Spotify Technology SA (SPOT) 2020 Q1 法說會逐字稿

Welcome to Spotify's First Quarter 2020 Financial Results Question-and-Answer session. A copy of the company's shareholder letter, issued premarket open today, is available on the Investor Relations website, investors.spotify.com. This call is being recorded, and an archived replay will be available on the IR site after the event concludes.

歡迎來到 Spotify 2020 年第一季度財務業績問答環節。今日開盤前發行的公司股東信的副本可在投資者關係網站investors.spotify.com 上查閱。此次通話正在錄音，活動結束後將在 IR 網站上提供存檔重播。

Please note we will conduct a question-and-answer session on the webcast. If you would like to ask a question, please visit the Spotify Investor Relations website to access the webcast link.

請注意，我們將在網絡廣播中進行問答環節。如果您想提問，請訪問 Spotify 投資者關係網站以訪問網絡廣播鏈接。

I will now turn the call over to Paul Vogel, Chief Financial Officer. You may now begin your conference.

我現在將把電話轉給首席財務官 Paul Vogel。你現在可以開始你的會議了。

Great. Thank you and welcome to Spotify's First Quarter 2020 Earnings Conference Call. I hope everyone is staying safe during these unusual times. As is the case with just about everyone, our team will be hosting the call entirely remotely. Our CEO, Daniel Ek, is participating from Stockholm, and I'm at my home office in New Jersey.

偉大的。謝謝並歡迎參加 Spotify 2020 年第一季度收益電話會議。我希望每個人都在這些不尋常的時期保持安全。與幾乎所有人的情況一樣，我們的團隊將完全遠程主持電話會議。我們的首席執行官 Daniel Ek 正在斯德哥爾摩參加，我在新澤西的家庭辦公室。

Turning now to the call. We will start with opening comments from Daniel. And after the remarks, Daniel and I will be happy to answer your questions.

現在轉向通話。我們將從丹尼爾的開放評論開始。發言結束後，Daniel 和我將很樂意回答您的問題。

New for the quarter is that we will be taking questions exclusively through Slido. Questions can be submitted by going to slido.com, S-L-I-D-O.com, and using the code #SpotifyEarnings. Analysts can ask questions directly into Slido, and all participants can then vote on the questions they find the most relevant. We hope this keeps the call as efficient as prior quarters but increases the transparency around which questions get asked and in what order. If for some reason you don't have access to Slido, you can email Investor Relations at ir@spotify.com, and we will add your questions.

本季度的新功能是我們將專門通過 Slido 回答問題。可以通過訪問 slido.com、S-L-I-D-O.com 並使用代碼#SpotifyEarnings 提交問題。分析師可以直接向 Slido 提問，然後所有參與者都可以對他們認為最相關的問題進行投票。我們希望這可以使電話會議保持與前幾個季度一樣的效率，但可以提高詢問問題的透明度和順序。如果由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. During this call, we will make 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 materially differ because of factors discussed on today's call, in our letter to shareholders and in filings with the Securities and Exchange Commission.

在我們開始之前，讓我快速覆蓋安全港。在本次電話會議期間，我們將做出前瞻性陳述，包括對公司未來業績的預測或估計。這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。由於今天的電話會議、我們致股東的信函和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 refer to certain non-IFRS financial measures. Reconciliations between our IFRS and non-IFRS financial measures can be found in our letter to shareholders, in the financial section of our Investor Relations page and also furnished today on Form 6-K.

在本次電話會議中，我們將參考某些非 IFRS 財務指標。我們的 IFRS 和非 IFRS 財務指標之間的對賬可以在我們致股東的信函中找到，在我們的投資者關係頁面的財務部分，也可以在今天的 6-K 表中提供。

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

有了這個，我會把它交給丹尼爾。

All right. Hi, everyone, and thanks for joining us. Before jumping into our quarterly results, I want to acknowledge these extraordinary times that have profoundly impacted the world around us.

好的。大家好，感謝您加入我們。在進入我們的季度業績之前，我想承認這些對我們周圍的世界產生深遠影響的非凡時期。

On behalf of the entire Spotify team, I want to express our deepest appreciation to the health care workers and first responders around the world who are keeping us safe. I also want to acknowledge all of the creators whose livelihoods have been altered, from the artists whose music continues to inspire us to the podcasters who keep us entertained and informed. We know that many creators with touring and live shows canceled, the pandemic has brought unthinkable levels of uncertainty into their lives.

我謹代表整個 Spotify 團隊，向全世界保護我們安全的醫護人員和急救人員表示最深切的謝意。我還要感謝所有生計改變的創作者，從音樂繼續激勵我們的藝術家到讓我們保持娛樂和了解的播客。我們知道，許多取消巡演和現場表演的創作者，大流行給他們的生活帶來了難以想像的不確定性。

And like every other company, we're operating with a new -- in a new reality. And it's, of course, premature to say when things will return to normal or what the normal will look like.

和其他所有公司一樣，我們在一個新的——在一個新的現實中運營。當然，現在說事情何時會恢復正常或正常情況會是什麼樣子還為時過早。

But despite this uncertainty, Q1 was a strong quarter for Spotify. We continued to see impressive user growth, up 31% from last year. In fact, we saw faster growth in all 4 of our regions in the first quarter of 2020 compared to Q1 2019. And we met our guidance by nearly every measure, growing both our subscribers and MAUs.

但儘管存在這種不確定性，第一季度對 Spotify 來說是一個強勁的季度。我們繼續看到令人印象深刻的用戶增長，比去年增長了 31%。事實上，與 2019 年第一季度相比，我們在 2020 年第一季度的所有 4 個地區都看到了更快的增長。我們幾乎在所有方面都達到了我們的指導，我們的訂閱者和月活躍用戶都在增長。

The one exception was advertising revenue, which is a very small portion of our total revenue. Obviously, a loss in ad revenue is something that every media company is experiencing during this challenging time. So in sum, our overall business is less impacted than many others.

一個例外是廣告收入，它只占我們總收入的一小部分。顯然，在這個充滿挑戰的時期，每家媒體公司都在經歷廣告收入的損失。因此，總而言之，我們的整體業務受到的影響比許多其他業務要小。

Podcast consumption grew by triple digits during the quarter compared to just a year ago. It was also our biggest quarter ever for organic podcast creation. And while many companies have had to adjust their output during this crisis, almost all of our original and exclusives have either maintained or increased their pace of new releases in response to audience demand. For example, our original podcast Science Vs and Fest & Flauschig have both doubled their weekly releases. And we also launched a new daily news podcast in Germany that has already become the second-largest show in the country and regularly ranks in the top 20 worldwide.

與一年前相比，本季度的播客消費增長了三位數。這也是我們有史以來最大的有機播客創作季度。儘管許多公司在這場危機中不得不調整他們的產量，但我們幾乎所有的原創和獨家產品都保持或加快了新版本的發布速度，以響應觀眾的需求。例如，我們最初的播客 Science Vs 和 Fest & Flauschig 的每週發布量都翻了一番。我們還在德國推出了一個新的每日新聞播客，該播客已經成為該國第二大節目，並經常躋身全球前 20 名。

And we've been encouraged by the wave of creativity in new podcast creation this quarter. More than 70% of new podcasts on Spotify were created with Anchor and within our own ecosystem.

本季度新播客創作的創意浪潮讓我們深受鼓舞。 Spotify 上超過 70% 的新播客是使用 Anchor 在我們自己的生態系統中創建的。

With 286 million monthly active users and 130 million subscribers, it's clear that audio and Spotify continue to play an important role in our users' lives. Our solid performance is the result of the audio-first strategy that we put in place just over a year ago. And we're up 31% in both MAU and subs year-over-year. And while we saw some minor impact from COVID-19 during the back half of the first quarter, MAU and subs remain in line with our forecast and held steady. In hard-hit markets like Italy and Spain, we saw more of a decline in daily active users and consumption. But over the last few weeks, we've seen listening start to rebound in a big way.

憑藉 2.86 億月活躍用戶和 1.3 億訂閱者，音頻和 Spotify 顯然繼續在我們用戶的生活中發揮重要作用。我們穩健的表現是我們一年多前實施的音頻優先戰略的結果。我們的月活躍用戶和訂閱用戶同比增長 31%。雖然我們在第一季度後半段看到了 COVID-19 的一些輕微影響，但 MAU 和訂閱用戶仍符合我們的預測並保持穩定。在意大利和西班牙等遭受重創的市場，我們看到每日活躍用戶和消費量下降更多。但在過去的幾周里，我們已經看到聽力開始大幅反彈。

In this environment, we've had to suspend what we normally believe and think differently about our business. So for example, when we saw consumption starting to decline, we would have assumed that MAUs and paid subscribers would be negatively impacted. But that wasn't the case. In fact, both new and reactivated MAUs grew substantially even during lockdown periods in major markets. And we believe this is a testament to how engaging our platform and ecosystem are to our users.

在這種環境下，我們不得不暫停我們通常認為的事情，並對我們的業務有不同的看法。例如，當我們看到消費開始下降時，我們會假設 MAU 和付費用戶會受到負面影響。但事實並非如此。事實上，即使在主要市場的封鎖期間，新的和重新激活的 MAU 也大幅增長。我們相信，這證明了我們的平台和生態系統對用戶的吸引力。

And last year, as you all know, we outlined a vision to be the world's largest audio platform, and we've made significant progress. We now have more than 1 million podcasts on the platform, and we're the #1 audio service for podcasts in dozens of countries around the world and quickly gaining ground where we're not.

眾所周知，去年，我們制定了成為全球最大音頻平台的願景，並且取得了重大進展。我們現在在平台上擁有超過 100 萬個播客，我們是全球數十個國家/地區播客排名第一的音頻服務，並迅速在我們沒有的地方取得進展。

And I know many are wondering how we will continue to weather the storm. With so many unknowns, there are some questions we simply can't answer at this point. But I can say that I'm confident that we will continue to be in a position of strength when this is behind us. And that's because of our model, our scale and our superior user experience and, of course, our content pipeline. These are the fundamentals that have fueled our success and will continue to do so in the future.

我知道很多人都想知道我們將如何繼續度過這場風暴。有這麼多未知數，有些問題我們現在根本無法回答。但我可以說，我有信心，當這一切都過去時，我們將繼續處於強勢地位。那是因為我們的模型、我們的規模和我們卓越的用戶體驗，當然還有我們的內容管道。這些是推動我們成功的基礎，並將在未來繼續這樣做。

When I look ahead both short and long term, I'm always thinking about what's Spotify's role within the larger ecosystem. And while most focus is on competition between streaming services, we continue to be focused on the billions of users that are listening to linear radio. The 20-year trend is that everything linear dies and on-demand wins. This is a trend that we suspect will be accelerated by the COVID pandemic. Time at home has moved people out of their cars, requiring them to shift their listening behaviors, and that's when they discover streaming. And Spotify is best positioned to capitalize on this. And because we offer personalized and on-demand experience, they end up staying.

當我展望短期和長期時，我總是在思考 Spotify 在更大的生態系統中的作用。雖然最關注的是流媒體服務之間的競爭，但我們繼續關注正在收聽線性廣播的數十億用戶。 20 年的趨勢是，一切都線性消亡，按需取勝。我們懷疑這一趨勢將因 COVID 大流行而加速。在家的時間讓人們離開了他們的車，要求他們改變他們的收聽行為，這就是他們發現流媒體的時候。而 Spotify 最適合利用這一點。而且因為我們提供個性化和按需體驗，他們最終會留下來。

So in my mind, our competition is actually those learned and long-held user behaviors. For us, it will always be about capturing the share of time listeners spend elsewhere and prove out that their time is far better spent with us. And we see this happening now on our platform as routines like commuting to work and going to the gym were disrupted and consumers started to form new habits. And of course, the ubiquity of our platform was a true advantage for Spotify.

所以在我看來，我們的競爭實際上是那些學習和長期持有的用戶行為。對我們來說，這將始終是關於捕捉聽眾在其他地方花費的時間份額，並證明他們的時間與我們一起度過的時間要好得多。我們現在在我們的平台上看到這種情況正在發生，因為通勤和去健身房等日常活動被打亂，消費者開始形成新的習慣。當然，我們平台的無處不在是 Spotify 的真正優勢。

And because we're available on over 300 devices across 80 hardware brands, we're accessible to users even after listening behaviors have changed. For example, while listening in the cars declined, listening on gaming consoles is exploding. And we continue to see increased listening on home speakers and through TVs.

而且因為我們可以在 80 個硬件品牌的 300 多台設備上使用，即使在聆聽行為發生變化之後，用戶也可以訪問我們。例如，雖然在汽車上收聽有所下降，但在遊戲機上收聽卻呈爆炸式增長。我們繼續看到越來越多的家庭揚聲器和電視收聽。

And on the music front, we were pleased to reach a long-term licensing deal with Warner Music that covers all of our existing markets and paves the way for us to enter new ones. We also delivered some of the year's most popular music releases to our fans. The Weeknd album, After Hours, had the biggest debut of the year so far, and Dua Lipa's album, Future Nostalgia, broke 3 Spotify records when it was released in late March. Fans are craving new music, and we expect to see more artists and labels move forward with their planned releases.

在音樂方面，我們很高興與華納音樂達成一項長期授權協議，該協議涵蓋了我們所有現有市場，並為我們進入新市場鋪平了道路。我們還向我們的粉絲提供了一些年度最受歡迎的音樂作品。 Weeknd 專輯 After Hours 是今年迄今為止最大的首張專輯，而 Dua Lipa 的專輯 Future Nostalgia 在 3 月下旬發行時打破了 Spotify 的 3 項記錄。歌迷渴望新的音樂，我們希望看到更多的藝術家和唱片公司推進他們的計劃發行。

But it's not just about delivering relevant content. In the midst of an economic downturn, Spotify's free tier and freemium model are more valuable now than ever. It's important to remember that just over 60% of our paid subscribers come from our free tier. So growing the top of the funnel has always been a priority for us.

但這不僅僅是提供相關內容。在經濟低迷時期，Spotify 的免費套餐和免費增值模式現在比以往任何時候都更有價值。請務必記住，超過 60% 的付費訂閱者來自我們的免費套餐。因此，提高漏斗頂部一直是我們的首要任務。

And with more and more people dealing with the financial stress, our free service provides a bridge to ensure users don't have to give up access to their favorite podcasts and music. In fact, over the last few weeks, we've seen an increase in the number of users coming to the platform for our free service. Many of these listeners are returning to Spotify from lapsed accounts, and some are joining from other streaming providers. As you know, the majority of our competitors do not have a free tier. And that, of course, makes Spotify a more appealing option in this environment. This should allow us to expand the pool of subscribers available to us as the economy recovers.

隨著越來越多的人面臨財務壓力，我們的免費服務提供了一座橋樑，以確保用戶不必放棄對他們喜愛的播客和音樂的訪問。事實上，在過去的幾周里，我們已經看到訪問該平台以獲取我們免費服務的用戶數量有所增加。這些聽眾中的許多人正在從失效的帳戶中返回 Spotify，有些人正在從其他流媒體提供商那裡加入。如您所知，我們的大多數競爭對手都沒有免費套餐。當然，這使得 Spotify 在這種環境下成為更具吸引力的選擇。隨著經濟的複蘇，這應該使我們能夠擴大我們可用的訂戶池。

No one knows how long this will last or what the long-term implications will be, but we're very optimistic because of the many positive indicators we continue to see in our business and our strong cash position and our strong belief that we will continue to grow and gain share. There have been many unknowns and surprises throughout this crisis, but I'm really proud of our team and pleased by how well our business has responded.

沒有人知道這將持續多久或長期影響將是什麼，但我們非常樂觀，因為我們繼續在我們的業務中看到許多積極的指標，我們強大的現金狀況以及我們對我們將繼續下去的堅定信念成長並獲得份額。在這場危機中，有許多未知數和驚喜，但我真的為我們的團隊感到自豪，並對我們的業務反應良好感到高興。

I will now turn it over to Paul to open the call for questions.

我現在將把它交給保羅來打開提問的電話。

Great. Thanks, Daniel. And again, if you have questions, please go to slido.com and #SpotifyEarnings, and we'll read the questions in the order they come in with respect to people voting up their preference for questions.

偉大的。謝謝，丹尼爾。同樣，如果您有任何問題，請訪問 slido.com 和#SpotifyEarnings，我們將按照問題出現的順序閱讀問題，以了解人們對問題的偏好。

The first question comes from Mark Mahaney. How are you thinking about long-term gross margins for the sub and ad segments given the allocation of all podcast content costs to the ad segment?

第一個問題來自 Mark Mahaney。考慮到將所有播客內容成本分配給廣告部分，您如何考慮子部分和廣告部分的長期毛利率？

So there's really no change in thinking there. We mentioned in the shareholder letter that we made an adjustment from an accounting perspective in terms of how we allocate costs for the podcasting business. Historically, we had allocated across both free and premium. Now all of the revenue associated with podcasts and all of the costs associated with podcasts will both be in our Ad-Supported business. It doesn't in any way change our view of podcasts or the importance of podcasts for the Premium business with respect to engagement, with respect to consumption and with respect to users. This is just a decision we made from an accounting perspective. So it has no impact on our consolidated gross margins. We manage the business for our consolidated gross margin and all of our expectations in terms of how that will change and improve over time. This has no impact on that whatsoever.

所以那裡的想法真的沒有改變。我們在股東信中提到，我們從會計角度對播客業務的成本分配方式進行了調整。從歷史上看，我們已經在免費和高級之間進行了分配。現在，與播客相關的所有收入和與播客相關的所有成本都將屬於我們的廣告支持業務。它不會以任何方式改變我們對播客的看法，也不會改變播客對於優質業務在參與度、消費和用戶方面的重要性。這只是我們從會計角度做出的決定。所以它對我們的綜合毛利率沒有影響。我們根據綜合毛利率和我們對隨著時間的推移如何變化和改善的所有期望來管理業務。這對此沒有任何影響。

The next question, also from Mark. Could you elaborate on the gross margin improvements stemming from -- oops. Oh, there's our -- yes. It just got moved/stemming from the core royalty component due to product mix. Does this mean gross margins benefited from the shift towards podcasts?

下一個問題，同樣來自馬克。您能否詳細說明一下——哎呀。哦，這是我們的——是的。由於產品組合，它剛剛從核心版稅部分轉移/起源。這是否意味著毛利率受益於向播客的轉變？

No, what that refers to is product mix can impact the gross margin in a couple of ways. One is when Premium is slightly more than Ad as -- relative to our forecast. Because Premium has a higher gross margin, it can impact the gross margin positively that way. It also means that sometimes, the mix of products within Premium relative to our forecast with respect to standard and Family and Student, that can also impact the reported gross margin. So that's what that is in reference to.

不，這指的是產品組合可以通過多種方式影響毛利率。一種是溢價略高於廣告——相對於我們的預測。由於 Premium 具有更高的毛利率，因此它可以通過這種方式對毛利率產生積極影響。這也意味著有時，Premium 中的產品組合相對於我們對標準和家庭和學生的預測，也會影響報告的毛利率。這就是它所指的。

Next question comes from Ben Swinburne. Can you provide some color on the 500 basis points drag to advertising gross margins called out in the letter as unusual? As advertising revenues slow, can you help us think about the incremental margins and whether minimum guarantees will increase the proportion of revenue decline that fall to gross profit?

下一個問題來自 Ben Swinburne。您能否就信中所說的不尋常的廣告毛利率拖累 500 個基點提供一些顏色？在廣告收入放緩的情況下，您能否幫助我們考慮一下增量利潤率以及最低保底是否會增加收入下降佔毛利潤的比例？

Yes. So the 500 basis point unusual, there's -- oftentimes, the quarters can be lumpier. We had some onetime items in the quarter. They particularly hit the advertising gross margin. They're not going to recur. So we try and call these things out if possible. So that's what that is related to. It's basically some onetime issues around publishing that will not happen again.

是的。所以 500 個基點是不尋常的，通常情況下，這些季度可能會更加笨拙。我們在本季度有一些一次性物品。他們特別打擊了廣告毛利率。他們不會復發。因此，如果可能，我們會嘗試將這些事情說出來。所以這就是相關的。這基本上是一些關於出版的一次性問題，不會再發生。

And with respect to advertising and a decline on gross margins, so we have modeled this out. We don't think there's much of a risk right now to our forecasted advertising gross margin from an even further slowdown in advertising, which we are obviously not forecasting different from what we put in our guidance. But we don't see much of a risk to gross margins from a further slowdown in advertising with respect to any of the guarantees.

關於廣告和毛利率的下降，我們已經對此進行了建模。我們認為目前我們預測的廣告毛利率不會因廣告進一步放緩而面臨太大風險，我們的預測顯然與我們在指導中的預測沒有什麼不同。但我們認為，與任何擔保相關的廣告業務進一步放緩對毛利率的風險並不大。

Next question comes from Jessica Reif Ehrlich. In regard to your new Warner Music agreement, can you discuss key changes, including how podcast revenue will be contemplated and length of the contract, et cetera?

下一個問題來自 Jessica Reif Ehrlich。關於您的新華納音樂協議，您能否討論關鍵變化，包括如何考慮播客收入以及合同期限等？

Yes. Obviously, we can't comment on the specifics. What I can say is to up-level the conversation, the focus for these renewals were really around establishing the Marketplace, establishing podcasts and the shift from music to audio. And obviously, we wouldn't have done the deal if we didn't -- weren't happy with the terms that we agreed on. And this is a multiyear deal that covers all existing markets and new markets as well. So we're very pleased with that.

是的。顯然，我們無法就具體情況發表評論。我能說的是提高對話水平，這些更新的重點實際上是建立市場、建立播客以及從音樂到音頻的轉變。顯然，如果我們不這樣做，我們就不會完成交易——對我們同意的條款不滿意。這是一項涵蓋所有現有市場和新市場的多年協議。所以我們對此非常滿意。

Great. The next question comes from Ben Swinburne. Can you spend a minute on the lowered revenue outlook? You mentioned FX and ad sales are the biggest drivers with FX the largest at almost half. That suggests a lower outlook for advertising is a minority. What are the other factors all Premium are to?

偉大的。下一個問題來自 Ben Swinburne。您能花一分鐘時間了解降低的收入前景嗎？您提到外彙和廣告銷售是最大的驅動因素，其中外匯佔近一半。這表明較低的廣告前景是少數。所有 Premium 的其他因素是什麼？

Yes. So FX is the largest. We mentioned it's about half. So it's just under half of the movement. We have some pretty major currencies that have year-over-year down close to 20% relative to the euro. We've seen it improve a little bit since the forecast was finalized but not too much. And so that's still a pretty good number. Yes, ads is less than that. It's the next biggest component. It's a pretty sizable amount in terms of expectations for Q2. We expect it to get better throughout the year, but we don't have a significant ramp-up in ads beyond where we are in Q2.

是的。所以FX是最大的。我們提到它大約是一半。所以它只是運動的一半。我們有一些相當主要的貨幣相對於歐元同比下跌近 20%。自預測最終確定以來，我們已經看到它有所改善，但不會太多。所以這仍然是一個相當不錯的數字。是的，廣告比這少。它是下一個最大的組成部分。就第二季度的預期而言，這是一個相當大的數量。我們預計它全年都會變得更好，但除了我們在第二季度的水平之外，我們的廣告並沒有顯著增加。

And then there is a small component on the Premium side. That's related to a couple of different things. One is a little bit in terms of the timing of the promotional cadence, which can always impact a little bit. FX is impacting Premium as well. And then product mix is having a little bit of an impact. So again, in order, FX is the largest, almost half; advertising is next at a pretty sizable amount; and then the remainder is a little bit on the Premium side.

高級版還有一個小組件。這與幾件不同的事情有關。一個是在促銷節奏的時機方面有點，這總是會產生一點影響。 FX 也在影響 Premium。然後產品組合產生了一點影響。因此，按順序，FX 是最大的，幾乎是一半；其次是廣告，數量相當可觀；然後剩餘的部分在高級版上。

The next question comes from Doug Anmuth. You're maintaining your outlook for the 2-sided Marketplace. Can you talk more about early progress and how it's impacted in the current environment given fewer new album releases and tours? And what gives you confidence in maintaining your outlook there?

下一個問題來自 Doug Anmuth。您正在保持對 2 面市場的看法。鑑於新專輯發行和巡迴演出的減少，您能否更多地談談早期進展以及它在當前環境中的影響？是什麼讓你有信心在那裡保持你的前景？

Well, overall, just again, as you could see from the deal with Warner Music, we're very happy with all the relationships that we have with big and small label partners. And again, I think the notable call-out I'd have in this quarter was The Weeknd, who had a very, very strong release, #1 versus a lot of the records that used our Marketplace tools. So we continue to be very, very bullish about that. And I would suspect as COVID plays out, music streaming as a category will not be as impacted as many other categories. So that bodes well for labels.

好吧，總的來說，再一次，正如您從與華納音樂的交易中看到的那樣，我們對與大大小小的唱片公司合作夥伴的所有關係感到非常滿意。再一次，我認為我在本季度得到的值得注意的呼籲是 The Weeknd，與使用我們的 Marketplace 工具的許多記錄相比，他的發行非常非常強勁，排名第一。所以我們繼續非常非常看好這一點。而且我懷疑隨著 COVID 的爆發，音樂流作為一個類別不會像許多其他類別那樣受到影響。所以這對標籤來說是個好兆頭。

And then two, specifically related to our Marketplace strategy, the direct ROI that we have on our Marketplace products is much better than other mediums that labels can market in. So we suspect that will have a positive impact.

然後是兩個，特別是與我們的 Marketplace 戰略相關，我們對 Marketplace 產品的直接投資回報率比標籤可以營銷的其他媒介要好得多。所以我們懷疑這會產生積極的影響。

Great. The next question comes from Rich Greenfield. With artists sheltered, you will likely be getting fresh, new music in the months ahead. How do you think about that impact? And how has the mix shift in listening frontline versus Catalog shifted in recent weeks?

偉大的。下一個問題來自 Rich Greenfield。有了藝術家的庇護，您可能會在未來幾個月內獲得新鮮的新音樂。您如何看待這種影響？最近幾週聆聽一線與目錄的混合變化如何？

Yes. We've seen a bit of a shift in terms of consumer behavior. Obviously, we mentioned before car usage is down, in-home usage is up with more than 50% in the quarter. Again, trend has been much more instrumental music, much more classical music. Chill music has been up. That may skew towards Catalog a little bit more than frontline.

是的。我們已經看到了消費者行為方面的一些轉變。顯然，我們在汽車使用量下降之前提到，本季度家庭使用量增長了 50% 以上。再一次，趨勢是更多的器樂，更多的古典音樂。冷音樂已經響起。這可能比前線更傾向於目錄。

We've also seen many artists not releasing their releases. I would like to think with Dua Lipa and The Weeknd being such strong releases, that more artists will come back to releasing new songs as well.

我們還看到許多藝術家沒有發布他們的作品。我想隨著 Dua Lipa 和 The Weeknd 的強勢發行，更多的藝人也會回來發行新歌。

Overall on our service, clearly in Q1, we had a great growth. We expect that trend to keep happening. So it's not a huge impact that we haven't seen as many new releases in the first quarter. But I think you're probably right that we should see a lot more new music come up in Q2 and Q3, which will be great.

總體而言，在我們的服務方面，顯然在第一季度，我們有了很大的增長。我們預計這種趨勢將繼續發生。因此，我們在第一季度沒有看到那麼多新版本，這並不是一個巨大的影響。但我認為你可能是對的，我們應該在第二季度和第三季度看到更多新音樂出現，這會很棒。

The next question comes from [Michael Klein]. Why not be more active in offering live virtual performances as a way to connect artists with their fans? This seems like an opportunity to leverage your data advantage to provide a service that artists would find extremely valuable right now. Any reasons why Spotify isn't more engaged here?

下一個問題來自 [Michael Klein]。為什麼不更積極地提供現場虛擬表演，作為將藝術家與粉絲聯繫起來的一種方式？這似乎是一個利用您的數據優勢來提供藝術家現在會發現非常有價值的服務的機會。 Spotify在這裡沒有更多參與的任何原因？

Well, I think, again, the macro trend here isn't really live. I think the big macro trend is linear to on demand. And of course, live is a component of that, but it's still a relatively small component. So the investment that we're making is moving linear to on demand. And that's been the big trend for the past 20 years, that just everything linear moves to on demand.

好吧，我再次認為，這裡的宏觀趨勢並不是真的存在。我認為大的宏觀趨勢與按需呈線性關係。當然，live 是其中的一個組成部分，但它仍然是一個相對較小的組成部分。因此，我們正在進行的投資正逐漸轉向按需。這是過去 20 年的大趨勢，一切都線性地按需移動。

And what we're spending a lot of time on is making sure that we are reflecting culture and the realities of consumption habits shifting. So as an example, we launched an at-home hub. And we are responding with more wellness content, health content, more news. And you've also seen some of our original podcasts increasing their output as pure reactions to this. And I would suspect that's going to be a bigger story of the overall consumption trend both going forward as well as in this moment.

我們花費大量時間確保我們正在反映文化和消費習慣轉變的現實。例如，我們推出了一個家庭集線器。我們正在回應更多的健康內容、健康內容和更多新聞。您還看到我們的一些原創播客增加了他們的輸出，這是對這一點的純粹反應。我懷疑這將是一個更大的整體消費趨勢的故事，無論是在未來還是在這一刻。

Next question comes from Richard Kramer. The IFPI Global Music Report shows a decline in the growth rate of streaming revenue in 2019. With multiple offers, often bundled, competing for attention, how can you be sure we are not reaching saturation in key developed markets?

下一個問題來自 Richard Kramer。 IFPI 全球音樂報告顯示 2019 年流媒體收入的增長率有所下降。由於多個報價通常捆綁在一起爭奪注意力，您如何確定我們在主要發達市場沒有達到飽和？

Well, as I outlined in my opening remarks, we're actually seeing an increased growth rate relative to Q1 2019. So we've accelerated our rate of growth in all of our territories, including North America and Europe. So we're very happy about that. That does not indicate a sign of a slowdown. So we're very encouraged. And I would like to remind people, again if we just up-level here, the big opportunity for us over time is the billions of people that are currently listening to radio. If you compare it to streaming, we're in the hundreds of millions of consumers globally on streaming. So we think that there's plenty of growth left we had both in mature markets and as well developing markets like Asia.

好吧，正如我在開場白中概述的那樣，我們實際上看到相對於 2019 年第一季度的增長率有所提高。因此，我們加快了我們所有地區的增長率，包括北美和歐洲。所以我們對此感到非常高興。這並不表明放緩的跡象。所以我們很受鼓舞。我想再次提醒人們，如果我們只是在這裡升級，隨著時間的推移，我們的巨大機會是目前正在收聽廣播的數十億人。如果將其與流媒體進行比較，我們在全球數以億計的流媒體消費者中。因此，我們認為我們在成熟市場和亞洲等發展中市場都有很大的增長空間。

Another question from Richard Kramer. In the 2008/ '09 global financial crisis, radio advertising was particularly badly hit. And that is a target market for your efforts in ads and podcasts. How does the current situation affect plans to monetize podcast content? Will ads growth permanently lag growth in subscriptions?

理查德克萊默的另一個問題。在 2008/09 年全球金融危機中，廣播廣告受到的打擊尤為嚴重。這是您在廣告和播客方面努力的目標市場。當前情況如何影響通過播客內容獲利的計劃？廣告增長會永遠落後於訂閱增長嗎？

I would just like to remind people again that ads is a very, very small portion of our business. It's about 10% of our overall revenues. So to the extent that we're impacted by ads, we're likely a lot less impacted than many other businesses. So long term, we believe this is a great opportunity for us as the trend line of moving from linear to on demand will likely be accelerated by the COVID-19 crisis. And we suspect that advertisers will shift from pure reach to more measurable ad formats, of which our ad formats are obviously a lot better compared to analog ad formats. So our suspicion both on the advertising front as well as the consumption front is that this will play into the tailwinds of what's already been happening of linear moving to on demand.

我想再次提醒人們，廣告在我們的業務中只佔非常非常小的一部分。這大約占我們總收入的 10%。因此，就我們受到廣告的影響而言，我們可能比許多其他企業受到的影響要小得多。從長遠來看，我們相信這對我們來說是一個很好的機會，因為 COVID-19 危機可能會加速從線性到按需的趨勢線。而且我們懷疑廣告商將從純粹的覆蓋面轉向更可衡量的廣告格式，其中我們的廣告格式顯然比模擬廣告格式要好得多。因此，我們在廣告方面和消費方面的懷疑是，這將成為線性轉向按需的順風。

And then with respect to the podcast part of the question, we actually feel pretty good about podcasts. Podcasts is actually one of the stronger categories heading out of Q1 and into Q2. So there seems to still be a lot of demand for podcast advertising.

然後關於問題的播客部分，我們實際上對播客感覺很好。播客實際上是從第一季度到第二季度的強勢類別之一。因此，播客廣告的需求似乎仍然很大。

Next question comes from Ross Sandler of Barclays. The 2Q premium sub guidance doesn't look like it has much impact from cancellations, you noted in the letter. Can you talk about how the recession is impacting or not Premium cancellations and overall sub cadence?

下一個問題來自巴克萊的羅斯桑德勒。您在信中指出，2Q 溢價子指南看起來對取消影響不大。您能談談經濟衰退如何影響保費取消和整體子節奏嗎？

Yes. So cancellations -- active cancellations are actually a pretty small part of overall churn. And so if you take a step back, churn in the quarter was right in line with our expectations, and we didn't see any impact from COVID in the churn numbers. It ticked up just a teeny bit sequentially. It was down about 70 basis points year-on-year. So the churn number overall in Q1 was really good and was in line with our expectations.

是的。所以取消——主動取消實際上只是整體流失的一小部分。因此，如果您退後一步，本季度的流失率正好符合我們的預期，而且我們沒有看到 COVID 對流失率產生任何影響。它按順序只增加了一點點。同比下降約 70 個基點。因此，第一季度的總體流失率非常好，符合我們的預期。

The biggest driver for us of churn is still payment failure. And so that's something we're working on to try and improve. But in general, we haven't really seen much. As I said cancellations, active cancellations are still pretty small, and that's number one. And number two is, while we did see some pickup towards the end of March, we've seen some pretty nice improvement in that in the beginning stages of April. So it's obviously factored into all of our numbers and guidance, but not much of an impact at this point.

我們流失的最大驅動因素仍然是付款失敗。這就是我們正在努力嘗試和改進的事情。但總的來說，我們並沒有真正看到太多。正如我所說的取消，主動取消仍然很小，這是第一。第二是，雖然我們確實在 3 月底看到了一些回升，但在 4 月初我們已經看到了一些相當不錯的改善。因此，它顯然已納入我們所有的數字和指導，但目前影響不大。

Next question comes from Eric at UBS. Can you provide granularity on how the marketing subscriber acquisition funnel continues to evolve, especially the impacts you are seeing from the current environment? Have you adjusted your approach to either trials, promotional activity or trying to stimulate reactivations?

下一個問題來自瑞銀的埃里克。您能否詳細說明營銷訂戶獲取渠道如何繼續發展，尤其是您從當前環境中看到的影響？您是否調整了嘗試、促銷活動或嘗試刺激重新激活的方法？

Yes. Overall, just again, growth has been very, very strong, and the growth rate is accelerating compared to Q1 in 2019. We're very pleased with that. What's happening is obviously, there's been a bit of a platform shift mix where more and more consumption is happening in-home rather than in the car. I suspect that changes some of the tactics that we will pursue and just the channels that we're reaching consumers in on the marketing side. And then mid to long term, that ends up being an opportunity to remind users -- as we start easing up on some of the restrictions to promote people to come back to the car and all the amazing content that fits really well, daily commutes, et cetera, like the daily drive playlist that we have on our service, too.

是的。總的來說，再一次，增長非常非常強勁，與 2019 年第一季度相比，增長率正在加速。我們對此感到非常高興。正在發生的事情很明顯，有一點平台轉移組合，越來越多的消費發生在家里而不是在車裡。我懷疑這會改變我們將採取的一些策略，以及我們在營銷方面接觸消費者的渠道。然後從中長期來看，這最終成為一個提醒用戶的機會——因為我們開始放寬一些限制，以促進人們回到汽車和所有非常適合日常通勤的驚人內容，等等，比如我們服務中的每日駕駛播放列表。

So overall, we feel very, very good about the slate of content that we have and that there's content for pretty much every moment of a user's life. And our job from a marketing perspective is to remind them of that and remind them of all the amazing content that's being created every day on Spotify.

所以總的來說，我們對我們擁有的內容感到非常非常好，並且幾乎每時每刻都有用戶生活中的內容。從營銷的角度來看，我們的工作是提醒他們這一點，並提醒他們每天在 Spotify 上創建的所有令人驚嘆的內容。

And before we move on, I've been told my audio is a little choppy, so I apologize for that. Hopefully, I can improve it. So if there's any questions that don't get answered, we will have a replay of the call afterwards if anything isn't clear.

在我們繼續之前，有人告訴我我的音頻有點斷斷續續，所以我為此道歉。希望我能改進它。因此，如果有任何問題沒有得到回答，如果有任何不清楚的地方，我們將在之後重播電話。

So our next question is from [Shugad Manon]. Will Spotify Premium change in pricing in any way in the upcoming months or years?

所以我們的下一個問題來自 [Shugad Manon]。在接下來的幾個月或幾年內，Spotify Premium 的定價是否會發生任何變化？

No. Again, our primary strategy is growth, as we said before, rather than maximizing revenue, and that's due to the fact that we have -- we see this amazing opportunity of moving from radio to on-demand audio. And that's the trend line that we're trying to capture, and that's what you're seeing us go after. We have made small pricing experiments in some of our more mature markets. And obviously, due to inflation, you've seen us adjust pricing in some territories, too. The response from those have been very positive, but it's not something that we're focusing on in the short term. But it's definitely encouraging to see that we have that opportunity for when the economy improves, and we feel that's the right trade-off to make.

不。同樣，正如我們之前所說，我們的主要戰略是增長，而不是最大化收入，這是因為我們擁有 - 我們看到了從廣播轉向點播音頻的絕佳機會。這就是我們試圖捕捉的趨勢線，這就是你看到我們追求的。我們在一些更成熟的市場進行了小型定價實驗。顯然，由於通貨膨脹，您也看到我們在某些地區調整了定價。這些人的反應非常積極，但這不是我們短期內關注的事情。但是，當經濟好轉時看到我們有這個機會絕對令人鼓舞，我們認為這是正確的權衡。

The next question comes from Matt Thornton at SunTrust. Does 2020 guidance contemplate any meaningful new market launches, i.e., South Korea and/or Russia?

下一個問題來自 SunTrust 的 Matt Thornton。 2020 年的指導是否考慮到任何有意義的新市場推出，即韓國和/或俄羅斯？

Yes. So we've talked about both Russia and South Korea as being markets we want to be in, and nothing has changed there. All of the guidance and forecasts we give you always include our expectations of if and when we will launch in new markets. So while we have nothing to announce at this point, you should know those are definitely 2 markets that we are focused on. And all the guidance that we've provided includes the timing of any new market launches, whether it be South Korea, Russia or anything else.

是的。所以我們談到俄羅斯和韓國都是我們想要進入的市場，那裡沒有任何變化。我們為您提供的所有指導和預測始終包括我們對是否以及何時在新市場推出的預期。因此，雖然我們目前沒有什麼要宣布的，但您應該知道這絕對是我們關注的兩個市場。我們提供的所有指導都包括任何新市場推出的時間，無論是韓國、俄羅斯還是其他任何地方。

The next question comes from Doug Anmuth. Can you talk more about podcasts? One, how that's driving higher DAU, MAU; two, your early progress with exclusives; and three, your appetite for more acquisitions in the current environment?

下一個問題來自 Doug Anmuth。你能多談談播客嗎？一，這如何推動更高的 DAU、MAU；二、你在獨占方面的早期進展；第三，您在當前環境下對更多收購的興趣？

Yes. I mean, overall, just to up-level, it was about a year ago since we announced our shift from the music to audio-first strategy. At that place, we were about 0.25 million or so in our podcast catalog. We've grown that by 3x to over 1 million podcasts now. We were a small player in podcast, but we're now more than #1 in more than a dozen markets and growing very fast in the markets where we're not #1. So we're feeling pretty good about that.

是的。我的意思是，總體而言，只是為了提高水平，大約一年前，我們宣布從音樂轉向音頻優先戰略。在那個地方，我們的播客目錄中有大約 25 萬左右。現在，我們的播客數量增長了 3 倍，超過 100 萬個。我們是播客中的一個小玩家，但我們現在在十幾個市場中排名第一，並且在我們不是排名第一的市場中增長非常快。所以我們對此感覺很好。

In terms of user behaviors, what we are seeing is that podcast users are more engaged overall. They do listen to more music as well. And in terms of some of our Originals & Exclusives, we are seeing some pretty good progress. We're still learning how to best market those shows, whether it all-out exclusives, whether it's windowing. So we're experimenting a bit with that. We're experimenting with how to market these shows, too. I suspect that will be down to different audiences and consumption behaviors of those audiences. You should expect that to play out in 2020 of more experimentation, but we're definitely doubling down based on the early signs that we're seeing.

在用戶行為方面，我們看到的是播客用戶總體上更具參與度。他們也會聽更多的音樂。在我們的一些原創和獨家產品方面，我們看到了一些相當不錯的進展。我們仍在學習如何最好地推銷這些節目，無論是全面獨家，還是窗口期。所以我們正在對此進行一些試驗。我們也在嘗試如何推銷這些節目。我懷疑這將取決於不同的受眾和這些受眾的消費行為。您應該期望在 2020 年進行更多的實驗，但根據我們看到的早期跡象，我們肯定會加倍下注。

And I think in -- as related to more acquisitions, we keep on doing more deals and podcasts based on what we're seeing. So if the macro environment means that there will more advantageous deals to be done, we will for sure look into that.

而且我認為 - 由於與更多收購有關，我們會繼續根據我們所看到的情況進行更多交易和播客。因此，如果宏觀環境意味著會有更多有利的交易要做，我們肯定會對此進行調查。

Great. The next question is from Heath Terry at Goldman Sachs. Do you have any way to quantify what impact an increase in shared listening may have had on reported DAUs or engagement? Do you believe that an increase in shared listening impacted churn positively or negatively?

偉大的。下一個問題來自高盛的 Heath Terry。您有什麼方法可以量化共享聆聽的增加可能對報告的 DAU 或參與度產生的影響？您認為共享聆聽的增加對客戶流失有正面或負面的影響嗎？

We don't have any reliable way of the impact in shared listening. What we can say is obviously, in the home, there's more shared listening than it is on mobile devices. So it may have played a part in DAU and engagement. That said, the overall churn was obviously in line with earlier expectations. So we haven't seen a big impact on churn numbers.

對於共享聆聽的影響，我們沒有任何可靠的方法。我們可以說的很明顯，在家裡，共享收聽比在移動設備上要多。因此，它可能在 DAU 和參與度中發揮了作用。也就是說，總體流失率顯然符合早先的預期。因此，我們還沒有看到對客戶流失數的重大影響。

Yes. And I would just add, we mentioned this, that the DAU-to-MAU ratio in Q1 of 2020 was above where it was in Q1 of 2019. So we feel really good about the trends in the DAU-to-MAU ratio.

是的。我只想補充一點，我們提到了這一點，2020 年第一季度的 DAU 與 MAU 比率高於 2019 年第一季度的水平。所以我們對 DAU 與 MAU 比率的趨勢感到非常滿意。

Next question comes from Jessica. In large music markets that have remained largely physical, such as Japan and Germany, how has shelter at home impacted penetration? Also, can you provide color on India and some of your other more recent market entries?

下一個問題來自傑西卡。在日本和德國等主要仍以實體形式存在的大型音樂市場中，居家避難所對滲透率有何影響？此外，您能否提供有關印度和其他一些最近的市場進入的顏色？

Yes. We don't break out specific markets. But what I can say is 2 observations. One is obviously that our user growth rate year-over-year is increasing, and that is true in established markets as well as expanding geographies. And then what I believe we will see is just the trend line of linear and physical will move to on demand, and that trend line will be accelerated due to this pandemic as more and more people are learning new habits and new experiences. And I think they will find that streaming is just a much more beneficial and much better user experience. So we suspect that teaches new audiences about streaming and that we'll likely have an uptick in long-term retention as well of those users.

是的。我們不細分特定市場。但我能說的是2個觀察結果。一是顯然我們的用戶增長率逐年增加，這在成熟市場和不斷擴大的地域都是如此。然後我相信我們將看到的只是線性和物理的趨勢線將轉向按需，並且隨著越來越多的人正在學習新習慣和新體驗，該趨勢線將由於這種流行病而加速。而且我認為他們會發現流媒體只是一種更有益和更好的用戶體驗。因此，我們懷疑這會向新觀眾傳授有關流媒體的知識，並且我們可能會提高這些用戶的長期留存率。

And then my only remarks on India specifically is obviously, we've finalized Warner deal, and we have added some notable other licensing deals. So we've improved Catalog greatly in India. And I can certainly see from social sentiment at least that that's having a very positive impact on users' love for Spotify in India.

然後我對印度的唯一評論顯然是，我們已經完成了華納的交易，我們還添加了一些值得注意的其他許可交易。所以我們在印度大大改進了目錄。我當然可以從社交情緒中看到，至少這對印度用戶對 Spotify 的喜愛產生了非常積極的影響。

Next question comes from Michael Morris at Guggenheim. Can you expand on gross margin outperformance comments? What specific customer product mix behavior drove the difference? Also, what drove lower streaming delivery costs? And is that sustainable?

下一個問題來自古根海姆的邁克爾莫里斯。您能否擴展毛利率優於表現的評論？什麼特定的客戶產品組合行為推動了差異？此外，是什麼推動了流媒體交付成本的降低？這是可持續的嗎？

Yes. As I mentioned before, there's a number of things that can impact gross margin in any 1 quarter: geographic mix, product mix. And so when you have some quarters where, as I said, Premium is more than advertising, Premium has higher gross margins, so that can help. And then the mix of products within Premium can also impact the gross margin in terms of relative to our expectations. So that would be one.

是的。正如我之前提到的，有許多因素會影響任何一個季度的毛利率：地理組合、產品組合。所以當你有一些季度，正如我所說，溢價不僅僅是廣告，溢價有更高的毛利率，所以這會有所幫助。然後，Premium 中的產品組合也可以相對於我們的預期影響毛利率。所以那將是一個。

And then on the lower streaming delivery, we've sort of been on this path for the last couple of quarters where we've gotten some efficiencies in streaming delivery. I think the long-term trend is we'll continue to see streaming delivery improve. But I think in the near term, we've seen a lot of those benefits over the last couple of quarters. So it's really been just getting efficiencies on the delivery in general, but I think that sort of improvement will moderate over the next couple of quarters.

然後在較低的流媒體交付方面，我們在過去幾個季度中一直走在這條路上，我們在流媒體交付方面獲得了一些效率。我認為長期趨勢是我們將繼續看到流媒體交付的改善。但我認為在短期內，我們在過去幾個季度中看到了很多這樣的好處。因此，總體而言，實際上只是提高了交付效率，但我認為這種改進將在接下來的幾個季度中放緩。

The next question comes from Mark Mahaney. What is happening with Premium sub churn trends in the June quarter so far?

下一個問題來自 Mark Mahaney。到目前為止，6 月季度的高級用戶流失趨勢發生了什麼？

Yes. We're not going to give any really updates on Q2 other than to say what I already said, which was churn was in line with expectations in Q1, and we feel really good about how we ended Q1 in terms of the impact of COVID on cancellations or anything related to that. So if you look at our guidance and our expectations for subscribers, both for Q2 and for the full year, we haven't really changed any of those expectations. So hopefully, that should be indicative of how we are seeing the current environment.

是的。除了說我已經說過的話，我們不會對第二季度提供任何真正的更新，這與第一季度的預期相符，而且我們對我們如何結束第一季度的影響感到非常滿意。取消或與此相關的任何事情。因此，如果您查看我們對第二季度和全年訂閱者的指導和期望，我們並沒有真正改變任何這些期望。因此，希望這應該表明我們如何看待當前環境。

The next question comes from Eric at UBS. Has your view changed in terms of video content as an element of your broader engagement strategy and to support artists looking to reach fans and promote their content in the current environment?

下一個問題來自瑞銀的埃里克。您對視頻內容的看法是否發生了變化，作為您更廣泛的參與策略的一個元素，並支持希望在當前環境中吸引粉絲並推廣他們的內容的藝術家？

Not really. We continue to see video be important in terms of a complement. But I really do want to focus on just up-leveling the conversation. We believe video is something that a lot of players around in the marketplace is focused on. Again, audio has about the same amount of engagement that video has, yet there's no one on a global scale that's focused on audio. We are. We think that's a massive opportunity to go after, and that's what we're focusing on. So to the extent the video will play a complementary role to audio, then we'll probably pursue it over time. But we really, really focus on audio because that's the big, big tailwind that we see happening over the next 20 years, is going from linear to on demand.

並不真地。我們繼續看到視頻在補充方面很重要。但我真的很想專注於提升對話水平。我們相信視頻是市場上很多玩家都關注的東西。同樣，音頻與視頻的參與度大致相同，但在全球範圍內沒有人專注於音頻。我們是。我們認為這是一個巨大的機會，這也是我們關注的重點。因此，在某種程度上，視頻將對音頻起到補充作用，那麼我們可能會隨著時間的推移而追求它。但我們真的非常關注音頻，因為這是我們看到未來 20 年發生的巨大順風，從線性到按需。

Next question is from Rich Greenfield at LightShed. When you say you reached a long-term agreement with Warner Music, should we take that to mean these are not the typical 2-year deals and that this is now in place for at least 5 years?

下一個問題來自 LightShed 的 Rich Greenfield。當您說您與華納音樂達成長期協議時，我們是否應該認為這不是典型的 2 年協議，而現在至少 5 年？

Again, can't comment on any specific terms in the deals. But typically, these are multiyears. They're not always 2 years. Some of them are 3, et cetera, as well.

同樣，不能對交易中的任何具體條款發表評論。但通常，這些都是多年。他們並不總是2年。其中一些是 3，等等。

Next question comes from Hamilton Faber at Atlantic Equities. Apple Music now has 6-month free trials in new markets. What's the risk that SPOT needs to see another extension to free trial periods?

下一個問題來自 Atlantic Equities 的 Hamilton Faber。 Apple Music 現在在新市場提供 6 個月的免費試用期。 SPOT 需要再次延長免費試用期的風險是什麼？

Again, we'll obviously monitor that and see. I think a key difference between us and competitive services is our freemium model, though. So we've always had free and paid as the option. And I've said this before, but one of our key success elements is we typically bring people in on the free service. They stay, get engaged, learn user behaviors and then over time feel like there's enormous value here and then turn into paying customers. That's the macro strategy that we're investing behind.

同樣，我們顯然會監視並查看。不過，我認為我們與競爭服務之間的一個關鍵區別是我們的免費增值模式。所以我們一直有免費和付費的選擇。我之前已經說過，但我們成功的關鍵要素之一是我們通常會讓人們加入免費服務。他們留下來，參與進來，學習用戶行為，然後隨著時間的推移覺得這裡有巨大的價值，然後變成了付費客戶。這就是我們投資的宏觀戰略。

One should also note that many of the new markets that our competitors are launching in are emerging markets. And there, obviously, you're seeing other impactors for growth like credit card penetration, payment methods, et cetera. So you may see longer trial periods being needed in those markets for those reasons. That's not to say that, that will happen globally.

還應注意，我們的競爭對手正在推出的許多新市場都是新興市場。顯然，您會看到其他影響增長的因素，例如信用卡普及率、支付方式等。因此，出於這些原因，您可能會看到這些市場需要更長的試用期。這並不是說，這將在全球範圍內發生。

Our next question comes from Brian Russo at Crédit Suisse. Can you discuss how -- or what you have seen so far this year gives you confidence in your full year MAU and subscriber outlook, particularly in light of the pandemic and related recession?

我們的下一個問題來自 Crédit Suisse 的 Brian Russo。您能否討論一下 - 或者您今年到目前為止所看到的情況如何讓您對全年 MAU 和訂戶前景充滿信心，特別是考慮到大流行和相關的衰退？

Maybe you want to start, Paul, and I can fill in.

也許你想開始，保羅，我可以填補。

Yes. I mean, I would say, look, for us, we fully acknowledge there's a tremendous amount more -- I'm trying in English. There's a lot more uncertainty in the current market than there was in the past. That being said, when we look at all of the metrics in terms of how we exited the quarter, when we look at churn rates, when we look at retention rates, all those things have continued to trend in the right direction. We actually saw some acceleration towards the end of Q1 with respect to users, people coming to our free product, people who had lapsed and had come back to Spotify. So we feel good about the current trends.

是的。我的意思是，我想說，看，對我們來說，我們完全承認還有更多——我正在嘗試用英語。當前市場的不確定性比過去要多得多。話雖如此，當我們從本季度退出方式、客戶流失率和留存率等方面查看所有指標時，所有這些都繼續朝著正確的方向發展。實際上，在第一季度末，我們看到用戶、使用我們免費產品的人、已經失效並重新使用 Spotify 的人出現了一些加速。所以我們對當前的趨勢感覺良好。

We acknowledge, like everybody else, we're in uncertain times. We are monitoring the situation as closely as anybody to see if we see any change in the data or any of the metrics. But what we always try and do is give you guys guidance based on the actual forecasts that we have internally, and the current forecasts we have internally has been pretty consistent with where we started the year.

我們承認，和其他人一樣，我們正處於不確定的時期。我們正在像任何人一樣密切監視情況，看看我們是否看到數據或任何指標有任何變化。但我們一直在努力做的是根據我們內部的實際預測為你們提供指導，我們內部的當前預測與我們年初的情況非常一致。

Next question comes from John Egbert at Stifel. Are you observing any changes in listening behavior during this period that you think could persist beyond the COVID-19 lockdown? Has the mix of new versus Catalog music consumption shifted at all recently? Are you seeing greater consumption of personalized algorithmically generated playlists than before?

下一個問題來自 Stifel 的 John Egbert。您是否觀察到在此期間聆聽行為的任何變化，您認為這些變化可能會在 COVID-19 鎖定之後持續存在？最近新音樂與目錄音樂消費的組合是否發生了變化？您是否看到個性化算法生成的播放列表的消費量比以前更大？

I think it's hard to say what behaviors that will stick post the COVID-19 lockdown. Obviously, if I'd have to guess, I would say that many people are discovering new devices to consume content on like smart TV, smart speakers, Xbox, PlayStation. As we mentioned, those have been growing at more than 50% just this quarter. So enormous change.

我認為很難說在 COVID-19 鎖定之後會堅持哪些行為。顯然，如果我不得不猜測，我會說很多人正在發現新設備來消費內容，比如智能電視、智能揚聲器、Xbox、PlayStation。正如我們所提到的，僅在本季度，這些增長率就超過了 50%。如此巨大的變化。

I would expect, as you learn that behavior, you're going to listen. And then as you're coming back to the car, you will obviously listen to the car, too. So we may see a greater engagement than in the past, which would be great if that was the case, but it's too early to say.

我希望，當你了解這種行為時，你會傾聽。然後當你回到車上時，你顯然也會聽車的聲音。因此，我們可能會看到比過去更大的參與度，如果是這樣的話，那就太好了，但現在說還為時過早。

And then new versus Catalog music, we definitely see more consumption on Catalog music and other types of content. Part of that, though, has been due to the fact that we haven't seen the same amount of music releases in this quarter. So I would suspect that, that will shift as more new releases will come into play Q2 and onwards.

然後是新的與目錄音樂相比，我們肯定會看到目錄音樂和其他類型的內容有更多的消費。不過，部分原因是我們在本季度沒有看到相同數量的音樂發行。所以我懷疑，隨著更多新版本將在第二季度及以後開始發揮作用，這種情況將會發生變化。

And then in terms of personalized, that's just been the trend line overall. As we're getting better and better at personalization, we're serving better and better content, and more and more of our users are choosing that. There's nothing specific to this quarter. It's just been an overall trend line, and we're seeing more and more people engaging with our recommendations.

然後在個性化方面，這只是整體的趨勢線。隨著我們在個性化方面做得越來越好，我們正在提供越來越好的內容，越來越多的用戶選擇這樣做。本季度沒有任何具體內容。這只是一個整體趨勢線，我們看到越來越多的人參與我們的建議。

Next question comes from Maria Ripps at Canaccord. Can you talk about the adoption of the 2-sided marketplace in the current environment? Did the pace change? Do you see adoption of sponsor recommendations accelerating as artists are competing for share of recorded music in the absence of live events?

下一個問題來自 Canaccord 的 Maria Ripps。您能談談在當前環境下採用雙面市場嗎？節奏有變化嗎？您是否看到隨著藝術家在沒有現場活動的情況下爭奪錄製音樂的份額而加速採用贊助商推薦？

Not really seen a big change in trend line. As I mentioned, if anything, there's been fewer new releases overall. But we're early on in our Marketplace strategy. So we saw very, very strong release with The Weeknd. That's the sort of highlight of the quarter. But I feel pretty good about the Marketplace team and what they're doing and the trend line for the coming year as well, certainly when you think about just how much better the ROI is of the Marketplace products compared to some of the tools that labels and artists have available to them today to market their releases.

趨勢線並沒有真正看到大的變化。正如我所提到的，如果有的話，總體上新版本的數量較少。但我們處於市場戰略的早期階段。因此，我們看到 The Weeknd 的發行非常非常強勁。這是本季度的亮點。但我對 Marketplace 團隊以及他們正在做的事情以及來年的趨勢線感覺非常好，當然，當你考慮到 Marketplace 產品的投資回報率與一些標籤工具相比要好多少時今天，藝術家們可以向他們推銷他們的作品。

And I would just add on the Marketplace side. I wouldn't expect us to update the performance of the Marketplace every quarter. But we did in this quarter reiterate that the guidance we gave at the start of the year has been reiterated for the Marketplace. We expect that we might get some questions based on the current environment, so we have reiterated the guidance we started with at the beginning of the year for Marketplace.

我只想在市場方面添加。我不希望我們每季度更新市場的表現。但我們在本季度確實重申，我們在年初給出的指導已經在市場上得到了重申。我們預計我們可能會根據當前環境收到一些問題，因此我們重申了我們在年初開始的 Marketplace 指導。

Next question is from [Emilio]. Given the crisis, do you expect some Premium users to change to the Spotify ad version? When services like Apple Music don't offer free ad version, do you expect to capture new users who unsubscribe from the paid service?

下一個問題來自 [Emilio]。鑑於危機，您是否希望一些高級用戶更改為 Spotify 廣告版本？當 Apple Music 等服務不提供免費廣告版本時，您是否希望吸引退訂付費服務的新用戶？

Well, so far, we haven't seen any meaningful increase in churn, but we have seen an increase in lapsed users coming back to the service. One can speculate and guess that those may have been with competing services but, in light of the economic crisis, are now coming back due to our freemium offering. But we don't have any concrete evidence that that's the case. So that's more me speculating on that. But we're pretty encouraged, as mentioned, just in increasing overall growth rate and over 130 million in subs, and we are reiterating guidance for Q2 and onwards.

好吧，到目前為止，我們還沒有看到流失率有任何顯著增加，但我們已經看到返回服務的失效用戶有所增加。人們可以推測和猜測這些服務可能與競爭服務有關，但鑑於經濟危機，由於我們的免費增值服務，現在又回來了。但我們沒有任何具體證據表明情況如此。所以這更多的是我的猜測。但如前所述，我們非常鼓舞的是，整體增長率的提高和訂閱人數超過 1.3 億，我們正在重申對第二季度及以後的指導。

We're going to answer a couple more questions. Next question comes from Richard Kramer. Oops, let's move there. At what point do you need to look at the value of podcast investments' potential impairment given reduced ad spend outlook. Are Premium subs going to be impacted? I'm lost. And so are your subs going to be hearing ads in SPOT podcast?

我們將再回答幾個問題。下一個問題來自 Richard Kramer。哎呀，讓我們搬到那裡。鑑於廣告支出前景下降，您需要在什麼時候查看播客投資的潛在減值價值。高級潛艇會受到影響嗎？我迷路了。那麼你的潛艇會在 SPOT 播客中聽到廣告嗎？

So I'll start with that one. At this point, we don't see any reason. We obviously look at these things every quarter. As I mentioned, coming out of Q1, one of the strong areas of growth for advertising is podcasting, and we see a lot of demand continuing on the podcasting ad front, so we feel really good about that. And yes, currently, Premium users do hear ads in Spotify podcasts.

所以我將從那個開始。在這一點上，我們看不到任何理由。我們顯然每個季度都會查看這些內容。正如我所提到的，從第一季度開始，廣告增長的強勁領域之一是播客，我們看到播客廣告方面的大量需求仍在持續，所以我們對此感覺非常好。是的，目前，高級用戶確實會在 Spotify 播客中聽到廣告。

Next question comes from Justin Patterson. Given artists are increasingly reaching users on social channels, Instagram, YouTube, TikTok, how is Spotify thinking of providing artists off-platform marketing capabilities? It seems like the current iteration of the 2-sided marketplace is primarily marketing on Spotify.

下一個問題來自賈斯汀帕特森。鑑於藝術家越來越多地通過社交渠道、Instagram、YouTube、TikTok 接觸用戶，Spotify 如何考慮為藝術家提供平台外營銷能力？似乎目前的雙面市場迭代主要是在 Spotify 上進行營銷。

Yes. We're experimenting with various tools based on what our customers are telling us, i.e., labels and artist teams. And you may see off-platform tools, too. That said, obviously, on-platform is where we have a chance of doing a really, really highly effective advertising. So you can think about it in a way where people are in line doing their actual listening. That's probably one of the most effective methods that we can have in reaching users and connecting fans to new -- new fans to new artists. And that's a meaningful trend for us to invest in, and that's unique to us and something that we think will both strengthen user experience and artist experience on the platform, too.

是的。我們正在根據客戶（即唱片公司和藝術家團隊）告訴我們的內容嘗試各種工具。您也可能會看到非平台工具。也就是說，顯然，平台上是我們有機會進行非常非常高效的廣告的地方。因此，您可以以人們排隊進行實際聆聽的方式來考慮它。這可能是我們在接觸用戶和將粉絲與新粉絲——新粉絲與新藝術家聯繫起來的最有效方法之一。這對我們來說是一個有意義的投資趨勢，這對我們來說是獨一無二的，我們認為這也會加強平台上的用戶體驗和藝術家體驗。

Great. We have time for about 2 or 3 more questions. Next one is from Ben Swinburne. Ex FX ARPU decline accelerated from 4Q '19. Was this decline greater than you had expected? The letter calls out Trial & Campaigns, but presumably, that was in your expectations. What is the outlook for ex FX ARPU for 2Q '20?

偉大的。我們有時間再回答大約 2 或 3 個問題。下一位來自本·斯威本。 Ex FX ARPU 下降從 19 年第四季度開始加速。這種下降是否超出了您的預期？這封信提到了試用和活動，但大概這在你的預期中。 20 年第二季度的前外匯 ARPU 前景如何？

The ARPU decline was pretty much in line with expectations. It might have been a touch worse, but in general pretty much in line. As we said, the Premium business was slightly ahead on the revenue side. So we feel pretty good about that in terms of where the expectations were. And I would say the ex FX ARPU for 2Q '20 should be pretty much in line with Q1 trends.

ARPU 的下降幾乎符合預期。它可能會更糟，但總的來說幾乎是一致的。正如我們所說，高級業務在收入方面略微領先。因此，就期望所在的位置而言，我們對此感覺非常好。我會說 20 年第二季度的前外匯 ARPU 應該與第一季度的趨勢幾乎一致。

The next question is from [Daniel Jones]. After the launch of direct artist payments, are there long-term plans to develop that channel as an ongoing revenue stream?

下一個問題來自 [Daniel Jones]。在推出藝術家直接付款後，是否有長期計劃將該頻道發展為持續的收入來源？

I think that's reserving to the artist pick tool that we released in light of the music relief fund, -- next to the music relief fund announcement that we did, too. And what that essentially does is it enables users to tip artists or for artists to promote causes that are near and dear to them, either themselves or a charitable organization like MusiCares in the U.S. and other local organizations around the world.

我認為這是我們根據音樂救濟基金發布的藝術家選擇工具的保留，在我們發布的音樂救濟基金公告旁邊也是如此。本質上，它使用戶能夠給藝術家小費，或者讓藝術家促進他們親近和親近的事業，無論是他們自己還是像美國的MusiCares這樣的慈善組織和世界各地的其他地方組織。

Look, it's too early to judge. We were pretty much just reacting based on the new realities. But we've been overwhelmed with the results. So put it in perspective, just in the last few days, we've seen over 50,000 artists sign up to promote a cause. So we're very encouraged with that. And so the team is responding to that and responding to the feedback we're getting from artists and consumers alike.

看，現在判斷還為時過早。我們幾乎只是根據新的現實做出反應。但我們對結果感到不知所措。因此，換個角度來看，就在最近幾天，我們已經看到超過 50,000 名藝術家註冊推廣一項事業。所以我們對此感到非常鼓舞。所以團隊正在對此做出回應，並回應我們從藝術家和消費者那裡得到的反饋。

Next question comes from Heath Terry at Goldman Sachs. Can you elaborate on the line in the release, "stem from the core royalty component due to product mix?"

下一個問題來自高盛的 Heath Terry。您能否詳細說明新聞稿中的“源於產品組合的核心版稅部分”？

I think we've talked about this a couple of times, but I think this refers to the gross margin, and this is about just how gross margin can be impacted by the mix of Premium and ads, and then the product mix within Premium. So I think that was answered earlier.

我想我們已經討論過幾次了，但我認為這是指毛利率，這是關於毛利率如何受到溢價和廣告組合的影響，然後是溢價中的產品組合。所以我認為前面已經回答了。

And then we'll take one last question from Lloyd Walmsley. How much of the 2-sided marketplace advertising revenue is through arm's-length cash payments versus labels using credits given to them as part of the broader content deals? Are you seeing a majority of the revenue on the cash side?

然後我們將回答 Lloyd Walmsley 的最後一個問題。雙邊市場廣告收入中有多少是通過公平的現金支付而不是使用作為更廣泛內容交易的一部分給予他們的信用的標籤？您是否看到現金方面的大部分收入？

Yes. This is separate from that. We don't really get into specifics. As we said, a lot of these end up being accounted for as a benefit to gross profit and not an actual boost to revenue. But these are separate from the credits.

是的。這與那是分開的。我們並沒有真正進入細節。正如我們所說，其中很多最終都被視為對毛利潤的好處，而不是對收入的實際增長。但這些與學分是分開的。

And with that, I will turn it back over to Daniel for some closing comments.

有了這個，我將把它交還給丹尼爾，以獲得一些結束評論。

Thank you, Paul. Well, in closing, we're really pleased with our quarter. And despite all the uncertainty in the world, we feel very good that we will continue to execute and respond quickly to the environment around us. We also believe that we will likely see new opportunities due to the economic environment and that Spotify will ultimately come out of this as an even stronger company. Thank you again for joining us today.

謝謝你，保羅。好吧，最後，我們對我們的季度感到非常滿意。儘管世界上存在所有不確定性，但我們感到非常高興，我們將繼續執行並對我們周圍的環境做出快速反應。我們還相信，由於經濟環境，我們可能會看到新的機遇，而 Spotify 最終將成為一家更強大的公司。再次感謝您今天加入我們。

Great. Thanks, everybody. As we said, the replay will be on the website shortly. And please give us any feedback on if you prefer Slido. We think it went pretty well. But if you have any feedback, we definitely appreciate it. So thanks again, everyone, and stay safe.

偉大的。謝謝大家。正如我們所說，重播將很快在網站上。如果您更喜歡 Slido，請給我們任何反饋。我們認為進展順利。但是，如果您有任何反饋，我們將非常感激。所以再次感謝大家，並保持安全。

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

今天的電話會議到此結束。您現在可以斷開連接。