Spotify (NYSE: SPOT) was a popular growth stock in 2020 and early 2021. The music and audio-streaming platform gained over 150% in less than a year after investors grew increasingly bullish on the future of music streaming and the major podcast deals the company was announcing. The stock hit an all-time high of around $360 per share in early 2021. But now, a year and a half later, shares have cratered below $90, or more than 75% below their all-time high. With a bear market currently raging, everyone has turned from optimist to pessimist on Spotify's potential.

While investors have aggressively sold off Spotify stock in 2022, the business looks as healthy as ever. Here's why now is the perfect time to pick up some shares. 

While a lot of consumer internet businesses (example: Netflix) have struggled in 2022, Spotify's user growth has chugged along to higher levels. In the second quarter, the platform's monthly active users (MAUs) hit 433 million, up 19% year over year and 3% from the previous quarter. Spotify is available in every major country around the world, except China, and it has continued to see users adopt its service as music streaming has grown in popularity. By 2030, management has a goal of hitting one billion active users, which would more than double its existing user base.

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Source Fool.com