智通财经APP获悉，日前，Spotify(SPOT.US)在FY25Q2电话会中提到，公司不会对第四季度或 2026 年 发布具体指导，但预计季节性强劲的第四季度依旧有助于毛利率提升。 关于技术投资，Spotify正加速构建支持生成式 AI 和即时推理的基础设施，以进一步提升产品交付效率 和用户体验。总体来看，未来几个季度的费用增长不会盲目攀升，而是围绕推动 "生命周期价值" 这一 首要目标进行弹性调整，以实现短期效率与长期增长的最佳平衡。 至于 2026 年，Spotify预计会在以下三方面进行增量投资：一是面向核心产品的技术栈升级，二是以数 据和 AI 能力驱动的新业务实验，三是高 ROI 的市场推广项目。通过这种 "以价值驱动预算" 的原则， 我们既保障创新所需，又维持财务稳健。 Q&A Q：在全球平台上引入产品层级（如 Superfan 或其他）时，您如何评估分层数量与用户体验之间的平 衡？在确保不会使体验复杂化的前提下，最多可以创建多少个层级？ A：我们对吸引 Superfans 感到非常兴奋，并正在为他们打造独特且高价值的功能。在引入新层级时， 我们始终秉持高标准，确保每次发布都能显著提升用户价值 ...

Spotify(SPOT.N)：第二季度营业收入为4.06亿欧元，低于预期，原因是社会费用、更高的工资和相关费 用以及收入组合变化导致1.16亿欧元的成本。 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry but highlights various themes and trends impacting covered companies [2]. Core Insights - The report identifies ten key themes shaping the industry landscape through 2025, focusing on the evolution of consumer AI, implications for cloud computing, the blurring lines between advertising and eCommerce, and the impact of digital advertising automation [5][7][39][43]. Summary by Themes Theme 1: The Evolution of the Consumer AI Landscape - The consumer AI landscape is evolving, with major companies like GOOGL and META positioned to capitalize on changing consumer behaviors through innovative AI applications [20][21]. Theme 2: The Implications of AI for Cloud Computing & CapEx - AI is expected to drive significant growth in cloud computing, with companies like AMZN and GOOGL focusing on stable revenue trends and capital investments to support AI workloads [29][30]. Theme 3: The Lines Between Advertising and eCommerce Models Continue to Blur - Companies are increasingly adopting partnership models rather than competing directly, with GOOGL, META, and AMZN well-positioned to benefit from social commerce trends [39][40]. Theme 4: Digital Advertising Shifts to AI Automation & Direct Response - The digital advertising sector is shifting towards AI-driven automation, with platforms focusing on direct-response advertising to enhance revenue growth amid macroeconomic uncertainties [47][48]. Theme 5: A Future of AVs & the Pathway for Mobility Networks - The rise of autonomous vehicles (AVs) is expected to reshape mobility networks, with companies like UBER and LYFT exploring partnerships to adapt to this evolving landscape [55][56]. Theme 6: The Battle for Same/Next Day Local eCommerce - Local eCommerce is experiencing growth driven by faster delivery speeds, with AMZN and UBER competing aggressively in this space [61][62]. Theme 7: The Normalization of Online Travel Demand (& Evolution of the Marketing Funnel) - The online travel sector is stabilizing post-pandemic, with growth expected to normalize, focusing on brand loyalty and optimizing marketing spend [68][72]. Theme 8: The Evolution of Interactive Entertainment Platforms - Interactive entertainment companies are diversifying their offerings, expanding into new verticals and enhancing user engagement through innovative content strategies [80][81]. Theme 9: The Transition from Mobile Computing to Spatial Computing (Over the Long-Term) - The industry is transitioning towards spatial computing, with companies investing in hardware and software developments to drive consumer adoption of AR/VR technologies [93][94]. Theme 10: Regulatory Matters & Changed Ecosystem Defaults Remains the Dominant Risk Factor to Industry - Regulatory scrutiny, particularly around antitrust issues, poses significant risks to major players like AMZN, GOOGL, and META, impacting their operational strategies [95][96].