board governance
capital allocation strategy
global best practices
investor relations
m & a strategy
minority interest
private to public transition
supportive long-term shareholder


Since its launch, Spotify has driven transformational innovation in the music industry and built one of the strongest millennial brands globally. Its 2-sided marketplace strategy and freemium business model have created a far superior value proposition for both consumers and content creators and represent a powerful growth engine for the business.

Spotify direct listed on the NYSE in April 2018 and TDM invested in the business 12 months after this point in time.


Aligned Values

Spotify is a passionate, mission-driven organisation led by a world class management team. It represents another case of TDM investing in an underappreciated and undervalued next-generation winner and backing and supporting a great management team to achieve significant long-term shareholder value.



TDM initially invested in April 2019. At the time of our initial investment, we believed the market underappreciated the size of the growth opportunity and the current and future trajectory of Spotify’s competitive advantage.

Hamish Corlett pitched Spotify as TDM’s highest conviction idea at both the 2019 and 2021 SOHN Hearts and Minds Investment Conference with the central thesis that as Spotify continues to become the audio browser of the world, it has a powerful position to increase ARPU over time, all the while continuing to grow into new markets around the world.



Spotify continues to grow its user base strongly and is executing well towards its vision of being the world’s leading audio platform. Since our initial investment, revenue has continued to growth at greater than 20% p.a primarily off the back of strong management execution.

We expect this to continue as Spotify continues to display its market power, innovation in becoming the world’s audio browser across music, podcasts and audiobooks. With multitude growth levers at its disposal., we believe Spotify will become a “generational winner” over the next decade.


TDM is currently not open to new clients
Thank you! Your subscription has been confirmed. You'll hear from us soon.