«We think Spotify can deliver
meaningful operating profits and cash flow within the constraints of its current licensing structure,
with additional
upside if the company is successful
with its endeavors in demand creation and / or non-music content,» Egbert wrote.
«
With the implementation of our operating platform across the portfolio, we should achieve operational efficiencies and
upside, synergies within the seven markets where we have existing properties and
meaningful accretion in asset value.»