I have used their products a few years back and I actually liked it a lot. I do use Spotify thise days. This is not the point, you need to understand that a 3 digit PE ratio of theoretical 2015! earnings and a 50% growth rate when they will lose half of their iOS users to Apple and half of their Android users to Samsung this year (not to forget Spotify, MSFT, ...) is just not possible. They have earned 70 million listeners in 8 years and will lose 20~50% of them just this year.