Today, Spotify hosted our third Investor Day in New York City, offering the financial community a deeper look at our business, product strategy, and long-term vision during a year that also marks our 20th anniversary. The event featured presentations from co-CEOs Alex Norstr m and Gustav S derstr m, leading their first Investor Day since taking the helm at the start of 2026, alongside members of our global leadership team.
Four years after introducing the concept of the Spotify Machine, the event mapped out the next evolution: a service moving from curation and recommendation into an era of generation. Powered by a proprietary Large Taste Model and fueled by 3.4 trillion daily taste signals from the most passionate fans in the world, we're building a future of truly personal, interactive media-with the ambition to give our users more ways to create, discover, and connect.
Read on for the top takeaways from our speakers.
Alex Norstr m and Gustav S derstr m reflect on Spotify's growth and frame the road ahead Alex Norstro m and Gustav S derstr m
Our Co-CEOs opened the day by marking Spotify's 20th anniversary and highlighting the scale we've built across 184 markets and 761 million active users. We now have nearly 300 million subscribers, making Spotify one of the largest subscription businesses in the world.
Spotify is in the business of delivering creativity and culture to the world, helping artists, creators, and authors connect with audiences and grow their careers, Alex said, adding that the opportunity ahead has never been greater.
They pointed to the progress we've made since our last Investor Day in 2022, including an 18% FXN revenue CAGR, a 32% gross margin, over 18 percentage points of operating margin expansion, and nearly 3 billion in free cash flow in 2025.
Together, they outlined four big ideas that will define our next chapter.
The first is that the world operates as a power law. And for Spotify, that opens up significant monetization. As there is no average user, Spotify is building a portfolio of higher-ARPU (average revenue per user) products and add-ons to capture more value from our most engaged audiences. This is already proving successful, with Audiobooks+ users delivering lifetime values that are multiples of Premium-only users.
The second is that Spotify is moving from single player and passive to multiplayer and interactive. This strategic shift came directly from observing user behavior, as we saw people organically sharing and building playlists together. Today, that behavior is scaling across the platform with features like Jam, used by almost 50 million people, and collaborative playlists, streamed by almost 50 million people, creating a network effect that strengthens real-world relationships through music.
The third centers on AI. The world is moving to generation, where our users are in control and our goal is to give them exactly that. Moving beyond curation and recommendation, the experience is now shaped by each user in real time around their specific taste, context, and intent. With features like Prompted Playlists and Taste Profile, we're giving users more control and building the first media player for the generative era.
And fourth, Time Well Spent. Spotify consistently ranks among the most valuable time people spend online because we're not focused on maximizing engagement at any cost, but on building a durable platform that users feel good about. That matters because while people may spend time on things they regret, they're less willing to pay for them.
Gustav Gyllenhammar shares our playbook for reaching one billion subscribers Gustav Gyllenhammar
Gustav Gyllenhammar, SVP of Markets & Subscriptions, laid out our playbook for growth and our conviction for one day reaching one billion subscribers. The user journey begins with Free, which drives engagement, builds habits, and creates the foundation for conversion to Premium over time. From there, we invest in value, deepen retention, and expand ARPU. The same playbook continues to scale across markets, cultures, and stages of maturity. Gustav also highlighted the role of AI in accelerating the model, helping us localize faster and personalize the Freemium funnel at the right time.
He shared insights from across the globe that show the strength of the Spotify business in developed, scaling, and mature markets. In Sweden, paid penetration is approaching 50% of the population, more than 10 times the global average. In the U.S., Midia data shows that we've grown Premium market share by 8-10 percentage points over the last six years. In Brazil, the conversion rate has doubled to 44% since 2016, while the user base has grown fourteenfold. And in India, one of our largest markets by MAU (monthly active users), our subscriber count has grown sevenfold compared to when we presented at the last Investor Day. Across markets, this growth is powered by deep localization, from culturally resonant campaigns, local partnerships, and payment integrations.
Nicole Burrow and Natasa Soltic explain why Time Well Spent is a core business strategy Nicole Burrow
Nicole Burrow, VP of Product Design, and Natasa Soltic, VP of Core Experience, explored how making time on Spotify valuable shapes everything we build and how we grow our business.
Spotify is where product and culture meet. The evidence starts with Wrapped, our annual personalized recap, which generated more than 620 million shares in 2025. Spotify is able to deliver a marketing campaign that becomes a cultural phenomenon year after year thanks to a simple idea: no regrets. And just last week, we launched a special in-app experience to celebrate Spotify's 20th birthday. Almost 100 million people engaged in the first six days, helping drive our single biggest day of subscriber intake ever.
Every da
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Today, Spotify hosted our third Investor Day in New York City, offering the financial community a deeper look at our business, product strategy, and long-term vision during a year that also marks our 20th anniversary. The event featured presentations from co-CEOs Alex Norstr m and Gustav S derstr m, leading their first Investor Day since taking the helm at the start of 2026, alongside members of our global leadership team.
