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Jason Bazanay

Senior Equity Analyst at RBC Capital Markets

Jason Bazanay is a Senior Equity Analyst at RBC Capital Markets specializing in real estate investment trusts (REITs), with a coverage focus on major companies such as Prologis, Digital Realty, and Equinix. With a track record of strong performance, Bazanay has consistently maintained a success rate above 60% and ranked among the top sector analysts on platforms like TipRanks, generating notable returns for investors. He began his career in the early 2000s, previously holding roles at Lehman Brothers and J.P. Morgan before joining RBC Capital Markets in 2012. Bazanay holds multiple FINRA registrations, including Series 7, 63, and 86/87 licenses, and is recognized for his rigorous analytical approach and thought leadership in the real estate sector.

Jason Bazanay's questions to Spotify Technology (SPOT) leadership

Question · Q3 2025

Jason Bazanay asked about Spotify's philosophy regarding price increases, specifically what metrics provide confidence to price the service significantly above competitors, given varying price gaps across markets.

Answer

Alex Norström, Co-President and Chief Business Officer, stated that Spotify focuses on its own offering and the value-to-price ratio, continuously improving value through product innovation. Gustav Söderström, Co-President, CPO, and CTO, added that engagement and 'days spent per month' (where Spotify is ahead of competitors) provide confidence. Daniel Ek, CEO, clarified that Spotify is a multi-vertical service (music, podcasts, audiobooks), and pricing factors in value across all verticals, not just music.

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