1. Despite Spotify's strong performance in 2024, its valuation remains high, requiring significant growth to justify. 2. The company's profitability has improved through layoffs and lower royalties, but the rising valuation suggests higher growth targets that may be challenging to meet. 3. Analysts expect Spotify's sales to grow 38.4% over two years, but it is uncertain whether the company can maintain high profit margins while outperforming larger rivals like Apple and Amazon.