xFans provides a solution for creators to start their own premium content platforms, enabling them to share tailored content and engage with fans. Self-described as the cheapest premium content creator platform.

Arjun Mehta

Nigel Egrari

Shray Bansal

xFans

Bandcamp is an American online audio distribution platform that allows artists to sell their music directly to fans. It was founded in 2007 and has a headquarters in Oakland, California.

J. Joseph

Ethan Diamond

Bandcamp

Hotmart is a leading platform that provides creators with everything they need to succeed in the creator economy. From easy-to-use tools for building products to affiliate marketing, a secure payment system, and a powerful members area, Hotmart has you covered. Hotmart is an all-in-one platform for digital creators and entrepreneurs to build and sell digital products such as online courses, membership sites, subscriptions, communities, events, and ebooks.

Mateus Bicalho

João Pedro Resende

Hotmart

Spotify Technology S.A., together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. The company also offers sales, marketing, contract research and development, and customer support services. As of December 31, 2021, its platform included 406 million monthly active users and 180 million premium subscribers in 184 countries and territories. The company was incorporated in 2006 and is based in Luxembourg, Luxembourg.

Daniel Ek

Martin Lorentzon

Spotify Technology S.A.

FANS is an immersive live streaming platform changing the way music is created, shared, and experienced, no matter where it finds you.There is nothing more magical than the energy felt when artists and fans gather together at a live show. That is why we were among the first to stream live performances from music venues.FANS was built by the people who brought you Brooklyn Bowl, The Capitol Theatre, LOCKN’, Wetlands, Fare Thee Well, and Relix. We’ve been putting on shows since the mid-90s and streaming almost the whole time.Our company was made by people who love watching live music. If we weren’t streaming the shows ourselves, we would still be watching them, because we are fans.

Metric
Company Name	xFans	Bandcamp	Hotmart	Spotify Technology S.A.
Symbol				SPOT
MSH ID	UK:CO:XFANS	COM:BANDCAMP	COM:HOTMART	COM:SPOTIFY
Market	PRIVATE	PRIVATE	PRIVATE	STOCKS
Sector	Technology	Consumer Services	Consumer Services	Communication Services
Industry	Social Media & Content Creation	Music streaming, music purchasing	Technology	Internet Content & Information
Country	GB			LU
Stage			Series C
Employee Count	17	1	10.00K	7.72K
Website	xfans.co.uk	bandcamp.com	hotmart.com	spotify.com
LinkedIn				spotify-for-podcasters
Founders

Metric
Market Cap		59.51B
Enterprise Value
Monthly Web Traffic	44.29M	845.61M
Web Traffic Growth	0.03	0.03
Valuation
Raised Capital	127.31M

Metric
Revenue				13.99B
Revenue (LTM)
Revenue (NTM)
Gross Profit				3.59B
EBITDA				-154.21M
Operating Income				-471.08M
Net Income				-561.91M
EPS				-2.88
Diluted EPS				-2.88
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin				0.27
Operating Profit Margin				0.03
EBITDA Margin				-0.01
Net Profit Margin				0.03
Return on Equity				0.15
Return on Assets				0.05
Return on Capital Employed				0.06

UK:CO:XFANS

xFans

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio				-53.06
P/B Ratio				18.84
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio				4.71
EV Multiple				213.60

Metric
Days Sales Outstanding				21.15
Days Payables Outstanding				24.68
Days Inventory Outstanding				0.33
Operating Cycle				24.00
Cash Conversion Cycle				-0.13
Asset Turnover				1.62

Metric
Operating Cash Flow				718.24M
Free Cash Flow				711.90M
Cash Flow to Debt				0.99
Operating Cash Flow/Sales				0.09
Free Cash Flow Yield				0.01

Metric
Cash & Equivalents				3.29B
Accounts Receivable				-153.15M
Inventory				9.51M
Goodwill				1.20B
Debt to Capitalization				0.64
Debt to Assets				0.55
Current Ratio				1.27
Quick Ratio				1.56

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue				0.03
R&D to Revenue				0.13
SG&A to Revenue				0.04