This Growth Stock Is Beating the "Magnificent Seven": Should You Buy?

The "Magnificient Seven" stocks have dominated the market since the start of 2023. Leading the broad indices to new highs, these seven companies -- all of which have had a market capitalization of at least $1 trillion at some point -- have become the backbone of the modern stock market. Businesses like Alphabet and have demolished most of their competitors, such as Yahoo and Blackberry.

Investors might think it is impossible to compete with the Magnificent Seven tech stocks at this point. But that is not the case in every sector. Enter Spotify (NYSE: SPOT). The leading music and audio streaming service has blazed its own path worldwide despite major competition from the likes of Apple, YouTube, and others. With the stock up 222% since the start of 2023, is now the perfect time to hop on the Spotify growth train?

Spotify is well-known for its audio streaming application. It allows users to play any music from around the world -- along with podcasts and audiobooks -- with only an internet connection. To make money, Spotify charges users a monthly subscription to access music without advertisements, along with a few other features. This is where the majority of its $14.4 billion in annual revenue comes from today. Since going public in 2018, Spotify's revenue is up 209% in U.S. dollars. Since 2015, its premium subscribers have grown from 28 million to 236 million.

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Source Fool.com