Emily Flippen

But to your point, Jason, their ability to upsell people, especially into things like audiobook hours, has been incredible.

Just this past quarter, they announced that they're going to be getting into physical books as well, allowing people to pick up where they left off.

If you're in the process of half-listening, half-reading a book, they're bridging that gap.

I love to see that level of innovation from this management team.

And I understand that this is a controversial company, though, because this is, again, a company that everybody loves to hate.

Toby, I have to ask myself, though, when Jason says, look, we have 200 million premium paid subscribers.

They're growing at a double-digit rate.

They have over 750 million monthly active users.

I mean, wrap your head around that number.

I have to ask myself, is there an upper limit to their performance?

Because where does the company go from here?

I've been waiting for the slowdown to happen.

It just hasn't happened yet.

I'm daring to dream there, Jason.

I will say the big mistake that I think investors make with companies like Spotify, myself included, by the way, is assuming that things do have to slow.

We tend to discount innovation and optionality in business models.

We tend to extrapolate the world as we know it today.

I know when I put together a financial model, I put in expectations around how

everything operates today.

If it continues in this direction, where is the company?