The student demonstrates a strong application of relevant and appropriate source material, focusing on Spotify's finances, products, and strategies. The sources are effectively referenced and incorporated into the essay's body. Additionally, the student successfully places the topic into a wider business context by considering competitors in the market and incorporating market forecasts. The student also displays a comprehensive understanding of technical and subject-specific terms, explaining them correctly and demonstrating knowledge of the topic. The tone and register of the essay are consistently analytical and academic, with no use of informal language. Furthermore, the essay maintains clarity by avoiding excessive subject-specific jargon.