Media & Entertainment: Music Industry Implications from Spotify's Investor Day

研报英文原文证据摘录

Media & Entertainment: Music Industry Implications from Spotify's Investor Day

Idea

May 22, 2026 03:57 AM GMT

Morgan Stanley & Co. LLCMMedia & Entertainment | North America Cameron Mansson-Perrone

Equity Analyst

Music Industry Implications Cameron.Mansson-Perrone@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-7079

Ed Young

Equity Analystfrom Spotify's Investor Day Ed.Young@morganstanley.com +44 20 7677-1761

Morgan Stanley & Co. LLC

What’s Changed

Sean Diffley, CFA

Spotify Technology SA (SPOT.N) From To Equity Analyst

Price Target $590.00 $610.00 Sean.DIFFLEY@morganstanley.com +1 212 761-5868

Spotify's Investor Day offered new strategy and offerings that Morgan Stanley & Co. International plc+

will carry ripple effects across the music ecosystem. We come ConstantinResearch AssociateP Kollmann

away more constructive on Recorded Music industry growth Constantin.Kollmann@morganstanley.com +44 20 7425-3268

across rate, volume, and incremental monetization from AI tools. Morgan Stanley & Co. LLC

Ticketing news positive for OW LYV and music labels. GraceEquity AnalystSong

Grace.Song@morganstanley.com +1 212 761-4931

Key Takeaways

Media & Entertainment

We discuss industry-wide investment implications, across Recorded Music (OWs North America

Industry View In-Line

UMG/WMG), concerts & ticketing (OW LYV and EWs STUB/SEAT) and streaming

(UW SIRI).

Spotify's wide range of product enhancements across content verticals should

support music streaming adoption and pricing...and drive industry growth.

For the Major labels, new Gen AI creative tools increase our conviction in

incremental monetization opportunities; we see WMG following UMG with a

Spotify deal.

Spotify's planned ticketing offer represents added sponsorship revenue for OW