The purpose of an S-curve analysis is to understand and interpret the evolution of a market, product, or technology so as to make informed strategic decisions about where value may be created now and in the future. S-curves map out this evolution, from its relatively slow emergence, to the point where it begins to grow and growth accelerates, to the point where the market becomes saturated and growth begins to slow and even decline. This chapter discusses the underlying theory, core idea, depiction, process, insight or value created, and risks and limitations of S-curve analysis. The chapter also discusses the illustration of Spotify and applies the steps of S-curve analysis to this case.