Valuation Result
Final Brand Value
Spotify — Technology
Valuation date: 10/29/2026
Total Brand Value
€8.0B
This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.
Brand Strength
68/100
Royalty Rate
2.7%
Discount Rate
8.9%
Benchmark recommendation not unlocked for this result
Sensitivity snapshot
Quick decision check for discount rate, royalty rate and long-term growth.
Variable
Lower input
Current
Higher input
WACC (Discount Rate)
8.9%
-1.0%
€9.3B
8.9%
€8.0B
+1.0%
€6.9B
Royalty Rate
2.7%
-0.5%
€6.5B
2.7%
€8.0B
+0.5%
€9.4B
Terminal Growth
2.0%
-0.5%
€7.5B
2.0%
€8.0B
+0.5%
€8.4B
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Revenue Base
€17.2B
Legal Protection
73/100
Long-term Growth
2.0%
Recommendation basis
Brand-strength range • Pro
This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.
This valuation uses benchmark support informed by external market references and curated internal calibration.
Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.
Forecast profile
5 years explicit forecast
High growth: 14.5%
Base growth: 10.5%
Long-term growth: 2.0%
Value build
Value for planning period: €2.0B
Terminal value: €6.0B
How the valuation is built
Valuation Build
| Year | Revenue | Royalty | After Tax | PV |
|---|---|---|---|---|
| Y1 | €19,677,970,000 | €535,240,784 | €401,430,588 | €384,588,987 |
| Y2 | €21,744,156,850 | €591,441,066 | €443,580,800 | €390,060,423 |
| Y3 | €24,027,293,319 | €653,542,378 | €490,156,784 | €395,609,700 |
| Y4 | €26,550,159,118 | €722,164,328 | €541,623,246 | €401,237,924 |
| Y5 | €29,337,925,825 | €797,991,582 | €598,493,687 | €406,946,219 |
| Explicit PV (Y1–Y5) | €1,978,443,254 | |||
| Terminal Value (undiscounted) | €8,783,648,354 | |||
| Terminal PV (discounted) | €5,972,448,110 | |||
| Total Brand Value | €7,950,891,364 |
Supporting context
This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.
Reference case
Spotify
Prepared reference case
Forward-looking Spotify case translated into a transparent 2026 valuation profile.
Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.
Key inputs
Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice
Revenue base
EUR 17.186bnreported
Planning growth
14.50%inferred
Long-term growth
2.00%estimated
Royalty rate selected
2.72%estimated
Discount rate
8.95%estimated
Brand Strength
68/100 (B-)inferred
Legal analysis
73/100inferred
Inclusion rule
Swedish origin despite foreign domicileassumed
Model origin
Historical analyst modelestimated
Company disclosures
These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.
Legal Protection
trademark Status88
scope Of Rights87
risk Profile61
litigation62
contractual Rights71
goodwill Evidence77
regulatory Compliance66
Brand Strength
marketing Investment76
quality74
availability86
distinctive Brand Codes83
mental Availability86
consideration74
trust64
choice Share57
penetration76
price Elasticity43
revenue Premium52
margin Premium50
stability48