Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Spotify's third-quarter performance in 2025 shows a mix of strengths and challenges, setting the stage for its future trajectory.</li><li>The company achieved a significant milestone by surpassing 700 million monthly active users (MAUs), highlighting strong user growth and engagement across music, podcasts, video, and audiobooks.</li><li>This marks a notable achievement, exceeding the company's guidance and reflecting positively on Spotify's multi-format strategy.</li></ul>

Spotify's third-quarter performance in 2025 shows a mix of strengths and challenges, setting the stage for its future trajectory.The company achieved a significant milestone by surpassing 700 million monthly active users (MAUs), highlighting strong user growth and engagement across music, podcasts, video, and audiobooks.This marks a notable achievement, exceeding the company's guidance and reflecting positively on Spotify's multi-format strategy.

Spotify's Audiophile-Level Upgrade Changes Everything—Is the Platform Becoming the Next Multimedia Giant?

<ul><li>Spotify’s recent partnership with Netflix to distribute its top video podcasts marks a significant pivot in the company’s media distribution strategy and raises critical implications for its stock.</li><li>Beginning in 2026, popular shows from Spotify Studios and The Ringer—including The Bill Simmons Podcast, The Rewatchables, and Conspiracy Theories—will be published simultaneously on Spotify and Netflix.</li><li>While video podcasts will remain monetized with ads on Spotify, Netflix will stream them ad-free for its premium subscribers.</li></ul>

Spotify’s recent partnership with Netflix to distribute its top video podcasts marks a significant pivot in the company’s media distribution strategy and raises critical implications for its stock.Beginning in 2026, popular shows from Spotify Studios and The Ringer—including The Bill Simmons Podcast, The Rewatchables, and Conspiracy Theories—will be published simultaneously on Spotify and Netflix.While video podcasts will remain monetized with ads on Spotify, Netflix will stream them ad-free for its premium subscribers.

Spotify’s Video Podcasts Are Hitting Netflix—Here’s the Shocking Impact on Its Valuation!

<ul><li>Spotify's decade-long battle with Apple over App Store fees has escalated into a defining global fight over mobile market power, and it's showing signs of denting Apple's dominance.</li><li>The most recent development came from Spotify's Q2 2025 earnings call, where CEO Daniel Ek directly credited the U.S. legal win against Apple in the Epic v. Apple case for improving Spotify's subscription conversion rates.</li><li>For years, Apple restricted developers from directing users to alternative payment options.</li></ul>

Spotify's decade-long battle with Apple over App Store fees has escalated into a defining global fight over mobile market power, and it's showing signs of denting Apple's dominance.The most recent development came from Spotify's Q2 2025 earnings call, where CEO Daniel Ek directly credited the U.S. legal win against Apple in the Epic v. Apple case for improving Spotify's subscription conversion rates.For years, Apple restricted developers from directing users to alternative payment options.

Spotify's War On Apple: How One App Is Undermining The iPhone’s Powerhouse

<ul><li>Spotify's recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward.</li><li>The company's impressive growth metrics in user engagement and subscription numbers stood out, particularly in Europe, where Spotify surpassed 100 million subscribers.</li><li>The total Monthly Active Users (MAUs) reached nearly 700 million, with the subscribers exceeding expectations by 3 million.</li></ul>

Spotify's recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward.The company's impressive growth metrics in user engagement and subscription numbers stood out, particularly in Europe, where Spotify surpassed 100 million subscribers.The total Monthly Active Users (MAUs) reached nearly 700 million, with the subscribers exceeding expectations by 3 million.

Spotify Technology: Expanding Audiobook and Video Content Formats To Up Their GAME!

<ul><li>Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp drop in its stock price.</li><li>Despite posting a 12% year-over-year increase in premium subscribers to 268 million—exceeding analyst estimates of 265 million—Spotify shares fell 8.7% in early trading to $545.77.</li><li>The company also registered 678 million monthly active users, up 10%, broadly meeting expectations.</li></ul>

Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp drop in its stock price.Despite posting a 12% year-over-year increase in premium subscribers to 268 million—exceeding analyst estimates of 265 million—Spotify shares fell 8.7% in early trading to $545.77.The company also registered 678 million monthly active users, up 10%, broadly meeting expectations.

Spotify Bets Big on Audiobooks—Is This the Platform's Most Disruptive Move Yet?

Luxembourg

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

Spotify's Audiophile-Level Upgrade Changes Everything—Is the Platform Becoming the Next Multimedia Giant?

Spotify's third-quarter performance in 2025 shows a mix of strengths and challenges, setting the stage for its future trajectory. The company...

Baptista Research

Spotify’s Video Podcasts Are Hitting Netflix—Here’s the Shocking Impact on Its Valuation!

Spotify’s recent partnership with Netflix to distribute its top video podcasts marks a significant pivot in the company’s media distribution...

Baptista Research

Spotify's War On Apple: How One App Is Undermining The iPhone’s Powerhouse

Spotify's decade-long battle with Apple over App Store fees has escalated into a defining global fight over mobile market power, and it's showing...

Baptista Research

Spotify Technology: Expanding Audiobook and Video Content Formats To Up Their GAME!

Spotify's recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward. The company's impressive...

Baptista Research

Spotify Bets Big on Audiobooks—Is This the Platform's Most Disruptive Move Yet?

Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp...

Baptista Research

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