Spotify Technology SA (SPOT) 2025 Q3 法說會逐字稿

Good morning, and welcome, everyone, to the Spotify third-quarter 2025 earnings call. Today's conference is being recorded. (Operator Instructions)

各位早安，歡迎參加 Spotify 2025 年第三季財報電話會議。今天的會議正在錄影。（操作說明）

At this time, I would like to turn the conference over to Bryan Goldberg, Head of Investor Relations. Please go ahead.

此時，我謹將會議交給投資人關係主管布萊恩‧戈德堡。請繼續。

Thanks, operator, and welcome to Spotify's third-quarter 2025 earnings conference call. Joining us today will be Daniel Ek, our CEO; Alex Norstrom, our Co-President and Chief Business Officer; Gustav Soderstrom, our Co-President and Chief Product and Technology Officer; and Christian Luiga, our CFO. We'll start with opening comments from the team and afterwards, we'll be happy to answer your questions.

謝謝接線員，歡迎參加 Spotify 2025 年第三季財報電話會議。今天與我們一同出席的有：我們的執行長 Daniel Ek；我們的聯合總裁兼首席商務官 Alex Norstrom；我們的聯合總裁兼首席產品和技術官 Gustav Soderstrom；以及我們的財務長 Christian Luiga。首先，我們的團隊將作開場白，之後我們將很樂意回答您的問題。

Questions can be submitted by going to slido.com and using the code #SpotifyEarningsQ325. Analysts can ask questions directly into Slido, and all participants can then vote on the questions they find the most relevant.

您可以透過造訪 slido.com 並使用程式碼 #SpotifyEarningsQ325 提交問題。分析師可以直接在 Slido 中提問，然後所有參與者都可以對他們認為最相關的問題進行投票。

If for some reason, you don't have access to Slido, you can e-mail Investor Relations at ir@spotify.com, and we'll add in your question.

如果您因為某些原因無法造訪 Slido，您可以發送電子郵件至 ir@spotify.com 聯絡投資者關係部門，我們會將您的問題加入。

Before we begin, let me quickly cover the Safe Harbor. During this call, we'll be making certain forward-looking statements, including projections or estimates about the future performance of the company. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed on today's call, in our shareholder deck and in filings with the Securities and Exchange Commission. During this call, we'll also refer to certain non-IFRS financial measures.

在開始之前，讓我先快速介紹一下安全港條款。在本次電話會議中，我們將做出一些前瞻性陳述，包括對公司未來績效的預測或估計。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今天電話會議、股東報告以及提交給美國證券交易委員會的文件中討論的因素有重大差異。在本次電話會議中，我們也將提及一些非國際財務報告準則（IFRS）的財務指標。

Reconciliations between our IFRS and non-IFRS financial measures can be found in our shareholder deck in the financial section of our Investor Relations website and also furnished today on Form 6-K.

您可以在我們投資者關係網站財務部分的股東資料中找到我們 IFRS 和非 IFRS 財務指標之間的調節表，今天也可以在 6-K 表格中找到。

And with that, I'll turn it over to Daniel.

接下來，我將把麥克風交給丹尼爾。

All right. Thanks, Bryan, and hey, everyone, and thanks for joining us. Overall, it was a very strong quarter, especially on the user side. We reached a significant milestone surpassing 700 million monthly active users beating our guidance, and we were right in line with subscribers, and-we also beat on revenue, gross margin and operating income.

好的。謝謝布萊恩，大家好，謝謝各位的收看。總體而言，這是一個非常強勁的季度，尤其是在用戶方面。我們達到了一個重要的里程碑，每月活躍用戶超過 7 億，超過了我們的預期，訂閱用戶數量也與預期相符，而且我們在收入、毛利率和營業收入方面也超出了預期。

Given that this is a year of transition for me, I've been reflecting on what has proven time and again to drive the company forward. And when I strip everything else away, it really comes back to the same thing, our user fundamentals. It's where everything starts and everything stops. And as this quarter shows, the user side of the business is really strong. Engagement continues to strengthen across music, podcasts, video and audio books.

鑑於今年對我來說是一個過渡年，我一直在反思哪些因素一次又一次地證明了能夠推動公司向前發展。而當我剝離其他一切因素後，最終還是回到了同一件事，那就是我們的用戶基本原則。這裡是萬物開始的地方，也是萬物結束的地方。如本季所示，業務的用戶端表現非常強勁。用戶參與度在音樂、播客、影片和有聲書等領域持續增強。

And people come to Spotify and they stay on Spotify. And this is across all markets and formats. Gustav will give you more color on the pace of shipping during this year of accelerated execution and the impact it's having, but the data is clear. Our multi-format strategy is working exactly as we hoped.

人們來到 Spotify，然後就一直待在 Spotify 上。而且這種情況適用於所有市場和所有產品形式。Gustav 將為您詳細介紹今年加速執行期間的交付速度及其影響，但數據已經很清楚了。我們的多形式策略正如預期發揮作用。

And with that foundation in mind, let me talk about how we think about building the business. I've said this before, but it's worth repeating. We don't optimize for quarterly results. We optimize for lifetime value because at our scale, very few metrics shift quickly. The decisions we're executing on today were set in motion well before they show up in the numbers.

基於以上認識，接下來我將談談我們是如何看待企業發展的。我以前說過，但值得再說一次。我們並不以季度業績為目標。我們以客戶終身價值為目標，因為在我們這樣的規模下，很少有指標會快速改變。我們今天執行的決策，早在數據反映出來之前就已經啟動了。

In some cases, this means we made these calls many quarters ago or in some cases, even years. But that doesn't mean we get a free pass on our performance. Our job is to make smart investments to create more value over time, and we fully expect you to hold us accountable for that.

在某些情況下，這意味著我們早在幾個季度前，甚至幾年前就做出了這些決定。但這並不代表我們可以對自己的表現不滿意。我們的職責是進行明智的投資，以隨著時間的推移創造更多價值，我們完全希望您能監督我們履行這項職責。

Our goal is to deliver extraordinary results, and that means having both a great product and a great business. And those things aren't in conflict, they compound each other.

我們的目標是取得卓越的成果，這意味著既要有優秀的產品，也要有成功的企業。而這些事情並不衝突，它們反而會相互疊加。

So take our partner dynamics as one example. I get asked about these relationships all the time. When we signed new multiyear licensing deals with our partners, the market mostly assumes it's a zero-sum game. There's a winner and there's a loser, and everyone tries to figure out who fell into what camp. Our view is different.

以我們的合作夥伴關係為例。我常被問到這些關係。當我們與合作夥伴簽署新的多年授權協議時，市場大多認為這是一場零和遊戲。有贏家也有輸家，每個人都試圖弄清楚誰屬於哪個陣營。我們的觀點不同。

We don't think it's a zero-sum game at all. Quarter-to-quarter, the math may not immediately be obvious, but here's what actually happens. Those deals give us the flexibility to innovate and move us closer to our long-term financial goals. We can build new products. We can launch new features, experiment faster, and that drives better user outcomes, more growth, higher engagement, stronger retention, which then drives a better business.

我們完全不認為這是一場零和遊戲。從季度來看，其中的數學原理可能並不顯而易見，但實際情況是這樣的。這些交易賦予我們創新的靈活性，並使我們更接近長期財務目標。我們可以開發新產品。我們可以推出新功能，更快地進行試驗，從而帶來更好的使用者體驗、更大的成長、更高的參與度、更強的留存率，進而推動業務發展。

It's a flywheel and a playbook we've run many, many times. Our partners also do better, so both sides win. And that's what good long-term investments look like.

這是一個我們已經運行過無數次的循環和策略。我們的合作夥伴也表現得更好，所以雙方都是贏家。這就是好的長期投資的樣子。

Before I hand it over to Alex, one note. So following today, I have on earnings call left as CEO. As you know, I'll be transitioning to Executive Chairman on January 1 with Alex and Gustav stepping into their roles as co-CEOs. You'll hear more from them today than you typically would and on our Q4 call in February, they'll run points.

在把它交給 Alex 之前，還有一點要說明。所以，今天之後，我作為CEO還剩一次財報電話會議。如你所知，我將於 1 月 1 日過渡到執行董事長一職，Alex 和 Gustav 將接任聯合執行長一職。今天你會聽到他們比平常更多的消息，在二月的第四季電話會議上，他們會進行詳細闡述。

And with that, I'll turn it over to Alex.

接下來，我將把麥克風交給亞歷克斯。

Thanks, Daniel. No pressure. Our Q3 results once again highlight just how well positioned Spotify is as we keep pushing boundaries through innovation and bringing even more value to artists, podcasters, authors and users around the world.

謝謝你，丹尼爾。沒有壓力。我們的第三季業績再次凸顯了 Spotify 的良好市場地位，我們不斷透過創新突破界限，為世界各地的藝術家、播客、作家和用戶帶來更多價值。

A few weeks ago, we had our leadership team come together in New York for strategy sessions. Gustav and I shared our thoughts about Spotify's future and how it will evolve over the next few years.

幾週前，我們的領導團隊齊聚紐約，召開策略會議。Gustav 和我分享了我們對 Spotify 未來發展以及未來幾年發展方向的看法。

I can't remember a time when the company was more aligned, and this is just having an outsized impact on our performance.

我記不清公司何時會像現在這樣目標一致，而這確實對我們的業績產生了巨大的影響。

To build on what Daniel said, the real magic is in our ability to ship faster and smarter, and you'll hear more from Gustav about this in a minute. And these efforts there driving user growth across the top of the funnel, which then propels the flywheel and fuels the strength of our overall business.

正如丹尼爾所說，真正的魔力在於我們能夠更快、更聰明地交付產品，稍後你會從古斯塔夫那裡聽到更多關於這方面的內容。這些努力推動了漏斗頂端用戶的成長，進而推動了飛輪效應，增強了我們整體業務的實力。

Now when you look at MAU in isolation, the global rollout of our enhanced free experience was a key contributor, bringing millions of new listeners into the Spotify ecosystem. It's having a huge impact on engagement and retention, which we know is the key leading indicator of even more growth and even more conversion.

如果單獨來看 MAU，我們增強型免費體驗的全球推廣是關鍵因素，為 Spotify 生態系統帶來了數百萬新聽眾。它對用戶參與度和留存率產生了巨大影響，而我們知道，用戶參與度和留存率是衡量未來成長和轉換率的關鍵領先指標。

On the subscriber side, we saw continued growth across all regions, and users are spending more days and more hours on Spotify than ever before. Notably, we continue to take market share, even in our most competitive markets.

在訂閱用戶方面，我們看到所有地區的用戶數量都在持續增長，用戶在 Spotify 上花費的時間和天數都比以往任何時候都多。值得注意的是，即使在競爭最激烈的市場中，我們也持續擴大市場佔有率。

We also saw steady retention rates following the rollout of our recent price increases across more than 150 markets. These results show the power of the product and the loyalty of our subscribers.

在超過 150 個市場推出近期漲價措施後，我們也看到了穩定的客戶留存率。這些結果展現了產品的強大實力和我們用戶的忠誠度。

And as we look at the growth across these three content verticals at Spotify, I want to share just a few highlights. In music, we continue to help artists reach massive global audiences. This past quarter, we saw artists break multiple streaming records across genres, and we've seen a number of new artists emerge as global fan favorites climbing our streaming charts at record pace.

當我們審視 Spotify 在這三大內容垂直領域的成長時，我想分享一些亮點。在音樂領域，我們持續幫助藝術家觸達全球龐大的受眾。上個季度，我們看到藝術家們打破了多個不同流派的串流記錄，我們也看到許多新晉藝術家成為全球粉絲的最愛，並以創紀錄的速度攀升我們的串流媒體排行榜。

We also hosted several immersive fan activations and intimate performances. We launched in-app experiences that celebrate some of the most iconic discographies.

我們也舉辦了多場沉浸式粉絲互動活動和小型表演。我們推出了應用程式內體驗，旨在致敬一些最具代表性的音樂作品。

And we continue our partnership with FC Barcelona, which just unites fan communities around the world, proving to be a strong user recruitment tool for us for Spotify.

我們將繼續與巴塞隆納足球俱樂部合作，這不僅將世界各地的球迷社群團結起來，也證明了這對 Spotify 來說是一個強大的用戶招募工具。

Daniel also mentioned the relationship with our music label partners and publishing partners. Over the quarter, we finalized groundbreaking direct license deals, bringing value to artists, song writers, rights holders and Spotify.

丹尼爾也提到了我們與音樂廠牌合作夥伴和出版合作夥伴的關係。本季度，我們最終敲定了突破性的直接授權協議，為藝術家、詞曲作者、版權所有者和 Spotify 帶來了價值。

What's good for Spotify is also good for the industry we support, which, of course, include music, podcast and audio books. I was just excited to now capture the opportunities that these deals unlock.

對 Spotify 有利的，對我們所支持的行業也有利，這當然包括音樂、播客和有聲讀物。我非常興奮，因為這些交易帶來了很多機會。

In podcasts, more than 390 million users have streamed the video podcast on Spotify. That's a 54% increase year-over-year. We now have almost 500,000 video podcast shows on our platform. Time spent with video content has more than doubled year-over-year, driven mostly by video podcast. And this consumption has increased by more than 80% since the launch of the Spotify Partner Program or SPP.

在播客領域，已有超過 3.9 億用戶在 Spotify 上收聽過視訊播客。與上年相比成長了54%。我們的平台上現在有近 50 萬個視訊播客節目。用戶觀看影片內容的時間比去年同期增加了一倍多，這主要得益於視訊播客的推動。自 Spotify 合作夥伴計畫 (SPP) 推出以來，這一消費量增加了 80% 以上。

We also recently announced that we're bringing some of our top video podcast from Spotify Studios and the ringer to Netflix starting in early 2026 in the US with more markets to follow. We want our creators to grow and scale their audiences around the world, and in turn, this also puts up an interesting monetization opportunity for Spotify. This partnership extends our ecosystem building new fans and serving up this wider distribution channels.

我們最近也宣布，我們將從 2026 年初開始，把 Spotify Studios 和 Ringer 的一些頂級視訊播客帶到 Netflix，首先在美國推出，隨後將擴展到更多市場。我們希望我們的創作者能夠發展壯大，在全球範圍內擴大受眾群體，而這反過來也為 Spotify 提供了一個有趣的盈利機會。此次合作將拓展我們的生態系統，吸引更多新粉絲，並提供更廣泛的通路。

And in audio books, we are continuing to reshape the category, fueling growth and discovery across the publishing world. In just two years, Spotify has now introduced tens of millions of new younger listeners to audiobooks.

在有聲書領域，我們正在不斷重塑這個類別，推動整個出版界的成長和發展。短短兩年時間，Spotify 就為數千萬年輕新聽眾帶來了有聲書。

We've brought audio books to 14 global markets and have more than tripled our catalog in English language markets to over 500,000 titles. More than half of our eligible premium users have played an audio book and the number of people listening to an audio book rose 36% year-over-year with listening hours up even more. We also recently launched add-on subscriptions for premium users, giving listeners more choice, opening up the format to new potential fans worldwide and enhancing the experience itself.

我們已將有聲書帶到全球 14 個市場，英語市場的書籍目錄增加了兩倍多，超過 50 萬種。超過一半的符合資格的付費用戶都聽過有聲讀物，聽有聲讀物的人數同比增長了 36%，收聽時長增長幅度更大。我們最近也為高級用戶推出了附加訂閱服務，讓聽眾有更多選擇，向全球潛在的新粉絲開放了這種形式，並提升了用戶體驗本身。

It is still work to be done to continue to grow the entire book industry, but it is incredible progress. And it's so great to see so much enthusiasm for these offerings.

要繼續發展整個圖書行業，還有很多工作要做，但這已經是令人矚目的進步了。看到大家對這些產品如此熱情，真是太好了。

I also want to quickly speak to our ads business. Last quarter, we talked about the need to recalibrate and to improve our execution. We remain confident in our long-term strategy and the dynamics are improving. We're really pushing hard to build for the long term. And while these changes will take some time, we believe that will yield significant results in the years ahead.

我還想簡單談談我們的廣告業務。上個季度，我們討論了重新調整和改進執行的必要性。我們對我們的長期策略仍然充滿信心，而且情況正在好轉。我們正在全力以赴地進行長期發展建設。雖然這些改變需要一些時間，但我們相信，在未來幾年裡，這將產生顯著的效果。

So overall, our strong performance this quarter is proof that our work isn't just adding up. It's compounding. We're seeing faster growth, higher efficiencies and a product that's getting better and better as we continue to add value and solve problems for users, artists, creators and authors.

所以總的來說，我們本季的出色表現證明，我們的工作並非徒勞無功。這是複利效應。隨著我們不斷為使用者、藝術家、創作者和作者創造價值並解決問題，我們看到了更快的成長、更高的效率，以及越來越好的產品。

Now I'll pass it over to Gustav.

現在我把它交給古斯塔夫。

Gustav?

古斯塔夫？

Thanks, Alex. So this quarter really brought the year of accelerated execution to life. There's incredible momentum and the things we've been investing in for years such as personalization, interactivity, and ubiquity are really paying off.

謝謝你，亞歷克斯。所以，本季真正體現了今年加速執行的策略。目前發展勢頭強勁，我們多年來在個人化、互動性和普及性等方面的投資正在取得顯著成效。

We've been doubling down on what's working as we relentlessly try to build the most valuable experience in the world.

我們一直加倍投入到行之有效的做法中，不懈努力，力求打造世界上最有價值的體驗。

And while we spent much of last year and part of this laying and building foundations, the pace of shipping and the speed of it duration are now at record levels.

雖然我們去年大部分時間和今年一部分時間都在打基礎，但現在出貨速度和出貨持續時間都達到了創紀錄的水平。

We both strengthened the core experience and added new value with a variety of first market features and improvements in almost every facet of the product.

我們透過一系列首創市場功能和對產品幾乎各個方面的改進，增強了核心體驗並增加了新的價值。

That's the balance we're constantly trying to drive towards enhancing what millions already love about Spotify, while also expanding into new areas make the platform even more attractive for users and creators alike. And the results clearly show how this is growing both MAU and subscribers.

我們一直在努力尋求這種平衡，既要增強數百萬用戶已經喜愛的 Spotify 的功能，又要拓展到新的領域，使該平台對用戶和創作者都更具吸引力。結果清楚地表明，這如何促進了每月活躍用戶數和訂閱用戶數的成長。

Over just the last few months, we've shipped more than 30 new core features. That's more than all of last year actually, and we're not even done with the year yet.

在過去的幾個月裡，我們已經發布了 30 多項新的核心功能。實際上，這比去年全年的總量還要多，而且今年還沒結束。

We have a comprehensive list of these in our Q4 infographic that's on our newsroom, but I wanted to share a few that really stand out as we focus on giving listeners more control, more ways to discover, and more ways to connect.

我們在新聞中心發布的第四季度資訊圖表中列出了這些內容的完整清單，但我想分享一些真正突出的例子，因為我們致力於讓聽眾擁有更多控制權、更多發現方式和更多聯繫。

First, as Alex just mentioned, we roll out big enhancements to our free tier, the first real update to it since 2018, with the majority of users starting their Spotify journey on free and our bold ambitions to continue to attract new users of streaming, it was critically important to make this experience even better.

首先，正如 Alex 剛才提到的，我們對免費套餐進行了重大改進，這是自 2018 年以來的首次真正更新。由於大多數用戶都是從免費套餐開始他們的 Spotify 之旅，而且我們雄心勃勃地想要繼續吸引新的串流媒體用戶，因此，讓這種體驗變得更好至關重要。

And building on what Alex said, it's now a much more competitive offering. Improvements are really resonating globally, and we're already outpacing our planned growth in MAU. For the two audio fans, we also finally launched lossless audio for Spotify Premium users, along with mixing tools and support for third-party DJ decks. We know that these were some of the most anticipated features and users around the world have responded really enthusiastically to its rival.

正如 Alex 所說，現在它已成為更具競爭力的產品。這些改進在全球範圍內引起了強烈反響，我們的每月活躍用戶數增長速度已經超過了預期。對於兩位音頻愛好者，我們最終也為 Spotify Premium 用戶推出了無損音頻，以及混音工具和對第三方 DJ 設備的支援。我們知道這些是用戶最期待的功能，世界各地的用戶對它的競爭對手也給予了非常熱烈的迴響。

Now on social, you've heard me talk a lot about, you know that users are constantly trading content and recommendations back and forth between each other. With our new in-app messaging feature, we made it even easier to share and discuss music, podcasts and audio books with friends.

現在在社群媒體上，你們也常聽到我談論用戶之間不斷地交換內容和推薦資訊。我們全新的應用程式內訊息功能，讓您與朋友分享和討論音樂、播客和有聲讀物變得更加容易。

And since our launch in the initial markets just a few months ago, almost 25 million users have sent nearly 200 million messages already. We feel that we're unlocking a new powerful way for users to connect on Spotify.

自幾個月前在首批市場推出以來，已有近 2,500 萬用戶發送了近 2 億則訊息。我們認為，我們正在為用戶在 Spotify 上建立聯繫開闢一種全新的強大方式。

Something many of you on this call have long been asking for is an Apple TV version of Spotify, which now has a dramatically improved user experience as it's built natively for the platform. What I really love about this specifically is that while the reason we had previously held off on a dedicated or native Apple TV app, was that the extra development cost just wasn't worth it for us.

許多參與本次電話會議的用戶一直以來都希望Spotify能推出Apple TV版本，現在Spotify已經針對Apple TV平台進行了原生開發，用戶體驗得到了極大的提升。我特別喜歡這一點，因為我們之前一直沒有開發專用的或原生的 Apple TV 應用，因為額外的開發成本對我們來說不值得。

But we were able to drastically reduce this cost by leveraging AI, where we could actually translate our general iOS application to TVOS. I think this is interesting because this speaks to the ways that we are not truly able to use AI to quite drastically accelerate our productivity and development.

但我們利用人工智慧大幅降低了成本，實際上可以將我們的通用 iOS 應用程式轉換為 TVOS。我認為這很有意思，因為它說明了我們目前還無法真正利用人工智慧來大幅提升生產力和發展速度。

In last quarter's Q&A, I talked a lot about how excited we are about AI in general and specifically the potential arrival of new form factors. While there are lots of bold predictions out there, we think Spotify would benefit as products become even more media focused as they extend to new hardware experiences that are always in your ears and on your face.

在上個季度的問答環節中，我多次談到我們對人工智慧的整體發展以及新形態的潛在到來感到多麼興奮。儘管有許多大膽的預測，但我們認為，隨著產品越來越注重媒體，並擴展到始終佩戴在耳朵和臉上的全新硬體體驗，Spotify 將會受益。

So perhaps you caught the live demo on Spotify on Meta AI's latest Meta's Ray-Ban at the recent developer event. This integration allows users to connect, stream and fully control Spotify. And we're excited to be featured as an example of one of the new and one of the most requested innovations in this space.

所以，你可能在最近的開發者活動中，透過 Spotify 觀看了 Meta AI 最新推出的 Meta's Ray-Ban 的現場演示。這項整合使用戶能夠連接、播放和完全控制 Spotify。我們很高興能作為該領域最新、最受歡迎的創新之一的範例進行展示。

Then there is, of course, our new partnership with ChatGPT, which is another example of the ways we're expanding our ubiquire strategy, helping users discover and engage with Spotify in new ways wherever you are. Once you've connected your Spotify account with ChatGPT, you can ask ChatGPT to create things like the perfect playlist for the countdown to your 2025 rap experience, maybe a playlist with the Zen-like vibe for when your in-laws come to visit for the holidays, whatever you think of.

當然，還有我們與 ChatGPT 的全新合作關係，這是我們擴展普適策略的又一例證，幫助用戶無論身在何處都能以全新的方式發現和使用 Spotify。將你的 Spotify 帳戶與 ChatGPT 連接後，你可以讓 ChatGPT 創建諸如 2025 年倒數說唱體驗的完美播放列表、適合岳父母假期來訪時播放的禪意氛圍播放列表等等，只要你能想到的都可以。

Now I also want to highlight features that we previously announced that continue to gain popularity. The first is Jam, which lets friends listen together in real time. We recently hit 100 million monthly listening hours on Jam this quarter with over 200 million users sharing content monthly. It's proven to be a big driver of both top line growth and retention.

現在我還想重點介紹我們之前宣布過的一些功能，這些功能目前仍然越來越受歡迎。首先是 Jam，它可以讓朋友們即時一起收聽。本季度，Jam 的月收聽時長突破 1 億小時，每月有超過 2 億用戶分享內容。事實證明，它對營收成長和客戶留存率都有著巨大的推動作用。

Listening to Spotify in cars is also outperforming every expectation that we had, and it's become a huge part of users' daily engagement. In fact, there are 245 million people now listening in cars, which is 34% of MAU and 15% all consumption hours.

在車上聽 Spotify 的表現也超出了我們所有的預期，並且已經成為用戶日常參與的重要組成部分。事實上，現在有 2.45 億人在車上聽音樂，佔每月活躍用戶的 34%，佔總收聽時長的 15%。

And zeroing in, just on the US, this puts us well ahead of all other subscription-based audio services. All of these features and enhancements, they lead to richer experiences that in turn leads to deeper engagement and that deeper engagement drives value for everyone in the ecosystem.

僅就美國而言，這使我們遠遠領先所有其他基於訂閱的音訊服務。所有這些功能和改進，都帶來了更豐富的體驗，進而帶來了更深層的參與，而更深層的參與則為生態系統中的每個人創造了價值。

So with that, I'll pass it over to Christian to share more details about the numbers.

那麼，接下來我將把麥克風交給克里斯蒂安，讓他分享更多關於這些數字的細節。

Thanks, Gustav, and thanks, everyone, for joining us today. Let me cover the quarter results and then give some perspectives on our outlook. In quarter three, MAU grew by 17 million to 713 million in total, exceeding our guidance by 3 million. We added 5 million net subscribers finishing at 281 million, up 12% and in line with guidance.

謝謝古斯塔夫，也謝謝各位今天蒞臨。讓我先介紹本季業績，再來談談我們的展望。第三季度，每月活躍用戶數成長了 1,700 萬，達到 7.13 億，比我們預期高出 300 萬。我們新增了 500 萬淨用戶，用戶總數達到 2.81 億，成長 12%，符合預期。

Total revenue was EUR4.3 billion and grew 12% year-on-year on a constant currency basis. Premium revenue rose 13% year-on-year on a constant currency basis, driven primarily by subscriber growth. Our advertising business was consistent with prior year results on a currency-neutral basis. And as expected, our automated ad sales channels saw strong growth in the quarter.

總營收為 43 億歐元，以固定匯率計算年增 12%。以固定匯率計算，付費用戶收入年增 13%，主要得益於用戶數量的成長。以固定匯率計算，我們的廣告業務與去年業績持平。正如預期的那樣，我們的自動化廣告銷售管道在本季實現了強勁成長。

On a like-for-like basis, excluding the near-term impacts from the optimization of our licensed podcast and the rollout of the Spotify Partner Program, we had a mid-single-digit constant currency advertising growth.

如果排除近期因最佳化授權播客和推出 Spotify 合作夥伴計畫而產生的影響，以同等條件計算，我們的廣告收入實現了中等個位數的成長（以固定匯率計算）。

We continue to see 2025 as a transition year for ads business and expect growth to improve in the back half of 2026.

我們仍認為 2025 年是廣告業務的過渡年，並預計 2026 年下半年成長將有所改善。

Moving to profitability. Gross margin came in at 31.6%, 50 basis points ahead of guidance and expanding roughly 50 basis points year-on-year. Our outperformance here was primarily driven by changes in prior period estimates for rights holder liabilities, nearly all related to the first half of 2025. Excluding these amounts, our gross margin would have been modestly ahead of guidance due to content cost favorability.

邁向盈利。毛利率為 31.6%，比預期高出 50 個基點，較去年同期成長約 50 個基點。我們此次的優異表現主要得益於權利持有人負債前期估計的變化，幾乎全部與 2025 年上半年有關。剔除這些金額後，由於內容成本有利，我們的毛利率將略高於預期。

Operating income of EUR582 million was EUR97 million above forecast, of which social charges had a positive impact of EUR41 million, and that was due to the share price movements. As a reminder, we don't forecast share price movements in our outlook for the business since they're outside of our control. The remaining variance to guidance was driven by favorability in marketing timing, and personnel and related expenses as well as the gross margin outperformance.

營業收入為 5.82 億歐元，比預期高出 9,700 萬歐元，其中社會安全支出產生了 4,100 萬歐元的正面影響，這主要歸功於股價的波動。再次提醒，由於股價波動不受我們控制，因此我們在對公司業績的展望中不預測股價走勢。與預期相比，剩餘的偏差主要受行銷時機、人員和相關費用以及毛利率超預期表現的影響。

Finally, free cash flow was EUR806 million in the quarter. We ended the quarter with EUR9.1 billion in cash and short-term investments and we repurchased $77 million in shares in quarter three. Year-to-date and through November 3, we have repurchased $410 million in shares. As we announced last quarter, our focus is to opportunistically buy back shares, primarily to offset the dilution arising from our employee equity programs.

最後，本季自由現金流為 8.06 億歐元。本季末，我們持有現金和短期投資91億歐元，並在第三季回購了價值7,700萬美元的股票。截至今年11月3日，我們已回購了價值4.1億美元的股票。正如我們在上個季度宣布的那樣，我們的重點是擇機回購股票，主要是為了抵消員工股權計劃帶來的股權稀釋。

If we then look ahead to guidance. In quarter four, we are forecasting 745 million MAU, an increase of 32 million from quarter three and 289 million subscribers. Our subscriber outlook implies net additions of 8 million, which is slightly below prior year net adds due to the expected small amount of churn we see when we raise prices.

如果我們展望未來，尋求指導。我們預測第四季每月活躍用戶數將達到 7.45 億，比第三季增加 3,200 萬，訂閱用戶數將達到 2.89 億。我們的訂閱用戶預期淨增加 800 萬，略低於上一年的淨增用戶數，這是因為我們預期漲價時會有少量用戶流失。

This year, we have new pricing in more than 150 markets versus 6 in the prior year. In addition, we recently rolled out the enhanced free tier globally, and we are encouraged by the early benefits we're seeing to our funnel.

今年，我們在超過 150 個市場推出了新的定價策略，而去年只有 6 個市場推出了新的定價策略。此外，我們最近在全球範圍內推出了增強版免費套餐，並且我們對目前為止在銷售漏斗中看到的積極效果感到鼓舞。

We view this business as set up well for conversion and continued healthy subscriber growth in 2026.

我們認為，該業務已做好充分準備，將在 2026 年實現轉換率的提升和用戶數量的持續健康成長。

We're also forecasting EUR4.5 billion in total quarter four revenue, representing an improved constant currency year-on-year growth rate of around 13% versus the 12% we just delivered in quarter three. We're also forecasting a year-on-year ARPU growth of around 2% on a constant currency basis. We expect a quarter four gross margin of 32.9% and operating income of EUR620 million.

我們也預測第四季總營收將達到 45 億歐元，以固定匯率計算，年成長率約為 13%，而第三季我們剛剛實現了 12% 的成長率。我們也預測，以固定匯率計算，ARPU（每位使用者平均收入）將年增約 2%。我們預期第四季毛利率為 32.9%，營業收入為 6.2 億歐元。

In summary, we are pleased with how the business is tracking into year-end. As Daniel mentioned, we will continue to make investments to generate long-term growth and returns for the company. While this can lead to quarter-to-quarter variability in terms of margin progression, we believe this is the right approach that sets us up well to advance towards our long-term goals.

總而言之，我們對公司在年底前的業務發展感到滿意。正如丹尼爾所說，我們將繼續進行投資，為公司創造長期成長和回報。雖然這可能會導致季度利潤率成長出現波動，但我們相信這是正確的方法，能夠幫助我們更好地實現長期目標。

Turning to 2026. While it's too early to provide guidance, I do want to point out that our first quarter gross margin typically sees a sequential step down from the fourth quarter from advertising seasonality, and we expect the same for quarter one, '26. Beyond this, we are confident in our path and expect '26 to be another year of healthy revenue growth, disciplined reinvestments and margin and cash flow improvement.

展望2026年。雖然現在提供指導還為時過早，但我確實想指出，由於廣告季節性因素，我們第一季的毛利率通常會比第四季有所下降，我們預計 2026 年第一季也會如此。除此之外，我們對自身發展道路充滿信心，並預期 2026 年將是另一個營收健康成長、穩健再投資以及利潤率和現金流改善的年份。

With that, I'll hand it back to you, Bryan.

好了，布萊恩，我就把它還給你了。

Great. Thanks, Christian. Again, if you've got any questions, please go to slido.com, #SpotifyEarningsQ325. We'll be reading the questions in the order they appear in the queue with respect to how people vote up their preference for questions.

偉大的。謝謝你，克里斯蒂安。再次提醒，如果您有任何疑問，請造訪 slido.com，#SpotifyEarningsQ325。我們將按照問題在隊列中出現的順序，根據人們對問題的投票偏好來閱讀問題。

And our first question today is going to come from Jason Helfstein on profitability. Can you talk through the puts and takes around gross margins across your premium and advertising segments in the third quarter? And how should we think about gross margins in the fourth quarter and 2026?

今天我們的第一個問題將來自 Jason Helfstein，主題是獲利能力。能否詳細分析一下第三季貴公司在高端產品和廣告業務方面的毛利率走勢？那我們該如何看待第四季和 2026 年的毛利率呢？

Thank you, Jason. Yeah, we are happy. Gross margin expansion is happening for the company this year. And as you are pointing out, there is a pressure more on the premium side than on the advertising side. That is really nothing really to worry about.

謝謝你，傑森。是的，我們很高興。今年該公司毛利率將有所成長。正如你所指出的，高端產品面臨的壓力比廣告方面更大。其實沒什麼好擔心的。

We started this year by letting you know that we are moving -- starting up the SPP program and moving over some of our podcast videos and podcast to utilize that content to give higher quality into the premium side. And when we do that, we recognize that cost now and premium instead of in advertising. That shift doesn't mean anything on the total company level, but it actually then dampens a bit the margin on the premium side, and improves it on the advertising side. As we started this in quarter one this year, it will come through all through the year and therefore also impact quarter four in the same way.

今年年初，我們宣布了一項重大舉措——啟動 SPP 計劃，並將部分播客影片和播客內容轉移到高級版塊，以利用這些內容為高級版塊提供更高品質的內容。當我們這樣做的時候，我們就能意識到成本和溢價，而不是廣告費用。這種轉變對整個公司層面來說並沒有什麼意義，但實際上會稍微降低高階產品的利潤率，並提高廣告產品的利潤率。由於我們今年第一季就開始實施這項計劃，它將貫穿全年，因此也會以同樣的方式影響第四季。

Our next question is going to come from Jessica Reif Ehrlich on superfan potential. The major record labels have hinted at what's to come for a premium superfan tier. Will this product be created by the major labels for all DSPs? Or will there be a Spotify specific product?

下一個問題將由傑西卡·雷夫·埃爾利希提出，主題是超級粉絲的潛力。各大唱片公司已經暗示了即將推出的高級超級粉絲會員計畫。各大唱片公司會為所有數位訊號處理平台（DSP）開發這款產品嗎？或者會有專門針對 Spotify 的產品嗎？

Hi, Jessica, like I mentioned, in calls -- in previous earnings calls, we keep a very high bar for our products. We simply ship products when they're ready. But what I can tell you really is that we are in deep collaboration with most of the relevant rights holders out there.

嗨，傑西卡，就像我之前提到的，在之前的財報電話會議上，我們對產品的要求非常高。產品準備好後，我們就會立即出貨。但我可以告訴你們的是，我們與大多數相關的版權持有者都保持著深入的合作關係。

Let me also just give you an example of why this is a good strategy, putting add-ons on Spotify on top of our premium subscription. A few months ago, we launched what we call Audiobooks+, which is a recurring option for people to use when they hit the wall of 15 hours in the markets where we have audio books.

我再舉個例子來說明為什麼這是一個好策略，那就是在我們的高級訂閱服務之外，在 Spotify 上添加附加功能。幾個月前，我們推出了 Audiobooks+，這是一個循環播放選項，供那些在有聲書市場中達到 15 小時收聽時長上限的用戶使用。

The uptake on that specific add-on subscription has been really, really good.

該附加訂閱服務的銷售情況非常好。

What's more is that on top of that, users are also buying top-ups. So really, what we're seeing is our ARPU levels that we've never seen before. So we're really encouraged by this as we keep adding -- as we keep launching add-on on other further verticals and as part of ecosystem.

更重要的是，除此之外，用戶還會購買儲值卡。所以，我們現在看到的是前所未有的平均每用戶收入 (ARPU) 水準。因此，我們對此感到非常鼓舞，因為我們將繼續添加——因為我們將繼續在其他垂直領域以及作為生態系統的一部分推出附加元件。

Okay. Our next question or a few questions here from Justin Patterson on AI. What impact do you believe AI will have on the music ecosystem and how does the ChatGPT integration fit into that? And in your collaboration with the labels, you also alluded to building products that create new revenue streams for the industry. Could you expand on what that means for royalties?

好的。接下來，賈斯汀·帕特森將提出幾個關於人工智慧的問題。您認為人工智慧將對音樂生態系統產生怎樣的影響？ ChatGPT 的整合又將如何融入其中？在與唱片公司的合作中，你也曾暗示要打造能夠為產業創造新的收入來源的產品。您能否詳細說明一下這對版稅意味著什麼？

This is Gustav. Thanks, Justin. I'll take that question. There are a couple of questions in here. I'll start sort of at a very high level of what it means.

這是古斯塔夫。謝謝你，賈斯汀。我來回答這個問題。這裡面有幾個問題。我先從它的意義這個非常宏觀的層面入手。

One way to think about -- it means that different things for us. For a consumer, it means a couple of things. First of all, you should expect, in general, recommendations to just get a lot better as the industry, including us, switches to what is called generative recommender systems. These will -- these are using generative AI to understand much more of what the consumer is doing.

一種思考方式－這對我們來說意味著不同的事情。對消費者而言，這意味著兩件事。首先，隨著包括我們公司在內的整個產業轉向所謂的生成式推薦系統，您應該普遍預期推薦效果會大大提升。這些將——這些將使用生成式人工智慧來更好地了解消費者的行為。

One way to think about this is that recommendations are moving from just looking at passive clicks and saves and so forth. We're actually understanding content and understanding you and specifically and very exciting for us, even understanding English. This is why you can talk to the Spotify DJ in English, and it actually understands what you mean and can give you personalized recommendations. And I think if you play that out, what you should expect at a higher level is just much more use of control, what we internally call personalization 2.0, where you can literally talk to Spotify as if it was a person, and it understands your specific base.

對此的一種理解方式是，推薦不再只關注被動點擊和儲存等行為。我們實際上正在理解內容，理解您，尤其令我們非常興奮的是，我們甚至還在理解英語。這就是為什麼你可以用英語和 Spotify DJ 對話，它真的能理解你的意思，並能給你個人化的推薦。我認為，如果你按照這個思路來玩下去，那麼在更高層次上，你應該期待的是更多的控制權，我們內部稱之為個性化 2.0，你可以像和真人對話一樣和 Spotify 對話，它也能理解你的特定用戶群。

So you can tell Spotify that you're actually tired of this specific genre now, and you want to listen to something new that we have never seen in your listening data, so we can never predict it, but you can tell us, this is what you should expect, different level of personalization, different level of user control.

所以你可以告訴 Spotify 你現在已經厭倦了這種特定類型的音樂，你想聽一些我們從未在你的收聽數據中見過的新音樂，所以我們永遠無法預測，但你可以告訴我們，你應該期待什麼，不同的個性化程度，不同的用戶控製程度。

On ChatGPT specifically, this is part of our ubiquity strategy. One way to think about Spotify is that we've always tried to be where the users are. If the users are on Sonos, we're on Sonos, if they're in the car, we're in the car. They're on Google searching for music on Google, and a lot of people are in ChatGPT. So of course, we're going to be in ChatGPT.

具體到 ChatGPT，這是我們普及化策略的一部分。理解 Spotify 的一種方式是，我們始終努力出現在使用者所在的地方。如果使用者使用 Sonos，我們也使用 Sonos；如果他們在車裡，我們也在車裡。他們在谷歌上搜尋音樂，很多人在 ChatGPT 上。所以，我們當然會參加 ChatGPT。

What's exciting about this is that you can do more than on many of the other platforms that we integrated in. The beautiful thing about ChatGPT is that you can combine the power of ChatGPT to understand the world and use cases with Spotify understanding you.

令人興奮的是，與我們在許多其他平台上整合的功能相比，它能做的事情更多。ChatGPT 的妙處在於，它可以將 ChatGPT 理解世界和用例的強大功能與 Spotify 理解用戶的功能結合起來。

So now you can ask for a playlist related to something that happened in the world. But instead of that playlist just being the same for everyone on ChatGPT, it's also going to understand your Spotify user taste and make it personal to you. This combination has never been possible before.

現在你可以點播與世界上發生的大事相關的歌單了。但是，ChatGPT 上的播放清單不會對每個人都一樣，它還會了解你的 Spotify 用戶喜好，並為你量身定製播放清單。這種組合以前從未實現過。

And on your last question of products that we build with the industry, the way we think about this and generative AI for music, is that just as with piracy, we think someone needs to work with the industry and with the artist to make this technology available for them in a legal way where we don't ask for forgiveness, and where artists can actually participate and make money. That's why we're doing this.

關於您最後一個問題，即我們與業界共同開發的產品，我們對音樂生成式人工智慧的看法是，就像盜版一樣，我們認為需要有人與業界和藝術家合作，以合法的方式向他們提供這項技術，這樣我們就不會事後請求原諒，藝術家也能真正參與其中並從中獲利。這就是我們這麼做的原因。

Our next question is from Eric Sheridan on video strategy. Can you discuss the potential implications of your partnership with Netflix for video podcast of the ringer. How does this impact your overall strategy with respect to driving more video consumption on the platform?

下一個問題來自 Eric Sheridan，是關於視訊策略的。您能否談談您與 Netflix 的合作對 Ringer 視訊播客可能產生的影響？這將如何影響您在推動平台視訊消費方面的整體策略？

Good questions, Eric. So at the heart of it is that we believe in being creative first. So what we think is that when the creator wins, we win. And as creators optimized to create their best shows and interviews, which is really what they're focused on, they wanted to syndicate everywhere.

問得好，埃里克。所以，其核心在於我們相信創造力至上。所以我們認為，當創造者成功時，我們也成功了。創作者們致力於打造他們最好的節目和訪談（這才是他們真正關注的），因此他們希望在各地進行聯合發行。

And we believe, of course, in helping them to reach audiences in as many places as possible, which is consistent with our core philosophy on being created first and also, of course, to help them monetize as much as possible.

當然，我們相信應該幫助他們盡可能多地接觸受眾，這與我們以創造為先的核心理念是一致的，當然，我們也希望幫助他們盡可能地實現盈利。

But the partnership with Netflix that you're asking about is really a meaningful opportunity for both of these beliefs and just a natural extension of our ecosystem. And what's more is that we're already seeing some strong interest from creators who want to use Spotify as sort of their distribution hub, if you will.

但您所問的與 Netflix 的合作，對於這兩種理念而言，確實是一個意義非凡的機會，也是我們生態系統的自然延伸。更重要的是，我們已經看到一些創作者表現出濃厚的興趣，他們希望將 Spotify 用作他們的分發中心。

And to your second question, more specifically. Typically, when we have shown that originate on Spotify, we put them on YouTube, historically, that's just been driving even more awareness about the show and were originated. And typically, what we see is just net incremental usage on Spotify coming from that. So very encouraged and very exciting to have this new Netflix partnership being rolled out as we speak.

至於你的第二個問題，更具體地說。通常情況下，當我們在 Spotify 上發布節目時，我們會將它們放到 YouTube 上。從歷史上看，這樣做只會進一步提高人們對節目及其原創內容的認知度。通常情況下，我們看到的只是 Spotify 由此帶來的淨增量使用量。非常令人鼓舞和興奮的是，我們與 Netflix 的這項全新合作正在逐步推出。

Next question from Rich Greenfield on premium conversion. In your Instagram post, Gustav mentioned that free users liked the recent upgrades to their free functionality, have you seen any changes to the rate of upgrade from free to premium as a result?

下一個問題來自 Rich Greenfield，關於高級會員轉換率。Gustav 在你的 Instagram 貼文中提到，免費用戶喜歡最近對其免費功能的升級，你是否觀察到因此導致從免費用戶升級到高級用戶的比例發生了任何變化？

Thank you, Rich. Yeah, we are excited by all the features we launched, and we hope several of you are excited about specifically the Apple TV features as well. What we see is indeed more usage. And the way to think about Spotify is that you have a few proxies for what is ultimately retention and subscription value. And it is more usage and specifically, more usage, more days of the month, which we call active days.

謝謝你，里奇。是的，我們對推出的所有功能都感到非常興奮，也希望你們中的許多人同樣對 Apple TV 的功能感到興奮。我們看到的確實是使用量增加了。看待 Spotify 的方式是，你可以用一些指標來衡量最終的用戶留存率和訂閱價值。而且使用量更大，具體來說，使用量越大，一個月中的活躍天數就越多，我們稱之為活躍天數。

And so what we try to optimize for is more engagement per day, but specifically also more days per month. And we know over time that this simply leads to more conversion.

因此，我們努力優化的目標是提高每日參與度，但更具體地說，是提高每月參與天數。我們知道，隨著時間的推移，這必然會帶來更高的轉換率。

In fact, we called the phrase many years ago that is -- that says the more you play, the more you pay eventually, which is why we always try to maximize engagement, both in the free tier and in the pay tier. So we are very certain that this will go the way it's always gone. People are using the service more, which is going to create more good news for us, both free and paid in the future.

事實上，我們多年前就提出了這個說法——也就是說，你玩得越多，最終付的錢就越多，這就是為什麼我們總是努力最大限度地提高用戶參與度，無論是在免費層還是付費層。所以我們非常肯定，這件事會像以往一樣發展下去。人們越來越多地使用這項服務，這將為我們帶來更多好消息，無論是在未來的免費服務還是付費服務中。

We got another question from Jessica Reif Ehrlic this time on the leadership transition. Gustav and Alex, as you prepare to take over as co-CEOs in January, what are you most excited about in your respective areas?

這次傑西卡·雷夫·埃爾利克向我們提出了一個關於領導層過渡的問題。Gustav 和 Alex，你們即將於 1 月接任聯合 CEO，在你們各自的領域中，你們最興奮的是什麼？

Thanks for that, Jessica. I'll start, Gustav then you can turn in. I'm honestly really excited because I know that the ambition level is going up. And this has been the case. We've always had an increasing ambition level at Spotify.

謝謝你，潔西卡。我先開始，古斯塔夫，然後你可以交班了。說實話，我真的很興奮，因為我知道大家的雄心壯志正在不斷進步。事實的確如此。Spotify 一直以來都擁有不斷提升的雄心壯志。

And we have this just amazing platform. The user fundamentals are really firing on all cylinders. Daniel spoke to this in his remarks. With that, we sort of have -- and we have the three verticals that we have out there right now, all of which are producing results.

我們擁有這樣一個非常棒的平台。使用者基礎功能真的發揮得淋漓盡致。丹尼爾在演講中也談到了這一點。由此，我們目前擁有三個垂直領域，而這些領域都取得了成果。

And so we really have a platform to stand on that we can leverage to fulfill these new ambitions. And as you heard us talk about before, we now hit roughly 3% of the world's population, 3% of the world's population is subscribing to Spotify on a recurring basis.

因此，我們確實擁有一個可以依靠的平台，可以利用這個平台來實現這些新的目標。正如我們之前提到的，現在全球約有 3% 的人口訂閱了 Spotify 的定期服務。

Every month they come back. And with these three verticals, really have like a very expansive TAM. We believe that most of the people in the world are interested in music, most of the people in the world are interested in even the more expansive stuff like books and podcasts and video on top of that.

他們每個月都回來。憑藉這三個垂直領域，我們擁有非常廣泛的潛在市場。我們相信，世界上大多數人都對音樂感興趣，而且世界上大多數人也對書籍、播客和影片等更廣泛的內容感興趣。

So this just puts us in a very good position to fulfill this new ambition of getting to 1 billion subscribers.

因此，這使我們處於非常有利的位置，可以實現用戶數量達到 10 億的新目標。

So I'll fill in. And in a way, nothing has changed in terms of why I'm excited. But in a way, some things are actually new. So I've managed to be excited about Spotify for over 17 years. And the reason I've been excited about Spotify 17 years, it's still the same, which is what Daniel mentioned initially that if you just look at the opportunity, music, specifically, but also podcast and books and music specifically, is probably the single biggest TAM you can find.

那我就來補充一下。從某種意義上說，我感到興奮的原因並沒有改變。但從某種意義上來說，有些東西確實是新的。所以，我對 Spotify 的熱情已經持續了 17 年。17 年來我一直對 Spotify 感到興奮的原因至今未變，正如 Daniel 最初提到的那樣，如果你仔細觀察音樂，尤其是播客和書籍，你會發現，音樂和書籍的結合可能是你能找到的最大的潛在市場。

I think it's even bigger than social networking or anything. There's no one in the world that really doesn't like music at all. So it is the sort of the biggest TAM you can participate in. And that's been the case for a long time.

我覺得它甚至比社交網路或其他任何東西都更重要。世界上根本沒有完全不喜歡音樂的人。所以這是你能參與的最大型TAM之一。這種情況已經持續很久了。

But what is specifically exciting for me right now is that we are in one of these big macro shifts, the AR macro shift. That is -- I've said this before, but it's for me, certainly the most exciting since the smartphone came along. And so if you look at those two together, when you enter one of these macro shifts, what you know from a product point of view, and I'm a product guy, you're going to get to re-innovate things and things are going to change.

但我現在特別興奮的是，我們正處於一次巨大的宏觀轉變之中，即 AR 宏觀轉變。也就是說——我以前說過，但對我來說，這絕對是智慧型手機出現以來最令人興奮的事情。因此，如果你把這兩件事放在一起看，當你進入這些宏觀轉變之一時，從產品的角度來看（我是產品經理），你將有機會重新創新，事物將會改變。

You kind of want to be in a position where the TAM is really big, you have a strong healthy company with a lot of talented people behind you. So that's exactly where I find myself right now. That's why I'm excited.

你肯定希望自己所處的位置是：市場規模非常大，公司實力雄厚且營運健康，背後有很多才華洋溢的人。這就是我現在所處的境地。這就是我感到興奮的原因。

We've got a related question from Justin Patterson on time spent. You've often talked about a TAM in the billions of users. How do you think about the time spent opportunity for music and non-music content given new categories like audio books that have been additive to listening hours?

賈斯汀·帕特森也提出了一個關於時間花費的相關問題。你經常提到TAM（潛在市場規模）以數十億用戶為單位。您如何看待人們在音樂和非音樂內容上花費的時間，以及有聲書等新類別如何增加人們的收聽時間？

Yeah, Justin. So I think much of it has been said already by both Gustav and Alex around the TAM and the opportunity. But I guess maybe to take a step back in what I think is more important, like what is the superpower of this company? I think the super power of this company is really into mix between building great product experiences and figuring out how to monetize those product experiences at a level which is different from almost any other platform because the reality is we deal with a lot of professional content where there's an expectancy for us to figure out monetization from the start. It's not something we can wait for to figure out in a few years.

是的，賈斯汀。所以我覺得古斯塔夫和亞歷克斯已經就TAM和機會談了很多了。但我想，或許應該退後一步，思考更重要的事情，例如這家公司的超能力是什麼？我認為這家公司的真正實力在於，它能夠將打造卓越的產品體驗與如何將這些產品體驗變現結合起來，這與其他平台幾乎截然不同，因為現實情況是，我們處理的是大量專業內容，而客戶期望我們從一開始就能找到變現的方法。這不是我們可以等幾年後再去解決的問題。

So that's really the super power of this company. And when you then look at that from a TAM, not necessarily in numbers of users, but in time spent, it turns out that there's all of this amazing content that's out there.

這就是這家公司真正的超能力。當你從TAM（潛在市場規模）的角度來看這個問題時，不一定是用戶數量，而是用戶花費的時間，你會發現有很多非常棒的內容。

All of these amazing experiences that are out there that for whatever reason may not yet be at a user experience that is attractive to people or at a price point that makes it accessible to people. And when you think about Spotify, that's really been at the intersection where we've been innovating.

所有這些令人驚嘆的體驗，由於各種原因，可能還沒有達到吸引人們的用戶體驗，或者價格還沒有達到人們負擔得起的水平。而當你想到 Spotify 時，你會發現我們一直在創新，而這正是我們不斷突破的瓶頸。

I think not only did we do that for music, not only did we do that for podcasting, but I think with audio books, that's certainly been our bet too, which is we just think that there is a lot more people that cares about audio books than what the market was showing at the time.

我認為我們不僅在音樂領域做到了這一點，不僅在播客領域做到了這一點，而且在有聲讀物領域，我們也肯定做出了同樣的判斷，那就是我們認為，真正關心有聲讀物的人比當時市場所顯示的要多得多。

And that's part user experience and it's part business model.

這既關乎使用者體驗，也關乎商業模式。

Now it turns out that there's plenty of other things out there that has considerable time spent that also doesn't necessarily have the right user experience nor the right business model. And when you add AI to the mix of that, -- there's -- that's a foundational technology that's going to be enable totally new user experiences and business models, too.

現在看來，還有很多其他東西雖然花了大量時間，但不一定具備合適的使用者體驗或合適的商業模式。而當人工智慧融入其中時，它將成為一項基礎性技術，帶來全新的使用者體驗和商業模式。

And we're really excited about it. And I think when you look at sort of the AI world at the moment, of course, it's the foundational models and you have the sort of core assistant models that are doing incredibly well. But we aren't yet seeing a lot of these entirely new consumer experiences in AI having massive traction.

我們對此感到非常興奮。我認為，當你審視目前的人工智慧領域時，當然，最關鍵的是基礎模型和核心輔助模型，它們的表現非常出色。但我們尚未看到人工智慧領域中這些全新的消費者體驗獲得廣泛認可。

But we think that there will be over the coming years, and we think we have the opportunity of being a net beneficiary of that.

但我們認為未來幾年將會出現這種情況，而且我們認為我們有機會成為其中的淨受益者。

Our next question is from Rich Greenfield on advertising. Looking at a two-year stack of advertising revenue growth, FX-neutral, you've decelerated from 31% in the third quarter of 2024 to 7% in the third quarter of 2025. And you've repeatedly talked to softness in pricing over the past several quarters. How do you return to robust ad growth?

下一個問題來自 Rich Greenfield，是關於廣告方面的。從兩年的廣告收入成長來看（不考慮匯率因素），成長率已從 2024 年第三季的 31% 放緩至 2025 年第三季的 7%。在過去的幾個季度裡，您多次提到價格疲軟的問題。如何才能重回強勁的廣告成長軌道？

Thank you, Rich, for the question. And let me start, Christian here, and then I hand over to you, Alex, if you want to pitch in something. I -- you are completely right. I mean, we have a like-for-like single-digit growth now a mid-single-digit growth now in the quarter three. And we came from a much better position before when it came to growth levels.

謝謝里奇的提問。讓我先開始，我是克里斯蒂安，然後把麥克風交給你，亞歷克斯，如果你想發言的話。我——你說得完全正確。我的意思是，我們現在第三季的同店銷售額實現了個位數成長，或者說是中等個位數成長。而在此之前，我們的成長水準要好得多。

We did set a new long-term strategy that we believe in, and we are very confident that we will succeed with. It's not if, it's when.

我們制定了一項我們深信不疑的全新長期策略，並且我們非常有信心能夠取得成功。這不是會不會發生的問題，而是何時發生的問題。

We came out in quarter two and expressed the progress and said that we were a little bit behind, and we need a little bit more time, but we do see really good progress on the programmatic side. And the question is when that programmatic side is then growing so much in amount that it compensates for the direct sales.

我們在第二季公佈了進展情況，並表示我們稍微落後了一點，需要更多的時間，但我們確實在程序化方面取得了非常好的進展。問題是，程序化購買的金額何時才能成長到足以彌補直接銷售的損失。

And that needs then a little bit more of the DSPs. Now we have Amazon and Yahoo coming on board in quarter three and to be on board and add value. And then also the customers to shift more into the programmatic sales.

這就需要更多的數位訊號處理器（DSP）。現在，亞馬遜和雅虎將在第三季加入我們，他們的加入將為我們帶來價值。此外，客戶也會更轉向程序化銷售。

And that is progressing well, but the inflection point is a little bit further out than we expected before quarter two. But as I said in my remarks also, we see that we are expecting to be back on the growth that we want in the second half of 2026.

進展順利，但拐點比我們在第二季之前預期的要晚一些。但正如我在演講中所說，我們預計在 2026 年下半年將恢復到我們想要的成長水準。

I don't know if you want to add something there, Alex.

我不知道你是否想在那裡補充些什麼，亞歷克斯。

Rich, my friend, I'll add something to this. So when it comes to ad sales, it's a question of when, not if it's going to happen, right? We remain confident in the long-term strategy that we put in place, and I'm seeing that the dynamics really are improving to Christian's earlier points.

Rich，我的朋友，我再補充一點。所以，就廣告銷售而言，問題在於何時發生，而不是是否會發生，對吧？我們仍然對我們制定的長期策略充滿信心，而且我看到情況確實在朝著克里斯蒂安之前指出的方向發展。

So it's not -- while it's not just showing up in the top line, we are making progress. As you can see in the deck that we sent out -- the transformation of the ads business is really growing, in particular, in the new auction channels or biddable channels.

所以，雖然目前還沒有完全體現在業績上，但我們正在取得進步。正如您在我們發出的簡報中所看到的——廣告業務的轉型正在蓬勃發展，尤其是在新的競價管道或可競價管道中。

And in Q3, we signed new DSP partnerships with Amazon and Yahoo. We also gave advertisers programmatic access to not just our audio inventory, but also our growing video inventory. So we are pushing hard to build for the long term. While these changes will take some time, I do believe they will yield significant results in the years ahead.

第三季度，我們與亞馬遜和雅虎簽署了新的DSP合作夥伴關係。我們也為廣告主提供了程式化購買管道，不僅可以購買我們的音訊廣告資源，還可以購買我們不斷成長的影片廣告資源。因此，我們正在努力進行長期發展規劃。雖然這些改變需要一些時間，但我相信它們將在未來幾年產生顯著的效果。

All right. Our next question comes from Deepak Mathivanan on price increases. Can you talk about the elasticity and consumer behavior you're seeing after recent price increases in markets like Australia, where the magnitude was slightly higher? And what does it inform about potential in markets such as the US?

好的。下一個問題來自 Deepak Mathivanan，是關於物價上漲的問題。您能否談談在澳洲等近期價格上漲的市場（漲幅略高）中，您所觀察到的價格彈性和消費者行為？那它對美國等市場的潛力有何啟示呢？

Deepak, as you know, we don't discuss elasticity and specifics when it comes to pricing. What I can tell you, and I want to reiterate is that price increases are part of our strategy. You've seen this over the last couple of years. And of course, we will continue to do so, but in a thoughtful way. And this is always based on a number of different factors.

Deepak，你知道，在定價方面，我們不討論彈性以及具體細節。我可以告訴大家，而且我想再次強調的是，漲價是我們策略的一部分。在過去幾年裡，你已經看到了這種情況。當然，我們還會繼續這樣做，但會以一種深思熟慮的方式。而這始終取決於許多不同的因素。

The important thing is that we're committed to pricing that reflects the value that we provide. And as we've talked about many times, Daniel mentioned it earlier, we've mentioned the B2P ratio that we want to balance over time and we will act on the time is right for each specific market, and we'll do it at the appropriate price based on those market dynamics.

重要的是，我們致力於提供與我們所提供價值相符的定價。正如我們多次討論過的，丹尼爾之前也提到過，我們提到我們希望隨著時間的推移平衡 B2P 比率，我們將根據每個特定市場的合適時機採取行動，並根據這些市場動態以適當的價格進行操作。

Our next question comes from Benjamin Black on our label relationships. You've now struck deals with all major labels from a high level, what do you think you've achieved? What added rights or added flexibility do you have? Do you still have the flexibility to pursue your non-music bundling strategy?

下一個問題來自 Benjamin Black，關於我們與唱片公司的關係。你現在已經與所有主要唱片公司達成了高層協議，你認為你已經取得了哪些成就？您享有哪些額外權利或額外彈性？您是否仍有彈性來推行您的非音樂捆綁銷售策略？

Benjamin, typically, we don't discuss the specifics of these partners, but I want at this time, actually give you a little bit more color. As you may have heard, we're about to conclude another renewal round with all of our partners. And this is a very significant moment for us. For the first time in our history, we've got new modernized deals in place with all of the top five US publishers.

班傑明，通常我們不會討論這些合作夥伴的具體情況，但此時我想給你更多細節。您可能已經聽說，我們即將與所有合作夥伴完成新一輪續約。這對我們來說是一個非常重要的時刻。這是我們歷史上第一次與美國前五大出版商達成新的現代化協議。

Now these are new structures, they're true win-win deals that we built to address the core objective for both sides. And for our publishing partners, these agreements better recognize the value that songwriters create across our different offerings.

這些都是全新的架構，是我們為了實現雙方的核心目標而建構的真正雙贏協議。對於我們的出版合作夥伴而言，這些協議更能體現了詞曲作者在我們不同產品中所創造的價值。

For Spotify to your specific question here, is deals secure broader video rights that we've long needed. This was a critical strategic objective for us, because it unlocks our ability to innovate and launch more products and features that you've seen us rolling out, which in turn grows the entire pie for everyone. And it just positions us to make continued progress towards our longer-term business goals.

針對您提出的具體問題，Spotify 的這些交易是否能確保我們長期以來所需的更廣泛的影片版權？這對我們來說是一個至關重要的策略目標，因為它釋放了我們創新和推出更多產品及功能的能力，而這些產品和功能你們已經看到了，這反過來又讓每個人都能從中受益。這使我們能夠繼續朝著長期業務目標邁進。

I'm super excited to just expand these partnerships with the wider industry as well as we focus on building a great future for music.

我非常興奮能夠拓展與更廣泛產業的合作關係，同時我們也致力於為音樂打造一個美好的未來。

All right. Our next question is going to come from Eric Sheridan on a follow-up on the advertising. Can you discuss the forward path, the revenue growth and gross margin trajectory for your ad-supported efforts? How much is the current advertising environment weighing on your third quarter reported revenue growth? And how do your new partnerships on the DSP side set the operation up for growth in 2026?

好的。接下來，我們將請 Eric Sheridan 就廣告方面的後續問題提問。能否談談貴公司廣告支援業務的未來發展方向、收入成長和毛利率走勢？目前的廣告環境對貴公司第三季公佈的營收成長有多大影響？那麼，您在 DSP 方面的新合作關係將如何為 2026 年的業務成長奠定基礎？

Just let me go back a little bit to the answer we just gave, Eric. First of all, on the margin side, as I elaborated in our first question today, the advertising business is actually benefiting from the move of SPP into the premium side, and that will continue through quarter four. So starting quarter one, we won't have that year-on-year benefit on the advertising margin.

艾瑞克，讓我稍微回顧一下我們剛才的回答。首先，就利潤率而言，正如我在今天的第一個問題中詳細闡述的那樣，廣告業務實際上受益於 SPP 向高端市場的轉型，這種情況將持續到第四季度。因此，從第一季開始，我們將無法再享受廣告利潤率年增率帶來的好處。

And when it goes to the revenue side, I mean, and getting all these things in place, one of many things that we do this year to improve and drive the advertising revenue is to bring up the auction-based revenue. And you see that, and Alex alluded to that, you can see that in our slides that it is actually growing healthy.

至於收入方面，我的意思是，在把所有這些事情都落實到位之後，我們今年為改善和推動廣告收入所做的眾多事情之一就是提高基於競價的收入。你可以看到，Alex 也提到了這一點，你可以從我們的幻燈片中看到，它實際上生長得很健康。

And it's more when that inflection point comes when that growth actually surpasses the flatness or a slight decline we have in the direct sales. We are not so much focused on the current ad environment because we have so much momentum in this transformation. So we feel very positive about with current situation that we will get into a healthy growth then in the second half of 2026.

更重要的是，當成長真正超過直銷的平穩或略微下降的水平時，就會出現拐點。我們並不太關注當前的廣告環境，因為我們在這場變革中勢頭強勁。因此，我們對目前的情況感到非常樂觀，相信在 2026 年下半年我們將進入健康增長期。

Our next question comes from Michael Morris video strategy. You've described video as a very exciting opportunity. In October, you agreed to license 16 of your own video podcast to Netflix. How will this partnership enhance your video growth ambitions? And is there risk that Spotify engagement declines or that Netflix builds its own competitor over time?

我們的下一個問題來自邁克爾莫里斯的視頻策略。您曾將視訊領域描述為一個非常令人興奮的機會。10 月份，你同意將你自己的 16 個視訊播客授權給 Netflix。此次合作將如何助力您實現視訊業務成長目標？Spotify 的用戶參與度是否有下降的風險？或者隨著時間的推移，Netflix 是否有可能打造出自己的競爭對手？

Thanks, Michael. This is Gustav. I'll start here. As you said, we are indeed very excited about video podcast and SPP has driven significant interest from the credit community, and we now have as 500,000 video podcast and those on our platform and as you heard Alex mention, we're seeing meaningful uptake more than -- almost 400 million, 390 million users stream the video podcast on Spotify, which is a 54% increase year-over-year. So this is really working for us.

謝謝你，麥可。這是古斯塔夫。我就從這裡開始。正如您所說，我們對視訊播客確實感到非常興奮，SPP 也引起了信貸界的極大興趣，我們現在擁有 50 萬個視訊播客，正如您聽到 Alex 提到的，我們看到了顯著的增長——超過 4 億，3.9 億用戶在 Spotify 上收聽視訊播客，同比增長 54%。所以這對我們來說真的很有效。

The way to think about this is that we are building our experience better all the time on mobile, but also as we talked about on TV sets. But if you think of this from a creative point of view, this gives us the ability to give creators a tremendous opportunity. This is a choice for creators. We don't decide for them where they want to be. They can be on Spotify and any other platform.

理解這一點的方法是，我們一直在努力提升行動裝置上的使用者體驗，就像我們在電視機上所做的那樣。但從創作的角度來看，這賦予了我們為創作者提供巨大機會的能力。這是創作者的選擇。我們不會替他們決定他們想去哪裡。它們可以在 Spotify 和任何其他平台上播放。

But now we can offer the creators the opportunity to be on Spotify, but also get distribution on Netflix, which is ultimately very good for podcasters, and it also gives us revenue opportunities.

但現在我們不僅可以為創作者提供在 Spotify 上發佈內容的機會，還可以讓他們在 Netflix 上進行分發，這對播客主來說最終是非常有利的，同時也為我們帶來了收入機會。

This is the way to think about it. It's part of our ubiquity strategy, and it's really important that while we build a good user experience, we also need to have a very strong creative offer. So this is -- as civilly strengthened our creative offering, which is why we're seeing this growth while more and more creators want to be on Spotify with their video.

可以這樣思考。這是我們普及策略的一部分，在打造良好使用者體驗的同時，我們也需要提供非常強大的創意產品，這一點非常重要。因此，隨著越來越多的創作者希望在 Spotify 上發布他們的視頻，我們的創意產品也得到了加強，因此我們看到了這種增長。

Got a related question from Rich Greenfield on the TV opportunity. We recently saw you updated your Apple TV app to make it far more video focused. How significant is TV-based usage to Spotify today as a percentage of overall usage? And how does it play into your video advertising aspirations?

Rich Greenfield 也問了我一個關於電視節目機會的相關問題。我們最近看到您更新了 Apple TV 應用程式，使其更加專注於視訊播放。目前，電視用戶對 Spotify 的使用量佔其總使用量的百分比是多少？它如何融入你的影片廣告願景？

Thanks, Richard. So back out, the reason we are building our TV experience is that it's part of a ubiquity strategy. What we've seen at time and time again, and Alex has talked about this as well is, as soon as you start using Spotify in more situations, whether that's in the car, on desktop on the TV, your usage goes up, your time spent, your active days per month goes up and your retention goes up. So at the core of it, this is part of our retention and ubiquity strategy.

謝謝你，理查。所以，我們建構電視體驗的原因是，這是我們普及化策略的一部分。我們已經一次又一次地看到，Alex 也談到過這一點，一旦你開始在更多情況下使用 Spotify，無論是在車裡、電腦上還是電視上，你的使用量、花費的時間、每月活躍天數和用戶留存率都會增加。所以從本質上講，這是我們用戶留存和普及策略的一部分。

Now in terms of the opportunity, we think that we see really exciting engagement metrics. We're very happy with the usage, and we think we have plenty of room to grow in terms of users. So we're very excited about the usage, and we think we have a lot of room to grow on the amount of users.

就機會而言，我們認為我們看到了非常令人興奮的參與度指標。我們對目前的使用情況非常滿意，並且認為在使用者數量方面還有很大的成長空間。我們對目前的使用情況感到非常興奮，並且認為使用者數量還有很大的成長空間。

Now this obviously also helps advertising, but it's not the core reason we're doing it. The core reason is because ubiquity drives engagement that drives retention for us.

當然，這也有助於廣告宣傳，但這並不是我們這樣做的核心原因。根本原因在於，普及性能夠提升用戶參與度，進而提升用戶留存率。

And on a specific note, we heard your complaints on the Apple TV app. So we hope you're happy, Rich. You can now use the new app.

另外，我們收到了您對 Apple TV 應用程式的投訴。所以我們希望你過得開心，里奇。現在您可以開始使用這款新應用程式了。

Okay. We've got another question from Michael Morris on pricing. You recently raised prices in bundled service markets such as Australia and the UK. The increases in Australia were larger on a percentage basis than those in the UK, Why were the UK changes smaller? And do you expect future price increases to more closely look like those in Australia or those in the UK?

好的。麥可·莫里斯又問了一個關於定價的問題。您最近提高了澳洲和英國等捆綁服務市場的價格。澳洲的成長幅度（以百分比計算）大於英國，為什麼英國的成長幅度較小？您認為未來的物價上漲趨勢會更接近澳洲還是英國？

Thanks, Michael. So we -- when we adjust prices in markets, we take into consideration a number of different factors. We look at things like household income. We look at things like maturity of the market. We look at things like specific value to price ratio, if there is a specific different offering in that market.

謝謝你，麥可。因此，我們在調整市場價格時，會考慮許多不同的因素。我們會考察家庭收入等因素。我們會考察市場成熟度等因素。我們會檢視諸如性價比之類的因素，以及市面上是否有與眾不同的產品。

And all of this we take into account and when the timing is right, we do it and we do it in a magnitude that's right for that market.

我們會將所有這些因素考慮在內，當時機成熟時，我們會採取適合該市場的規模。

All right. We've got time for a few more questions. I got a follow-up one from Deepak Mathivanan. Gustav, AI models are getting much better in formats like video and audio. As a platform, do you see opportunity for Spotify to help artists with AI tools for their music creation process?

好的。我們還有時間再回答幾個問題。我收到了來自迪帕克·馬蒂瓦南的後續問題。Gustav，人工智慧模型在視訊和音訊等格式方面越來越好用了。作為一個平台，您認為Spotify是否有機會利用人工智慧工具幫助藝術家進行音樂創作？

Can you talk about Spotify's strategy to enable AI tools for creators?

能談談Spotify如何提供創作者人工智慧工具嗎？

Thanks, Deepak. So certainly we do, and this is what I mentioned previously, when we talked about the industry initiatives. What we think is important is that someone does this in a way where artists in the music industry can get to participate and to choose if they want to use these tools. There's obviously a lot of excitement, but also a lot of fear around these tools. So we are trying to be the ones who do this responsibly.

謝謝你，迪帕克。當然，我們確實有這方面的內容，這也是我之前在談到產業舉措時提到的。我們認為重要的是，要有人以一種讓音樂產業的藝術家能夠參與並選擇是否使用這些工具的方式來做這件事。顯然，人們對這些工具既感到興奮，也感到恐懼。所以我們正在努力成為負責任地做這件事的人。

And we're very excited about that. I don't want to talk more about the specific at this time, but that's what we're trying to do. But it's also important to remember that it's not only for music. We think AI tools are also very helpful for podcasters and for authors. So we want to help all creators with these kinds of tools.

我們對此感到非常興奮。我現在不想談論更多細節，但這正是我們正在努力的方向。但同樣重要的是要記住，它不僅適用於音樂。我們認為人工智慧工具對播客主播和作家也很有幫助。所以我們希望透過這類工具幫助所有創作者。

Our next question is from Batya Levi on engagement. Can you talk about the impact on engagement and conversion to paid from the enhancements added to the free tier? How should we think about impact on margins and monetization opportunities down the road?

下一個問題來自 Batya Levi，關於訂婚。您能否談談免費版新增功能對用戶參與度和付費轉換率的影響？我們該如何看待未來利潤率和獲利機會受到的影響？

Thanks, Batya. First of all, the process is working. We're taking share even in the most competitive markets. And as you kind of asked, he becomes a mini sermon on subscriptions growth for me to you. So the key to subscriptions growth is really a strong funnel.

謝謝你，巴蒂亞。首先，這個過程是有效的。即使在競爭最激烈的市場中，我們也正在搶佔份額。正如你所問的，他對我來說就像是在跟你講一堂關於訂閱成長的小課。所以，訂閱成長的關鍵在於打造一個強大的轉換漏斗。

And to build a strong funnel, they need really three things. One is, of course, engagement, and we've talked about that earlier in the call. And our engagement, the listening hours in Spotify and also the active days that Gustav spoke to, they're growing. And they're growing, thanks to the numerous product launches that we have. This means that we keep people on the platform, which is, again, very important for a strong funnel.

要建立一個強大的銷售漏斗，他們真正需要三樣東西。當然，其中之一是參與度，我們之前在電話會議中已經討論過這一點。我們的用戶參與度、Spotify 上的收聽時間以及 Gustav 提到的活躍天數都在成長。而且，由於我們推出了許多新產品，他們的用戶數量還在不斷增加。這意味著我們可以讓用戶留在平台上，這對於建立強大的銷售漏斗來說非常重要。

And the second thing that's important is that when we adjust prices, when you raise prices, you need minimal churn, and that's also what we're seeing. Third of all, and then to your point, as is question is about intake or healthy subscriptions growth, you need a good replenishment of MAU and as you can hear us talk about this quarter, that really is the standout number.

第二點也很重要，那就是當我們調整價格，也就是提高價格時，我們需要盡可能減少客戶流失，而這正是我們目前所看到的。第三，回到你剛才提到的，既然問題是關於用戶增長或健康的訂閱用戶增長，那麼你需要良好的每月活躍用戶數補充，正如你從我們本季度的討論中聽到的那樣，這確實是一個突出的數字。

Our MAU is increasing to higher levels than we expected. And as MAUs grow, we also see engagement grow. And as the engagement of the MAUs grow, we typically see much higher levels of conversion.

我們的每月活躍用戶數成長超過了預期。隨著每月活躍用戶數的成長，我們也看到用戶參與度不斷提高。隨著每月活躍用戶 (MAU) 的參與度提高，我們通常會看到轉換率大幅提升。

Every time that we have made a change to the free product, and it's generated more MAU in the history of Spotify, it's led to more business growth down the line. So we just have to trust the funnel.

Spotify 歷史上，每次我們對免費產品進行更改，如果能帶來更多月活躍用戶 (MAU)，那麼後續的業務成長也會隨之而來。所以，我們只需要相信銷售漏斗模型就行了。

Our last question today is going to come from Jason Bazinet. You've taken some price increases in a few markets, but the price gap between Spotify and rivals varies by market, and you talk about your philosophy regarding price increases and specifically, what metrics give you more confidence to price the service well above versus just above your competitors?

今天最後一個問題來自傑森·巴齊內特。你們在一些市場提高了價格，但Spotify與競爭對手之間的價格差距因市場而異，你們談到了你們關於提價的理念，特別是，哪些指標讓你們更有信心將服務價格定得遠高於競爭對手，而不是僅僅高於競爭對手？

Thanks, Jason. Well, the answer is sort of embedded in a part of your question here. We pay attention to competition. But while we pay attention, the most attention to is obviously our own offering. And we care a lot about the value to price ratio.

謝謝你，傑森。答案其實就隱含在你的問題的一部分。我們關注競爭。但是，在我們關注的範圍內，最關注的顯然是我們自己的產品和服務。我們非常重視性價比。

You've heard Gustav talk about how we've shipped much faster in this last quarter. There's more than 30 product -- 30 features that's been shipped in the product, and users are loving it, right? So the important thing for us is just keep continuing to improve the value to price ratio, meaning raising value and relentlessly just build the best product out there.

你們都聽古斯塔夫說過，我們上個季度的出貨速度快了很多。該產品已推出 30 多項功能，用戶都很喜歡，對吧？所以對我們來說，最重要的是不斷提高性價比，也就是不斷提升價值，堅持不懈地打造市面上最好的產品。

The best product will always win. And then when we look at our product and the value that it reflects, we will then take steps to understand if we need to adjust the price or not. And again, like I said many times before, it's based on specific market dynamics.

最好的產品總會勝出。然後，當我們審視我們的產品及其所體現的價值時，我們將採取措施來了解是否需要調整價格。而且，就像我之前多次說過的那樣，這取決於具體的市場動態。

And some of the things that give us confidence is, as we've said many times, engagement they spend per month where we know that we are well ahead of our competitors.

而讓我們充滿信心的因素之一，正如我們多次提到的，是他們每月投入的互動時間，我們知道我們在這方面遠遠領先於競爭對手。

Maybe just an addition from my side, too, right? I think implied in the question is that perhaps there's a comparison of music to music competitors. But in many markets where we act now, Spotify is not just a music service anymore. It is a music podcast and audio books service. In some markets, we haven't yet gotten to with our audio books offering.

或許我也可以補充一點，對吧？我認為這個問題暗示的是，或許是在將音樂與音樂競爭對手進行比較。但在我們目前開展業務的許多市場中，Spotify 已不再只是一項音樂服務。這是一個音樂播客和有聲讀物服務平台。在某些市場，我們還沒有推出有聲書服務。

So as you look at our pricing, we are factoring in the value, not just in music, but in all of the verticals that we act as well. And I think this is an important addition to add because in a lot of the markets, their perception of what Spotify is, it's just very different than what it is in other markets as well.

因此，當您查看我們的定價時，我們不僅考慮了音樂的價值，還考慮了我們所涉足的所有垂直領域的價值。我認為這是一個重要的補充，因為在許多市場，人們對 Spotify 的看法與其他市場截然不同。

All right. Great. Thanks, everyone, for the questions. That concludes the Q&A session today. I want to hand the floor back over to Daniel for some closing remarks.

好的。偉大的。謝謝大家的提問。今天的問答環節到此結束。我想把發言權交還給丹尼爾，讓他做些總結發言。

All right. Thanks, Bryan. Well, I think the headline here is quite simple. The business is healthy. We're shipping faster than ever, and we have all the tools we need.

好的。謝謝你，布萊恩。我覺得這篇報道的標題很簡單。企業營運狀況良好。我們的出貨速度比以往任何時候都快，而且我們擁有所需的一切工具。

We have pricing, product innovation, operational leverage and eventually the ads turnaround to deliver both revenue growth and profit expansion.

我們擁有定價、產品創新、營運槓桿，最終也將扭轉廣告局面，以實現營收成長和利潤擴張。

I said earlier, it all comes back to user fundamentals, and that's where we are 700 million users who keep coming back, engagement at all-time highs, we're building Spotify for the long term. And as I transition to Executive Chairman, I couldn't be more confident in what's ahead.

我之前說過，一切都歸結於用戶基本面，而我們現在擁有 7 億用戶，他們不斷回訪，用戶參與度達到歷史新高，我們正在為長遠發展打造 Spotify。在我過渡到執行主席職位之際，我對未來充滿信心。

Alex and Gustav have been instrumental in getting us here, and I'm excited to watch them take Spotify to the next level. Thank you, everyone, for joining today.

Alex 和 Gustav 對我們取得今天的成就功不可沒，我很高興看到他們帶領 Spotify 邁向新的高度。謝謝大家今天的參與。

Okay. And that concludes today's call. A replay will be available on our website and also on the Spotify app under Spotify earnings call replays. Thanks, everyone, for joining.

好的。今天的電話會議到此結束。本次電話會議的重播將在我們的網站上提供，也可以在 Spotify 應用程式的「Spotify 財報電話會議重播」版塊中找到。謝謝大家的參與。

And this concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。