Ashley Carman

Yeah, and I think that was a lot of what this call was today, is just addressing concerns that AI specifically

AI music startups might, I mean, these are supposed to launch this year.

So people are concerned, are people going to start using AI to generate songs and then listen to those songs on other platforms?

Or are they going to keep coming to Spotify?

And today, the co-CEOs were saying, we think they'll keep coming to Spotify.

So Wrapped is their annual interactive viral marketing campaign where people share their music and podcasts that they listen to the most this year.

And every year, it is just a moment on the internet.

People tend to activate their service to participate in Wrapped, so they always expect to see a boost.

But I believe on the call today, they said this was their biggest Wrapped ever.

So we can really see the results of that marketing campaign.

So this is the one part of the earnings today that was a little bit gloomy.

The ad-supported revenue actually dropped year over year.

And this has been a part of the business that people are really wondering,

When are we going to see you start making more money from advertising?

Which is also an important question because when we're talking about them adding users, these are ad-supported users.

Subscribers grew as well.

But if you're going to keep adding ad-supported users, you also want to see the revenue in that department go up as well.

These big banks are replacing junior analysts with AI tools.

And I think that trend might continue.

So interesting times ahead for big Wall Street banks.