Daniel Ek

So obviously on the one hand, if you deal with a lot of licensed content,

and um you know in this case from some major labels and obviously a lot of indies as well but still relatively supply constrained from from some big ones the natural tendencies for you to think well this is much better because all of a sudden you have this sort of much wider scope of different creators that matters it's great uh you can aggregate a fragmented market yeah you you can

do the aggregation theory.

That's all good and great.

We don't really contemplate all that much.

It's obviously, there's other challenges for that business model.

Moderation all of a sudden becomes a massive thing.

You have to build an actual ad network that probably then scales.

So in theory, yes, you're right.

You may have an opportunity to gain revenue

more margin over time in this model.

But fundamentally, you have to do many more steps along the way.

We don't have to contemplate content moderation as much when it comes to music.

We certainly don't have to have these very elaborate systematic processes about what constitutes speech and violence.

And we knew that because I'd seen enough of these, obviously, platforms.

But

But it is important because if you think about it from a P&L, so on the surface of this, these models are great, right?

Because very high gross margins and so on and so forth.

Great at scale.

Yes.