Spotify Technology S.A. (SPOT) 2026 Q3 法說會逐字稿

Good day, and welcome to Spotify's third quarter 2026 earnings call and webcast. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Bryan Goldberg, Head of Investor Relations. Thank you. Please go ahead.

各位好，歡迎收看 Spotify 2026 年第三季財報電話會議與網路直播。(操作員指示) 提醒各位，本次電話會議將被錄音。現在我想把電話交給投資人關係主管 Bryan Goldberg。謝謝。請開始。

All right. Thanks, operator, and welcome to Spotify's third-quarter 2026 earnings conference call. Joining us today will be our Co-CEOs, Alex Norström and Gustav Söderström; and our CFO, Christian Luiga. We'll start with opening comments from the team, and afterwards, we'll be happy to answer your questions. (Event Instructions)

好的。謝謝，操作員，也歡迎各位參加 Spotify 2026 年第三季財報電話會議。今天與會者包括我們的共同執行長 Alex Norström 與 Gustav Söderström，以及財務長 Christian Luiga。我們將先由團隊進行開場致詞，之後很樂意回答各位的問題。(活動指示)

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.

在開始之前，我先快速說明「安全港」聲明。在本次電話會議中，我們將做出若干前瞻性陳述，包括對公司未來表現的預測或估計。這些陳述係基於目前的預期與假設，並可能受到風險與不確定性影響。實際結果可能因今日電話會議、我們的股東簡報，以及向美國證券交易委員會提交之文件中所討論的因素而出現重大差異。

During this call, we'll also refer to certain non-IFRS financial measures. 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.

在本次電話會議中，我們也會提及若干非 IFRS 財務衡量指標。我們的 IFRS 與非 IFRS 財務衡量指標之間的調節表，可在股東簡報、投資人關係網站的財務專區中找到，並且也已於今日以 Form 6-K 提供。

With that, I'll turn it over to Alex.

接下來，我把時間交給 Alex。

Thank you, Bryan, and hello, everyone. Thanks for joining us. Let me just start with the strength of the quarter. We made several commitments last quarter, and they've all landed either in line or better than expected. Our revenue came in right in line with what we guided at about EUR5 billion, up 14% at constant currency. MAU also landed right on target at 788 million.

謝謝你，Bryan，各位好。感謝大家加入我們。我先從本季的強勁表現談起。我們在上一季做出幾項承諾，而這些結果都落在我們的預期範圍內，甚至優於預期。我們的營收約為 50 億歐元，與我們的指引一致；以固定匯率計算成長 14%。MAU 也如目標所示達到 7.88 億。

As we shared last quarter, we're optimizing our MAU growth across markets to scale our funnel and drive revenue growth over time. Subscribers came in ahead at 306 million, beating our guidance by one million. That strength shows up where it matters the most. Premium revenue grew 15%, driven by both subscriber growth and higher ARPU. Gross margin also came in ahead of expectations at 33%. This is a significant year-over-year expansion.

如同我們上一季分享的，我們正在跨市場優化 MAU 成長，以擴大漏斗規模並在時間推進下帶動營收成長。訂閱用戶數達到 3.06 億，優於指引 100 萬。這份強勁表現反映在最關鍵的地方。Premium 營收成長 15%，由訂閱用戶成長與更高的 ARPU 共同帶動。毛利率也優於預期，達到 33%。這是顯著的年增擴張。

Over the past 12 months, we've generated EUR3.2 billion in free cash flow. Ads is one of the areas of our business that I've spent time talking about, so I want to share our progress. We've been open with you that we're rebuilding this business, and we said the momentum would start to show in the second half of the year. In Q3, Ads grew 9% at constant currency, up from the 3% in each of the first two quarters.

過去 12 個月，我們產生了 32 億歐元的自由現金流。廣告是我花時間談論的業務領域之一，因此我想分享我們的進展。我們一直坦誠告訴各位，我們正在重建這項業務，並且我們說過動能會在下半年開始顯現。在第三季，廣告以固定匯率計算成長 9%，高於前兩季各自的 3%。

Further, our automated channels continue to scale, and sponsorship products are growing, particularly in podcasts. We're moving in the right direction and there's more progress ahead. On OpEx, we told you this would be a year of investment, with operating expense growth peaking in Q3 and then moderating from Q4 and on. That's exactly what's happening.

此外，我們的自動化渠道持續擴張，贊助型產品也在成長，尤其是在 Podcast 領域。我們正朝正確方向前進，後續還會有更多進展。在營運費用（OpEx）方面，我們告訴各位今年是投資之年，營運費用成長將在第三季達到高峰，並自第四季起趨緩。目前正如我們所說的那樣發生。

Christian will walk you through the details further, but as we know from experience, investing in our product, features, and brand strengthens our position, and we can see that playing out right now. To build on this further, I'd like to use the rest of my time on what I think is an underappreciated part of our story: durability. When we went public in 2018, we had 71 million subscribers. Since then, every single year, we've been adding 25 million subs or more.

Christian 會進一步帶各位了解細節；但如同我們從經驗所知，投資於產品、功能與品牌能強化我們的地位，而我們現在就能看到這點正在發生。為了進一步延伸，我想把剩下的時間用在我認為市場較少被充分理解的一部分：韌性。我們在 2018 年上市時，訂閱用戶為 7,100 萬。自那之後，每一年我們都新增 2,500 萬以上的訂閱用戶。

And this year, we expect to reach 316 million subscribers. As I've mentioned before, very few consumer subscription businesses have ever reached this scale and few are still adding at this pace. Through a pandemic, price increases, and a changing economy and consumer landscape, this steady growth in subscribers hasn't stopped. This quarter, that growth came from every region. That's what durability looks like.

而今年，我們預期將達到 3.16 億訂閱用戶。如我先前提到的，能達到這種規模的消費者訂閱型業務非常少，而仍能以這樣的速度持續增加的更少。即使經歷疫情、漲價，以及經濟與消費者環境的變化，這種穩定的訂閱用戶成長仍未停止。本季的成長來自每一個地區。這就是韌性的樣貌。

Looking across the broader subscription landscape, you all know that not all subscribers are created equal. Spotify not only enjoys industry-leading engagement, but we also have the most passionate and engaged music, podcast, and book fans in the world on our platform. We're not just an app or a product sitting on a phone, and that's why we continue to grow and take share. Every time we expand what's on Spotify, we bring in new listeners, and we give existing ones more reasons to come back, almost every day.

放眼更廣泛的訂閱市場，各位都知道並非所有訂閱用戶都一樣。Spotify 不僅擁有業界領先的使用黏著度，我們的平台上也聚集了全球最熱情、最投入的音樂、Podcast 與有聲書粉絲。我們不只是手機上的一個 App 或產品，這也是為什麼我們能持續成長並擴大市占。每當我們擴充 Spotify 的內容，我們就能帶來新的聽眾，也讓既有用戶幾乎每天都有更多理由回來。

Sweden is a clear demonstration of how high the opportunity can go. In our first and most established market, nearly 50% of the population pays for Spotify. Globally, that figure is still under 4%, and in key markets like the UK and Germany, it's between 20% and 25%. Latin America is around 11%, and then across emerging markets, we're less than 3%. What makes our position unique is how balanced it is.

瑞典清楚展示了機會上限可以有多高。在我們最早、也最成熟的市場中，接近 50% 的人口付費使用 Spotify。在全球，這個比例仍低於 4%；而在英國與德國等關鍵市場，約介於 20% 到 25%。拉丁美洲約為 11%，而在各個新興市場，我們仍低於 3%。我們的獨特之處在於這種均衡的布局。

In developed markets, we're growing a highly engaged monetizing base with a lot more room for growth. And in emerging markets, we're still early, with hundreds of millions of subs to come. This is a growth engine that compounds, building a bigger recurring revenue base. This is durability at scale.

在已開發市場，我們正在擴大一個高度投入、可變現的用戶基礎，且仍有很大的成長空間。而在新興市場，我們仍處於早期階段，未來還有數以億計的訂閱用戶可望加入。這是一個會複利成長的成長引擎，打造更大的經常性營收基礎。這就是規模化的韌性。

We also kept adding to what a subscription is worth this quarter. We signed a new multi-year agreement with Joe Rogan, whose show remains the world's most popular podcast. We added Believe and TuneCore as a partner for remixes and covers. Remixes are as old as music itself, and we're working on a version that fans love and rights holders trust, with consent, credit, and compensation at the core.

本季我們也持續提升訂閱的價值。我們與 Joe Rogan 簽署了一份新的多年期協議；他的節目仍是全球最受歡迎的 Podcast。我們也新增 Believe 與 TuneCore 作為混音與翻唱的合作夥伴。混音與音樂本身一樣古老；我們正在打造一個讓粉絲喜愛、也讓權利人信任的版本，並以同意、署名與報酬作為核心。

And as we've recently announced, we are expanding audiobooks to more than 180 markets by the end of the year, making Spotify the world's first global audiobook service. This enhances subscriber lifetime value, add-on monetization, and will benefit Spotify around the world. Gustav will share more about this.

此外，正如我們近期宣布的，我們將在年底前把有聲書擴展到超過 180 個市場，使 Spotify 成為全球第一個全球化的有聲書服務。這將提升訂閱用戶終身價值、附加項目的變現能力，並讓全球各地的 Spotify 受益。Gustav 會分享更多內容。

So this was a quarter where we did what we said. We've built a strong business that keeps compounding. We invest when we see a path for growth, our costs are moderating, and there's more runway ahead. And having seen a preview of this year's Wrapped, I'm really looking forward to Q4 with a lot of excitement, and I can't wait to see how our fans respond.

因此，這是一個我們說到做到的季度。我們打造了一個持續複利成長的強健業務。當我們看到成長路徑時就會投資；我們的成本成長正在趨緩，前方仍有更長的跑道。而在看過今年 Wrapped 的預覽後，我對第四季充滿期待，也迫不及待想看看粉絲會如何回應。

With that, let me hand it over to Gustav.

接下來，我把時間交給 Gustav。

Thank you, Alex. So Alex just spoke about durability at scale, and I want to share how we're creating that. So at a recent Investor Day, I talked about two ways to predict the future. You can extrapolate what is already happening, or you can anticipate what's about to change. And when the world shifted to mobile in 2007, we needed to do a lot of anticipation, imagining and building for a world that we thought would happen, but that didn't exist yet.

謝謝你，Alex。Alex 剛才談到規模化的持久性，而我想分享我們如何打造這一點。在最近一次投資人日上，我談到兩種預測未來的方法。你可以外推已經正在發生的事情，或者你可以預判即將改變的事。而當世界在 2007 年轉向行動端時，我們需要做大量的預判、想像並為我們認為會發生、但當時尚不存在的世界進行建構。

This worked out well for us, and we accelerated in that new world. For much of the following decade, we, and everyone else, could instead largely rely on extrapolation of what already existed. So that would be more phones, more ads, more catalog, et cetera, which also got us very far. I don't think it's escaped anyone on this call, but today, we are clearly in an era where anticipation is much more important again.

這對我們而言效果很好，我們也在那個新世界中加速成長。在接下來十年的大部分時間裡，我們以及其他所有人，反而大多可以主要依賴對既有事物的外推。也就是更多手機、更多廣告、更多目錄內容等等，這同樣讓我們走得很遠。我想在這通電話上沒有人沒注意到，但今天，我們顯然又處在一個「預判」再次變得更重要的時代。

So today, I want to talk about three things that we anticipated some time ago that are now becoming real, and the effects of those. First up is agents. So on our fourth-quarter call back in February, I said that we were building the world's first truly intelligent agentic media platform. That may have sounded a little bit abstract at the time, but it's hopefully becoming clearer now.

所以今天，我想談三件我們在一段時間前就已預判、如今正在成真的事情，以及它們帶來的影響。第一個是代理（agents）。在今年 2 月的第四季財報電話會議上，我說我們正在打造全球第一個真正智慧的代理式媒體平台。當時這聽起來可能有點抽象，但希望現在已變得更清楚。

What we meant was an intelligent media service encapsulated as an agent, whether you use it directly through our application or via another agent. We made a bet that consumers using services like ChatGPT would also start demanding intelligence from their media service. So we built for that. Spotify is now an agent that you can not only click on in our app, but talk to, ask questions of, and instruct. We can do things today that no other media services can do.

我們的意思是：把一個智慧媒體服務封裝成一個代理，不論你是透過我們的應用程式直接使用，或是透過另一個代理來使用。我們押注：使用 ChatGPT 這類服務的消費者，也會開始要求他們的媒體服務具備智慧能力。因此我們為此而打造。Spotify 現在是一個代理：你不只能在我們的 App 裡點擊它，還能與它對話、向它提問並下達指令。我們今天能做到其他媒體服務都做不到的事。

For example, you can ask Spotify to go through your listening history song by song back to 2008, picking your true favorites, beat-stretching them by speeding them up or down, and then sorting them by key and BPM. Then you can ask it to mix them together into the perfect running playlist at your exact cadence.

例如，你可以請 Spotify 逐首回顧你自 2008 年以來的收聽紀錄，挑出你真正最愛的歌曲，透過加速或減速來拉伸節拍，然後再依照調性與 BPM 排序。接著你可以請它把這些歌混在一起，做成一份完全符合你精確步頻的完美跑步播放清單。

But that's not all you can do. You can also ask Spotify exactly who wrote and performed on each track. And if you want to shift gears entirely, we can also generate an individual podcast just for you, as well as recap the book you're reading up until exactly where you stopped.

但你能做的不只如此。你也可以問 Spotify 每一首曲目究竟是誰作曲、以及由誰參與演奏與演唱。如果你想完全換個方向，我們也能為你生成一個專屬的個人化 Podcast，並且把你正在閱讀的書，精準摘要到你停止閱讀的那一頁為止。

As we prepared for this agentic world, we also thought through what our ubiquity strategy would mean in an agentic age. Spotify's strategy has always been to be the best experience wherever people listen. As an example, nearly a decade ago, as connected speakers took off, we rebuilt our entire technology stack to make Spotify very easy to integrate across speakers, something called the eSDK. So TVs, gaming consoles, and other devices.

在我們為這個代理式世界做準備時，我們也思考了在代理時代，我們的無所不在策略意味著什麼。Spotify 的策略一直是：在人們收聽的任何地方，都提供最佳體驗。舉例來說，將近十年前，當連網喇叭開始起飛時，我們重建了整個技術堆疊，讓 Spotify 能非常容易地整合到各種喇叭上，也就是所謂的 eSDK。因此也能整合到電視、遊戲主機與其他裝置。

That investment turned the growth of the connected device industry into a tailwind for Spotify, one that actually continues to pay off even today. So for the agentic age, we are betting on consumers using many agents, and that Spotify will be by far the best media platform for licensed content inside and across all these agents. So before most people were regular users, we integrated Spotify into ChatGPT, making Spotify the first service available.

那項投資把連網裝置產業的成長轉化為 Spotify 的順風，而且直到今天仍持續帶來回報。因此在代理時代，我們押注消費者會使用許多代理，而 Spotify 將會是這些代理之內、以及跨代理之間，提供授權內容的最佳媒體平台，且優勢遠遠領先。所以在大多數人還不是日常使用者之前，我們就把 Spotify 整合進 ChatGPT，讓 Spotify 成為第一個可用的服務。

This was also the case with Meta Ray-Bans, OpenAI's Dots, and we were the only media service integrated into Meta's Muse at launch. The list goes on and on. We are simply everywhere. So that whenever you find a great song, a book, or a podcast, or even want to create a podcast of your own, it's right there. You just save it, playlist it, and it shows up in Spotify in your morning commute.

在 Meta Ray-Bans、OpenAI 的 Dots 上也是如此，而且在 Meta 的 Muse 上線時，我們是唯一在發布時就完成整合的媒體服務。這樣的例子還有很多很多。我們就是無所不在。因此無論你在哪裡發現一首好歌、一本書或一個 Podcast，甚至你想自己創作一個 Podcast，它都在那裡。你只要把它儲存、加入播放清單，隔天早晨通勤時它就會出現在 Spotify 裡。

Importantly, this is not just a technology strategy. It's also a business strategy. We think Spotify is unusually well-positioned for the age of agentic AI. This is because Spotify, unlike most companies, can monetize from the background. Whether you're a Premium user or a free user listening to our audio ads, our business model not only works but thrives while Spotify is in the background. This is actually not something new.

重要的是，這不只是技術策略。這同時也是商業策略。我們認為 Spotify 在代理式 AI 時代的定位格外有利，因為 Spotify 不同於多數公司，可以在「背景」中變現。無論你是 Premium 用戶，或是收聽我們音訊廣告的免費用戶，只要 Spotify 在背景運作，我們的商業模式不僅能運作，還能蓬勃發展。其實這並不是新鮮事。

The Spotify app has been in the background of apps like Waze and Google Maps during the commute for decades now. Zooming out, Spotify is in one of the few categories that actually stands to thrive in the agentic age. This is because agents, as I'm sure you know, excel at replacing and taking care of things that people would rather not do, like maybe paying bills, answering emails, booking restaurants, checking your kids' school schedule, et cetera.

在通勤時，Spotify App 多年來一直在 Waze、Google Maps 這類 App 的背景中運作。從更宏觀的角度看，Spotify 所在的類別，是少數幾個在代理時代確實有望蓬勃發展的類別之一。這是因為代理——我相信你也知道——最擅長取代並處理人們寧可不做的事情，例如繳帳單、回覆電子郵件、訂餐廳、查看孩子的學校行程等等。

This is where you see services like Muse absolutely thriving. People love getting rid of chores. But entertainment is the opposite. Nobody asks an agent to summarize a song for them. The whole point of getting rid of these chores is to free up even more time for the things that you actually enjoy. The second thing that we anticipated was moving Spotify from a passive and single-player experience to an interactive and multiplayer experience.

這就是你會看到像 Muse 這樣的服務大放異彩的地方。人們喜歡把雜務丟掉。但娛樂正好相反。沒有人會請代理替他摘要一首歌。把這些雜務移除的目的，是為了釋放更多時間去做你真正享受的事情。我們預判的第二件事，是把 Spotify 從被動、單人模式的體驗，轉變為互動式、多人模式的體驗。

You know our multiplayer offerings. We've talked a lot about them. Popular features like messaging, Jam, collaborative playlists, and comments. So today, I'd like to spend a moment on the interactivity side. The original interactive experience on Spotify was not surprisingly playlisting. Millions and millions of people put songs together and helped organize the world's music library. That became the foundation of our recommendation engine.

你們都知道我們的多人功能。我們已經談過很多。像是訊息、Jam、協作播放清單與留言等熱門功能。所以今天，我想花點時間談談互動性這一面。Spotify 上最早的互動體驗，不意外就是建立播放清單。數以百萬計的人把歌曲組合在一起，並協助整理全球的音樂曲庫。那成為我們推薦引擎的基礎。

Last quarter, I talked about SongDNA as one of our all-time fastest-growing features. This quarter, mixing tools offers another example of what happens when people can do more with their music. We started rolling mixing tools out about a year ago, actually. It was good then. It is much better now.

上個季度，我提到 SongDNA 是我們史上成長最快的功能之一。這個季度，混音工具則提供了另一個例子，說明當人們能用音樂做更多事時會發生什麼。其實我們大約在一年前就開始逐步推出混音工具。當時已經不錯。現在則好得多。

Almost 40 million Premium users now listen to mixed playlists. Consumption is growing 90% quarter-over-quarter, and millions of people create mixes of their own each month. So why does this matter? Playlists always told us which songs go well together, but mixing also tells us exactly how and when they fit, down to the millisecond. Those signals improve our large taste model, our recommendations, and what the Spotify agent can do.

目前已有將近 4,000 萬名 Premium 用戶在收聽混音播放清單。收聽量季對季成長 90%，而且每個月有數百萬人自行創作混音。那麼，這為什麼重要？播放清單一直告訴我們哪些歌曲很搭，但混音也會告訴我們它們究竟如何、以及在何時契合，精確到毫秒。這些訊號能改善我們的大型品味模型、我們的推薦能力，以及 Spotify 代理能做到的事。

Better recommendations strengthen retention over time. It also tells us something encouraging about the future of remixing. Give people good tools, and they will invest in shaping the music themselves. The third thing that we anticipated was the opportunity in books. When we first discussed audiobooks, we said our geography gave us a unique perspective.

更好的推薦會隨時間推移強化留存。它也讓我們對混音未來的發展看到令人鼓舞的一點。給人們好的工具，他們就會投入心力去塑造音樂本身。我們預判的第三件事，是書籍領域的機會。當我們第一次討論有聲書時，我們說過我們的地理分布讓我們擁有獨特視角。

In Sweden, audiobooks are almost as big as music, and we wondered whether that was purely Swedish behavior or simply early behavior. What we're seeing now suggests the latter. That's why we're expanding audiobooks. We want to grow the market itself by giving hundreds of millions of people a great, affordable way to listen, not just compete for shares of today's market. When people adopt audiobooks, they come to Spotify on more days.

在瑞典，有聲書的規模幾乎和音樂一樣大，我們曾思考那究竟只是瑞典特有的行為，還是只是較早出現的行為。我們現在看到的情況更支持後者。這就是為什麼我們正在擴展有聲書。我們希望透過為數以億計的人提供優質且負擔得起的收聽方式，來擴大市場本身，而不只是去爭奪當前市場的份額。當人們採用有聲書後，他們會在更多天數來到 Spotify。

Audiobooks started as a bet. It's now a global business, and it's still early. All of this connects to how we're building an even stronger subscription business. In addition to the growth of audiobooks and Premium, we're expanding the Spotify Partner Program, a fan favorite among passionate podcast listeners, to 35 more markets this fall. And two days ago, we launched Creator Memberships, so fans can directly support creators and get member-only experiences.

有聲書一開始是一場賭注。如今它已成為全球性業務，而且仍處於早期階段。這一切都與我們如何打造更強大的訂閱業務息息相關。除了有聲書與 Premium 的成長之外，我們也將 Spotify 夥伴計畫（Spotify Partner Program）——深受熱情播客聽眾喜愛——在今年秋季再擴展至另外 35 個市場。而在兩天前，我們推出了「創作者會員」（Creator Memberships），讓粉絲能直接支持創作者並獲得僅限會員的體驗。

This is another example of capturing the power law that we discussed at our Investor Day back in May. There is a power law within each creator's audience. Some fans want to go deeper and are willing to spend more, and now they can do that right on Spotify. These offerings will add value as they scale, and where we've offered audiobooks and the Spotify Partner Program the longest, they're contributing to acquisition, retention, active days, and margin improvement.

這是另一個例子，說明我們如何捕捉我們在 5 月投資人日所討論的冪律效應（power law）。每位創作者的受眾之中都存在冪律分布。有些粉絲想更深入參與，並且願意花更多錢，而現在他們可以直接在 Spotify 上做到。這些產品在規模化後將帶來更多價值；而在我們提供有聲書與 Spotify 夥伴計畫時間最久的市場，它們已在拉新、留存、活躍天數以及毛利率改善方面做出貢獻。

With that, I'll hand it over to Christian.

接下來我把時間交給 Christian。

Thank you, Gustav, and thanks everyone for joining us today. I'll cover the quarter three results and then provide some perspective on our outlook. Unless otherwise noted, as always, our reference growth metrics are presented on a year-over-year constant currency basis. We have another solid quarter behind us.

謝謝你，Gustav，也感謝各位今天加入我們。我將說明第三季的業績，並提供一些對我們展望的看法。除非另有說明，一如既往，我們所引用的成長指標皆以按年（year-over-year）的固定匯率（constant currency）基礎呈現。我們又完成了一個穩健的季度。

Starting from the top, MAU grew in line with our guidance of 11 million to 788 million, up 11% year over year. We added 6 million net subscribers during the quarter, growing quarter over quarter across all regions. We reached 306 million, which was one million ahead of our guidance. Our outperformance was broad-based and led by rest of the world and Latin America.

先從最上層指標開始，MAU 依照我們指引增加 1,100 萬至 7.88 億，年增 11%。本季我們淨新增 600 萬訂閱用戶，且所有地區皆呈現季增。訂閱用戶總數達到 3.06 億，比我們的指引高出 100 萬。這次超預期表現相當廣泛，主要由世界其他地區與拉丁美洲帶動。

Total revenue was EUR5 billion, growing 14% year over year. Premium revenue rose 15% year over year, driven by subscriber growth of 9% and ARPU expansion of 7.5. Ad-supported revenue growth improved to 9%, as Alex said, this quarter led by strong growth in our automated biddable sales channel. Our gross margin came in at 33%, surpassing guidance by 10 basis points and representing year-over-year expansion of around 140 basis points.

總營收為 50 億歐元，年增 14%。Premium 營收年增 15%，主要由訂閱用戶年增 9% 以及 ARPU 擴張 7.5 所帶動。廣告支持營收成長改善至 9%；如 Alex 所說，本季主要由我們自動化可競價（automated biddable）的銷售通路強勁成長所帶動。毛利率為 33%，較指引高出 10 個基點，並較去年同期擴張約 140 個基點。

Operating income of EUR672 million was a bit above our guidance, delivering on operating margin of 13.5%. Social charges of EUR22 million were EUR13 million higher than forecast due to share price movements in the quarter. Excluding the non-forecasted social charges, we came in EUR15 million above guidance, driven by favorability in marketing, personnel-related costs, and gross margin outperformance.

營業利益為 6.72 億歐元，略高於我們的指引，對應營業利益率 13.5%。社會費用（social charges）為 2,200 萬歐元，因本季股價變動而較預期高出 1,300 萬歐元。若排除這些未預期的社會費用，我們將較指引高出 1,500 萬歐元，主要來自行銷、與人員相關成本的有利因素，以及毛利率超預期。

Finally, free cash flow was EUR735 million in the quarter and included unfavorable timing effects in working capital and cash taxes. Year to date through October 21, we have repurchased 2.2 million shares for USD1.1 billion. This means that we have neutralized this year's dilution from our employee equity programs, and we have also initiated the return of excess cash.

最後，本季自由現金流為 7.35 億歐元，其中包含營運資金與現金稅款在時間點上的不利影響。截至 10 月 21 日的年初至今，我們已以 11 億美元回購 220 萬股。這表示我們已抵銷今年員工股權計畫造成的稀釋，同時也已開始返還多餘現金。

Since we resumed our buybacks in August 2025, we have repurchased about 3 million shares, or approximately 1.5% of shares outstanding. Our capital allocation strategy remains focused on attractive return opportunities, first through organic and inorganic growth initiatives, followed by opportunistic returns to shareholders. As of the close of the quarter, we had $9.9 billion in cash and cash equivalents and no debt other than lease liabilities.

自 2025 年 8 月恢復回購以來，我們已回購約 300 萬股，約占流通在外股數的 1.5%。我們的資本配置策略仍聚焦於具吸引力的報酬機會，優先投入於有機與無機成長計畫，其次才是在適當時機回饋股東。截至本季結束，我們持有 99 億美元的現金及約當現金，除租賃負債外並無其他負債。

Looking ahead to quarter four, we are forecasting MAU of 818 million, an increase of 30 million from quarter three. Our guidance reflects healthy growth across all regions. Growth is not as high as last year's all-time high, which benefited from a very successful rollout of our new free tier. On subscribers, we're forecasting 316 million for quarter four or a net addition of 10 million.

展望第四季，我們預估 MAU 為 8.18 億，較第三季增加 3,000 萬。我們的指引反映各地區皆有健康成長。成長幅度不如去年創歷史新高的水準，去年受惠於我們全新免費層級（free tier）非常成功的推出。在訂閱用戶方面，我們預估第四季為 3.16 億，亦即淨新增 1,000 萬。

We're also forecasting total revenue of EUR5.2 billion in quarter four. This reflects a year-over-year ARPU increase of 4.5% to 5%, driven by recent pricing actions and the performance of our Audiobooks+ add-ons. This is partly offset by the lapping of prior year pricing actions across more than 150 markets. Our advertising business is coming out of a longer period of single-digit growth. In quarter four, we expect to continue our progress towards double-digit growth.

我們也預估第四季總營收為 52 億歐元。這反映 ARPU 年增 4.5% 至 5%，主要由近期的定價調整以及 Audiobooks+ 加購方案的表現所帶動。但部分被去年在超過 150 個市場的定價調整所形成的比較基期效應所抵銷。我們的廣告業務正走出一段較長時間的個位數成長期。在第四季，我們預期將持續朝向雙位數成長推進。

We anticipate a quarter four gross margin of 33.8%, approximately 70 basis points above prior year. Our gross margin outlook includes the initial investments in the expansion of audiobooks to more than 180 markets and the Spotify Partner Program to more than 50 markets. These rollouts can drive new value for our subscribers and the business, the same way we have seen it over the last three years.

我們預期第四季毛利率為 33.8%，較去年同期高約 70 個基點。我們的毛利率展望包含初期投資，用於將有聲書擴展至超過 180 個市場，以及將 Spotify 夥伴計畫擴展至超過 50 個市場。這些推出能為訂閱用戶與公司帶來新的價值，就如同我們在過去三年所看到的一樣。

Taken together with the first nine months of the year, our quarter four outlook implies a full-year gross margin expansion of approximately 130 basis points compared to 2025. Moving to operating income, we're guiding to EUR820 million in quarter four. OpEx growth is now coming down meaningfully, and we expect that moderation to continue into 2027.

綜合今年前九個月的表現，我們對第四季的展望意味著全年毛利率相較 2025 年約擴張 130 個基點。接著看營業利益，我們對第四季的指引為 8.20 億歐元。營運費用（OpEx）成長目前正明顯下降，我們預期這種放緩將延續至 2027 年。

We see that this year's incremental OpEx is driving multiple benefits to our business. Our marketing investments have helped consumer awareness of the value we deliver, supporting future subscriber growth and monetization. And on AI, our investments have accelerated feature shipping while keeping headcount flat, setting the business up for further engagement and monetization potential.

我們看到今年新增的 OpEx 正為業務帶來多重效益。我們的行銷投資提升了消費者對我們所提供價值的認知，支持未來的訂閱用戶成長與變現。而在 AI 方面，我們的投資在維持人力規模不變的同時，加速了功能交付，讓業務具備進一步提升互動與變現的潛力。

Our taste model investments are already paying off. Early deployments show double-digit gains in content discovery, and our users are spending more time in select algorithmic sets. As we have said before, we remain focused on striking a clear balance between enhancing LTV and sustainable margin expansion.

我們在品味模型（taste model）上的投資已開始見到成效。早期部署顯示內容探索（content discovery）有雙位數提升，且用戶在部分演算法推薦集合（algorithmic sets）中花費更多時間。如同我們先前所說，我們仍專注於在提升 LTV 與可持續的毛利率擴張之間取得清晰的平衡。

In conclusion, we are very pleased with how we are tracking into the end of 2026. It's too early to give guidance on 2027, and as I've said before, quarterly progression of our margin can be variable due to seasonality and the timing of investments. We remain confident in our path and expect another year of progress towards delivering on our 2030 goals. We are well-positioned to continue compounding growth, profitability, and free cash flow.

總結來說，我們對於 2026 年底前的進展非常滿意。現在談 2027 年的指引仍為時過早；而且如我先前所說，我們的毛利率季度走勢可能因季節性與投資時點而有所波動。我們對既定路徑仍充滿信心，並預期將再迎來一年朝 2030 年目標持續前進的進展。我們已具備良好條件，能持續複利式累積成長、獲利能力與自由現金流。

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

接下來我把時間交還給你，Bryan。

All right. Thanks, Christian. (Event Instructions) Today's first question is going to come from Sean Diffley, and it is on the free tier. Please discuss early learnings in markets like India and Indonesia, where you're adding some friction to the ad-supported tier, and how we can think about conversion to paid in those markets.

好的。謝謝你，Christian。（活動說明）今天的第一個問題將由 Sean Diffley 提出，主題是免費層級（free tier）。請談談在印度與印尼等市場的早期觀察：你們正在對廣告支持層級（ad-supported tier）增加一些摩擦（friction），以及我們應如何看待這些市場的付費轉換（conversion to paid）。

Thanks for the question, Sean. Been voting up as the most important question here in the queue, so let's go right at it. So last quarter, I was making a few comments on some changes that we're making to our product and our funnels and in particular, in emerging markets, and you are mentioning two of them here.

謝謝你的提問，Sean。這題在隊列裡被投票推到最重要的一題，所以我們直接切入。所以上一季我曾就我們對產品與漏斗（funnels）所做的一些調整發表過幾點看法，特別是在新興市場，而你在這裡提到的就是其中兩項。

These changes include things like better data hygiene in our sign-up flows, ad load adjustments, and effort around migrating users from lower-end device clients over to a better client that retains you better and thereby giving you higher LTV and so on. All of these things that we're doing, that you are alluding to and I just spoke to, are business positive. These are good things for our free tier. These are good things for our subscription tier and thereby also for our revenue.

這些變更包括例如在我們註冊流程中改善資料衛生、調整廣告負載，以及致力於將使用者從較低階裝置的用戶端遷移到更好的用戶端；後者能更好地留住你，從而帶來更高的 LTV（客戶終身價值）等等。我們正在做的所有這些事情——也就是你所提到、而我剛才也談到的——對業務都是正向的。這些對我們的免費層級是好事。這些對我們的訂閱層級也同樣是好事，因此也有利於我們的營收。

We have a long track record of durable growth. I just spoke about that in our initial remarks here. This durability that we've been talking about is really the result of a lot of these types of optimizations, and this is just another example of that. And speaking of India specifically, it's a market where we have 1.4 billion users. We see GDP growth of 7% to 8% several years in a row.

我們在持久成長方面有很長的紀錄。我在一開始的開場說明中也談到了這點。我們一直在談的這種耐久性，實際上是許多這類最佳化所帶來的結果，而這只是另一個例子。特別談到印度，它是一個我們擁有 14 億使用者的市場。我們看到其 GDP 連續好幾年維持 7% 到 8% 的成長。

What better market is there for us to work on to improve our business growth? I see no other. This is an incredible market and tremendous opportunity for us.

對我們而言，還有哪個市場比它更值得投入、用來改善我們的業務成長呢？我看不到其他市場。這是一個令人驚嘆的市場，也是我們巨大的機會。

All right. We're going to have another question from Sean Diffley, this time on capital allocation. It appears you've stepped up the pace of share repurchases. Can you discuss how you're approaching capital allocation with free cash flow ramping, and is there room to increase the buyback cadence further?

好的。接下來我們要請 Sean Diffley 提出另一個問題，這次是關於資本配置。看起來你們加快了股票回購的步伐。在自由現金流加速成長的情況下，你們如何看待資本配置？回購節奏是否還有進一步提高的空間？

I'll start and then you can jump in, Christian. So we mentioned during our Investor Day, now almost half a year ago, that the way we approach this is, we will invest in organic opportunities primarily. As we see good return, we will deploy, and you've seen us do that. And with respect to inorganic opportunities, we will do those too, but there's no real change there.

我先開始，然後你可以補充，Christian。我們在投資人日（現在差不多是半年前）提到，我們的做法是：主要會先投資於內生成長機會。當我們看到良好的回報時，就會投入資金，而你們也看到我們確實這麼做了。至於外生成長機會，我們也會做，但在這方面沒有什麼實質改變。

You've seen us do that many times before, with companies like WhoSampled, who helped us provide a unique data set to ramp About the Song, which is now used by almost 100 million people. You saw us acquire Findaway, which helped us accelerate audiobooks. You saw us buy Sonantic, which helped us do AI DJ. We'll continue to do this as we see opportunity. And then beyond that, if there is excess cash, we will start engaging in buying back shares.

你們以前也多次看到我們這麼做，例如收購 WhoSampled，協助我們提供獨特的資料集，以推動 About the Song（歌曲介紹）功能的成長，而該功能現在已被將近 1 億人使用。你們也看到我們收購 Findaway，幫助我們加速有聲書業務。你們也看到我們買下 Sonantic，協助我們推出 AI DJ。我們會在看到機會時持續這麼做。此外，如果有多餘現金，我們就會開始進行股票回購。

And you've seen us do that this year. We've mentioned that we're going to buy back shares to counter the dilution that's coming from the employee stock programs. And you've mentioned that that's about 1 million shares, and we've done that. We're now up to 2.2 million shares in buybacks, totaling about $1 billion or a little more than $1 billion. And so we're making progress also there.

而你們今年也看到我們這麼做了。我們提到過，我們會回購股票，以抵銷員工股票計畫帶來的稀釋。你們也提到那大約是 100 萬股，而我們已經做到了。目前我們的回購已達 220 萬股，總額約 10 億美元或略高於 10 億美元。因此我們在這方面也正在取得進展。

Christian, is there anything you would like to add?

Christian，你還有什麼想補充的嗎？

Yeah, I just want to wrap it up by saying that we will maintain a degree of strategic flexibility with a strong balance sheet. You will see us have a strong balance sheet and a cash balance that makes us be flexible in strategic moves. At the same time, as Alex said, we are -- it's obvious with the cash flow we have compounding and on the balance sheet that we will start to return excess cash to shareholders, which we've proven this quarter.

有的，我想總結一下：我們會在維持強健資產負債表的同時，保留一定程度的策略彈性。你們會看到我們擁有強健的資產負債表與現金部位，讓我們在策略性行動上保持靈活。同時，如 Alex 所說，從我們持續累積的現金流以及資產負債表上的現金來看，很明顯我們會開始把多餘現金回饋給股東，而我們也在本季證明了這點。

All right, our next question is going to come from Jessica Reif Ehrlich on our ubiquity strategy. As listening shifts to third-party AI agents, as with the new Muse integration, who owns the customer relationship and the data, and how do you keep that from turning Spotify into a back-end supplier?

好的，下一個問題來自 Jessica Reif Ehrlich，關於我們的無所不在（ubiquity）策略。隨著收聽行為轉向第三方 AI 代理（例如新的 Muse 整合），誰擁有客戶關係與資料？你們如何避免 Spotify 變成後端供應商？

Thank you, Jessica. It's a great question, so I get the chance to talk about things I love. So a few things. First of all, it's important to say that listening is actually not shifting. All the listening is happening through Spotify. We are not sending the music or anything to any of these agents. What is happening is you are talking to that agent, which remote controls Spotify in the background. So the listening is not shifting. It's actually happening and thus increasing through Spotify.

謝謝你，Jessica。這是個很好的問題，讓我有機會談談我喜歡的事情。我想說幾點。首先，重要的是要說，收聽其實並沒有在轉移。所有的收聽都仍然是透過 Spotify 發生。我們沒有把音樂或任何內容傳送給這些代理。實際發生的是，你在和那個代理對話，而它在背景中遠端控制 Spotify。所以收聽並沒有轉移。它其實是在 Spotify 上發生，並因此在 Spotify 上增加。

How we think about this, though, is, as I said in my prepared remarks, as another example of the ubiquity strategy. So when connected speakers started happening, we tried to figure out how we turn that into a tailwind for Spotify and grow with the connected speaker market. As I said, we rebuilt our technology stack, something called the eSDK, the embeddable SDK, making it dead easy for any speaker provider to integrate Spotify. That turned into a great growth vehicle for us. This is why we're ubiquitous today.

不過我們對此的看法是——正如我在事先準備的發言中所說——這是無所不在策略的另一個例子。當連網喇叭開始普及時，我們試著思考如何把它變成 Spotify 的順風，並隨著連網喇叭市場一起成長。如我所說，我們重建了技術堆疊，推出名為 eSDK（可嵌入式 SDK）的東西，讓任何喇叭供應商都能非常容易地整合 Spotify。這成為我們很棒的成長載體。這也是為什麼我們今天能做到無所不在。

Thinking the same way about this, we rebuilt Spotify as an agent, so that it's dead easy for other agents to integrate us and talk agent to agent. So what this means is that inside an agent like Muse, you can say, I would like to create a podcast about this and that, that you've been talking to the Muse agent about. This podcast gets published to Spotify, but only visible to you so that you can listen to it in the morning commute. What happened there is actually that we learn more about you because that podcast is now inside Spotify.

以同樣的方式思考這件事，我們把 Spotify 重建成一個代理（agent），讓其他代理能非常容易地整合我們，並進行代理對代理的互動。這代表在像 Muse 這樣的代理裡，你可以說：我想針對你剛才和 Muse 代理聊到的這個或那個主題，建立一個 Podcast。這個 Podcast 會發佈到 Spotify，但只對你可見，讓你可以在早晨通勤時收聽。實際上發生的是，我們對你的了解變得更多，因為那個 Podcast 現在在 Spotify 裡。

So we know things that we wouldn't have known otherwise about your interest. So this is actually a positive data loop for Spotify rather than the other way around. This is the reason why we made all of these investments, specifically the large taste model. I've gone on and on about it, but this is the reason we built this, because this is a value of Spotify. Our agent is the best in the world at understanding your taste across all of these mediums.

因此，我們知道了原本不會知道的、關於你興趣的資訊。所以這其實是對 Spotify 有利的資料正向循環，而不是相反。這也是我們進行所有這些投資的原因，特別是大型品味模型（large taste model）。我已經反覆談過它，但這就是我們打造它的原因，因為這是 Spotify 的價值所在。我們的代理在理解你跨各種媒介的品味方面，是世界上最好的。

So we are not sending the data to these partners. They are asking us about something. We do the reasoning over everything we know about you and then decide what to play for you. So this is also the reason why we built all of this technology, as I talked about in my prepared remark, to be able to beat stretch the music, put it together in the right way. As you know, we're also investing in remixes and covers and so forth.

因此，我們不會把資料傳給這些合作夥伴。他們是向我們詢問某些事情。我們會基於我們對你所知道的一切進行推理，然後決定要為你播放什麼。這也是為什麼我們打造了所有這些技術——正如我在事先準備的發言中提到的——以便能夠把音樂延展、並以正確的方式組合起來。如你所知，我們也在投資混音（remixes）、翻唱（covers）等等。

So our goal is to be the media service that you use from any agent, really turning the growth of agents into a tailwind rather than a headwind. And that's exactly what we're seeing now. We're seeing really good adoption of Spotify inside these agents. And so while other companies are maybe trying to figure out what to do and many are leaning out, we're actually leaning in and participating in the growth instead of standing by the roadside and looking at it.

因此，我們的目標是成為你可以從任何代理使用的媒體服務，真正把代理的成長轉化為順風，而不是逆風。而這正是我們現在看到的情況。我們看到 Spotify 在這些代理中的採用情況非常好。所以當其他公司可能還在思考該怎麼做、而且許多公司在收縮時，我們其實是在加碼投入並參與成長，而不是站在路邊旁觀。

So we're very, very excited about this. This is why we said we were going to be the world's first truly intelligent media service, and this is why we've invested in all of this technology.

所以我們對此感到非常、非常興奮。這也是為什麼我們說我們將成為全球第一個真正智慧的媒體服務，以及為什麼我們投資了所有這些技術。

Okay, we have got another question from Jessica Reif Ehrlich, this time on the Premium business. In the third and fourth quarter, there are many new product rollouts from audiobooks globally to reserved fitness and the expanded Spotify Partner Program, Taste Profile in the US, et cetera. What is the 2027 roadmap for monetizing all of these products and features, through new tiers, add-ons, or price increases?

好的，我們又收到 Jessica Reif Ehrlich 的另一個問題，這次是關於 Premium 業務。在第三季和第四季，從全球有聲書到預約健身，以及擴大的 Spotify Partner Program、在美國的 Taste Profile 等等，都有許多新產品上線。針對這些產品與功能，2027 年的變現路線圖是什麼？會透過新的方案層級、加購項目，或是調價來實現嗎？

Jessica, Alex here. I see that we are excited about 2027. I'm really excited about '27 as well, but it's going to be premature for me to talk about specificity around next year. I'll give you a bit of how Gustav and I think about the underlying recipe here. So really the work to be done inside Spotify is to add value to our free tier, add value to create a better and better free product. And you've seen us do that.

Jessica，我是 Alex。我看得出來大家對 2027 年很興奮。我也對 27 年非常期待，但現在談明年具體細節還太早。我先分享一下 Gustav 和我如何看待這背後的基本配方。Spotify 內部真正要做的工作，是為我們的免費層增加價值，打造越來越好的免費產品。而你也看到我們一直在這麼做。

About a year ago, we launched the new Spotify free tier, which is the best free tier out there, and that's kept yielding results over the past 12 to 18 months. The other thing we do is, of course, to enrich our Premium tier. And I can't -- to your point, I can't really remember a time in Spotify's history where we have added so much value back to the Premium tier like this current year here.

大約一年前，我們推出了新的 Spotify 免費層，這是市面上最好的免費層，並且在過去 12 到 18 個月持續帶來成果。我們做的另一件事，當然就是強化我們的 Premium 層。而且就你所說的，我真的想不起來在 Spotify 的歷史上，有哪個時期像今年這樣，回饋到 Premium 層的價值增加得這麼多。

And then we create products on top of that for the niche audiences and the power law like we've talked about. And then the third step in this is really just to figure out how to monetize all of this value that we add, whether that be by way of advertising sales or price increases, add-ons, more subscriptions, and better engagement across more days of the month. This is really a simple but very powerful recipe that we have followed and deployed for many, many years now.

接著我們在此之上，為利基受眾以及我們談過的冪律（power law）族群打造產品。第三步則是要弄清楚如何把我們增加的這些價值變現，不論是透過廣告銷售、調價、加購、更多訂閱，或是讓用戶在每個月更多天數裡有更好的互動與參與。這其實是一個簡單但非常有力的配方，我們多年來一直遵循並落地執行。

Okay. Our next question is going to come from Eric Sheridan. This time on the ads business. With respect to ads, can you discuss how the third-quarter results track relative to your expectations for a second-half 2026 growth inflection? Is there any color on the underlying drivers of advertising performance embedded in your overall Q4 revenue commentary?

好的。下一個問題來自 Eric Sheridan。這次是關於廣告業務。就廣告而言，你能否談談第三季的結果相對於你們對 2026 年下半年成長拐點的預期，表現如何？在你們對第四季營收的整體評論中，是否能補充一些關於廣告表現背後驅動因素的說明？

They're tracking really well against our expectations. We've talked about this before. We have been hard at work for some time now in rebuilding the underlying stack and foundation for advertising sales business at Spotify. I'll tell you this, there's a lot of things that have been changing, but there's three things that have not changed, and they remain why advertisers are interested in coming to Spotify.

它們與我們的預期非常一致。我們之前談過這點。我們已經投入相當長一段時間，努力重建 Spotify 廣告銷售業務的底層技術堆疊與基礎。我可以告訴你，很多事情都在改變，但有三件事沒有改變，而這三件事仍然是廣告主想來 Spotify 的原因。

One is that we have a beloved brand. Second of all, we have high-quality content. It's licensed content, and we also have high-quality engagement. It is not just about the hours, it is also about the moments of the day and the context you're in, and as many days in a month as possible. We've talked about that before. So these remain the reason for why our special corner of the internet is still very interesting for advertisers to associate themselves with.

第一，我們擁有深受喜愛的品牌。第二，我們有高品質內容。這些是授權內容，而且我們也有高品質的互動參與。這不只是關於收聽時數，也關乎一天中的各個時刻、你所處的情境，以及盡可能在一個月內更多天數的使用。我們以前也談過。因此，這些仍然是我們這個網路角落之所以對廣告主而言很有吸引力、值得與之連結的原因。

Now, what then is our job internally? Well, in light of this, to just make it easier and easier for advertisers to buy this special inventory, whether that be by making for easier automated attachment to Spotify or whether that be creating better measurement, or whether that is to broaden the demand for audio specifically, whether it's making easier for folks out there to create audio ads and so on.

那麼，我們內部的工作是什麼？在此基礎上，就是讓廣告主更容易購買這些特殊的廣告庫存：不論是讓自動化投放更容易接入 Spotify，或是提供更好的衡量與成效量測，或是擴大對音訊廣告本身的需求，例如讓外部人士更容易製作音訊廣告等等。

All of these are things that is underway. We've done a lot of work already. But this will just continue to improve and this is what's powering the Q4 guidance.

這些事情都正在進行中。我們已經做了很多工作。但這些能力會持續改善，而這正是支撐我們第四季指引的動力。

Okay, got another question from Eric Sheridan. This time on investments. Can you discuss how investors should think about the forward trajectory of growth investments, especially across AI and cloud, when measured against the potential for scaling AI-led experiences and products on the user side in the coming quarters?

好的，Eric Sheridan 還有另一個問題。這次是關於投資。你能否談談投資人應如何看待未來成長型投資的走勢，特別是在 AI 與雲端方面；並且在接下來幾季，與把 AI 驅動的體驗與產品在用戶端規模化的潛力相比，應如何衡量？

Yeah, thanks, Eric. This is Gustav. So I'll talk about this from a few different lenses. There's obviously productivity within the organization, then there's cost on the consumer experience. First of all, Alex and Christian and I, we said early this year that we were going to invest a little bit ahead because we saw a lot of opportunity.

好的，謝謝你，Eric。我是 Gustav。我會從幾個不同的角度來談。顯然有組織內部的生產力，另外也有消費者體驗端的成本。首先，Alex、Christian 和我在今年年初就說過，我們會稍微超前投入一些，因為我們看到了很多機會。

So one question that you didn't ask, but I'm going to answer anyway, is what did we get for the investment? Well, first of all, we also said that these investments and these costs were going to start moderating in Q4, which they are. As Alex said in his opening remark, this is a quarter of doing what we said we were going to do. So, they're moderating in Q4 and into next year, just as we said. But it's still valid to ask what we got.

所以有個你沒問、但我也要回答的問題是：我們從這些投資中得到了什麼？首先，我們也說過，這些投資與成本會在第四季開始趨於緩和，而確實正在發生。正如 Alex 在開場所說，這一季就是在做我們說過要做的事。因此，它們在第四季以及明年都會趨緩，正如我們所說。但你問我們得到了什麼，仍然是個合理的問題。

Well, we got a lot of investments in platform that excites us. I've spoken at length about the Large Taste Model. But I also wanted to talk a little bit about the results of the Large Taste Model that we're now seeing already. So we're seeing double-digit growth in discoveries, which is one of the leading metrics for how exciting you think Spotify is.

我們在平台上做了很多令我們振奮的投資。我已經長篇談過 Large Taste Model。但我也想稍微談談我們現在已經看到的 Large Taste Model 的成果。我們看到「探索」（discoveries）出現兩位數成長，這是衡量你覺得 Spotify 有多令人興奮的其中一個領先指標。

I think it surprises no one, but if you never find any new music, eventually you're going to get less excited about this product. So that is a very important metric to us. I also want to say, it's very early, we're just rolling this out, but it is already on track to add billions of listening hours per year. And my experience with these things is you get a lot of incremental improvement as you start iterating on these things.

我想這不會讓任何人意外：如果你從來找不到新音樂，最終你對這個產品的興奮感就會降低。所以這對我們來說是非常重要的指標。我也想說，現在還很早，我們才剛在推廣，但它已經有望每年增加數十億小時的收聽時數。而以我對這類事情的經驗來看，當你開始反覆迭代時，通常會帶來大量的增量改善。

So I'm very excited about what we're seeing because this was a large investment. This also goes to the earlier question of the value we're creating in a world of agents, where you interact with Spotify through other agents. This is the value. So we're seeing exactly what we want to see. But more than that, we also invested in a lot of AI features.

所以我對我們看到的結果非常興奮，因為這是一筆很大的投資。這也回應了先前那個問題：在代理（agents）的世界裡，你透過其他代理與 Spotify 互動，我們所創造的價值是什麼。這就是價值。因此我們正看到我們想看到的結果。但不只如此，我們也投資了很多 AI 功能。

I talked at length about user control, interactivity, being able to ask for what you actually wanted, and this idea that what LLMs allow you to do is to finally talk to Spotify in English. So one question could be, is anyone talking to Spotify? The answer is yes. There are now tens of millions of people speaking to Spotify in English, which I think is remarkable. That doesn't really happen on any other media service yet.

我已經詳細談過用戶控制、互動性、能夠提出你真正想要的需求，以及 LLM 讓你終於可以用英文跟 Spotify 對話這個概念。所以有個問題可能是：真的有人在跟 Spotify 說話嗎？答案是有。現在已經有數千萬人用英文跟 Spotify 對話，我覺得這非常了不起。在其他任何媒體服務上，這件事目前還沒有真正發生。

So we're very excited about the adoption that we are seeing of these features. Another favorite I mentioned in my opening remarks is mixing tools, which is scaling like crazy. So we're feeling very good about the return of this investment. But I want to reiterate, we said that the costs were going to moderate, and they are moderating now in Q4 and into 2027. So I think that covers roughly how you should think about it.

所以我們對這些功能的採用情況感到非常振奮。我在開場也提到另一個我很喜歡的功能是混音工具（mixing tools），它的擴張速度非常驚人。因此我們對這筆投資的回報感覺非常好。但我想再次強調，我們說過成本會趨緩，而它們現在確實在第四季以及邁向 2027 年的過程中趨緩。我想這大致涵蓋了你應該如何看待這件事。

I just want to comment also on the productivity side of our engineering. Not only have you seen large cost cuts from the labs in terms of token costs, et cetera, that are obviously very helpful for us, but we have been investing ourselves in these platforms that you heard about, SERP, et cetera, where we can route between agents, including open-source models.

我也想就我們工程團隊的生產力面向做一些評論。你們不僅看到實驗室在 token 成本等方面帶來了大幅降本，這對我們顯然非常有幫助；同時我們也在你們聽到的那些平台上持續投入，例如 SERP 等，讓我們可以在不同代理（agents）之間進行路由，包括開源模型。

We have done a lot of investment in controlling our own costs. Now we're seeing two things I am very excited about. We have very clear cost controls, where we can route to the models that we want. But we're also finally seeing the next level of productivity. I think many companies have said that they see 100% growth in lines of code, PRs, et cetera, and so have we. But there's a question like, does that actually translate into end user features?

我們在控制自身成本方面做了大量投資。現在我們看到兩件讓我非常興奮的事。我們有非常清晰的成本控管，能把請求路由到我們想用的模型上。但我們也終於看到了下一個層級的生產力提升。我想很多公司都說他們看到程式碼行數、PR 等成長 100%，我們也是。但問題是：這是否真的能轉化為終端使用者的功能？

And now as we've gone through, we have six months development cycles, we are seeing significant acceleration in end user products that are shipping, what we call DoDs, definitions of done, things that are merged and shipped to end users. So we are shipping much more. And then the last part of that question is, well, does that translate into actual value?

而現在隨著我們推進，我們以六個月為一個開發週期，我們正看到面向終端使用者、實際出貨的產品出現顯著加速——也就是我們所說的 DoDs（definitions of done，完成定義），那些被合併並交付給終端使用者的項目。所以我們出貨得更多了。然後這個問題的最後一部分是：那麼，這是否能轉化為實際價值？

And I just told you that it does. We see engagement, retention, active days going up, not just across products like audiobooks, but also across discoveries, saves, listening hours, et cetera. So I feel very good about where we are right now. As Christian always asks me to say, and always says, we are going to keep being diligent with our cost, as you have seen us be for the several last years. But you will also see us take these opportunities when we see them.

我剛剛已經告訴你：確實可以。我們看到互動、留存、活躍天數都在上升，不僅是在有聲書等產品上，也包括探索、收藏、收聽時數等各方面。所以我對我們目前的狀況感到非常有信心。如同 Christian 總是要我提到、也總是強調的，我們會一如你們過去幾年所看到的那樣，持續嚴謹地管理成本。但當我們看到機會時，你們也會看到我們把握這些機會。

All right. We've got another question here, this time from Rich Greenfield on the advertising business. While ads growth recovered as you expected, is there a realistic path where advertising actually lifts Spotify's overall revenue growth rate? Could that be a 2027 event?

好的。我們這裡還有另一個問題，這次是 Rich Greenfield 關於廣告業務的提問。在廣告成長如你們預期般回升之後，是否存在一條可行路徑，讓廣告實際上拉升 Spotify 整體營收成長率？這會是 2027 年才會發生的事嗎？

Thank you, Richard. Christian here. So as you say, we are recovering as expected. As we said for a long time, we will move towards the double-digit growth in the second half of 2026. And in quarter four, we are also continuing to do our progress towards double-digit growth. This is driven by biddable, which is now up to 40%, and also podcasts, as Alex alluded to before.

謝謝你，Richard。我是 Christian。如你所說，我們正如預期般復甦。我們也已經說了很長一段時間，我們將在 2026 年下半年走向雙位數成長。而在第四季，我們也持續朝雙位數成長推進。這主要由可競價（biddable）所驅動，目前占比已提升到 40%，另外也包括播客，正如 Alex 先前提到的。

So going into 2027 and going into path, a journey in the future where we are in double-digit growth, of course that is important. Even if ad support is only 10% of the revenue today, it's much better to have 10% revenue growth or above than having a low-single-digit growth. So that will, of course, drive the revenue growth from the total.

因此，展望 2027 年、以及未來走向雙位數成長的路徑與旅程，這當然很重要。即使目前廣告支援（ad-supported）只占營收的 10%，但讓這 10% 的業務達到 10% 或以上的成長，仍然遠比只有低個位數成長要好。因此，這當然會帶動整體營收的成長。

Okay. We've got another question from Sean Diffley, this one on our in-house tech. You recently started selling your own internal software tools to other companies as you are becoming an R&D operating system. Can you please discuss the rationale here and how big of an opportunity this can be?

好的。我們還有一個問題，來自 Sean Diffley，這題是關於我們的自研技術。你們最近開始把內部自用的軟體工具賣給其他公司，因為你們正成為一個研發（R&D）作業系統。能否請你談談這麼做的理由，以及這可能是一個多大的機會？

Yeah. So I think the way to think about this right now is mostly as option value. The reason we're doing this is because, as we just talked about, we invested quite a bit to be able to be at the very forefront of agentic development. And so ten what happened is, not surprisingly, a lot of other companies asked us about that and said, we would also like to use this technology.

好的。我認為目前看待這件事的方式，主要是把它視為「選擇權價值」（option value）。我們之所以這麼做，是因為如同我們剛剛談到的，我們投入了相當多資源，讓自己能站在代理式（agentic）開發的最前沿。因此接下來發生的事並不令人意外：很多其他公司來問我們，並表示他們也想使用這項技術。

And because we've taken these costs anyway, we could choose to just amortize them over our few thousand developers, or we could choose to amortize them over more developers. So that's how we're thinking about it. We're taking these costs anyway to stay at the forefront. And this is a way for us to amortize those costs more efficiently.

而既然我們無論如何都已經承擔了這些成本，我們可以選擇只在我們幾千名開發者之間攤提，或者也可以選擇在更多開發者之間攤提。所以我們目前就是這樣思考的。我們本來就會承擔這些成本，以保持在最前沿。而這是一種讓我們更有效率攤提這些成本的方法。

That's how we're thinking about it right now. I'm not going to give any more guidance on this right now. Think about it as option value for the time being.

這就是我們目前的思考方式。我現在不會就此提供更多指引。暫時把它視為選擇權價值即可。

Okay. Our next question is going to come from Jason Bazinet on the Family Plan. It was recently reported that you're beginning to crack down on Family Plan subscribers that don't live in the same home. What markets are you pursuing this enforcement? How long before the implementation is complete? What financial impact do you expect from this?

好的。下一個問題來自 Jason Bazinet，關於家庭方案（Family Plan）。近期有報導指出，你們開始加強處理那些不住在同一住家的家庭方案訂閱者。你們在哪些市場推動這項執行？距離完成導入還需要多久？你們預期這會帶來什麼財務影響？

Jason, this is not as much a crackdown as it is actually a routine improvement of our verification methods for our Family Plan. Family Plan has existed for a long while. It's been around for, I think it is now close to 12, 13 years in Spotify history, and it makes up a pretty significant proportion of our subscriber base. And as such, it is important for us to just make sure over time that we improve the verification methods that we have.

Jason，這與其說是「打擊」，不如說其實是我們對家庭方案驗證方法的例行性改進。家庭方案已經存在很長一段時間。在 Spotify 的歷史中，它已經推出了——我想現在大概接近 12、13 年——而且它占我們訂閱用戶基礎相當大的比例。因此，對我們而言，重要的是隨著時間推進，確保我們持續改進現有的驗證方法。

There are certainly ways, over time, to find holes around it. So -- and as that happens, we figure out how to improve it over time. This is not something that has an end date. This is not an implementation that's going to complete. This is just ongoing routine.

當然，隨著時間推移，總會有人找到一些漏洞。所以——當這種情況發生時，我們就會想辦法隨時間持續改進。這不是一件有結束日期的事。這也不是一個會「完成導入」的實施案。這只是持續進行的例行工作。

Okay. Our next question is going to come from Justin Patterson on AI investment. Now that you've had nearly one year of deploying new tools like Claude Code, could you talk about your view on AI ROI and how that has evolved and shaped your thought on investment levels?

好的。下一個問題來自 Justin Patterson，關於 AI 投資。在你們部署 Claude Code 等新工具將近一年之後，能否談談你們對 AI 投資報酬率（ROI）的看法，以及這些看法如何演進並影響你們對投資水位的思考？

Thanks, Justin. This is Gustav. I think I already mentioned this. We saw the typical early productivity metrics of lines of code, pull requests, et cetera, that I think everyone is seeing. But I don't think everyone is yet seeing the true heart of productivity metrics. And we are, as we have now had about two cycles. With cycles, I mean six-month development cycles, because we roughly plan in six-month increments. And then we measure.

謝謝，Justin。我是 Gustav。我想我之前已經提到過。我們看到了典型的早期生產力指標，例如程式碼行數、pull requests 等，我想大家都看得到。但我不認為每個人都已經看到生產力指標真正的核心。而我們正在看到，因為我們現在大概已經跑了兩個週期。我所說的週期，是指六個月的開發週期，因為我們大致以六個月為增量做規劃。然後我們進行衡量。

We decide what we're going to do for six months, then we build it, and then we can measure how much of that we delivered. We're seeing very significant acceleration in the last six-month cycle in actually building and shipping end-user features. So I feel very good about that AI ROI. And obviously, as I said, the next step is to figure out, sure, it is great shipping features, but is anyone using them? Are they producing engagement, retention, and revenue?

我們先決定接下來六個月要做什麼，然後把它做出來，接著就能衡量我們交付了多少。我們看到在最近這個六個月週期中，實際打造並出貨終端使用者功能的速度出現非常顯著的加速。所以我對這個 AI ROI 感到非常有信心。當然，如我所說，下一步是要釐清：出貨功能固然很好，但有人在用嗎？它們是否帶來互動、留存與營收？

And as I said before, it's actually all of the above. We have adoptions, producing engagement, increases retention, but it is also, in the case of audiobooks, driving direct ARPU. So we feel very good about what we're seeing right now, which is why you should expect us to remain at these investment levels. But as I said before, hopefully by now it's becoming clear that we're pretty diligent about these opportunities. We try to understand what the business case is.

而如我先前所說，答案其實三者皆是。我們看到採用率提升、帶來互動、提高留存；同時在有聲書的案例中，也在推動直接 ARPU（每用戶平均收入）。因此我們對目前看到的情況感到非常樂觀，這也是為什麼你們應該預期我們會維持在這些投資水位。但如我之前所說，希望到現在已經很清楚：我們對這些機會一向相當審慎。我們會努力理解其商業案例是什麼。

So you're going to see us roughly at the same levels. We're going to take these opportunities when we see them, and we're going to communicate them the way we have.

所以你會看到我們大致維持在相同的水準。當我們看到這些機會時，我們就會把握，並且會用我們一貫的方式對外溝通。

Okay. We've got another question from Jason Bazinet, this time on capital allocation. You've got no debt, nearly EUR10 billion of cash and cash equivalents. How do you expect to use this cash to create shareholder value?

好的。我們還有一個問題，來自 Jason Bazinet，這次是關於資本配置。你們沒有負債，現金及約當現金接近 100 億歐元。你們預期會如何運用這些現金來創造股東價值？

Jason, Christian here. Thanks for the question again. I will just go back a little bit to what we said before. I mean, having a strong balance sheet gives us strategic optionality and flexibility to create shareholder return. And we have said that we will do that by investing in our organic journey, but also inorganic journey.

Jason，我是 Christian。再次感謝你的提問。我先稍微回到我們先前提到的內容。我的意思是，強健的資產負債表讓我們在創造股東報酬方面具備策略選擇權與彈性。而我們也說過，我們會透過投資於有機成長之路，同時也投資於非有機成長之路來做到這一點。

And on top of that, as we've been very clear, we think that with this high number of cash pile that we have on top of the cash flow compounding over time, that we will start to return cash to shareholders of the excess cash. And that's what we have started doing in quarter one. So there's no news on that, and I think it's a quite clear message, and we work very opportunistically in how we invest.

此外，正如我們一直非常清楚地說明，我們認為在擁有如此龐大的現金部位、再加上現金流隨時間複利累積的情況下，我們將開始把超額現金回饋給股東。而這也是我們在第一季已經開始做的事。所以這方面沒有新消息；我認為訊息相當明確，而且我們在投資方式上會非常機會導向。

Okay. Our next question's going to come from Justin Patterson, this time on Studio. While agents and assistants do not seem disruptive to your business, it does seem like something that could encroach upon emerging products like Studio by Spotify, which builds custom podcasts and has assistant-like capabilities. How do you believe the opportunity for this product has changed?

好的。下一個問題來自 Justin Patterson，這次是關於 Studio。雖然代理與助理看起來不會顛覆你們的核心業務，但似乎可能會侵蝕像 Spotify 的 Studio 這類新興產品；Studio 可建立客製化 Podcast，並具備類助理的能力。你們認為這項產品的機會有何改變？

Yeah. So I think the way to think about Studio is back to anticipation. We anticipated that these kind of agents were going to happen, so we built the ability to use Spotify agentically in our desktop client for the sort of hardcore frontier users. And we learned a lot. This is why we have these features, like creating podcasts. Then we also built skills for them so that third-party agents could also create them.

是的。我認為看待 Studio 的方式要回到「預判」。我們預判這類代理會出現，因此我們在桌面端客戶端中，為較硬核、走在前沿的使用者打造了以代理方式使用 Spotify 的能力。我們也學到了很多。這就是為什麼我們會有像是建立 Podcast 這類功能。接著我們也為它們建立了技能（skills），讓第三方代理也能建立這些內容。

As I explained before, it is very valuable when someone creates Spotify content through these third-party agents using their personal context about their life. That just makes Spotify more valuable. So we think this is definitely a tailwind for us. But you will still be able to create these things inside Spotify as well.

如我先前所說，當有人透過這些第三方代理、利用其生活的個人情境來創作 Spotify 內容時，價值非常高。這只會讓 Spotify 更有價值。所以我們認為這對我們絕對是順風。但你仍然也可以在 Spotify 內部建立這些內容。

I think, again, the best analogy is our ubiquity strategy that has been very successful for us in the age of connected speakers and devices, where we built this layer where you can use Spotify from any third-party interface, but using Connect, we can still control and understand the playback. That is the way to think about this as well. It is sort of Connect for the agentic age.

我想，再次地，最好的類比是我們的「無所不在」策略；在連網喇叭與裝置的時代，這個策略對我們非常成功。我們建立了一個層，使你可以從任何第三方介面使用 Spotify，但透過 Connect，我們仍能控制並理解播放狀態。這也是看待這件事的方式。它有點像是代理時代的 Connect。

But I think the opportunity is very large for us. I think personalized content is clearly happening, and that's why we invested towards it early.

但我認為對我們而言機會非常大。我認為個人化內容顯然正在發生，這也是為什麼我們很早就朝這個方向投資。

Okay, we've got a question now from Douglas Anmuth on our audiobooks expansion. How should we think about the margin impact of expanding audiobooks from 22 markets to more than 180 by year end? Can you see similar positive benefits as you did in the early launches?

好的，我們現在有一個問題，來自 Douglas Anmuth，關於我們有聲書的擴張。我們應該如何看待把有聲書從 22 個市場擴張到年底超過 180 個市場，對毛利率的影響？你們是否能看到與早期上線時類似的正面效益？

We certainly see similar positive benefits, which is why we've decided to go broad and basically have the first global audiobooks business. And I want to take you back also a little bit to how this started. One very powerful way to detect really what the desirability is of the different types of content is to just follow your user's lead. And this is now almost three years ago when Gustav and I saw the uptake of audiobooks in Germany popping just as a, really as an accident.

我們確實看到類似的正面效益，這也是為什麼我們決定擴大覆蓋，基本上打造第一個全球性的有聲書業務。我也想稍微帶大家回顧一下這是怎麼開始的。要真正判斷不同內容類型的吸引力，一個非常有力的方法就是跟著使用者的行為走。大約將近三年前，Gustav 和我在德國看到有聲書的採用率突然冒出來，真的有點像是意外。

Someone uploaded some audiobooks onto our service and really saw that users were captured by this type of content. So we started this little project between Gustav and I and a small crack team. We worked at it. We saw that there was tremendous opportunity and that we could make a difference. We could certainly be helpful in bringing more book listeners to the world. We decided to set a sail. And now we are three years later, and we have had a good three years of real positive benefits.

有人把一些有聲書上傳到我們的服務上，結果真的看到使用者被這類內容吸引住。所以 Gustav 和我以及一支小而精的團隊啟動了這個小專案。我們投入其中。我們看到巨大的機會，也看到我們能帶來改變。我們當然能在把更多書籍聽眾帶到世界上這件事上提供幫助。我們決定揚帆起航。而現在三年過去了，我們確實享受了三年相當不錯的正面效益。

We've increased our audiobooks listenership by 40%. This is even before launching to the rest of the world. We've seen listening hours grow as well. The way you think about the impact is really that we have increased the number of days that people are active on Spotify, which ultimately drives retention and also lifetime value. We've also seen early but very strong indications on add-ons for this type of category really working out.

我們的有聲書聽眾數增加了 40%。這甚至是在我們向世界其他地區推出之前。我們也看到收聽時數成長。你看待其影響的方式，其實是：我們增加了人們在 Spotify 上活躍的天數，最終帶動留存率以及終身價值（LTV）。我們也看到一些早期但非常強烈的跡象，顯示這個類別的加購（add-ons）確實行得通。

So that taken together, this is great for our users, and this is great for Spotify, and we are super excited about the launch that we are doing right now. And as far as margin goes, the way to think about that is, we have set targets at Investor Day, and we are marching towards those targets.

所以綜合來看，這對使用者很棒，對 Spotify 也很棒，我們對目前正在進行的上線非常興奮。至於毛利率方面，應該這樣理解：我們在投資人日已設定目標，而我們正朝著這些目標穩步前進。

Okay. We've got a question from Rich Greenfield on AI agents. As agents like Muse and Instinct take over the interface, they could compare subscription prices, switch services seamlessly, or cancel ones that go unused. If the agent owns the relationship, what keeps Spotify from becoming an interchangeable back-end pipe? Is churn from agents a real risk?

好的。我們有一個問題來自 Rich Greenfield，關於 AI 代理。當像 Muse 和 Instinct 這樣的代理接管介面時，它們可能會比較訂閱價格、無縫切換服務，或取消未使用的訂閱。如果代理掌握了與用戶的關係，什麼能避免 Spotify 變成可互換的後端管道？由代理導致的流失（churn）是真實風險嗎？

Thanks, Richard. An excellent question. I am going to answer in two parts. First, I want to, again, push back a little bit on the, as agents like Muse and Instinct take over the interface. The way to think about it is, Spotify has been integrated into, for example, Google Maps and Waze for decades. We haven't talked about it because I did not want competition to understand, but it's been fantastic for us.

謝謝你，Richard。這是個很棒的問題。我會分兩部分回答。首先，我想再次對「像 Muse 和 Instinct 這樣的代理接管介面」這個前提稍微提出不同看法。應該這樣想：Spotify 早在數十年前就已整合進例如 Google Maps 和 Waze。我們沒有談太多，因為我不希望競爭對手理解，但這對我們非常好。

So people have been using Spotify through Google Maps and Waze during their commute for years. That has been tremendous growth for us because Spotify and its business model works in the background. So that was not negative for us. We didn't get commoditized. We actually grew tremendously. So that is the way to think about this as well. Spotify being integrated is a growth vector for us.

所以多年來，人們在通勤時一直透過 Google Maps 和 Waze 使用 Spotify。這為我們帶來了巨大的成長，因為 Spotify 及其商業模式是在背景中運作。所以這對我們並不是負面影響。我們沒有被商品化。我們反而大幅成長。因此，這也是看待這件事的方式。Spotify 被整合進去，對我們而言是一個成長向量。

As long as we feel comfortable about our differentiation in terms of data and experience, which I've talked at length about, which we feel very comfortable about. So yes, these things are an interface in front of us, but that's been true for some time, and we think it's a good thing. It's driving growth for us. Now, on the second part of the question, which I think is excellent.

只要我們對自身在數據與體驗上的差異化感到有把握——我已經詳細談過，而我們也非常有信心。所以，是的，這些東西是在我們前面的介面，但這種情況已存在一段時間了，而我們認為這是好事。它正在推動我們成長。現在談到問題的第二部分，我認為也非常精彩。

The first thing that Muse as an agent asks you as a user is often like: Hey, want me to go through your email and try to help you find subscription that you're not using? And the important part of that is the last sentence: That you're not using. But the good thing for Spotify is we will never bet on you forgetting about your subscription. We will never bet on breakage or trying to trick you.

Muse 作為代理，常常會先問你這個使用者：嘿，要不要我瀏覽你的電子郵件，試著幫你找出你沒有在用的訂閱？而重點在最後一句：你沒有在用的。但對 Spotify 來說，好消息是，我們永遠不會把你忘記自己有訂閱當作賭注。我們永遠不會押注於「斷裂收益」（breakage）或試圖欺騙你。

In fact, I think Alex has talked about this. We have over 100 million users that use Spotify sort of 28 days of the month. We're one of the most highly engaging services in the world. So when we ask our users, we're not interested in breakage either. When we ask our users how many of them subscribe to Spotify without realizing it? It's basically no one. So we think we are one of the best-positioned services in the world for this age.

事實上，我認為 Alex 已經談過這點。我們有超過 1 億名用戶，在一個月大約 28 天都會使用 Spotify。我們是全球互動度最高的服務之一。所以當我們詢問用戶時，我們也不靠「遺忘續訂」這種流失收益。當我們問用戶有多少人是在沒意識到的情況下訂閱 Spotify？基本上幾乎沒有人。因此我們認為，在這個時代，我們是全球最具優勢的服務之一。

I actually think this will be helpful for us. It's a bold bet, but I think on that list of things that you unsubscribe from, Spotify is going to be the last thing that you unsubscribe from. We know this from previously. We've been around for 20 years. We've gone through financial crisis, et cetera. We're one of the most resilient subscriptions that exist.

我其實認為這會對我們有幫助。這是一個大膽的押注，但我認為在你會取消訂閱的清單上，Spotify 會是你最後才會取消的那一個。我們從過去就知道這點。我們已經存在 20 年了。我們經歷過金融危機等等。我們是現存最具韌性的訂閱服務之一。

And it is because we never bet on you forgetting about your subscription. I think the other thing, the opposite could also be true. I think these agents are going to help you subscribe to the best music service, to the best podcast service, and help you understand that Spotify is actually a better deal.

而這是因為我們從不把賭注押在你會忘記自己的訂閱上。我認為另一件事是，反過來也可能成立。我認為這些代理（agents）將會幫助你訂閱最好的音樂服務、最好的 Podcast 服務，並幫助你理解 Spotify 其實更划算。

All right. We've got time for about two more questions. The next one's going to come from Batya Levi on new product. How has demand been for the new features you've launched this year, Taste Profile, Prompted Playlist, et cetera? As the product delivers more value, how do you balance raising prices against growing the subscriber base?

好的。我們大概還有時間再問兩個問題。下一題來自 Batya Levi，關於新產品。你們今年推出的新功能（Taste Profile、Prompted Playlist 等）的需求表現如何？當產品提供更多價值時，你們如何在調漲價格與擴大訂閱用戶基礎之間取得平衡？

Thanks for the question, Batya. So we've used the concept of value to price ratio and also the value stick many times. And I'll remind you of this one because this is really how we think about launching product, adding value, and then how to price it. It really comes down to us figuring out how the subscriber is going to win, meaning to get an improved value to price ratio over time.

謝謝你的提問，Batya。我們多次使用「價值對價格比」以及「價值黏性（value stick）」的概念。我再提醒一次，因為這確實是我們思考產品推出、增加價值，以及如何定價的方式。歸根結底，是我們要弄清楚訂閱者如何能夠受益，也就是隨著時間推移，獲得更好的價值對價格比。

Now in the first 15 years of Spotify, we had a lot of investment in just value, better product, better content experience. It's just better everything all the time, every year. And as we sort of grew and got scale, then we started engaging in price increases, which helped us monetize and reinvest that monetization back into the product for more value. So that's the journey we're on.

在 Spotify 的前 15 年，我們大量投資在價值本身：更好的產品、更好的內容體驗。就是每一年都在各方面持續變得更好。而當我們逐步成長並取得規模之後，我們開始進行漲價，這幫助我們變現，並把這些變現再投入到產品中，以帶來更多價值。這就是我們正在走的旅程。

So as you can see us launching more product, adding more content verticals onto the platform, it's just simply us wanting to add more value to subscribers and users so that they can win when it comes to value to price ratio over time. So that's really how we balance raising price against a growing subscriber base.

所以你看到我們推出更多產品、在平台上加入更多內容垂直領域，這只是因為我們想為訂閱者與用戶增加更多價值，讓他們在長期的價值對價格比上能夠受益。這就是我們如何在調漲價格與擴大訂閱用戶基礎之間取得平衡。

And just to fill in there, I think I covered already the demand. We're very excited about the demand that we see for these AI-based features. We talked about SongDNA, but also features like About the Song is also on its way to 100 million users with tens of millions of people talking to Spotify, several tens of millions of people listening to these agentic sets. So, we feel quite good about the demand for them.

再補充一下，我想我已經談到需求了。我們對於這些以 AI 為基礎的功能所呈現出的需求感到非常興奮。我們談過 SongDNA，而像「About the Song」這類功能也正邁向觸及 1 億用戶；有數千萬人正在與 Spotify 對話，也有數千萬人正在收聽這些代理式（agentic）的內容集合。因此，我們對它們的需求表現感覺相當不錯。

All right. And our last question today is going to come from Michael Morris on music industry partnerships. The Universal Music Group and Warner Music Group agreements reached their two-year mark in the first quarter of 2027. How do your 2027 pricing plans and the add-on tiers factor into renewal talks on core streaming terms? Do you expect the renewed agreements to be structured like your current deals?

好的。今天最後一題來自 Michael Morris，關於音樂產業合作夥伴關係。環球音樂集團（Universal Music Group）與華納音樂集團（Warner Music Group）的協議在 2027 年第一季達到兩年期。你們 2027 年的定價計畫以及加購層級（add-on tiers）如何影響核心串流條款的續約談判？你們預期續約後的協議結構會與目前的交易類似嗎？

Of course, we don't speak to the specific of agreements with our partners. But I can say this is a reoccurring two-year rhythm that we've more or less had forever in Spotify's lifetime. And to your point, now we're coming up on another one. And we're excited.

當然，我們不會談及與合作夥伴協議的具體內容。但我可以說，這是一個我們在 Spotify 的整個發展歷程中幾乎一直維持的、每兩年一次的週期節奏。如你所說，我們現在又即將迎來下一次。我們很期待。

We're working with our partners and relationship is just improving. And it's improving primarily because our interests are aligned. So when our interests are aligned and growing even more aligned, then that makes it easier for us to create win-win situations.

我們正在與合作夥伴合作，而彼此關係也在持續改善。之所以改善，主要是因為我們的利益是一致的。當我們的利益一致、而且越來越一致時，就更容易為我們創造雙贏的局面。

All right, great. So, we've reached the end of today's Q&A session, and I want to turn the call back over to Alex for some concluding remarks.

好的，很棒。那麼，我們已經來到今天問答環節的尾聲，我想把電話交回給 Alex 做一些結語。

Thank you, Bryan. So to close us out, we are building a durable business at scale with a tremendous amount of opportunity ahead. And as I said at the top of the call, this quarter, we did what we said we would, and that's how we'll keep running the business. Thank you all for joining us.

謝謝你，Bryan。最後做個總結：我們正在以規模打造一個具持久性的業務，前方仍有大量機會。而且如同我在電話會議一開始所說，本季我們做到了我們說會做到的事，而這也將是我們持續經營業務的方式。謝謝各位加入。

All right. Thank you everyone for joining and for your interest in Spotify. A replay of today's call will be available on our website and also on the Spotify app under Spotify Earnings Call Replays. We look forward to speaking with you all soon.

好的。感謝各位參與，也謝謝大家對 Spotify 的關注。今天電話會議的重播將會在我們的網站上提供，也會在 Spotify App 的「Spotify Earnings Call Replays」中提供。我們期待很快再與各位交流。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。