Spotify Technology SA (SPOT) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，謝謝你的支持。

Welcome to the Spotify First Quarter 2021 Earnings Conference Call.

歡迎來到 Spotify 2021 年第一季度收益電話會議。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Bryan Goldberg, Head of Investor Relations at Spotify.

（操作員說明）我現在想將會議交給您今天的發言人，Spotify 投資者關係主管布萊恩戈德堡。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you, and welcome to Spotify's First Quarter 2021 Earnings Conference Call.

謝謝，歡迎來到 Spotify 2021 年第一季度收益電話會議。

Joining us today will be Daniel Ek, our CEO; and Paul Vogel, our CFO.

今天加入我們的是我們的首席執行官 Daniel Ek；和我們的首席財務官 Paul Vogel。

We'll start with opening comments from Daniel.

我們將從 Daniel 的開放評論開始。

And after the remarks, Daniel and Paul will be happy to answer your questions.

在發言之後，Daniel 和 Paul 將很樂意回答您的問題。

We'll again be taking questions exclusively through Slido.

我們將再次專門通過 Slido 回答問題。

Questions can be submitted by going to slido.com, S-L-I-D-O.com, and using the code #SpotifyEarningsQ121.

可以前往 slido.com、S-L-I-D-O.com 並使用代碼 #SpotifyEarningsQ121 提交問題。

Analysts can ask questions directly into Slido, and all participants can then vote on the questions they find the most relevant.

分析師可以直接向 Slido 提出問題，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。

(Operator Instructions) 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.

（操作員說明）如果出於某種原因，您無法訪問 Slido，您可以通過 ir@spotify.com 向投資者關係部發送電子郵件，我們將添加您的問題。

Before we begin, let me quickly cover the safe harbor.

在我們開始之前，讓我快速介紹一下安全港。

During this call, we'll be making certain forward-looking statements, including projections or estimates about the future performance of the company.

在此次電話會議中，我們將做出某些前瞻性陳述，包括對公司未來業績的預測或估計。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述基於受風險和不確定因素影響的當前預期和假設。

Actual results could materially differ because of factors discussed on today's call, in our letter to shareholders and in filings with the Securities and Exchange Commission.

由於在今天的電話會議、我們致股東的信中以及提交給美國證券交易委員會的文件中討論的因素，實際結果可能存在重大差異。

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

在本次電話會議中，我們還將參考某些非 IFRS 財務指標。

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

我們的 IFRS 和非 IFRS 財務措施之間的對賬可以在我們投資者關係網站財務部分的致股東信中找到，並且今天還通過 6-K 表提供。

And with that, I will turn it over to Daniel.

然後，我將把它交給丹尼爾。

All right.

好的。

Hi, and thanks for joining us.

您好，感謝您加入我們。

I'm pleased with the continuing momentum we're seeing across many aspects of our business this quarter, including our subscriber growth.

我對本季度我們在業務的許多方面看到的持續勢頭感到高興，包括我們的用戶增長。

2020 was a very strong year for Spotify.

2020 年對 Spotify 來說是非常強勁的一年。

And as we reported our Q4 results, I discussed the high degree of uncertainty we knew we would continue to face in this unprecedented environment.

在我們報告第四季度業績時，我討論了我們知道在這種前所未有的環境中我們將繼續面臨的高度不確定性。

I also shared that we likely pull forward some growth as evidenced by our outperformance in MAU throughout this past year.

我還分享了我們可能會推動一些增長，正如我們在過去一年中 MAU 的出色表現所證明的那樣。

In Q1, this uncertainty played out largely as expected.

在第一季度，這種不確定性在很大程度上符合預期。

Several metrics like subs, revenues, gross margin and ARPU came in a little higher, while MAU came in a little lower, but still well within our range.

訂閱數、收入、毛利率和 ARPU 等幾個指標略高，而 MAU 略低，但仍處於我們的範圍內。

And some markets that we have previously seen really strong performance from, like parts of Latin America and Southeast Asia, showed some softening on the MAU side while others in both new and mature markets continue to demonstrate really impressive growth.

我們之前看到的一些表現非常強勁的市場，如拉丁美洲和東南亞的部分地區，在 MAU 方面表現出一些疲軟，而新市場和成熟市場的其他市場繼續表現出令人印象深刻的增長。

And while it's worth noting that of our 4 quarters, Q1 historically tends to be the quarter with the lowest new user activations, we also know that the world is in various stages of recovering from the pandemic, and we see that reflected in aspects of our business.

值得注意的是，在我們的 4 個季度中，從歷史上看，第一季度往往是新用戶激活率最低的季度，我們也知道世界正處於從大流行中恢復的各個階段，我們看到這反映在我們的各個方面商業。

And while I expect the puts and takes that we saw in Q1 to continue throughout much of this year, I still feel very confident in what's on the horizon, looking at the remainder of the year and beyond.

雖然我預計我們在第一季度看到的情況將在今年大部分時間繼續，但我仍然對即將發生的事情充滿信心，展望今年剩餘時間及以後的時間。

And as always, I want to focus the bulk of my time with you looking ahead.

和往常一樣，我想把大部分時間都花在你展望未來上。

I am more confident than ever in our ability to deliver on our ambition to become the world's #1 audio platform.

我比以往任何時候都更有信心實現我們成為世界第一音頻平台的雄心壯志。

And if you tuned into our Stream On event in February, you probably understand why I'm so bullish.

如果您在 2 月份收看我們的 Stream On 活動，您可能會理解我為什麼如此看好。

Our strategy to move from being a streaming service to being an audio platform is really starting to come to life.

我們從流媒體服務轉變為音頻平台的戰略真正開始付諸實施。

Look no further than the clarified messaging we launched yesterday around how we will enable access to paid audio products on top of Spotify.

看看我們昨天發布的關於我們將如何在 Spotify 上啟用付費音頻產品的澄清信息。

I really think this positions us to truly be the audio browser of the world.

我真的認為這使我們真正成為世界的音頻瀏覽器。

And for those who may have missed it, we detailed several new innovations and enhancements in our pipeline that will benefit both creators and the users.

對於那些可能錯過了它的人，我們詳細介紹了我們管道中的幾項新的創新和增強功能，它們將使創作者和用戶都受益。

And this includes our recent launch into more than 80 new markets, which has opened up a new exciting opportunity for growth, and I will share more on that in a minute.

這包括我們最近進入 80 多個新市場，這開闢了令人興奮的新增長機會，稍後我將分享更多相關信息。

I also shared more on why I continue to believe that the opportunity in audio is still largely untapped with tremendous growth potential, far beyond what most of us can imagine today.

我還分享了更多關於為什麼我仍然相信音頻領域的機會在很大程度上仍未開發的巨大增長潛力，遠遠超出了我們大多數人今天的想像。

Take music as an example.

以音樂為例。

The latest numbers from IFPI just out this quarter reinforced the strength of the industry.

IFPI 本季度剛剛發布的最新數據強化了該行業的實力。

It's seen an increase of 54% in global recorded music revenues since the 2014 low, and streaming revenues with a growth rate of more than 600% over the same time period, continue to propel the industry forward.

自 2014 年低點以來，全球錄製音樂收入增長了 54%，同期流媒體收入增長率超過 600%，繼續推動行業向前發展。

Industry sources recently forecasted that the streaming market will triple, reaching $79 billion in revenues by 2030, and Spotify continues to be the primary driver that is pushing global music revenues to record highs.

業內消息人士最近預測，到 2030 年，流媒體市場的收入將增長兩倍，達到 790 億美元，而 Spotify 仍然是推動全球音樂收入創下歷史新高的主要推動力。

Related to this, look no further than the price increases we just announced across 12 key markets, including the U.K. and U.S. And we did this on the back of successful rollouts in the previous 2 quarters when we implemented price increases in more than 30 markets.

與此相關的是，我們剛剛在包括英國和美國在內的 12 個主要市場宣布了價格上漲，我們之所以這樣做，是因為我們在前兩個季度成功推出了 30 多個市場的價格上漲。

The positive data we continue to see in terms of the value users see in Spotify underscores the significant opportunity here.

就用戶在 Spotify 中看到的價值而言，我們繼續看到的積極數據突顯了這裡的重大機遇。

And you should expect that we will continue to leverage increases as we evaluate market conditions.

您應該期望我們在評估市場狀況時會繼續增加槓桿。

I hope you've also checked out our new site, Loud and Clear, which is increasing transparency on the economics of music streaming.

我希望您也查看了我們的新網站 Loud and Clear，該網站提高了音樂流媒體經濟的透明度。

There, you'll see the number of the most listened artists in the world is growing, and it's more diverse than ever.

在那裡，您會看到世界上聽眾最多的藝術家的數量正在增長，而且比以往任何時候都更加多樣化。

As more artists are finding success, the bigger the impact we, as a platform, can have in serving them and their teams.

隨著越來越多的藝術家獲得成功，我們作為一個平台在為他們和他們的團隊服務方面可以產生的影響就越大。

And the more successful artists there are, the more impact we can have on creating an even better consumer experience.

成功的藝術家越多，我們對創造更好的消費者體驗的影響就越大。

Speaking of consumer experience, we continue to see lots of opportunities to enhance our user experience across the board, and you should expect us to move quickly and invest aggressively when we do.

說到消費者體驗，我們繼續看到很多機會來全面提升我們的用戶體驗，你應該期待我們在這樣做時迅速採取行動並積極投資。

Because the broader audio market is still in its infancy compared to music, the opportunities to innovate there are immense and evolving fast and furiously.

由於與音樂相比，更廣泛的音頻市場仍處於起步階段，因此那裡的創新機會是巨大的，並且發展迅速而激烈。

We have long enjoyed a first-mover advantage, and we will continue to prioritize introducing new capabilities across all facets of audio.

長期以來，我們一直享有先發優勢，我們將繼續優先考慮在音頻的各個方面引入新功能。

Our recent acquisition of the live audio room, Locker Room, is an example of this commitment to improving our experience.

我們最近收購了現場音頻室 Locker Room，這就是我們致力於改善體驗的一個例子。

We want to be the absolute best partner to creators by giving them opportunities to create and grow and engage and monetize their art and fan base.

我們希望成為創作者的最佳合作夥伴，為他們提供創造和成長的機會，讓他們參與並從他們的藝術和粉絲群中獲利。

And we have some exciting plans for Locker Room, and we will share more details in the coming weeks.

我們對更衣室有一些激動人心的計劃，我們將在未來幾週內分享更多細節。

And while we decided early to go all-in on audio, it's giving us a head start of more than a decade and unrivaled size and scale.

雖然我們很早就決定全力投入音頻，但它讓我們領先了十多年，擁有無與倫比的規模和規模。

Others are, of course, taking notice.

當然，其他人也在註意。

This isn't surprising at all given the enormous size of the audio market, which some projections indicate could be valued at $200 billion by 2030.

考慮到音頻市場的巨大規模，這一點也不奇怪，一些預測表明到 2030 年音頻市場的價值可能達到 2000 億美元。

Competition is nothing new for us.

競爭對我們來說並不是什麼新鮮事。

We saw it in music and always expected others to jump on the audio train when they realized how attractive it is to billions of listeners around the world.

我們在音樂中看到了它，當其他人意識到它對全球數十億聽眾的吸引力時，他們總是希望他們跳上音頻列車。

We believe we have at least 5 to 7x growth left in the business we are in today: music, podcasting and paid audio, and we intend to win in those businesses.

我們相信我們今天的業務至少還有 5 到 7 倍的增長：音樂、播客和付費音頻，我們打算在這些業務中取勝。

All that said, you should expect us to remain focused on our core pillars.

綜上所述，您應該期望我們繼續專注於我們的核心支柱。

For consumers, this is delivering a great consumer experience through freemium, ubiquity and personalization.

對於消費者而言，這通過免費增值、普遍性和個性化提供了出色的消費者體驗。

And for creators, it is a maniacal focus on serving them through a personalized marketplace set of offerings and not one size fits all.

對於創作者來說，通過個性化的市場產品集而不是放之四海而皆準的方式為他們提供服務是一種瘋狂的關注。

As always, when we see opportunities that we believe will strengthen our capabilities for creators or consumers, you should expect us to prioritize the long term over the short term.

與往常一樣，當我們看到我們認為會增強我們為創作者或消費者提供的能力的機會時，您應該期望我們優先考慮長期而不是短期。

And to help realize our ambitions, over the last couple of months, we've led our most sweeping geographic expansion to date, turning Spotify on in more than 80 new markets across Asia, Africa, Europe and the Caribbean and Latin America.

為了幫助實現我們的雄心壯志，在過去的幾個月裡，我們領導了迄今為止最廣泛的地域擴張，在亞洲、非洲、歐洲和加勒比地區以及拉丁美洲的 80 多個新市場開啟了 Spotify。

And in doing so, we're introducing the passions, the creativity, the sounds and cultures of creators in these markets to a global audience.

通過這樣做，我們向全球觀眾介紹了這些市場中創作者的激情、創造力、聲音和文化。

We are ramping up quickly, evolving our content and adjusting our product as we learn about what makes the most sense on a hyperlocal level.

隨著我們了解什麼在超本地級別上最有意義，我們正在迅速增加，改進我們的內容並調整我們的產品。

These are only a few examples of the tangible efforts underway, and we will continue to aggressively pursue opportunities to expand our content and our offerings and enhance our user experience in spite of the uncertain environment.

這些只是正在進行的切實努力的幾個例子，儘管環境不確定，但我們將繼續積極尋求機會來擴展我們的內容和產品並增強我們的用戶體驗。

And with that, I'll turn it back to Bryan for questions.

有了這個，我會把它轉回給布萊恩提問。

All right.

好的。

Thanks, Daniel.

謝謝，丹尼爾。

Again, if you've got any questions, please go to slido.com, #SpotifyEarningsQ121.

同樣，如果您有任何問題，請訪問 slido.com，#SpotifyEarningsQ121。

Once your question is entered, you can edit or withdraw your question by selecting the option in the bottom right.

輸入問題後，您可以通過選擇右下角的選項來編輯或撤回您的問題。

We'll be reading the questions in the order they come in with respect to how people vote up their preference for questions.

我們將按照問題的出現順序閱讀問題，以了解人們將如何投票支持他們對問題的偏好。

And our first question today is going to come from Doug Anmuth at JPMorgan.

我們今天的第一個問題將來自摩根大通的 Doug Anmuth。

You noted that the percentage of MAUs consuming podcast was consistent quarter-to-quarter, but you saw a strong increase in podcast consumption hours.

您注意到每個季度使用播客的 MAU 百分比是一致的，但您看到播客使用時間大幅增加。

Can you explain potential reasons for the delta there?

你能解釋那裡出現三角洲的潛在原因嗎？

And can you comment on how much of total consumption hours are currently podcasts?

你能評論一下目前播客的總消費時間有多少嗎？

Paul, do you want to go?

保羅，你想去嗎？

Yes, I'll start with that one.

是的，我將從那個開始。

So yes, at a high level, Doug, the consumption numbers were very strong.

所以是的，在高層次上，道格，消費數據非常強勁。

They're up about 20% quarter-over-quarter, so we feel really good about that.

它們環比增長了約 20%，所以我們對此感覺非常好。

When you look at the percentage of podcast MAU relative to total MAU, some of that is kind of dependent on the point in time that the quarter ends.

當您查看播客 MAU 相對於總 MAU 的百分比時，其中一些取決於季度結束的時間點。

And so, December had a very strong month, particularly with Joe Rogan going exclusive.

因此，12 月表現非常強勁，尤其是喬·羅根 (Joe Rogan) 獨占。

But when you look at the average podcast MAU over the average MAU over the period, it was up from Q1 over Q4.

但是，當您查看這段時間內的平均播客 MAU 和平均 MAU 時，它比第一季度高於第四季度。

And when you look at the trend over the last really 6, 7, 8 quarters, particularly the last 4 quarters, that average growth in podcast MAU to average MAU has been up about 150 basis points quarter-over-quarter.

當您查看過去 6、7、8 個季度，尤其是過去 4 個季度的趨勢時，播客 MAU 與平均 MAU 的平均增長率環比增長了約 150 個基點。

So we feel really good about the overall trends in podcast MAU.

因此，我們對播客 MAU 的整體趨勢感到非常滿意。

And sometimes there's a little bit of lumpiness in the actual reporting just on how any one quarter ended with respect to new releases or launches or exclusivity.

有時，實際報告中的任何一個季度在新版本、發布或排他性方面如何結束，都會有一點點不一致。

And in terms of how much consumption, we don't break out how much consumption is on podcast.

而在消費有多少方面，我們並沒有把podcast上的消費有多少分出來。

I will say that March is at an all-time high in terms of the amount of podcast consumption on the platform.

我會說，就平台上的播客消費量而言，3 月處於歷史最高水平。

All right.

好的。

Our next question comes from Rich Greenfield at LightShed.

我們的下一個問題來自 LightShed 的 Rich Greenfield。

Everyone appears to be getting into the live audio business following Clubhouse.

在 Clubhouse 之後，每個人似乎都進入了現場音頻業務。

I'm curious how you think about live audio as a feature versus a stand-alone product?

我很好奇您如何看待現場音頻作為一項功能與獨立產品的關係？

And how creators will decide where to go live, whether it be Spotify, Clubhouse or another platform?

創作者將如何決定在哪裡直播，是 Spotify、Clubhouse 還是其他平台？

Yes.

是的。

This is Daniel.

這是丹尼爾。

I think live audio is clearly something that you should expect as capabilities go pretty much every major platform will have.

我認為現場音頻顯然是您應該期待的功能，因為幾乎每個主要平台都會具備這些功能。

And my expectation, it's really no different than how you think about Stories.

我的期望是，這與您對 Stories 的看法真的沒有什麼不同。

Stories today exist on a format on a number of platforms, including Spotify, including, of course, Instagram, Snap and many others.

今天的故事以一種格式存在於許多平台上，包括 Spotify，當然還包括 Instagram、Snap 和許多其他平台。

So I do look at this as a compelling feature set, and I think creators will engage in the places where they have the best sort of creator-to-fan affinity for the type of interactions that they're looking for.

因此，我確實將其視為一個引人注目的功能集，而且我認為創作者將參與他們對他們正在尋找的互動類型具有最佳創作者與粉絲親和力的地方。

And I think this is very similar to say how Stories played out historically.

我認為這與故事在歷史上的表現非常相似。

All right.

好的。

Our next question comes from Mario Lu at Barclays.

我們的下一個問題來自巴克萊銀行的 Mario Lu。

You recently announced pricing of podcast subscription for content creators undercuts your competition.

您最近宣佈內容創作者的播客訂閱定價削弱了您的競爭。

Are there opportunities outside of the podcast subscription itself that you can monetize to receive better than 5% economics?

除了播客訂閱本身，您是否有機會通過貨幣化獲得高於 5% 的經濟收益？

I think this is a long-term play for us in terms of podcasting, but I do want to go back and just talk about here why I think this is important.

我認為就播客而言，這對我們來說是一個長期的遊戲，但我確實想回去談談為什麼我認為這很重要。

As many of you know, we have, for now, the better part of more than 2 years, talked about how we believe openness is what's going to be important and drive innovation across the ecosystem.

正如你們中的許多人所知，在 2 年多的時間裡，我們已經討論了我們如何相信開放性將是重要的，並推動整個生態系統的創新。

And the most important thing for us is that we play by those rules.

對我們來說最重要的是我們遵守這些規則。

And I think what we're -- we announced yesterday is just a very, very compelling product for creators where they have control.

而且我認為我們 - 我們昨天宣布的對於他們擁有控制權的創作者來說只是一個非常非常引人注目的產品。

They have control in how they can message their consumers, they have control in how they can monetize their consumers.

他們可以控制如何向消費者傳達信息，他們可以控制如何通過消費者獲利。

It's just a very attractive proposition that creators are very, very excited about and want to work with us.

這只是一個非常有吸引力的提議，創作者非常非常興奮並希望與我們合作。

As revenue opportunities goes, going forward from that, I think that there's so many tools that we can create for creators and for consumers alike, and there'll be plenty of revenue opportunities that will be coming from that.

隨著收入機會的發展，從那以後，我認為我們可以為創作者和消費者創造如此多的工具，並且將會有大量的收入機會。

So look at this as the beginning.

因此，將此視為開始。

And again, as I've said many times before, we're in the early innings of audio.

再一次，正如我之前多次說過的，我們正處於音頻的早期階段。

And the key thing right now is still moving off-line linear audio listening to online on-demand listening.

而現在最關鍵的還是從線下線性音頻收聽轉向線上點播收聽。

And that's the trend line that we're pursuing.

這就是我們追求的趨勢線。

And there will be lots and lots of opportunities for finding monetization paths between creators and consumers into the future.

未來將有很多機會在創作者和消費者之間尋找貨幣化途徑。

All right.

好的。

We'll go to the next question, Mark Mahaney at ISI.

我們將轉到下一個問題，ISI 的 Mark Mahaney。

Why did you reduce your full year MAU guidance but maintain your full year Premium Subscriber outlook?

為什麼您減少了全年 MAU 指導但保持了全年高級訂戶展望？

What's causing better-than-expected conversion of MAUs in the premium subs?

是什麼導致高級訂閱中 MAU 的轉換好於預期？

Yes.

是的。

I'll start with that one.

我將從那個開始。

I think for us, if you look at the guidance, a lot of it is just taking into account the -- coming to the bottom of the range in Q1 on the MAU side, and the sub side was actually stronger than expected.

我認為對我們來說，如果你看一下指導，很多只是考慮到 - 在 MAU 方面進入第一季度範圍的底部，而子方面實際上強於預期。

I think if you take a step back, when we started the year, we did say we expected some greater variability within some of our metrics.

我想如果你退後一步，當我們開始這一年時，我們確實說過我們預計我們的一些指標會有更大的可變性。

I would say actually, we probably had more concern on the sub side.

我想說實際上，我們可能更關心子方面。

So the fact that the subs number came in better than expected is really positive for us.

因此，潛艇數量好於預期的事實對我們來說確實是積極的。

And in terms of conversion, I would say kind of if you look at the subs-to-MAU ratio, it was up in Q1.

就轉化率而言，如果你看一下 subs-to-MAU 的比率，我會說，它在第一季度有所上升。

It's still lower Q1 this year than it was Q1 last year.

今年第一季度仍低於去年第一季度。

And typically, what you see for us, and you'll see this if you look at the history of Spotify.

通常情況下，你為我們看到的，如果你回顧 Spotify 的歷史，你就會看到這一點。

There's always some kind of waves where MAU seems to be the bigger driver and then subs becomes a bigger driver.

總會有一些浪潮，其中 MAU 似乎是更大的驅動力，然後潛艇成為更大的驅動力。

And a big function of that is when you have periods of time where MAU grows very, very fast, it grows the top of the funnel.

它的一個重要功能是當你有一段時間 MAU 增長非常非常快時，它會增長到漏斗的頂部。

But it normally takes 6, 9, 12 months for us to convert those free users into premium-paying subscribers.

但我們通常需要 6、9、12 個月才能將這些免費用戶轉化為付費用戶。

So it's actually very logical to see that growth in MAU that we saw last year then translate into subs down the line.

因此，看到我們去年看到的 MAU 增長隨後轉化為訂閱量實際上是非常合乎邏輯的。

So actually, all the numbers are pretty consistent with what we expected.

所以實際上，所有的數字都與我們的預期非常一致。

And I think we still feel really good about the overall trends in user growth and particularly subscriber growth.

而且我認為我們仍然對用戶增長的總體趨勢，尤其是訂閱者增長的總體趨勢感到非常滿意。

All right.

好的。

Next question comes from Ben Swinburne at Morgan Stanley.

下一個問題來自摩根士丹利的 Ben Swinburne。

What percentage of your users have seen price increases thus far?

到目前為止，您有多少用戶看到價格上漲？

If that's not having a material impact on top of funnel growth, can you elaborate more on what you see as the drivers of MAU softness relative to expectations?

如果這對漏斗增長沒有產生實質性影響，您能否詳細說明您認為 MAU 相對於預期疲軟的驅動因素？

Yes.

是的。

I guess I'll start with that one as well.

我想我也會從那個開始。

So we haven't disclosed the actual number of subs affected by price increases, but we're in over 40 markets right now.

因此，我們尚未披露受價格上漲影響的實際訂閱者數量，但我們目前在 40 多個市場開展業務。

I think we feel good about what we have accomplished so far in terms of price increases.

我認為我們對迄今為止在價格上漲方面取得的成就感到滿意。

When you look at gross additions and churn, we've seen very minimal impact on either one of those metrics.

當您查看總增加量和流失率時，我們發現對這兩個指標中的任何一個的影響都非常小。

So we feel good about the price increases.

所以我們對價格上漲感到滿意。

Yes, price increases wouldn't really impact top of funnel because top of funnel is sort of the free users, so there's really no impact on there.

是的，價格上漲不會真正影響漏斗頂部，因為漏斗頂部是免費用戶，所以那裡真的沒有影響。

I think like a lot of folks, we saw exceptionally strong 2020.

我想和很多人一樣，我們看到了異常強勁的 2020 年。

We did see a pickup in MAU growth starting in March of last year that, in hindsight, looks to be somewhat correlated to COVID in some ways.

從去年 3 月開始，我們確實看到 MAU 增長有所回升，事後看來，這在某些方面似乎與 COVID 有點相關。

And so there's just a little bit of that comparison.

因此，只有一點點比較。

But in general, I think we expected some variability.

但總的來說，我認為我們預計會有一些變化。

So it's not surprising to us.

所以這對我們來說並不奇怪。

It was in sort of the complete range of our expectations.

這是我們期望的全部範圍。

And like I said, I think we feel really good about the fact that we're able to grow subscribers faster than expected.

就像我說的那樣，我認為我們對能夠比預期更快地增加訂戶這一事實感到非常高興。

Okay.

好的。

Next question from Jason Bazinet at Citi.

下一個問題來自花旗銀行的 Jason Bazinet。

Investors tend to think of Spotify as very sticky, implying low churn rates.

投資者傾向於認為 Spotify 的粘性很高，這意味著客戶流失率很低。

You've made progress on churn, but it's still high relative to other subscription-based businesses like Sirius, DIRECTV, et cetera.

你在客戶流失方面取得了進展，但相對於其他基於訂閱的業務（如 Sirius、DIRECTV 等），它仍然很高。

What causes churn to remain elevated?

是什麼導致客戶流失率居高不下？

And what's your long-term churn goal?

您的長期流失目標是什麼？

Yes.

是的。

I would actually argue, our churn is not high.

我實際上會爭辯說，我們的客戶流失率並不高。

I think in markets where we're established, our churn is at really good levels, and we're growing really, really fast.

我認為在我們建立的市場中，我們的客戶流失率非常高，而且我們的增長非常非常快。

And when you grow into newer markets where you're a newer product, churn tends to be higher and it comes down over time.

當你進入新市場時，你的產品是新產品，客戶流失率往往會更高，並且會隨著時間的推移而下降。

So the fact that our churn rate continues to come down is a positive for us.

因此，我們的客戶流失率繼續下降這一事實對我們來說是積極的。

I don't think we've ever put out an actual churn target, but I do think you can expect it to continue to come down over time.

我不認為我們曾經制定過實際的客戶流失目標，但我確實認為你可以預期它會隨著時間的推移繼續下降。

So I think we feel really good about it.

所以我認為我們對此感覺非常好。

As I said, I think the churn in some of our more mature markets are at levels that you expect of businesses that are mature.

正如我所說，我認為我們一些更成熟市場的客戶流失率達到了您對成熟企業的預期水平。

And I also think that when you kind of -- when you think about the mix between the mature markets and the growing markets, the churn is pretty appropriate for the level of growth we have right now.

而且我還認為，當你有點 - 當你考慮成熟市場和增長市場之間的組合時，流失非常適合我們目前的增長水平。

Okay.

好的。

Our next question is going to come from Matt Thornton at Truist.

我們的下一個問題將來自 Truist 的 Matt Thornton。

Can you talk about the Facebook partnership, how accretive you think it could be to the business as well as Car Thing, including how you're thinking about go-to-market?

你能談談與 Facebook 的合作夥伴關係嗎？你認為它對業務和 Car Thing 有多大的貢獻，包括你如何考慮上市？

Yes, sure.

是的，當然。

I mean these are obviously 2 very different partnerships.

我的意思是，這顯然是兩種截然不同的伙伴關係。

But they fall under the same strategy for us, which is ubiquity.

但它們對我們來說屬於相同的策略，即無處不在。

And so, when you look at Facebook as an example, it's obviously one of the world's largest platforms, reaching billions of consumers around the world.

因此，以 Facebook 為例，它顯然是世界上最大的平台之一，覆蓋了全球數十億消費者。

And one of the key insights for us has been just how many Spotify users are constantly sharing their tracks on Facebook and Instagram and other social platforms and expressing themselves that way.

對我們來說，重要的洞察之一是有多少 Spotify 用戶不斷地在 Facebook 和 Instagram 以及其他社交平台上分享他們的曲目並以這種方式表達自己。

So you should look at this as a way of reducing friction which will, of course, enable a much better experience.

因此，您應該將此視為減少摩擦的一種方式，這當然會帶來更好的體驗。

So it's too early to say what the overall impact will be.

所以現在說整體影響是什麼還為時過早。

But generally speaking, when you reduce the friction for consumers, you tend to see great results.

但一般來說，當你減少消費者的摩擦時，你往往會看到很好的結果。

And I have high hopes that the Facebook partnership can certainly do that.

我非常希望 Facebook 的合作夥伴關係能夠做到這一點。

And then when it comes to the Car Thing, I think, again, the most important thing as you think about audio products is that the car happens to be a major use case.

然後，當談到 Car Thing 時，我再次認為，當你想到音頻產品時，最重要的事情是汽車恰好是一個主要用例。

So if you look at the car radio, which is still today, where most of the offline radio listening happens, it is pretty clear that it's an ongoing transformation that is going on.

所以如果你看看今天仍然存在的汽車收音機，大部分離線收聽收音機都是在這裡進行的，很明顯這是一個正在進行的轉型。

If you look at cars like Tesla, et cetera, you see it very clearly where these streaming services now is the de facto radio in the car.

如果你看看特斯拉等汽車，你會非常清楚地看到這些流媒體服務現在是汽車中事實上的收音機。

And so Car Thing is our attempt of speeding up that progress into a future where you will have just as great experience as you have on your mobile, in your car.

因此，Car Thing 是我們加快這一進程的嘗試，在未來，您將擁有與在手機上、汽車上一樣出色的體驗。

And you can now use that as your sort of in-car entertainment system instead of this antiquated radio systems that most people have in the car.

您現在可以將其用作您的車載娛樂系統，而不是大多數人在車內使用的這種過時的無線電系統。

And early results is just very, very encouraging.

早期的結果非常非常令人鼓舞。

It seems like we've really struck a cord with what consumers want.

看來我們真的很了解消費者的需求。

And so we're seeing a lot of excitement, but it's, of course, very, very early.

因此，我們看到了很多令人興奮的事情，但當然，這還為時過早。

And I think based on how people will use the product, et cetera, we will certainly think a lot more about what the appropriate go-to-market strategy will be and how we can most effectively roll it out.

我認為，根據人們使用產品的方式等，我們肯定會更多地考慮合適的上市策略是什麼，以及我們如何才能最有效地推出它。

Okay.

好的。

Thanks.

謝謝。

Next question will be from Deepak at Wolfe Research.

下一個問題將來自 Wolfe Research 的 Deepak。

Given the recent launch of several new offerings, can you discuss your updated thoughts on potential gross profit contribution from Marketplace in fiscal '21 and in the next few years?

鑑於最近推出了幾款新產品，您能否討論一下您對 Marketplace 在 21 財年和未來幾年的潛在毛利潤貢獻的最新想法？

Daniel, do you want to talk about Marketplace at a high level and then I could talk about the gross margin directly?

丹尼爾，你想從高層次談談市場，然後我可以直接談談毛利率嗎？

Yes, sure.

是的，當然。

So I think I've said this before, but I'll say it again, we're very, very early in our efforts of moving the entire music industry from this one size fits all to a more individual offering.

所以我想我之前已經說過了，但我要再說一遍，我們在努力將整個音樂行業從這種一刀切的方式轉變為更加個性化的產品方面還處於非常、非常早的階段。

And the way we're taking that approach is we're trying to create really across the whole audio stack, even beyond music as well, just creating more opportunities for creators to create, for them to be able to distribute, for them to be able to grow their audience and for them to be able to monetize their audience.

我們採用這種方法的方式是，我們正在嘗試真正跨越整個音頻堆棧進行創作，甚至超越音樂，只是為創作者創造更多機會來創作，讓他們能夠分發，讓他們成為能夠增加他們的觀眾，並使他們能夠通過他們的觀眾獲利。

And most of the Marketplace products that we have today is just enabling music creators to be able to grow their audience.

我們今天擁有的大多數 Marketplace 產品只是讓音樂創作者能夠擴大他們的聽眾。

And the early response that we've had on those products have just been phenomenal, with many artists seeing twice the uplift that they have from other marketing channels and really, really strong retention from customers as well that are engaging with these products.

我們對這些產品的早期反應是驚人的，許多藝術家看到他們從其他營銷渠道獲得的提升是其他營銷渠道的兩倍，並且非常非常強大的客戶保留以及與這些產品互動的客戶。

I think there's a lot of excitement in the music community among the people who have used these products, and we're kind of gradually rolling it out and having more and more artists and teams experimenting with our products.

我認為使用過這些產品的人在音樂社區中感到非常興奮，我們正在逐漸推出它，讓越來越多的藝術家和團隊嘗試我們的產品。

Yes.

是的。

And then just from a gross margin, we haven't given out specific targets, but I would say we talked about at the end of a year ago in terms of where we were.

然後就毛利率而言，我們還沒有給出具體目標，但我想說我們在一年前就我們所處的位置進行了討論。

And then we had significant growth in 2020, expecting significant growth again in 2021.

然後我們在 2020 年實現了顯著增長，預計 2021 年將再次實現顯著增長。

And right now, Marketplace was in line with expectations in Q1, and we expect to have another really strong growth year for us in 2021.

目前，Marketplace 符合第一季度的預期，我們預計 2021 年我們將迎來又一個真正強勁的增長年。

And it is starting to be a positive contributor to gross margin, and we expect it to continue to grow over time.

它開始對毛利率產生積極貢獻，我們預計它會隨著時間的推移繼續增長。

We haven't given any specific targets out, but we do feel good about kind of the ramp over the last year or so.

我們沒有給出任何具體目標，但我們確實對過去一年左右的增長感到滿意。

All right.

好的。

The next question is going to come from Justin Patterson at KeyBanc.

下一個問題將來自 KeyBanc 的 Justin Patterson。

On advertising, could you elaborate more on the strength in podcast advertising?

在廣告方面，您能否詳細介紹一下播客廣告的優勢？

And how are advertisers responding to SAI technology?

廣告商對 SAI 技術的反應如何？

Yes.

是的。

Podcast advertising was strong in the quarter.

播客廣告在本季度表現強勁。

Organically, it was very strong.

有機地，它非常強大。

And then, when you throw on top of it, JRE or Joe Rogan and Ringer and Megaphone, it's really starting to see an accelerant to growth on the advertising side.

然後，當你將 JRE 或 Joe Rogan 以及 Ringer 和 Megaphone 放在它之上時，它真的開始看到廣告方面的增長加速劑。

SAI is in high demand.

SAI 的需求量很大。

There's -- the feedback has been great as we roll that out into more areas within the advertising business and more areas in podcast, and we expect it to be a big driver of growth.

有 - 隨著我們將其推廣到廣告業務的更多領域和播客的更多領域，反饋非常好，我們預計它將成為增長的重要推動力。

I would say, if you take a high-level view of advertising in general, I think from a product and technology standpoint, from an innovation standpoint, we think we're really just scratching the surface of where we're going to go, and we feel really good about the tech stack we're investing in.

我想說，如果你從總體上看廣告，我認為從產品和技術的角度，從創新的角度來看，我們認為我們真的只是觸及了我們要去的地方的表面，我們對我們投資的技術堆棧感覺非常好。

We feel really good about all the incremental inventory we have with respect to Megaphone and Joe Rogan and The Ringer and Parcast and Gimlet and Anchor products.

我們對 Megaphone 和 Joe Rogan 以及 The Ringer 和 Parcast 以及 Gimlet 和 Anchor 產品的所有增量庫存感到非常滿意。

And so I think we feel really, really good about the opportunity for us to really drive advertising across the business.

因此，我認為我們真的非常高興有機會真正推動整個業務的廣告發展。

Okay.

好的。

Next question is going to come from Richard Kramer at Arete.

下一個問題將來自 Arete 的 Richard Kramer。

It's on pricing.

是在定價上。

Do you expect competitors to match your price increases in key markets like the U.S. and the U.K.?

您是否希望競爭對手在美國和英國等主要市場上與您的價格上漲相匹配？

So I'm not sure, to be honest, but that was never a deciding factor in how we approach the decision.

所以老實說，我不確定，但這從來都不是我們如何做出決定的決定性因素。

We focused on our business and the data that we're seeing.

我們專注於我們的業務和我們所看到的數據。

And there, the -- it's very, very clear and very, very compelling data, which is we see enormous amounts of engagement with our consumer, and it's been growing year-over-year-over-year as we've been improving the proposition, both in terms of personal -- better personalization, better features, but obviously expanding the content library significantly with the addition of podcasting and exclusives as well.

在那裡，這是非常、非常清晰、非常、非常有說服力的數據，我們看到與消費者的大量互動，而且隨著我們一直在改進提議，無論是在個人方面——更好的個性化，更好的功能，但顯然通過添加播客和獨家新聞顯著擴展內容庫。

So I think it's on the back of that, the usual read that we feel very comfortable about doing that.

因此，我認為這是基於此，通常的讀物表明我們對此感到非常自在。

And you should obviously look at our expansion of these price increases as -- that we see the strategy working.

顯然，您應該將我們對這些價格上漲的擴大視為——我們認為該戰略正在發揮作用。

All right.

好的。

Next question from John Egbert at Stifel.

Stifel 的 John Egbert 的下一個問題。

Can you discuss how Locker Room complements your existing spoken word content strategy?

您能否討論 Locker Room 如何補充您現有的口語內容策略？

What are some of the immediate synergies you see with your existing offering?

您看到與現有產品的直接協同作用是什麼？

Do you view linear consumption of spoken word audio as a more interesting opportunity than live music streaming?

您是否認為口語音頻的線性消費比現場音樂流媒體更有趣？

Yes.

是的。

So I think the first and foremost, the important thing is to visualize Spotify as a platform.

所以我認為首要的是將 Spotify 可視化為一個平台。

So we have over 8 million creators and, obviously, more than 350 million users on this platform.

所以我們有超過 800 萬創作者，顯然，這個平台上有超過 3.5 億用戶。

And most of the time, the #1 thing that our users are asking us help, is help me find more great content.

大多數時候，我們的用戶向我們尋求幫助的第一件事就是幫助我找到更多精彩內容。

And the #1 question our creators are asking us is help me connect with my fans in more ways.

我們的創作者問我們的第一個問題是幫助我以更多方式與我的粉絲聯繫。

So live, you should really view live as the opportunity for creating new and meaningful ways to connect creators and fans.

所以直播，你真的應該把直播看作是創造新的、有意義的方式來聯繫創作者和粉絲的機會。

That's how we look at it.

我們就是這樣看的。

And then as platforms mature and features some platform mature, usually, the features in the beginning tend to be creators that are experimenting a lot more are probably not the most successful creators that jump on the platform.

然後隨著平台的成熟和某些平台功能的成熟，通常，開始時的功能往往是進行更多實驗的創作者可能不是跳上該平台的最成功的創作者。

And then, as more people start engaging with a feature in a medium, you start seeing more and more professional creators jump on board.

然後，隨著越來越多的人開始使用媒體中的功能，您會開始看到越來越多的專業創作者加入進來。

So I think it's probably going to start out with spoken word content.

所以我認為它可能會從口語內容開始。

But specifically as it relates to Spotify, I think that there will be a lot of musicians that want to engage in everything from speaking to their fans to having listening parties and all other things because it's so clear to them that on the Spotify platform, that engagement drives meaningful conversion to monetization opportunities just on the basis of our revenue [model].

但特別是當它與 Spotify 相關時，我認為會有很多音樂家想要參與一切，從與粉絲交談到舉辦聆聽派對以及所有其他事情，因為他們非常清楚在 Spotify 平台上，僅在我們的收入 [模型] 的基礎上，參與就可以推動有意義的轉化為貨幣化機會。

Okay.

好的。

The next question is going to come from Maria Ripps at Canaccord.

下一個問題將來自 Canaccord 的 Maria Ripps。

Live audio is a fast-growing space but also one that gained popularity during the pandemic when people were spending more time at home.

現場音頻是一個快速增長的空間，但在大流行期間人們花更多時間呆在家裡時也是一個流行的空間。

How does Spotify plan to integrate this feature within its audio ecosystem to make it just as useful when people are back in their normal routines?

Spotify 計劃如何將此功能集成到其音頻生態系統中，以使其在人們恢復正常生活時同樣有用？

I think it really just comes down to creating compelling content.

我認為這真的歸結為創造引人注目的內容。

As an example, again, you can imagine as in the previous question, we may have an artist that has an upcoming album and you, as the fan, may be able to experience that earlier than other consumers can, or you can have an artist to explain what the thinking around writing a certain song was.

再舉個例子，你可以想像在上一個問題中，我們可能有一位藝術家即將發行專輯，而作為粉絲的你可能能夠比其他消費者更早地體驗到這一點，或者你可以讓一位藝術家解釋寫某首歌的想法是什麼。

And you can obviously have comedians and other people engage on topics that they're currently experiencing or imagining.

你顯然可以讓喜劇演員和其他人參與他們目前正在經歷或想像的話題。

So I think it really comes down to the quality of the content.

所以我認為這真的取決於內容的質量。

And I think when I look at our 8 million creators, we have some of the world's best storytellers on the platform, and that's ultimately what people will tune into, and that's what matters.

我認為，當我審視我們的 800 萬創作者時，我們的平台上有一些世界上最優秀的講故事的人，而這正是人們最終會收聽的內容，這才是最重要的。

And I would also just add, with our ubiquity strategy, we've been able to sort of pivot in both directions.

我還要補充一點，通過我們的無處不在戰略，我們已經能夠在某種程度上在兩個方向上進行調整。

And so you think about when people start -- first started being at home a lot more and interact with game consoles and voice speakers, we sort of leaned into that, which was super great.

所以你想想人們什麼時候開始——首先開始更多地呆在家裡並與遊戲機和語音揚聲器互動，我們有點傾向於這樣做，這非常棒。

And when people start traveling and being out again, they'll be able to use other devices just as equally.

當人們再次開始旅行和外出時，他們將能夠同樣地使用其他設備。

And so having that sort of ubiquity strategy, having our platform and Spotify on as many devices as possible has allowed us to be successful no matter how you're -- how and where and when you're using audio content.

因此，擁有這種無處不在的策略，讓我們的平台和 Spotify 在盡可能多的設備上運行，讓我們能夠成功，無論你如何——如何以及何時何地使用音頻內容。

Okay.

好的。

Next question from Lloyd Walmsley at Deutsche Bank.

德意志銀行的 Lloyd Walmsley 的下一個問題。

Based on the improvement in churn, it would appear that gross Premium Subscriber additions didn't really grow year-on-year in the quarter despite opening up new markets.

基於流失率的改善，儘管開闢了新市場，但本季度高級訂閱用戶總數似乎並沒有真正同比增長。

Do you think gross adds -- the growth in gross adds will be declining on a year-on-year basis going forward?

您是否認為總增加量——總增加量的增長將在未來同比下降？

Or can you grow those again?

或者你能再種那些嗎？

I'm not going to comment specifically on gross adds.

我不會專門評論總增加量。

I will say our gross adds were very strong in the quarter.

我會說我們的總增加量在本季度非常強勁。

Without getting too much of the technicals, I think because we give you guys rounded numbers and not actual numbers, sometimes trying to back into our gross add numbers can be misleading.

在不了解太多技術的情況下，我認為因為我們給你們的是四捨五入的數字而不是實際數字，所以有時試圖回到我們的總增加數字可能會產生誤導。

But I will say our gross adds were strong in the quarter.

但我要說的是，本季度我們的總增長強勁。

So we feel good about that, and we feel good about the overall subs number in general.

所以我們對此感覺很好，我們對總的訂閱人數也感覺很好。

And so yes, no comment other than that, but I feel good about the gross adds and the net adds, both for the quarter and for the year.

所以是的，除此之外沒有其他評論，但我對本季度和全年的總增加量和淨增加量感覺良好。

And also, just in terms of your new markets, obviously, as you can imagine, a lot of those new markets take a little while to ramp.

而且，就您的新市場而言，顯然，正如您可以想像的那樣，許多新市場需要一段時間才能發展。

So there wasn't really an expectation that there'll be massive increases in subscribers in our new markets, although they performed in line with our expectations.

因此，儘管他們的表現符合我們的預期，但我們並沒有真正期望我們的新市場的訂戶會大幅增加。

Okay.

好的。

Next question from Nick Delfas at Redburn.

Redburn 的 Nick Delfas 的下一個問題。

How do your DAUs compare to your MAUs?

您的 DAU 與 MAU 相比如何？

And are you seeing lower engagement?

您是否看到較低的參與度？

Is that why MAUs were below expectations this quarter?

這就是本季度 MAU 低於預期的原因嗎？

The DAU-to-MAU ratio has been pretty steady, both overall and for Premium and ads.

DAU 與 MAU 的比率一直相當穩定，無論是整體還是高級和廣告。

It's actually, in general, been ticking up a little bit across both over the average of the last couple of quarters.

實際上，總的來說，在過去幾個季度的平均水平上，兩者都略有上升。

So we feel good about that ratio.

所以我們對這個比例感覺很好。

I mean I think we've talked about the MAU a lot.

我的意思是我認為我們已經討論了很多關於 MAU 的問題。

There was some pull forward.

有一些推動力。

We had a very strong 2020 in general, but we feel good about the overall trajectory.

總體而言，我們在 2020 年表現非常強勁，但我們對整體軌跡感覺良好。

We still feel good about the overall number of net additions that we expect in MAU for the full year, and engagement remains really solid on the platform.

我們對全年 MAU 的預期淨增加總數仍然感覺良好，並且平台上的參與度仍然非常穩固。

Okay.

好的。

Next question from Mike Morris at Guggenheim.

古根海姆的 Mike Morris 的下一個問題。

How does your share of listening in the car compare to your broader share of overall listening?

您在車內聆聽的份額與整體聆聽的更廣泛份額相比如何？

How significant is this segment of the market?

這部分市場有多重要？

Can broader distribution of Car Thing be a step toward meaningful engagement expansion?

Car Thing 的更廣泛分佈能否成為有意義的參與擴展的一步？

Yes.

是的。

I think that's exactly the right way to look at it.

我認為這正是看待它的正確方式。

I mean if you look at audio as a category, it has 3 distinct use cases.

我的意思是，如果您將音頻視為一個類別，它有 3 個不同的用例。

One is in the home, one is on the go and one is in the car.

一個在家裡，一個在路上，一個在車裡。

In the home, it obviously competes with other forms of media like video, et cetera.

在家庭中，它顯然與視頻等其他形式的媒體競爭。

On the go, you -- there's a lot of things you can do, but audio happens to be a very strong medium there, too.

在旅途中，您可以做很多事情，但音頻恰好也是一種非常強大的媒介。

And in the car, obviously, video and other type of sort of immersive experiences is not very common.

顯然，在汽車中，視頻和其他類型的沉浸式體驗並不常見。

So audio there happens to be a very, very big part of overall what people do in the car.

因此，音頻恰好在人們在車內所做的事情中佔了非常非常大的一部分。

And especially in the U.S., the car use case is obviously massive.

尤其是在美國，汽車用例顯然非常龐大。

So I think you should look at Car Thing as a way of us sort of full stack going in and reimagining what the user experience in the car for the next-gen car entertainment system should look like.

所以我認為你應該把 Car Thing 看作是我們進入全棧並重新構想下一代汽車娛樂系統的汽車用戶體驗的一種方式。

And this is our version of that.

這是我們的版本。

And I think this is also why it's so pleasing to see the early results of that and how engaged consumers were in just sharing the message and being super excited about that.

我認為這也是為什麼看到早期結果如此令人高興，以及消費者參與分享信息並對此感到超級興奮的原因。

So we're very encouraged with it, but it's very early days.

所以我們對此感到非常鼓舞，但現在還為時尚早。

Okay.

好的。

Next question from Andrew Marok at Raymond James.

Raymond James 的 Andrew Marok 的下一個問題。

With Q1 podcasting MAU penetration consistent with Q4 levels, but consumption hours increasing, how are you thinking about the opportunity in terms of increasing podcast penetration versus driving more engagement with existing podcast users?

隨著第一季度播客 MAU 滲透率與第四季度水平一致，但消費時間增加，您如何看待增加播客滲透率與推動與現有播客用戶更多互動的機會？

Yes.

是的。

I touched on this in the earlier question, but in general, I think the podcast MAU penetration continues to move up.

我在之前的問題中談到了這一點，但總的來說，我認為播客 MAU 滲透率繼續上升。

As I said, we had a really good growth last year in Q4, in particular, where we're up about 300 basis points quarter-over-quarter.

正如我所說，我們去年第四季度的增長非常好，特別是我們比上一季度增長了約 300 個基點。

And December, in particular, was strong given some of the exclusivity that we had in December.

考慮到我們在 12 月擁有的一些排他性，12 月尤其強勁。

But in general, again, if you look at the average podcast MAU over the average MAU over the last couple of quarters, that continues to trend up.

但總的來說，如果你再看看過去幾個季度的平均播客 MAU 和平均 MAU，它會繼續呈上升趨勢。

And so we expect that the overall percentage of MAU who engage with podcast will continue to move up.

因此，我們預計參與播客的 MAU 的總體百分比將繼續上升。

So we feel like that line is -- a net curve is really, really strong.

所以我們覺得那條線是——一條淨曲線真的非常強。

And engagement has continued to move up.

參與度繼續上升。

We're seeing it in new users and existing podcast users and it was up very strong quarter-over-quarter.

我們在新用戶和現有播客用戶中看到了這一點，並且環比增長非常強勁。

So we feel like the engagement is there and will continue to lead to more podcast usage overall.

所以我們覺得參與度就在那裡，並將繼續導致更多的播客使用。

Okay.

好的。

Next question from Mark Z. at Rosenblatt Securities.

Rosenblatt Securities 的 Mark Z. 的下一個問題。

Could you discuss the variables in the low versus high end of your gross margin guidance?

您能否討論毛利率指導的低端和高端中的變量？

I assume that's for fiscal '21.

我認為這是針對 21 財年的。

Yes.

是的。

I mean there's always a number of things that go into that.

我的意思是總有很多事情涉及到這一點。

I mean I think one of it is content and the speed with which we continue to grow the content base.

我的意思是我認為其中之一是內容和我們繼續擴大內容基礎的速度。

So there's an element of that, that's in there.

所以有一個元素，就在那裡。

As I've said in the past, I think overall music, margins will be flattish for the most part.

正如我過去所說，我認為整體音樂，利潤率在很大程度上將持平。

There's always some variability, but for the most part, flattish.

總會有一些變化，但在大多數情況下，是平淡的。

We do see some benefits from Marketplace.

我們確實看到了 Marketplace 的一些好處。

So the upside or downside on Marketplace as well could be a driver.

因此，Marketplace 的上行或下行也可能是一個驅動因素。

And just on the other cost of revenue, we actually have seen a little bit more leverage on things like streaming delivery and payments than we expected.

就收入的其他成本而言，我們實際上已經看到流媒體傳輸和支付等方面的影響比我們預期的要多一些。

At least in the first quarter, it was a little bit better than we thought.

至少在第一季度，它比我們想像的要好一點。

So how that trends over time will also dictate it.

因此，隨著時間的推移，這種趨勢將如何決定它。

So those are sort of the main points.

所以這些是要點。

As you did see, we did raise the gross margin guidance for the full year.

如您所見，我們確實提高了全年的毛利率指引。

So we do feel like right now, we're on pace to have a little bit better gross margin year than we expected when we started the year.

所以我們現在確實覺得，我們今年的毛利率比年初時預期的要好一些。

Okay.

好的。

We've got a question from Steven Cahall at Wells Fargo.

富國銀行的 Steven Cahall 向我們提出了一個問題。

Well, it looks like -- can you tell us what per user consumption hours are in North America and Europe, where they grew in the quarter and in developing regions, where there was some COVID pressure in Q1?

好吧，看起來——你能告訴我們北美和歐洲的每個用戶消費時間是多少嗎？他們在這個季度和發展中地區有所增長，第一季度有一些 COVID 壓力？

Yes.

是的。

I don't believe we've given out that number in the past.

我不相信我們過去曾給出過這個數字。

So I do not know if I can add to that other than to the -- and we haven't really set specific growth rates or regions.

所以我不知道我是否可以添加 - 我們還沒有真正設定具體的增長率或地區。

But as I did say, the overall consumption, I think it's in your question.

但正如我所說，整體消費，我認為這是你的問題。

It has above COVID levels in many markets and in some markets where it was weak.

它在許多市場和一些疲軟的市場中都高於 COVID 水平。

That hasn't come all the way back, they are improving.

這並沒有完全恢復，他們正在改善。

So again, we feel good, in general, about the consumption trends across the platform.

因此，總的來說，我們對整個平台的消費趨勢感覺良好。

All right.

好的。

Next question from Atlantic Equities.

大西洋股票的下一個問題。

I believe that's Hamilton Faber.

我相信那是 Hamilton Faber。

Can you talk about monetization models for live, and if how these differ from your current capabilities?

你能談談直播的盈利模式嗎？這些模式與你目前的能力有何不同？

And what you need to drive this new opportunity?

你需要什麼來推動這個新機會？

Yes, sure.

是的，當然。

So I'm really, really excited about this.

所以我對此非常非常興奮。

And I think this is one of the areas where we can learn a lot from what's happening in China and particularly, which has a lot more sort of developed ecosystem when it comes to live products, et cetera.

我認為這是我們可以從中國正在發生的事情中學到很多東西的領域之一，特別是在直播產品等方面，中國擁有更發達的生態系統。

So obviously, right now, our primary focus is just creating more meaningful engagement on live products across the base, and this is about getting our 8 million creators to interact with the hundreds of millions of consumers that are on the Spotify platform.

所以很明顯，現在，我們的主要重點只是在整個基地創造更有意義的現場產品參與，這是為了讓我們的 800 萬創作者與 Spotify 平台上的數億消費者互動。

But over time, I think that this will be a very, very big potential from a revenue standpoint in addition to these existing models that we have today.

但隨著時間的推移，我認為除了我們今天擁有的這些現有模型之外，從收入的角度來看，這將是一個非常非常大的潛力。

But I also do want to kind of up-level this question for a moment, which is if you really think about this, the real big transition for us in these past few years has really been obviously from music to being audio.

但我也確實想稍微提一下這個問題，如果你真的想一想，過去幾年我們真正的重大轉變顯然是從音樂到音頻。

But the other trend line that's very clear, as I said in my opening remarks, is going from a music service to being an audio platform.

但正如我在開場白中所說，另一個非常明確的趨勢線是從音樂服務轉變為音頻平台。

And if you think about that audio platform narrative for a moment, it really has a few core pillars.

如果你想一想音頻平台的敘述，它確實有幾個核心支柱。

One of them is create, one of them is distribute, another one of them is engage and the fourth pillar is monetization.

其中一個是創造，一個是分發，另一個是參與，第四個支柱是貨幣化。

So we are investing massively in all 4 of these pillars, making it easier for creators to create.

因此，我們正在對所有這 4 個支柱進行大量投資，讓創作者更容易創作。

You can imagine that with sort of live experiences, making it easier for people to distribute their content, Anchor being a great example, where we're consistently just innovating on music and talk, other types of format that just allows creators to express themselves in different ways.

你可以想像，通過某種現場體驗，人們可以更輕鬆地分發他們的內容，Anchor 就是一個很好的例子，我們一直在創新音樂和談話，其他類型的格式只允許創作者表達自己不同的方法。

And then, of course, growing people's fan base and create new forms of engagement with their audience.

然後，當然，擴大人們的粉絲群並創造與觀眾互動的新形式。

And then lastly, of course, monetization where you have everything from SAI to subscription packages that we announced yesterday.

最後，當然是貨幣化，從 SAI 到我們昨天宣布的訂閱包，您擁有一切。

This is a massive road map that the company has taken on and that you're seeing us execute on.

這是公司已經採用的龐大路線圖，您正在看到我們正在執行。

And I'm really, really pleased with the early innings of how that platform now is coming to life.

我真的很高興這個平台現在是如何進入生活的早期階段。

And I think over the long term, that's what I'm super excited about because we have this audience now of 350 million and these 8 million creators.

我認為從長遠來看，這就是我非常興奮的原因，因為我們現在擁有 3.5 億觀眾和這 800 萬創作者。

And it's really about creating -- across this create, distribute, engage and monetize, creating more and more avenues for these 2 groups to connect with each other, engage with each other and monetize those engagement.

這真的是關於創造——通過這個創造、分發、參與和貨幣化，為這兩個群體創造越來越多的途徑來相互聯繫、相互參與並通過這些參與獲利。

So yes, very, very encouraged and very early days on the evolution of the audio ecosystem.

所以是的，非常非常鼓舞人心，音頻生態系統的發展還處於非常早期的階段。

Okay.

好的。

And we're going to go to the next question from Jessica Reif Ehrlich at Bank of America, another one on Car Thing.

我們將轉到美國銀行的 Jessica Reif Ehrlich 的下一個問題，另一個關於 Car Thing 的問題。

What's the timing on a broader rollout for this initiative?

更廣泛地推出該計劃的時間是什麼時候？

And what are the incremental revenue opportunities that Spot can capture by targeting in the car?

Spot 可以通過定位汽車獲得哪些增量收入機會？

So early days still.

還很早。

Still shipping the products to the consumers that signed up.

仍在將產品運送給註冊的消費者。

So it's too early to say, I think, from a broader roll-up perspective.

所以我認為，從更廣泛的匯總角度來看，現在說還為時過早。

But as we mentioned there, when we roll it out broader, it will likely have a consumer price point as well and not be a free product as it has been in this early innings.

但正如我們在那裡提到的，當我們更廣泛地推廣它時，它可能也會有一個消費者價格點，而不是像在早期階段那樣是免費產品。

Okay.

好的。

And we're going to go now to follow-up questions.

我們現在要回答後續問題。

We've got time actually for one more, and that's going to come from John Egbert at Stifel.

實際上，我們還有時間再來一次，這將來自 Stifel 的 John Egbert。

How much interest are you getting among Megaphone publishers and other podcast creators looking to participate in the Spotify Audience Network?

Megaphone 發行商和其他希望加入 Spotify Audience Network 的播客創作者對您有多大興趣？

Are you sensing any hesitance to participate from larger, more established creators?

您是否感覺到更大、更成熟的創作者對參與其中有任何猶豫？

And how quickly do you expect network inventory to scale in 2021?

您預計 2021 年網絡庫存將以多快的速度擴展？

Yes.

是的。

I guess I'll start with that one.

我想我將從那個開始。

Yes, I think it's a little bit -- it's too early to tell.

是的，我認為這有點——現在下結論還為時過早。

I think we're super optimistic about what the audience network will be able to provide, both to the publishers and the advertisers as well as us in terms of just broadening out the amount of inventory, the audience they can reach, the targeting capabilities and you sort of throw on top the things we're doing with SAI.

我認為我們對受眾網絡能夠為發布商和廣告商以及我們提供的內容非常樂觀，包括擴大庫存量、他們可以觸及的受眾、定位能力和你有點把我們用 SAI 做的事情放在首位。

And we think there's a lot of opportunity to grow the overall market and podcasting.

我們認為有很多機會來發展整個市場和播客。

We know there's a ton of demand out there from podcast advertisers and folks who want to advertise on podcasting.

我們知道播客廣告商和想要在播客上做廣告的人們有大量需求。

And all of the recent enthusiasm about podcasting and audio content has only helped that.

最近對播客和音頻內容的所有熱情都對此有所幫助。

So I think we feel really good about where we are.

所以我認為我們對自己所處的位置感覺非常好。

I think we're super pleased having made that acquisition last year in terms of where we're set up for the future.

我認為我們非常高興去年就我們為未來建立的地方進行了收購。

All right.

好的。

Great.

偉大的。

So we're out of time now for Q&A.

所以我們現在沒有時間進行問答了。

So I will turn the call back over to Daniel for some closing remarks.

因此，我將把電話轉回給 Daniel，聽取一些結束語。

Well, thank you, Bryan.

好吧，謝謝你，布萊恩。

In my experience, the key to our future success is to stay focused on our long-term opportunity.

根據我的經驗，我們未來成功的關鍵是繼續關注我們的長期機會。

And short term, we will continue to perform while rolling out with the ups and downs inherent in challenging and unpredictable environment.

短期內，我們將繼續表現，同時應對充滿挑戰和不可預測的環境中固有的起伏。

Put another way, we at Spotify, are stubborn on ambition but flexible on the details of execution.

換句話說，我們 Spotify 固執於野心，但在執行細節上靈活。

We will continue to experiment and prioritize being nimble and accelerate plans when the opportunity makes sense.

我們將繼續試驗並優先考慮靈活，並在機會合適時加快計劃。

And in this audio world where creators and consumers are at the heart of everything we do, we see ourselves as a huge catalyst for growth.

在這個創作者和消費者是我們所做一切的核心的音頻世界中，我們將自己視為增長的巨大催化劑。

And we're committing to holding ourselves accountable to living in a constant state of improvement.

我們承諾讓自己對生活在不斷改善的狀態負責。

This is what drives me and the team to come to work each and every day.

這就是驅使我和團隊每天上班的動力。

And I'll be talking more about our earnings report on our podcast, For the Record, which will go live on our platform tomorrow.

我將在我們的播客 For the Record 中更多地談論我們的收益報告，該播客將於明天在我們的平台上直播。

Thanks again, everyone, for joining us.

再次感謝大家加入我們。

Okay.

好的。

And that concludes today's call.

今天的電話會議到此結束。

A replay of the call will be available on our website and also on the Spotify app under Spotify Earnings Call Replays.

電話重播將在我們的網站和 Spotify Earnings Call Replays 下的 Spotify 應用程序中提供。

Thanks again, everyone, for joining.

再次感謝大家的加入。