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So, it was broad-based globally. - Spotify CFO Paul Vogel, Q3 2022 Earnings Call. Combine an international MBA with a deep dive into management science. Thank you for your participation. Travel the world to capture moments and beautiful photos. Other acquisitions by Spotify include Findaway, a digital audiobook distributor, as well as Greenroom, a live chat audio app similar to Clubhouse all of which leads to user growth, better engagement, more time spent, higher lifetime value, and thats sort of how we think about the business," Vogel said. Mam prawo dostpu do treci swoich danych i ich sprostowania, usunicia, ograniczenia przetwarzania, oraz prawo do przenoszenia danych na zasadach zawartych w polityce prywatnoci sklepu internetowego. I would say, in general, I think we're just overall, very excited about the opportunity. Can you help us understand your thinking here? Gross margins continue to be the "Achilles' heel" for Spotify and came in at 24.7%, well below their internal guidance. Were there any noticeable benefits to subscribers from the rollout of Google user choice billing in the fourth quarter? It's not that we can't execute on the ground. Recent estimates show that HBO Max and HBO combined have more than 40 million subscribers whereas Netflix has more than 200 million subscribers. Ad-supported MAUs increased by 24% YoY from 220m to 273m, driven primarily by strength in developing markets like Brazil and India. And so, when we talk about an investment year, some of that is part of what was going on. Spotify CFO Paul Vogel on earnings - CNBC Next quarter is unlikely to change anything material about the "stock story" for Spotify, but I'll be closely watching management's guidance for 2023 margins. I think some of these trends are very powerful and very good, I think, for consumers with more choice and more artists making their way. Well, we do a lot of experiments on the product side in many different areas. Another question from Benjamin Black on pricing. leadership position, Spotify as an investment has attracted significant scepticism from investors. [Operator Instructions] As a reminder, this conference call is being recorded. In the first quarter, Spotify beat gross margin expectations of 24.9% to reach 25.2%. Spotify offered certain US staffers between October 2020 and September 2022 annual base salaries ranging from $75,000 to $369,500 across about 180 different roles, according to the data. And given the timing within quarters, we may see free cash flow turn negative in Q4, but we still expect to be free cash flow-positive for the year and moving forward. Next question from Rich Greenfield on audio books. Please. All right. Given many of the adjustments we made at the start of 2023, including our decision to reduce our workforce by 6%, we see our operating expenses growing slower with a material improvement in our operating loss compared with 2022. It was definitely a driver of the outperformance in MAU and very intentional. All right. So, in Q4, we outperformed our expectations. So far, the bears appear to be winning. Spotify has struggled to gain traction in the public markets, falling 44% from their IPO price in April 2018 and 66% in 2022 alone. We've seen podcast MAU as a percent of our total MAU continue to increase.
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