Gustav Söderström

And then over time, maybe we can capture some of that value by price-raising. We price-raised a few times, which is part of why we're profitable now. But that's because we had a user surplus in value. That's because we kept just stacking value. And value are two things. Value are features like personalization and just a really good product. But the other value is different types of media.

And then over time, maybe we can capture some of that value by price-raising. We price-raised a few times, which is part of why we're profitable now. But that's because we had a user surplus in value. That's because we kept just stacking value. And value are two things. Value are features like personalization and just a really good product. But the other value is different types of media.

So what we see is that you have a user that uses music. They have a certain amount of consumption. When you add podcast, it's just more. It's not more. It's an infinite game, it looks like, at least for now. We haven't run out of time in the background yet. Then when you add audiobooks, it's just more retention, more time spent, and more willingness to pay.

So what we see is that you have a user that uses music. They have a certain amount of consumption. When you add podcast, it's just more. It's not more. It's an infinite game, it looks like, at least for now. We haven't run out of time in the background yet. Then when you add audiobooks, it's just more retention, more time spent, and more willingness to pay.

So that's how we think about it as a business model. Then on the back end, they have very different business model. I think we may be one of the most complex companies in the world on the back end, because music is a pool-based royalty model. Podcast, as you know, is advertising-based largely.

So that's how we think about it as a business model. Then on the back end, they have very different business model. I think we may be one of the most complex companies in the world on the back end, because music is a pool-based royalty model. Podcast, as you know, is advertising-based largely.

But now we also have this Spotify partner program where you don't have Spotify ads in the premium tier if you're paying, so you get more uninterrupted. So that's another business model, which is part of the premium bundle.

But now we also have this Spotify partner program where you don't have Spotify ads in the premium tier if you're paying, so you get more uninterrupted. So that's another business model, which is part of the premium bundle.

And then you have audiobooks, which the publishing industry works in a third way, very different, where we also have a certain amount of time included in the premium tier and then a top up if you run over that. One of the really complicated things about Spotify I don't think is appreciated is on the front end, it's one app, one consumer, just go between them.

And then you have audiobooks, which the publishing industry works in a third way, very different, where we also have a certain amount of time included in the premium tier and then a top up if you run over that. One of the really complicated things about Spotify I don't think is appreciated is on the front end, it's one app, one consumer, just go between them.

But there are very different implications of where you click in that UI in terms of triggering different business models and so forth. So to model a company financially is actually quite hard. We have to predict your user behavior, where you click matters. And we have the personalization that has different impacts in terms of cost and so forth. So we've had to build a system.

But there are very different implications of where you click in that UI in terms of triggering different business models and so forth. So to model a company financially is actually quite hard. We have to predict your user behavior, where you click matters. And we have the personalization that has different impacts in terms of cost and so forth. So we've had to build a system.

We call it the Spotify machine. And that's why I said I have one experience organization. And the job of this experience organization is to make sure that all of this complexity, all of these teams who theoretically could be set up to compete with each other to fix their P&L, that never ships to the user. There's one person who is the responsible person for the consumer experience.

We call it the Spotify machine. And that's why I said I have one experience organization. And the job of this experience organization is to make sure that all of this complexity, all of these teams who theoretically could be set up to compete with each other to fix their P&L, that never ships to the user. There's one person who is the responsible person for the consumer experience.

And that person's job is to make sure that as you go between mobile and desktop and car and speakers, the thing makes sense. It's like the gatekeeper against the org, holding them back from the user, behind them, protecting the user. But it's also the same in personalization. I have a personalization organization.

And that person's job is to make sure that as you go between mobile and desktop and car and speakers, the thing makes sense. It's like the gatekeeper against the org, holding them back from the user, behind them, protecting the user. But it's also the same in personalization. I have a personalization organization.

Because you have the same incentives of programming music versus podcast versus books. Everyone wants to take market share and so forth. So it's the same problem. We have to optimize for the user and sort of protect the user from the internal incentives of teams and business models. That makes Spotify a pretty... unique company.

Because you have the same incentives of programming music versus podcast versus books. Everyone wants to take market share and so forth. So it's the same problem. We have to optimize for the user and sort of protect the user from the internal incentives of teams and business models. That makes Spotify a pretty... unique company.

We're like one thing on the front end and we're many different things on the back end with different products.

We're like one thing on the front end and we're many different things on the back end with different products.