Spotify's stock is on fire this year, up +81% and trading near all-time highs.

This Bullish action is due largely to the way Spotify is growing. Right now, its premium revenue growth is outpacing its ad-supported revenue growth: +22% YoY to +12% YoY -- i.e. Spotify users aren't just hooked, they are willing to pay more (monthly) for the premium experience. (And ad spending may actually improve in the back half of this year).

App engagement metrics support the stickiness of Spotify's platform. Total session time has ticked up substantially, up +12% YoY -- averaging ~24 minutes per day per user.

So do happiness levels. Spotify happiness sits near 70% positive, with users praising the streamer's UI and always-right-on song recommendations.

Apple shockingly is playing catch up. 

Is it working?

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