Comparing Spotify’s $109 Billion Market Cap: How It Holds Up Against Top Music and Entertainment Giants

In 2025, Spotify’s share price is still climbing after a huge boost in 2024. The company’s market value now sits at $109.3 billion, which is nearly the same as the total worth of all standalone music companies it licenses from, plus it almost includes concert promoter Live Nation.

As of February 3, 2025, Universal Music Group is valued at $51.1 billion, which is less than half of Spotify’s worth. The other publicly traded music companies, including Warner Music Group ($16.6 billion), HYBE ($6.5 billion), and several others, add up to about $27.8 billion. This brings the total market capitalization of these multi-sector music companies to $80.4 billion. When you add Live Nation’s $33.6 billion to that, the combined total is just $4.7 billion more than Spotify.

Sony Music, part of the larger Sony Corporation, isn’t listed as a separate entity, but if it were, its value would be close to Universal’s. Over the past year, Universal and Sony have nearly matched revenues, with Universal making $11.6 billion and Sony making $11.59 billion. If Sony were independent, its worth could be similar to Universal’s $51.1 billion. Together, the three major music groups—Universal, Sony, and Warner—would be valued at $118.8 billion, only $9.5 billion more than Spotify’s market cap.

This gap in valuations hasn’t always been the case. Spotify enjoyed a surge during the pandemic and its venture into podcasting, driving the stock above $380 in February 2021. However, that high didn’t last. After hitting a low of $69.29 in November 2022, Spotify’s market cap was just $13.3 billion, significantly lower than Universal’s $40.9 billion. But after layoffs and raising prices, Spotify turned its financial situation around. In 2023, the company cut about 25% of its workforce and raised prices for subscribers. This led to a remarkable 138.1% increase in share price in 2024 and a further jump of 22.6% last month.

Now, Spotify finds itself among the top entertainment companies. Netflix, with its 302 million subscribers, is valued at $418.8 billion. Disney, covering everything from streaming to theme parks, is worth $206.1 billion. Sony Corporation, with its movie, game, and hardware divisions, sits at $133.7 billion. Spotify has surpassed the valuations of Warner Bros. Discovery ($24.9 billion) and well-known game developers like Nintendo and Electronic Arts.