 2025 earnings, released on November 4, are the backbone of today’s bullish and cautious arguments alike.

According to the company’s own newsroom and investor materials, Q3 delivered: ^[16]

Monthly Active Users (MAUs):
- 713 million, up 11% year‑on‑year
Premium subscribers:
- 281 million, up 12% year‑on‑year
Total revenue:
- €4.3 billion, up 12% year‑on‑year on a constant‑currency basis
Gross margin:
- 31.6%, about 56 basis points higher than a year ago and above guidance
Operating income:
- €582 million
Free cash flow:
- About €806 million in Q3, with €9.1 billion in cash, equivalents and short‑term investments on the balance sheet. ^[17]

MarketBeat’s earnings recaps, based on analyst estimates, translate this into U.S. dollar terms and EPS:

EPS:$3.83, nearly double the consensus estimate of $1.87
Revenue: about $5.01 billion, vs. analyst expectations near $4.23 billion
Net margin:8.46%
Return on equity:21.68% ^[18]

Earlier in 2025, Spotify’s Q1 results already showed revenue up 15% (constant currency) to €4.2 billion, premium revenue up 16%, ad revenue up 5%, and gross margin again at 31.6%, roughly 400 basis points higher than a year prior. ^[19]

In short:

Revenue is growing low‑ to mid‑teens.
Gross margin has climbed into the low‑30s and is still expanding.
Spotify is now consistently profitable, with strong operating leverage and large cash reserves.

That profitability is what allows Spotify to raise prices, expand into music video, and still invest aggressively in product and advertising tools.

Music video beta and product expansion

On the product front, Spotify has moved beyond being “just” a music and podcast app.

A recent report highlights that Spotify has launched a music video beta for Premium subscribers in the U.S. and Canada, marking a clear push into more visual experiences and putting it more directly in competition with YouTube for music‑video attention. ^[20]

A Yahoo Finance feature two days ago framed this “big music video bet” as a potential catalyst for the stock, noting that the average analyst price target around $764 implied roughly 33.5% upside, with the most bullish target at $900 per share. ^[21]

Video matters for investors because:

It could increase engagement time, supporting higher ARPU and ad load.
It may unlock new ad formats and sponsorships.
But it could also raise content and infrastructure costs and intensify rights negotiations with labels and publishers.

Spotify is also expanding audiobooks, AI‑powered personalization (e.g., its “AI DJ”), and venue discovery features, all part of what CEO Daniel Ek describes as “building Spotify for the long term” with deeper engagement rather than just user count. ^[22]

Wall Street’s view: Moderate Buy with 25–30% upside

Despite some recent downgrades, the consensus on Spotify stock remains positive as of December 10, 2025.

Analyst ratings and price targets

MarketBeat aggregates the views of 33 Wall Street analysts and finds a “Moderate Buy” consensus:
- 2 Strong Buys
- 22 Buys
- 9 Holds
- 0 Sells
- Average 12‑month price target:$758.86
- High target:$900
- Low target:$545
- Implied upside of about 27% from a reference price of $596.92. ^[23]
StockAnalysis.com, looking at 27 analysts, reports a “Buy” consensus with an average target of $761.30, also implying roughly 27–28% upside from today’s levels, with targets again spanning $550–$900. ^[24]
A recent Yahoo Finance piece pegs the average target at about $764, implying 33.5% upside, with a Street‑high at $900. ^[25]
MLQ.ai, another aggregator, puts the consensus target closer to $790–$795, or roughly 32–33% upside, based on a current price around $597 and a high estimate of $900. ^[26]

In other words, most traditional Wall Street models still see double‑digit upside from here, but the spread between low and high targets is wide—reflecting real disagreement about how long Spotify can grow earnings at its current pace.

Recent upgrades and downgrades

Oppenheimer upgraded Spotify from “Perform” to “Outperform” in July, setting a $800 price target and pointing to Spotify’s position as one of the largest user bases in the internet sector, improving free‑tier monetization, and advertising growth as major drivers. ^[27]
On September 30, Goldman Sachs downgraded Spotify from “Buy” to “Neutral”, even while raising its price target slightly to $770. Goldman argued that much of Spotify’s growth story is now “priced in” after the shares rose about 120% since July 2024, but still expects:
- Mid‑teens annual revenue growth for 3–4 years
- Rising advertising revenue from 2026 as ad‑buying tools and video monetization scale
- Music royalty costs as a share of revenue potentially falling from ~71% to ~64% by 2030, supporting margin expansion ^[28]
On December 6, Erste Group Bank downgraded Spotify from “Buy” to “Hold”, citing valuation after a big run, even as it emphasized the same powerful Q3 beat: EPS $3.83 vs $1.87 expected, revenue $5.01 billion vs $4.23 billion, and a consensus price target unchanged at $758.86. ^[29]
A Seeking Alpha contributor yesterday rated the stock a “Hold” with a $623 price target, implying only about 10% upside and arguing that even strong growth and margins may not fully justify today’s valuation multiples. ^[30]

So the headline message is:

Wall Street broadly expects continued growth and further upside, but a growing minority of analysts now worry that after a huge rally, valuation risk may be catching up with Spotify.

Institutional flows: State Street adds, First Trust trims

Two fresh SEC‑filing‑based notes out today show big institutional investors reshuffling their SPOT exposure:

State Street Corp increased its position by 74,256 shares in Q2, bringing its holdings to about 4.57 million shares, approximately 2.23% of the company and worth about $3.51 billion at the time of the filing. ^[31]
First Trust Advisors LP cut its position by roughly 66.9% in the same period, selling 88,526 shares and ending the quarter with 43,709 shares worth about $33.5 million. ^[32]

Both articles highlight that in aggregate, about 84% of Spotify’s stock is held by institutions and hedge funds, underscoring its status as a mainstream large‑cap growth holding. ^[33]

Street forecasts for 2026–27: revenue and EPS

Beyond price targets, analysts are projecting robust fundamental growth:

StockAnalysis.com’s forecast summary (in euros) suggests: ^[34]

Revenue 2025:€17.5 billion, up 11.8% from 2024
Revenue 2026:€20.1 billion, up 14.5% from 2025
EPS 2025: about €7.33, up 33% vs 2024
EPS 2026: about €12.51, implying ~71% EPS growth over 2025

Those numbers imply that:

Analysts expect double‑digit top‑line growth to continue at least into 2026.
Earnings are expected to grow much faster than revenue, thanks to operating leverage and improving gross margins.

If Spotify hits those EPS targets, the forward P/E based on 2026 EPS would fall from the current 90+ range into the low‑40s, still growth‑style but less extreme. ^[35]

Technical and quant models: Hold / Accumulate, with downside risk

While fundamental analysts remain broadly bullish, quantitative and technical services are more cautious:

StockInvest.us (as of the December 9 close) upgraded SPOT from “Sell” to “Hold/Accumulate”, citing:
- A buy signal from a recent pivot bottom (up ~6% since)
- Rising volume accompanying rising prices
- Short‑term moving averages turning positive
- But a long‑term moving average still above the current price, generating an overall sell signal and a negative longer‑term trend. ^[36]
Their model expects, under current conditions, a 20.5% decline over the next three months, with a 90% probability that the stock ends that period between $435 and $481. Support is seen around $585, resistance near $630 and $644. ^[37]
A separate GuruFocus analysis earlier this year noted that while the average analyst price target (~$746) implied only around 10–11% upside from then‑current levels, their proprietary GF Value model estimated a “fair value” near $284, suggesting the stock was significantly overvalued at mid‑2025 prices around $674. ^[38]

These tools are not destiny, but they underline an important point: if sentiment or growth falter, high‑multiple stocks can correct sharply, even when the underlying business remains strong.

Algorithmic long‑term price forecasts: aggressively bullish—but highly speculative

Several algorithmic sites publish mechanical long‑term price forecasts for Spotify stock. These are not based on traditional DCF or company‑by‑company research, but some investors still watch them as a sentiment gauge.

Examples:

LongForecast.com projects SPOT around $821 by December 2026, climbing through $900+ in 2027 and, in its model, into the $2,000–$3,000 range by 2029, with very large swings along the way. ^[39]
CoinPriceForecast expects SPOT to reach about $600 by mid‑2026 and $700 by mid‑2027, with continued gains further out. ^[40]

These outputs assume that past price patterns and growth trends continue, which may or may not prove realistic. They are best treated as rough scenario sketches, not actionable valuation tools.

Key opportunities and risks for Spotify investors

Bullish drivers

Massive user base and engagement
With 713 million MAUs and 281 million subscribers, Spotify has one of the largest engaged audiences in the consumer internet space, with record engagement levels according to management. ^[41]
Margin expansion and profitability
Gross margin in Q3 2025 reached 31.6%, up meaningfully year‑on‑year, while operating income and free cash flow remain strong. ^[42]
Pricing power
Recent and planned price increases across regions, coupled with new features, suggest Spotify believes it has pricing power without losing its growth trajectory. ^[43]
New revenue streams
Expansion into music video, audiobooks and enhanced advertising formats could lift ARPU and diversify revenue away from pure music royalties. ^[44]
Institutional endorsement
Ownership concentration among major institutions—State Street, Fisher Asset Management, Northern Trust, Geode, Invesco, Edgewood and others—shows that big money continues to back the story. ^[45]

Bearish considerations

Rich valuation
Even with expected EPS growth, a trailing P/E above 90 and high revenue multiples leave limited margin of safety if growth slows. ^[46]
Competitive pressure
Spotify still faces fierce competition from Apple Music, YouTube Music, Amazon Music and regional players—some of whom can bundle music with hardware or other services, pressuring pricing power over time.
Content and regulatory risk
A portion of the catalog can be pulled at any time by labels or artists; recent criticism of Daniel Ek’s investments in defense‑focused AI have already led some artists to remove their music in protest. ^[47]
Advertising cyclicality
Although ad revenue is expected to accelerate, it remains more cyclical than subscriptions and has shown softness in prior quarters. ^[48]
Execution risk in video and new products
Expanding into video and other verticals increases complexity and costs, and success is not guaranteed.

Bottom line: Spotify stock after the December 10 EGM

As of December 10, 2025, Spotify stock sits at an interesting crossroads:

Fundamentals: strong user growth, improving margins, and solid profitability.
Strategy: price hikes, a push into video, and a more powerful insider‑dominated leadership team after today’s board elections.
Market view: a Moderate Buy consensus with 25–30% expected upside over 12 months—but also some high‑profile downgrades on valuation grounds. ^[49]
Technical picture: upgraded to Hold/Accumulate by some models, yet still in a longer‑term downtrend with meaningful short‑term downside risk if sentiment turns. ^[50]

For growth‑oriented investors comfortable with volatility and premium valuations, Spotify remains one of the most compelling pure‑play ways to bet on the global shift to streaming audio (and increasingly, streaming video). More conservative or valuation‑sensitive investors may prefer to wait for either a better entry price or further proof that margins and earnings can sustain their current trajectory.