Jason Hall

You know, it's at least a known commodity.

I think they're a good operator.

But I guess I kind of agree with Jason here that upbounds business just isn't necessarily something I want to be in.

There's probably people listening to us on Spotify right now, Emily.

A couple of things, really.

Firstly, MAUs, monthly active users, it does continue to grow both at double-digit rates, but also faster than premium subscribers.

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.

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