Jason Hall

That land and expand, bring people into the fold, and then they get tired of the ads, or maybe their spouse is using it, too, and it just makes sense to go ahead and upgrade and get a family account or something like that.

That premium subscribers

number is growing slower than MAU's, but the gap is starting to narrow.

MAU growth was 11%, premium growth was 10%.

We've continued to see that gap narrow.

I think it just indicates how much more mature the business has become while still growing.

A double-digit rate, that's fantastic.

But it's also becoming more and more reliant on premium prescriptions.

It has to continue to add value for those subs.

If we had gone back

five or six years ago, and the company had reported ad-supported revenue was down 4% in the quarter, the financial results would have looked very, very different.

But because the mix has grown so much to now that the premium members are so much more, they're less tied to the cyclicality of the ad business and more just those steady revenues that come in from those paying subscribers.

As long as they can continue to create value, then seeing that number continue to be more and more important should serve them well across different economic environments.

What year does Spotify buy Netflix?

That's my question.

I think it's a little bit nuanced, but I do think broadly it's overdone.

I think the weaker companies...

are gonna get out-competed by stronger companies that have better products, wonderful leadership, deep culture, built on innovation, and always running hard to get to the goal before your competitors do.

But I don't think that AI is some panacea that turns steel companies into software builders.

Companies want to utilize AI tools, but they want to utilize those AI tools to help them do whatever their business is better.