Jason Moser

10%.

And we know that is the lion's share of the revenue picture for Spotify.

So consequently, we saw that premium membership revenue up 8%.

But I thought what was really impressive was how they're starting to bring this all down to the bottom line.

Saw operating margin for the quarter 15.5%.

That's versus 11.2% a year ago.

And so I think we had some questions really early on in the Spotify story as to exactly

how quickly they could get to profitability and how profitable the company could be given the nature of the relationships with publishers and just the music business in general.

I think we're hitting a situation here where the company, they have so many users, it's starting to become one of those Facebook-like or even Netflix-like stories where

Even a mass exodus at these levels probably wouldn't have that great of an impact.

You know, Travis, I just realized they passed a $2 price increase on the family plan that we have here in the Moser household.

I got it, too.

I'm happily, happily paying it.

I would say worth a fresh look.

Now, going back to what we were talking about earlier in the show, I do also believe that valuation is going to be just a risk that investors have to consider with this stock.

That said, it has always maintained a premium valuation.

I think that's for a lot of the reasons we discussed.

The growth rates of the company continues to lob up there.

I think just that overall opportunity in commerce,

the nature of the business.