Spotify Technology SA (SPOT) 2022 Q1 法說會逐字稿

Good morning. My name is Julienne, and I will be your conference operator today. At this time, I would like to welcome everyone to Spotify's Q1 2022 Earnings Conference Call and Webcast. Bryan Goldberg, Head of Investor Relations, you may begin your conference.

早上好。我叫 Julienne，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 Spotify 的 2022 年第一季度收益電話會議和網絡直播。 Bryan Goldberg，投資者關係主管，您可以開始您的會議了。

Thanks, operator, and welcome to Spotify's First Quarter 2022 Earnings Conference Call. Joining us today will be Daniel Ek, our CEO; and Paul Vogel, our CFO. We'll start with opening comments from Daniel and Paul. And afterwards, we'll be happy to answer your questions. Questions can be submitted by going to slido.com, S-L-I-D-O.com, and using the code #SpotifyEarningsQ122. Analysts can ask questions directly into Slido, and all participants can then vote on the questions they find the most relevant. (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 questions.

感謝運營商，歡迎參加 Spotify 2022 年第一季度收益電話會議。今天加入我們的將是我們的首席執行官 Daniel Ek；和我們的首席財務官 Paul Vogel。我們將從丹尼爾和保羅的開放評論開始。之後，我們將很樂意回答您的問題。可以通過訪問 slido.com、S-L-I-D-O.com 並使用代碼 #SpotifyEarningsQ122 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。 （操作員說明）。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'll be making certain forward-looking statements, including projections or estimates about the future performance of the company. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed on today's call, in our letter to shareholders and in filings with the Securities and Exchange Commission. During this call, we'll also refer to certain non-IFRS financial measures. Reconciliations between our IFRS and non-IFRS financial measures can be found in our letter to shareholders in the Financials section of our Investor Relations website and also furnished today on Form 6-K.

在我們開始之前，讓我快速覆蓋安全港。在這次電話會議中，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。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。在本次電話會議中，我們還將參考某些非 IFRS 財務指標。我們的 IFRS 和非 IFRS 財務措施之間的調節可以在我們的投資者關係網站財務部分的致股東信中找到，並且今天也在表格 6-K 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 thank you so much for joining us. So I'll kick off by sharing a few of the highlights you may have seen in our shareholder letter. We delivered another strong quarter in Q1. And when you exclude the impact of our withdrawal from Russia, we came in line or ahead on every metric. And this performance builds on the momentum we saw in Q3 and Q4 of 2021, and I'm very pleased with the continued acceleration we are seeing in user growth headed into Q2.

好的。大家好，非常感謝您加入我們。因此，我將首先分享您在我們的股東信中可能看到的一些亮點。我們在第一季度實現了另一個強勁的季度。當你排除我們從俄羅斯撤軍的影響時，我們在每個指標上都排在前列。這種表現建立在我們在 2021 年第三季度和第四季度看到的勢頭之上，我對進入第二季度的用戶增長持續加速感到非常高興。

There are puts and calls in every quarter, and this one was no exception. As I've said several times before, Q1 traditionally sees lower new user activations, but despite this, we delivered solid results. And I think this is a testament of our consistency of execution and clearly shows just how compelling our offering remains for creators, users and advertisers, even in the face of uncertainty provoked by world events. So it's safe to say that my overall confidence in the business continues to grow on all fronts.

每個季度都有看跌期權和看漲期權，這次也不例外。正如我之前多次說過的那樣，第一季度的新用戶激活率通常較低，但儘管如此，我們還是取得了可靠的結果。我認為這證明了我們執行的一致性，並清楚地表明我們的產品對創作者、用戶和廣告商來說仍然具有吸引力，即使面對世界事件引發的不確定性。所以可以肯定地說，我對業務的整體信心在各個方面都在持續增長。

Case in point is the strength of our music business evidenced by the recent release of new royalty data on our Loud & Clear website. The data clearly outlines the role Spotify and streaming are playing in growing the entire music ecosystem. Not only is streaming driving record revenues in the music industry, but there are more artists sharing in that success than ever before. In fact, the worldwide growth is truly staggering as more artists hit milestones across all revenue levels. So for the first time, over 1,000 artists generated over $1 million and over 50,000 artists generated more than $10,000 on Spotify alone. For those who are interested in learning more, I would encourage you to check out the Loud & Clear website.

近期我們在 Loud & Clear 網站上發布的新版稅數據證明了我們音樂業務的實力。數據清楚地概述了 Spotify 和流媒體在發展整個音樂生態系統中所扮演的角色。流媒體不僅推動了音樂行業創紀錄的收入，而且分享這一成功的藝術家也比以往任何時候都多。事實上，隨著越來越多的藝術家在所有收入水平上達到里程碑，全球增長確實令人震驚。因此，僅在 Spotify 上就有超過 1,000 名藝術家創造了超過 100 萬美元的收入，超過 50,000 名藝術家創造了超過 10,000 美元的收入。對於那些有興趣了解更多信息的人，我鼓勵您查看 Loud & Clear 網站。

So our core business remains incredibly strong, and this strength is built on the investments we continue to make in constantly enhancing our platform, which in turn elevates the experience for users and creators. We are especially investing in our core platform capabilities. These are multiyear investments to enable a constant iteration across our products, tools and services. And given the positive results we're seeing, you should expect this to continue for the foreseeable future. And I recognize that many of you want more clarity around when the benefits of all these investments will be realized, including when they will show up in our financial statements. And this is something we will unpack for you at our upcoming Investor Day.

因此，我們的核心業務仍然非常強大，而這種優勢建立在我們不斷投資不斷增強我們的平台的基礎上，這反過來又提升了用戶和創作者的體驗。我們特別投資於我們的核心平台能力。這些是多年投資，旨在實現我們的產品、工具和服務的不斷迭代。鑑於我們看到的積極成果，您應該期望在可預見的未來這種情況會持續下去。我認識到，你們中的許多人希望更清楚地了解所有這些投資的收益何時會實現，包括它們何時會出現在我們的財務報表中。這是我們將在即將到來的投資者日為您解開的內容。

But to give you a sense of the breadth and the impact of our investments are already having for creators, users and advertisers, allow me to offer a few examples of things we shipped this quarter. So take our ads business, which continues to be a strong revenue driver, thanks to the investments we are making to modernize audio advertising. The recent third-party survey validate this belief showing that Spotify is the must-buy audio ad partner in the U.S., and we're delivering more impact for advertisers and publishers through our acquisitions like Podsights and Chartable, and we are already seeing the impact these moves are having on renewal rates and deal sizes. And these moves will bring important innovation to the marketplace and accelerate our ability to unlock significant revenue growth in both music and podcasts.

但為了讓您了解我們的投資已經對創作者、用戶和廣告商產生的影響的廣度和影響，請允許我提供一些我們本季度交付的產品的示例。因此，我們的廣告業務繼續成為強勁的收入驅動力，這要歸功於我們為使音頻廣告現代化而進行的投資。最近的第三方調查證實了這一信念，表明 Spotify 是美國必須購買的音頻廣告合作夥伴，我們正在通過收購 Podsights 和 Chartable 等為廣告商和出版商帶來更大的影響，我們已經看到了影響這些舉措對續訂率和交易規模都有影響。這些舉措將為市場帶來重要的創新，並加速我們在音樂和播客方面實現顯著收入增長的能力。

At Spotify, we are constantly testing and experimenting. And in Q1 alone, we ran almost 2,000 experiments, which is a 5% increase over the previous quarter. Some of those experiments led to full global product launches like the new updates and campaigns we rolled out for Blend, which drove 17x more new user registration than even our annual Wrapped campaign. And in the first 20 days of the Blend campaign, we had 22 million users create Blend playlists. And we're also seeing incredible user engagement worldwide with over 60% of streams coming from Gen Z listeners on Blend. And these results are exactly the types of outcomes we aim to drive, and we will continue to aggressively experiment with further user improvements.

在 Spotify，我們不斷地進行測試和試驗。僅在第一季度，我們就進行了近 2,000 次實驗，比上一季度增長了 5%。其中一些實驗促成了全面的全球產品發布，例如我們為 Blend 推出的新更新和活動，這比我們的年度 Wrapped 活動推動了 17 倍的新用戶註冊。在 Blend 活動的前 20 天，我們有 2200 萬用戶創建了 Blend 播放列表。我們還在全球範圍內看到令人難以置信的用戶參與度，超過 60% 的流來自 Blend 上的 Z 世代聽眾。這些結果正是我們旨在推動的結果類型，我們將繼續積極嘗試進一步的用戶改進。

And our podcast business also continues to surpass even our own high expectations, with podcast share of overall consumption hours reaching another all-time record last quarter. And we now have more than 4 million podcasts on our platform, up 53% year-over-year and up from 3.6 million last quarter with emerging markets like Latin America and Asia driving a lot of this growth. And with more than 1,150 original and exclusive shows on our platform, overall podcast consumption is strong and increasingly sticky, especially as we innovate with features like video, which more and more creators are taking advantage of as they seek to reach new global audiences and connect and interact with their fans in new ways.

我們的播客業務也繼續超過我們自己的高期望，上個季度播客在總消費時數中的份額達到了另一個歷史記錄。我們現在在我們的平台上擁有超過 400 萬個播客，同比增長 53%，高於上一季度的 360 萬個，其中拉丁美洲和亞洲等新興市場推動了這一增長。我們的平台上有 1,150 多個原創和獨家節目，整體播客消費強勁且越來越具有粘性，尤其是當我們通過視頻等功能進行創新時，越來越多的創作者正在利用這些功能來吸引新的全球觀眾並建立聯繫並以新的方式與他們的粉絲互動。

And with that, I'll hand it over to Paul to go a little bit deeper into the numbers, and then Bryan will open it for Q&A.

有了這個，我將把它交給 Paul 來更深入地研究數字，然後 Bryan 將打開它進行問答。

Great. Thanks, Daniel, and thanks, everyone, for joining us. While Daniel touched on most of our key KPIs, I want to add a bit of color on our operating performance, which was ahead of plan, excluding the wind down of our Russian business which started in March. Please note, Russia represented approximately 1% of our total MAU and subscribers and less than 1% of our revenues at the start of Q1.

偉大的。謝謝丹尼爾，也謝謝大家加入我們。雖然丹尼爾談到了我們的大部分關鍵 KPI，但我想為我們的運營業績添加一些色彩，這超出了計劃，不包括我們在 3 月份開始的俄羅斯業務的結束。請注意，在第一季度開始時，俄羅斯約占我們總月活躍用戶和訂閱者的 1%，不到我們收入的 1%。

Let me first start with MAU. On a reported basis, our total MAU grew to 422 million in Q1. It's important to note that MAU did see an estimated 3 million benefit from a brief service outage that logged users out of Spotify, causing a portion of affected users to create new accounts to log back in. This had the effect of double counting these users in the month of March. We saw this reverse in April as we cycled the 1-month anniversary of the outage. With that in mind, normalized MAU was approximately 419 million in the quarter, still roughly 1 million ahead of plan. Our strength was led by strong results in Latin America and Rest of World led by Indonesia, Brazil and Mexico.

讓我首先從 MAU 開始。據報導，我們的總月活躍用戶在第一季度增長到 4.22 億。值得注意的是，MAU 確實從導致用戶退出 Spotify 的短暫服務中斷中獲得了大約 300 萬的收益，導致部分受影響的用戶創建新帳戶以重新登錄。這導致將這些用戶重複計算在內三月。我們在 4 月循環停電 1 個月週年時看到了這種逆轉。考慮到這一點，本季度標準化 MAU 約為 4.19 億，仍比計劃提前約 100 萬。我們在拉丁美洲和世界其他地區（以印度尼西亞、巴西和墨西哥為首）的強勁業績引領了我們的實力。

On the Premium front, we reached 182 million subscribers in Q1. As we shared in early March, our exit from Russia led to 1.5 million disconnects in that market. Adjusting for that impact, net subscriber growth finished ahead of plan and was aided by outperformance in Latin America and Europe. We also continue to grow ARPU nicely in the quarter, which was up 6% year-on-year and 3% on a constant currency basis.

在高級版方面，我們在第一季度達到了 1.82 億用戶。正如我們在 3 月初分享的那樣，我們從俄羅斯的退出導致該市場有 150 萬個斷開連接。調整該影響後，淨用戶增長提前完成，並得益於拉丁美洲和歐洲的出色表現。本季度我們的 ARPU 也繼續保持良好增長，同比增長 6%，按固定匯率計算增長 3%。

Revenue remains slightly ahead of guidance. We had a really great strength in advertising in the quarter at 30% growth. However, it's important to note, we are trending closer to mid-30% growth prior to Russia's invasion of Ukraine.

收入仍略高於預期。本季度我們在廣告方面的實力非常強勁，增長了 30%。然而，重要的是要注意，在俄羅斯入侵烏克蘭之前，我們的增長率接近 30% 左右。

With respect to gross margins, Q1 finished modestly above plan at 25.2%. The modest fee was a few small differences versus our forecast, but nothing material to call out. Additionally, our core margins continue to improve while we invest aggressively against new initiatives.

在毛利率方面，第一季度以 25.2% 略高於計劃。適度的費用與我們的預測有一些細微的差異，但沒有什麼可說的。此外，在我們積極投資新舉措的同時，我們的核心利潤率繼續提高。

Looking to the second quarter. We expect the remaining wind down of our Russia business to reduce Q2 MAU by an incremental 5 million and subscribers by another 600,000. Regardless, we are very encouraged by the trends we're seeing across the rest of the business. On a like-for-like basis, we see very healthy gains in Q2.

展望第二季。我們預計俄羅斯業務的剩餘部分將使第二季度的月活躍用戶減少 500 萬，訂閱者再減少 60 萬。無論如何，我們對我們在其他業務中看到的趨勢感到非常鼓舞。在類似的基礎上，我們看到第二季度的收益非常健康。

Excluding Russia and the MAU benefit caused by the March service outage referenced earlier, our guidance for 428 million MAU implies an increase of approximately 14 million net MAU, a healthy uptick in organic growth versus the 9 million we reported last year and 13 million in Q2 2020. We continue to see promising growth in our largest developed markets, an ongoing rebound in developing markets like India and increased traction in our 2021 market launches.

不包括俄羅斯和前面提到的 3 月份服務中斷導致的 MAU 收益，我們對 4.28 億 MAU 的指導意味著淨 MAU 增加了約 1400 萬，與我們去年報告的 900 萬和第二季度的 1300 萬相比，有機增長健康增長2020 年。我們繼續看到我們最大的發達市場的可觀增長，印度等發展中市場的持續反彈，以及我們在 2021 年推出的市場的吸引力增加。

Our Q2 subscriber guidance of 187 million implies net adds of 6 million ex Russia and reflects the benefit from our global campaign later in the quarter.

我們的第二季度 1.87 億訂戶指導意味著俄羅斯以外的淨增加 600 萬，並反映了我們在本季度晚些時候的全球活動帶來的好處。

Lastly, our outlook for Q2 gross margin of 25.2% reflects our expectations for continued core operating improvement across our music and podcasting businesses, offset by select growth initiatives. As a reminder, Q2 2021, gross margins had a onetime benefit of roughly 200 basis points due to the release of accruals for prior period publishing royalty estimates.

最後，我們對第二季度毛利率 25.2% 的展望反映了我們對音樂和播客業務持續核心運營改善的預期，但被精選的增長計劃所抵消。提醒一下，2021 年第二季度，由於發布了前期發布特許權使用費估計的應計項目，毛利率的一次性收益約為 200 個基點。

As discussed on the Q4 earnings call, we continue to see a number of opportunities for investment. In light of the positive results we're seeing and the attractive long-term potential of these investments, we will continue to pursue many of these initiatives this calendar year. As a result, we expect to keep gross margins around Q1 levels throughout the balance of 2022. And while we aren't providing guidance beyond Q2, our current expectations for next year would be a continued upward momentum in our core business and a smaller drag from new investments.

正如第四季度財報電話會議所討論的，我們繼續看到許多投資機會。鑑於我們看到的積極成果以及這些投資具有吸引力的長期潛力，我們將在本日曆年繼續推行其中的許多舉措。因此，我們預計在整個 2022 年剩餘時間內將毛利率保持在第一季度左右。雖然我們沒有在第二季度之後提供指導，但我們目前對明年的預期是我們的核心業務將繼續保持上升勢頭，並且阻力較小來自新的投資。

Finally, I want to conclude with an update on our upcoming Investor Day. We look forward to updating you on the progress we've made since our direct listing, sharing details about our road map and providing clarity on the financial progress that we expect over the intermediate and longer term. We're still finalizing plans for the Investor Day, so stay tuned for more information about timing, speakers and everything else to come.

最後，我想以即將到來的投資者日的最新消息作為結束。我們期待向您通報我們自直接上市以來取得的進展，分享有關我們的路線圖的詳細信息，並明確說明我們在中長期內預期的財務進展。我們仍在敲定投資者日的計劃，因此請繼續關注有關時間、演講者和其他一切的更多信息。

And with that, I'll turn it back over to Bryan for Q&A.

有了這個，我會把它交還給 Bryan 進行問答。

All right. Thanks, Paul. And again, if you've got any questions, please go to slido.com, #SpotifyEarningsQ122. (Operator Instructions)

好的。謝謝，保羅。同樣，如果您有任何問題，請訪問 slido.com，#SpotifyEarningsQ122。 （操作員說明）

And our first question today is going to come from Mario Lu, and it's on the current operating environment in streaming. Last week, Netflix mentioned market saturation and competition is 2 main factors for its slow growth. Are these similar concerns for Spotify?

我們今天的第一個問題將來自馬里奧·盧，它是關於當前流媒體的運營環境。上週，Netflix 提到市場飽和和競爭是其增長緩慢的兩個主要因素。這些對於 Spotify 是否有類似的擔憂？

Well, I'll take this one. We had a really, really strong quarter. And again, pretty much all metrics are exceeding or in line with expectations. So I feel really, really good about the business. Now all that said, I do want to almost take a step back and say that I think a lot of people are grouping us and Netflix together. And I've said this before, but I'll say it again, besides both being media companies and being primarily subscription revenue companies, that's kind of where the similarities end for me.

好吧，我會拿這個。我們有一個非常非常強勁的季度。同樣，幾乎所有指標都超出或符合預期。所以我對這項業務感覺非常非常好。現在說了這麼多，我確實想退後一步，說我認為很多人將我們和 Netflix 歸為一類。我之前已經說過，但我會再說一遍，除了作為媒體公司和主要是訂閱收入公司之外，這就是我的相似之處。

With Spotify, for instance, we are a platform. Netflix is not. With Spotify, we have a free service. Netflix does not. We have hundreds of millions of pieces of content. Netflix makes its own original content solely and license a little bit. So it's just vastly different businesses. And again, we have seen competition in Spotify since 2015. And when I look at the video landscape, it seems like competition is heating up. So there's a lot of other dissimilarities between the 2 businesses currently as well. But we feel really good about where we are and the business we are, and we feel audio is an overlooked market that's growing and it's going to be really big.

例如，對於 Spotify，我們是一個平台。 Netflix 不是。通過 Spotify，我們提供免費服務。 Netflix 沒有。我們擁有數億條內容。 Netflix 單獨製作自己的原創內容並獲得一點許可。所以這只是截然不同的業務。再一次，自 2015 年以來，我們看到了 Spotify 的競爭。當我觀察視頻領域時，似乎競爭正在升溫。因此，目前這兩家企業之間也存在許多其他差異。但我們對我們所處的位置和我們的業務感覺非常好，我們認為音頻是一個被忽視的市場，它正在增長，而且會非常大。

The other thing I would add to that as well is when you look at some of our -- the metrics, not just in Q1 but our guidance for Q2, we're looking for on an organic basis, 14 million net additions for users. As I said in my opening comments, that's above the 9 million last year, but that's also above the 13 million we did in 2020 when I know a lot of people are going back and looking at how much was pulled forward due to the pandemic. So we feel really good about the user growth as well as the subscriber growth coming out of Q1 and into Q2.

我還要補充的另一件事是，當您查看我們的一些指標時，不僅在第一季度，而且在我們對第二季度的指導中，我們正在尋找有機基礎上的 1400 萬用戶淨增加。正如我在開場白中所說，這高於去年的 900 萬，但也高於我們在 2020 年所做的 1300 萬，當時我知道很多人正在回頭看看由於大流行而向前推進了多少。因此，我們對第一季度和第二季度的用戶增長以及用戶增長感到非常滿意。

All right. Next question is going to come from Rich Greenfield on podcasting. Investors have gone from being believers in your podcast strategy to penalizing you for the investment with no confidence it creates long-term value. Daniel, why are you convinced this is the right strategy regardless of the market's concerns?

好的。下一個問題將來自 Rich Greenfield 的播客。投資者已經從相信你的播客策略變成了懲罰你的投資，不相信它會創造長期價值。丹尼爾，您為什麼不顧市場擔憂而確信這是正確的策略？

Well, I kind of think about it from all of our different constituents' and stakeholders' perspective. So if you start with users, what we see very clearly in the data and is indicated in our shareholder letter, too, is that there's an enormous amount of appetite among existing and new Spotify users to consume podcast content. Separately from creators, there's an enormous amount of appetite to engage with our audience and create content and upload and use our tools like Anchor, like Megaphone and all these other tools, both for monetizing, growing their audience and engaging with their audience.

好吧，我從我們所有不同的選民和利益相關者的角度來考慮它。因此，如果您從用戶開始，我們在數據中非常清楚地看到並且在我們的股東信中也表明，現有和新的 Spotify 用戶對消費播客內容有著巨大的興趣。與創作者不同的是，與我們的觀眾互動、創作內容、上傳和使用我們的工具（如 Anchor、Megaphone 和所有這些其他工具）的胃口很大，這既可以用於貨幣化，也可以增加他們的觀眾並與他們的觀眾互動。

For advertisers, we see enormous amount of appetite in audio in general. And when we added podcast, we became a much stronger proposition for advertisers, increasing our order size both in music and in podcasting. And then lastly, for investors, structurally, podcasting should be a better business model than music from a gross margin perspective. So for all of those reasons, when you add them up, we feel really good about the investments we're making and the long-term implications that will have for our business and our shareholders.

對於廣告商來說，我們總體上看到了對音頻的巨大需求。當我們添加播客時，我們對廣告商來說成為了一個更強大的主張，增加了我們在音樂和播客方面的訂單規模。最後，對於投資者而言，從結構上看，從毛利率的角度來看，播客應該是比音樂更好的商業模式。因此，出於所有這些原因，當您將它們加起來時，我們對我們正在進行的投資以及對我們的業務和股東產生的長期影響感到非常滿意。

And I would just add to Daniel's point. Again, if you look at the metrics, we see podcast MAU to total MAU hit an all-time high in the quarter. Streams on podcasting hit an all-time high in the quarter. So we're seeing that engagement across the platform. And then we'll unpack some of this at the Investor Day. But when I look out over the long term in terms of the benefits and the margin profile of the podcasting business over the long term, nothing has changed at all in my mind in terms of the optimism, in terms of both growth for revenue and the margin profile of the podcasting business in the long term.

我只想補充丹尼爾的觀點。同樣，如果您查看指標，我們會看到播客 MAU 佔總 MAU 在本季度創下歷史新高。播客流在本季度創下歷史新高。因此，我們在整個平台上都看到了這種參與。然後我們將在投資者日解開其中的一些內容。但是，當我從長遠來看播客業務的收益和利潤狀況時，就收入增長和收入增長而言，我的樂觀情緒絲毫沒有改變播客業務的長期利潤率狀況。

All right. Next question is going to come from Deepak on our Premium business. Can you elaborate on what drove the outperformance on subscribers in Latin America during the first quarter? Are you seeing improved conversion from free users? Is it specific to any country?

好的。下一個問題將來自 Deepak 關於我們的高級業務。您能否詳細說明是什麼推動了第一季度拉丁美洲用戶的出色表現？您是否看到免費用戶的轉化率有所提高？它是特定於任何國家的嗎？

Yes. There's nothing really to call out. I mean we tend to call out regions and countries at times that do have strength. It tends to come in waves in terms of markets. So nothing to call out in particular. I think Brazil was strong in the quarter. But in general, nothing specific other than we just, I think, had a good quarter from a marketing performance standpoint.

是的。真的沒什麼好說的。我的意思是，有時我們傾向於指出確實有實力的地區和國家。就市場而言，它往往一波三折。所以沒有什麼特別要說的。我認為巴西在本季度表現強勁。但總的來說，我認為，從營銷業績的角度來看，我們只是有一個不錯的季度。

Okay. Next question from Matt Thornton. As original content becomes more important, and as you think about amortization of content across a larger user base, does Spotify as a consolidator start to make sense; not to mention the audience network and marketplace synergies and cost synergies up and down the P&L?

好的。 Matt Thornton 的下一個問題。隨著原創內容變得越來越重要，並且當您考慮在更大的用戶群中攤銷內容時，Spotify 作為整合者是否開始變得有意義？更不用說觀眾網絡和市場協同效應以及損益表上下的成本協同效應？

Yes. So I'll start with that one. I'm not sure I know exactly what you mean by consolidator, but I think in general, we're going to continue to invest in content and podcast content because we're seeing the returns there. You sort of mentioned amortization over a larger base. It will help. Obviously, the more fixed content you have as a percentage and the more revenue you can grow, that will help the margins.

是的。所以我將從那個開始。我不確定我確切地知道你所說的整合者是什麼意思，但我認為總的來說，我們將繼續投資於內容和播客內容，因為我們在那裡看到了回報。你有點提到在更大的基礎上攤銷。我會幫你的。顯然，您擁有的固定內容越多，您可以增加的收入就越多，這將有助於提高利潤率。

I think I said in the last question that when I look at the long-term podcasting model and kind of our growth in original content, it's still pretty significant over the next couple of years. So we expect to continue to invest aggressively in that content. But we also expect the revenue to grow really nicely, and we will see that margin improvement over time.

我想我在最後一個問題中說過，當我審視長期的播客模式和我們在原創內容方面的增長時，在接下來的幾年裡它仍然非常重要。因此，我們希望繼續在該內容上大舉投資。但我們也預計收入增長會非常好，隨著時間的推移，我們將看到利潤率的提高。

And so consolidation, meaning either other players or not. I mean again, we'll see. I think for us, we're always going to look for what's out there. We're always going to look to be developing our own content, acquiring content, licensing content where we see fit and nothing has changed there. And yes, the more users we have, the more inventory we have, the better it is for the audience network, and we've seen that in the numbers.

所以合併，意味著其他玩家或不是。我的意思是，我們拭目以待。我認為對我們來說，我們總是會尋找那裡的東西。我們總是希望在我們認為合適的地方開發我們自己的內容、獲取內容、許可內容，而那裡沒有任何改變。是的，我們擁有的用戶越多，我們擁有的庫存就越多，這對受眾網絡來說就越好，我們已經從數字中看到了這一點。

All right. Another question from Deepak on Premium. Other subscription businesses have seen elevated churn due to weakening macro in certain geographies. Can you talk about the churn trends you're seeing currently? More broadly, how do you think about the elasticity of spot subscription to a weakening macro environment?

好的。 Deepak 關於 Premium 的另一個問題。由於某些地區的宏觀經濟疲軟，其他訂閱業務的客戶流失率有所上升。您能談談您目前看到的客戶流失趨勢嗎？更廣泛地說，您如何看待現貨認購對疲軟的宏觀環境的彈性？

Yes. I mean I think for starters, we don't give churn numbers out anymore, but there was nothing out of the ordinary in churn in the quarter. As mentioned in the subscriber base numbers alone when you sort of adjust for the -- for our exiting of Russia, we exceeded our subscriber numbers in the quarter. So I hope that gives you an indication of kind of the overall strength of the subscriber business. We definitely think Spotify is a product that people want to continue to have. Any sort of uncertainty, whether it's war or macro, it's always going to be there. We see like everybody else. But at this point in time, there's nothing that we've seen in the numbers indicated to having impact on our business.

是的。我的意思是，我認為對於初學者來說，我們不再給出流失數字，但本季度的流失並沒有什麼異常。正如在您對我們退出俄羅斯進行某種調整時僅在用戶基數中提到的那樣，我們在本季度超過了我們的用戶數。因此，我希望這能讓您了解訂戶業務的整體實力。我們絕對認為 Spotify 是人們想要繼續擁有的產品。任何形式的不確定性，無論是戰爭還是宏觀，它總是會存在。我們和其他人一樣。但是在這個時間點上，我們沒有看到任何對我們的業務產生影響的數字。

The only thing I would add to that is we're continuously investing behind increasing our value per hour for our subscribers. And as we said in the opening here, we've gone from being a music business to an audio business, and more and more of our users and subscribers are finding more and more value on Spotify with all the podcasting content and all the news content, all the educational content that now exist in addition to the music content.

我唯一要補充的是，我們一直在不斷投資，以增加我們的訂戶每小時的價值。正如我們在開幕式上所說的那樣，我們已經從一家音樂企業轉變為一家音頻企業，越來越多的用戶和訂閱者在 Spotify 上發現越來越多的價值，包括所有播客內容和所有新聞內容，除了音樂內容之外現在存在的所有教育內容。

So that's definitely strengthened that value for our users and the value per hour. And that's a metric we watch closely because we think that is definitely correlated with the strength of -- long-term health and strength of the subscription business.

因此，這無疑增強了我們用戶的價值和每小時的價值。這是我們密切關注的一個指標，因為我們認為這與訂閱業務的長期健康和實力絕對相關。

Okay. Next question from Doug Anmuth. Do you expect -- do you still expect 2022 MAU and premium subscriber net adds to be in line with 2021 levels? And what levers can you pull to drive upside to net adds?

好的。 Doug Anmuth 的下一個問題。您是否期望 - 您是否仍然期望 2022 年 MAU 和高級訂戶淨增加量與 2021 年水平一致？您可以拉動哪些槓桿來推動淨增加？

Yes. So again, all my comments will be after adjusting for the impact of our exit from Russia. But I think as I said last quarter, we expect similar levels of growth for subscribers and users in 2022, and that hasn't changed, again, notwithstanding the impact that Russia will have on those numbers. And the levers, I mean, the levers are many. I mean obviously, there's marketing and how we think about marketing and promotions in different regions. We're getting better with respect to some of the market launches we had in 2021 in getting the right product and market fit and the right marketing messages there and growing in those regions as well.

是的。同樣，我所有的評論都是在調整了我們退出俄羅斯的影響之後。但我認為，正如我上個季度所說，我們預計 2022 年訂戶和用戶的增長水平相似，而且這種情況並沒有改變，儘管俄羅斯將對這些數字產生影響。槓桿，我的意思是，槓桿很多。我的意思很明顯，有營銷以及我們如何看待不同地區的營銷和促銷活動。我們在 2021 年的一些市場發布方面正在變得更好，因為我們在那裡獲得了正確的產品和市場契合度以及正確的營銷信息，並且在這些地區也取得了增長。

We've tweaked some of our campaigns on the sub side. We historically did them twice a year, and they were kind of long, and now we've done 3 year and they're a little bit shorter. And so we're always constantly adjusting and testing what will and won't work for us. But again, I think the team feels really good about the growth in users and subscribers. And I think I'll -- again, just going back to what I said, when you look at kind of our outlook for Q2, I think it's a pretty healthy growth for both users and subs.

我們已經調整了子方面的一些廣告系列。從歷史上看，我們每年做兩次，它們有點長，現在我們做了 3 年，它們有點短。所以我們一直在不斷地調整和測試什麼對我們有用，什麼對我們沒用。但同樣，我認為團隊對用戶和訂閱者的增長感覺非常好。而且我想我會 - 再次回到我所說的，當你看看我們對第二季度的展望時，我認為這對用戶和訂閱者來說都是一個非常健康的增長。

Okay. Next question comes from Jason Bazinet on profitability. Your outlook for a second quarter EBIT loss is quite large, even though you're guiding to record revenues and relatively flattish gross margins. While you note some is FX related, can you please expand on the nature of the investments you're making and when you expect EBIT to turn positive?

好的。下一個問題來自 Jason Bazinet 關於盈利能力的問題。您對第二季度息稅前利潤損失的展望相當大，儘管您正在指導創紀錄的收入和相對持平的毛利率。雖然您注意到有些與外匯有關，但您能否詳細說明您正在進行的投資的性質以及您預計息稅前利潤何時轉為正數？

Yes. So a couple of things. Just to kind of reiterate what you said, there was about EUR 50 million of negative impact from currencies in Q2. We -- when you look at our business, our revenue and cost of revenue pretty much aligns from a currency basis. So when currencies move, our gross margin isn't impacted all that much from those changes. We have grown significantly in terms of the percentage of our operating expenses that come from U.S. dollar-based costs. And so that's risen pretty significantly, and that will be up in Q2. So that's a big part of the FX change. We do have -- we have been hiring aggressively against the investment. So hiring is up pretty significantly in Q1 and it continues to be up in Q2. We've talked about that, that's all about our initiatives on the investment side. We lead with technology and product. And so more than 50% of the people we bring are all R&D. So we continue to really grow and invest in that area. And then we do have some increased sales and marketing based on some of the timing of some stuff. And that will be part of the growth as well. So it's kind of head count, it's sales and marketing and then it's FX.

是的。所以有幾件事。重申一下你所說的，第二季度貨幣產生了大約 5000 萬歐元的負面影響。我們 - 當您查看我們的業務時，我們的收入和收入成本幾乎與貨幣基礎一致。因此，當貨幣變動時，我們的毛利率不會受到這些變化的太大影響。以美元為基礎的成本佔運營費用的百分比顯著增長。因此，這一數字顯著上升，並將在第二季度上升。所以這是外匯變化的重要組成部分。我們確實有——我們一直在積極招聘，反對這項投資。因此，第一季度的招聘人數大幅增加，並且在第二季度繼續增加。我們已經談過了，這就是我們在投資方面的舉措。我們以技術和產品領先。所以我們帶來的50%以上的人都是研發人員。因此，我們繼續在該領域真正成長和投資。然後我們確實根據某些東西的某些時機增加了銷售和營銷。這也將是增長的一部分。所以這是一種人數統計，是銷售和營銷，然後是外匯。

And then the other thing I would say is despite the loss, we are investing because we have EUR 3.5 billion of cash on the balance sheet. We're a free cash flow positive business, we'll be free cash flow positive again this year. And we look at this as just a great opportunity to continue to double down on all the things that are working for us. And so we've talked about this in the past, but we see the core business that's been around for a while, having steady, consistent growth with improving trends. And we're going to continue to invest against the business that we think is setting us up for not just the next couple of quarters but the next 5 to 10 years, and that's what you're seeing in some of those numbers.

然後我要說的另一件事是，儘管虧損，我們仍在投資，因為我們的資產負債表上有 35 億歐元的現金。我們是一家自由現金流為正的企業，今年我們將再次實現自由現金流為正。我們認為這只是一個很好的機會，可以繼續在所有對我們有用的事情上加倍努力。所以我們過去已經討論過這個問題，但我們看到核心業務已經存在了一段時間，隨著趨勢的改善而穩定、持續地增長。我們將繼續投資於我們認為不僅在接下來的幾個季度，而且在未來 5 到 10 年為我們奠定基礎的業務，這就是你在其中一些數字中看到的。

Okay. Next question is going to come from Steven Cahall on gross margins. Within the Ad-Supported gross margin of negative 1.5%, can you give color on music margins versus podcast margins? And it seems like podcast engagement is still growing but more slowly. Do you see a natural engagement ceiling? And how does that shape podcast investment plans?

好的。下一個問題將來自 Steven Cahall 關於毛利率的問題。在負 1.5% 的廣告支持毛利率內，您能否對音樂利潤與播客利潤進行對比？播客參與度似乎仍在增長，但速度較慢。你看到一個自然的訂婚天花板嗎？這對播客投資計劃有何影響？

Yes. So Q1, we tend to have margins around this level. This is a reminder, all of the costs, all of the content costs for podcasting goes into our Ad-Supported business. And Q1, while -- it was one of our strongest Q1s ever from an advertising as a percentage of revenue, it still is a relatively small quarter from an advertising. So when you put all of the cost and the stuff we're adding into Q1 -- into 2022 into Q1 on a lower ad base, that's what impacts the ads margin.

是的。所以第一季度，我們傾向於在這個水平附近有利潤。這是一個提醒，播客的所有成本和所有內容成本都屬於我們的廣告支持業務。第一季度，雖然它是我們有史以來最強勁的第一季度廣告收入佔收入的百分比，但它仍然是一個相對較小的廣告季度。因此，當您將所有成本和我們添加到第一季度的東西（到 2022 年到第一季度）放在較低的廣告基礎上時，這就是影響廣告利潤率的原因。

The music margin, as I said, overall has been kind of trending higher, so that's great. And so that's the impact on Ad-Supported gross margin. It was actually slightly better than we thought. Content spending was a touch later than we expected in Q1, but overall, pretty much in line with where we thought and how Q1 tends to be for the mix between advertising and content spend.

正如我所說，音樂利潤率總體上一直在上升，所以這很棒。這就是對廣告支持毛利率的影響。它實際上比我們想像的要好一些。內容支出比我們在第一季度的預期稍晚，但總體而言，與我們的想法以及第一季度廣告和內容支出之間的混合趨勢幾乎一致。

And then I'm not sure why you think podcast engagement is growing more slowly. That's actually not something we said. Podcast growth has actually been really strong for us. Podcast MAU as a percentage of total MAU hit an all-time high. It was actually up pretty nice sequentially. And we're seeing minutes of use in terms of podcast engagement hitting all-time highs as well on the platform. So the podcast numbers are actually really good on the platform.

然後我不確定為什麼你認為播客參與度增長得更慢。這實際上不是我們所說的。播客的增長實際上對我們來說非常強勁。播客 MAU 佔總 MAU 的百分比創下歷史新高。它實際上順序相當不錯。我們看到播客參與度在平台上的使用時間也創下歷史新高。所以播客的數量實際上在平台上非常好。

Yes. And the only addition I would like to make is that when we look at even some of the more mature markets for us and the music growth and now the growth with podcasting, and we look at comparisons like radio, i.e. audio consumption patterns, we still see the sort of ceiling being probably 2 to 3x from where we are today in hours. So plenty of growth left ahead. And this is in some of our more mature markets. So obviously, massive growth opportunities left in that, too. So definitely, no engagement ceiling in sight for us.

是的。我想補充的唯一一點是，當我們看一些對我們來說更成熟的市場和音樂增長以及現在播客的增長，我們看一下廣播之類的比較，即音頻消費模式，我們仍然看到這種上限可能是我們今天的 2 到 3 倍（以小時計）。所以還有很多增長空間。這是在我們一些更成熟的市場。很明顯，其中也留下了巨大的增長機會。因此，我們絕對看不到訂婚上限。

All right. Next question from Maria Ripps. On Barcelona, are you able to comment on your marketing partnership with FC Barcelona and the stadium sponsorship? Anything you can share on the economics of the partnership or investments needed? And what are your thoughts on ROI here compared to more traditional marketing campaigns?

好的。 Maria Ripps 的下一個問題。關於巴塞羅那，您能否評論一下您與巴塞羅那足球俱樂部的營銷合作以及體育場贊助？您可以分享有關合作夥伴關係或所需投資的經濟性嗎？與更傳統的營銷活動相比，您對這裡的投資回報率有何看法？

Yes. I'll start, and maybe Paul can chime in. So I think this is a good one to kind of take a step back. If you look at the landscape of advertising over the past sort of decade, I would say it's really grown from being off-line to more online, dollars has moved online. And a lot of the things has been in more efficiency in tools. So early on in that journey as a marketeer, just by using tools, you were able to create a lot more value. Because it simply was -- from a value perspective, these digital channels were very effective because of these auction-based pricing mechanics.

是的。我會開始，也許保羅可以插話。所以我認為這是一個很好的退後一步。如果你看看過去十年的廣告情況，我會說它真的從離線發展到更多在線，美元已經轉移到網上。很多事情都在提高工具的效率上。作為營銷人員，在這個旅程的早期，僅僅通過使用工具，你就能夠創造更多的價值。因為從價值的角度來看，這些數字渠道非常有效，因為這些基於拍賣的定價機制。

And as more and more advertisers have started adopting them and growing the number of advertisers that are able to use these tools because they're so simple to use, obviously, you get to a point where efficiencies -- you find the sort of supply-demand equilibrium in the marketplace. And it's gotten harder and harder for advertisers to gain value. I think what you're seeing in our ad business model is that we're bringing on entirely new supply, which is audio ads that didn't exist in the marketplace before and were just available off-line. That's why I think you're seeing so much success in our ad business. But when we, as marketeers are thinking behind this trend, what we're looking at is actually in a world where everyone can perfectly price ads and see efficiency of that, what matters? Well, we think what matters as marketeers is creativity.

隨著越來越多的廣告商開始採用它們，並且越來越多的廣告商能夠使用這些工具，因為它們使用起來非常簡單，顯然，你達到了效率的地步——你找到了那種供應——市場需求均衡。廣告商獲得價值變得越來越難。我認為您在我們的廣告業務模式中看到的是，我們正在帶來全新的供應，即以前市場上不存在並且只能離線使用的音頻廣告。這就是為什麼我認為您在我們的廣告業務中看到瞭如此巨大的成功。但是，當我們作為營銷人員思考這一趨勢的背後時，我們所看到的實際上是在一個每個人都可以完美地為廣告定價並看到其效率的世界，什麼重要？好吧，我們認為營銷人員最重要的是創造力。

So when we look at that, we think an even bigger portion of our marketing is about finding creative partnerships where we can make 1 plus 1 equal 3 or more. And that's why we're excited about this FC Barcelona partnership. We have a lot of shared values with them, we're talking about an opportunity. And I know a lot of you are Americans, but let me just state, sports is a massive thing globally. And football or soccer is the #1 sport in the world, and FC Barcelona is the #1 team in the world. So we're talking about hundreds of millions of consumers. Many of FC Barcelona games are 3 or 4x the size of even Super Bowl.

因此，當我們看到這一點時，我們認為我們營銷的更大部分是尋找創造性的合作夥伴關係，我們可以使 1 加 1 等於 3 或更多。這就是為什麼我們對與巴塞羅那足球俱樂部的合作感到興奮。我們與他們有很多共同的價值觀，我們正在談論一個機會。我知道你們中的很多人都是美國人，但讓我聲明一下，體育在全球範圍內是一件大事。足球是世界排名第一的運動，而巴塞羅那足球俱樂部是世界排名第一的球隊。所以我們談論的是數億消費者。許多巴塞羅那足球俱樂部比賽的規模甚至是超級碗的 3 或 4 倍。

So this is a massive opportunity where we're front and center with them and where it's not just about the brand Spotify, but it's about all of our creators and all of our consumers coming to life. We like a lot of things about this partnership.

因此，這是一個巨大的機會，我們站在他們的前沿和中心，不僅關乎 Spotify 品牌，還關乎我們所有的創作者和所有消費者的生活。我們喜歡這種夥伴關係的很多方面。

Yes. I would just add, Daniel touched on some of those things. But based on our numbers, Barcelona attracts over 700 million unique viewers per year. So that's just an incredible number. They have games, multiple games a year that attracts an audience that's 4 to 5x the size of the Super Bowl, which is amazing. And so we feel like the reach is great there. Again, our data was just 2/3 of their audience is in emerging or developing markets in where we are growing and expect to grow the fastest. It's such a great audience to have.

是的。我只想補充一點，丹尼爾談到了其中的一些事情。但根據我們的數據，巴塞羅那每年吸引超過 7 億獨立觀眾。所以這只是一個不可思議的數字。他們有比賽，一年多場比賽，吸引的觀眾是超級碗的 4 到 5 倍，這太棒了。所以我們覺得那裡的影響力很大。同樣，我們的數據只有 2/3 的受眾來自新興市場或發展中市場，在這些市場中我們正在增長並預計增長最快。擁有如此多的觀眾。

And even just from a cultural standpoint, I mean they had at their stadium the largest-ever attendance for a women's soccer game in history. And so they're driving cultural change there, too, which we want to be a part of. So we think that's great in general. And so we're really proud to be partnering.

甚至從文化的角度來看，我的意思是他們在他們的球場上觀看了歷史上最多的女子足球比賽。所以他們也在推動那裡的文化變革，我們希望成為其中的一部分。所以我們認為總的來說這很好。所以我們真的很自豪能成為合作夥伴。

Okay. Next question from Justin Patterson on Marketplace and podcasting. Daniel, how would you gauge the progress you've made in the two-sided marketplace in podcasting today versus where you'd like it to be? And what do you see as the next steps to attract creators and help them build and monetize their audience?

好的。賈斯汀帕特森關於市場和播客的下一個問題。丹尼爾，你如何衡量你今天在播客的雙邊市場上取得的進展與你希望它在哪裡？您認為下一步如何吸引創作者並幫助他們建立觀眾群並從中獲利？

I feel really good about both the progress on the marketplace side and on the podcasting side. As every entrepreneur, however, I would obviously have loved the things ship even faster and for us to push even harder. And that's my job. I keep coming into the office every day, pushing the teams to think bigger, work harder and ship more things that delight more of our consumers and creators around the world. But I feel good about where we are. We will take some of the time during Investor Day to unpack more concrete, lead some of the benefits we've had in Marketplace because it's looking really good.

我對市場方面和播客方面的進展感覺非常好。然而，作為每一位企業家，我顯然會喜歡這些東西更快地發貨，讓我們更加努力地推動。這就是我的工作。我每天都進入辦公室，推動團隊思考更大的問題，更加努力地工作並交付更多讓我們在世界各地的消費者和創作者感到高興的東西。但我對我們所處的位置感覺很好。我們將在投資者日期間花一些時間來更具體地解開包裝，引導我們在 Marketplace 中獲得的一些好處，因為它看起來非常好。

And on podcasting, obviously, we've already spoken quite a bit about it during this earnings call, but you should expect us to really, on a foundational matter, grow the number of consumers, grow the number of creators, increase the opportunities for creators to grow their listener base, engage with their listener base and monetize that base. And we're early on, in particular, tools that allows creators to grow their audience and engage their audience and monetize their audience in new ways.

顯然，在播客方面，我們已經在本次財報電話會議上談了很多，但你應該期望我們真正從根本上增加消費者數量，增加創作者數量，增加機會創作者擴大他們的聽眾群，與他們的聽眾群互動並通過該基礎獲利。特別是，我們很早就推出了允許創作者擴大受眾、吸引受眾並以新方式通過受眾獲利的工具。

So if anything, I would not say even if I'm pleased with the impact it's having, it's early days in terms of that. And that, I think, will transform the entire perception of Spotify in the marketplace, both from creators and consumers alike.

因此，如果有的話，即使我對它所產生的影響感到滿意，我也不會說，這還為時過早。我認為，這將改變創作者和消費者對 Spotify 在市場上的整體看法。

Next question from Rich Greenfield on the Google deal. If after downloading Spotify from the Google Play Store, you are presented with a choice to pay either with Spotify's payment system or with Google Play billing, why would an Android user with all their billing info stored with Google choose Spotify? And can it be cheaper?

Rich Greenfield 提出的下一個關於 Google 交易的問題。如果從 Google Play 商店下載 Spotify 後，您可以選擇使用 Spotify 的支付系統或 Google Play 計費方式進行支付，那麼為什麼所有計費信息都存儲在 Google 中的 Android 用戶會選擇 Spotify？它可以更便宜嗎？

Well, maybe I'll start, and then Paul can chime in more. We feel really, really good about this partnership with Google. For many investors, you may know that this is something we've been talking about for years. And we think this is a very important step in the right direction for the entire sort of app development ecosystem as well. And just to kind of, again, reiterate what it is we've been asking for all these years, it's very simple. It's about a level playing field. And that level playing field has 3 core tenets: we want to be able to communicate with our consumers the way they want us to communicate and us as a developer to be able to do that; two, we want to be able to monetize that relationship the way it makes sense for that consumer and for us; and three, we want to get access to the same tools and services, i.e., APIs that this platform offers its own services.

好吧，也許我會開始，然後保羅可以插話更多。我們對與 Google 的這種合作關係感覺非常非常好。對於許多投資者來說，您可能知道這是我們多年來一直在談論的事情。我們認為這也是整個應用程序開發生態系統朝著正確方向邁出的非常重要的一步。再次重申一下我們這些年來一直在要求的東西，這非常簡單。這是關於一個公平的競爭環境。這個公平的競爭環境有 3 個核心原則：我們希望能夠以他們希望我們溝通的方式與我們的消費者進行溝通，並且我們作為開發人員能夠做到這一點；第二，我們希望能夠以對消費者和我們都有意義的方式將這種關係貨幣化；第三，我們希望訪問相同的工具和服務，即該平台提供自己的服務的 API。

So that's the kind of key tenets, and we feel really good about Google because it kind of ticks the box on all 3 of those for us. And we think this is kind of a landmark deal that sets a new precedent for what a platform should be able to do. And then coming back to that considerable consumer behavior points. In fact, there's a lot of consumers that today are choosing to do direct billing with Spotify today because it's an easier service experience, and frankly, because there are different cost structures associated with some of the payment alternatives.

所以這就是關鍵原則，我們對谷歌感覺非常好，因為它對我們來說符合所有三個原則。我們認為這是一項具有里程碑意義的交易，它為平台應該能夠做什麼開創了新的先例。然後回到相當大的消費者行為點。事實上，今天有很多消費者選擇通過 Spotify 進行直接計費，因為它是一種更輕鬆的服務體驗，坦率地說，因為與某些支付方式相關的成本結構不同。

So you can imagine being in a market where there may be a certain price offering by going direct with Spotify and where there's a different price mechanic if you go with the Google Play billing because it has carrier payments. And this is all we're asking for really. It's choice. And again, we feel really good even if that consumer decides to choose the Google Play billing service as well. We're only asking [for shores], and we feel great about what this deal does for us.

因此，您可以想像在一個市場中，通過直接與 Spotify 合作可能會提供一定的價格，而如果您使用 Google Play 計費，因為它有運營商付款，因此價格機制會有所不同。這就是我們真正要求的。是選擇。同樣，即使該消費者也決定選擇 Google Play 計費服務，我們也感覺非常好。我們只要求[海岸]，我們對這筆交易對我們的作用感到非常滿意。

Yes. And the only small thing I'd add is, we obviously can't talk about the financials of the deal. But I would say from our perspective, I think in part of your questions, we're pretty indifferent if the consumer decides to use Google Play billing or Spotify billing.

是的。我要補充的唯一一點是，我們顯然不能談論交易的財務狀況。但我想說，從我們的角度來看，我認為在您的部分問題中，如果消費者決定使用 Google Play 計費或 Spotify 計費，我們會非常無動於衷。

Okay. Next question from Matt Thornton, another one on Marketplace. Can you talk about Marketplace progress, including with merch and live events and where you're focused through 2022? And is there an opportunity for power users and Spotify as the marketplace to monetize playlists they create?

好的。市場上的另一個問題來自 Matt Thornton 的下一個問題。您能否談談 Marketplace 的進展，包括商品和現場活動以及您在 2022 年之前的重點？高級用戶和 Spotify 作為市場是否有機會通過他們創建的播放列表獲利？

Yes. So feel really good about Marketplace progress, as I mentioned before, and we are doing a lot of experiments, over 2,000 in the quarter alike. Some of these are live events, digital and physical ones where we're helping enable those. And of course, merch, NFTs, we're experimenting across a lot of different things to provide more value for creators and consumers alike. And we'll unpack more of the details about the Marketplace and where we are. But just going back to one of my previous answers, I definitely believe we're in the early innings of our platform evolution. And yes, of course, this is something that we've been on for a while. I think you're starting to see a lot of the benefits because of our core platform investments.

是的。因此，正如我之前提到的，對 Marketplace 的進展感覺非常好，我們正在進行大量實驗，本季度超過 2,000 次。其中一些是現場活動、數字和實體活動，我們正在幫助實現這些活動。當然，對於商品、NFT，我們正在嘗試許多不同的東西，以便為創作者和消費者提供更多價值。我們將解開有關 Marketplace 和我們所在位置的更多詳細信息。但回到我之前的一個答案，我絕對相信我們正處於平台發展的早期階段。是的，當然，這是我們已經討論了一段時間的事情。我認為由於我們的核心平台投資，您開始看到很多好處。

But truthfully, when you look at the sort of consumer and creator journey, it's still -- you publish content to Spotify and people consume it, but there's not a lot of interaction happening between creators and consumers on the platform. You're starting to see some experiments, but no sort of massive rollouts yet. And that's what we're focused on in '22 and '23 is to take some of those experiments, double down on them and expand on them so that more and more consumers and creators are using these tools.

但說實話，當你看到消費者和創作者的旅程時，它仍然是——你將內容髮佈到 Spotify，人們消費它，但平台上創作者和消費者之間並沒有太多的互動。你開始看到一些實驗，但還沒有大規模的推出。這就是我們在 22 和 23 年關注的重點是進行其中一些實驗，加倍努力並擴展它們，以便越來越多的消費者和創作者使用這些工具。

Okay. Next question from Jessica Reif Ehrlich on gross margins. Can you identify the types of projects or investments in second quarter and beyond that are weighing on gross margins?

好的。 Jessica Reif Ehrlich 關於毛利率的下一個問題。您能否確定第二季度及以後影響毛利率的項目或投資類型？

Yes. I mean it's a couple of things that we've talked about. One is obviously content and original content, which will continue to grow this year. And we've talked about the dynamic of the drag will be less moving forward, but as it grows as a percentage of our business, there's still a drag. And so that's the biggest chunk of the original content. There's another bunch of initiatives we have for the back half of the year on product and innovation that some of that will hit cost of revenue for a period of time before improving. And so some of it, it's product and things we haven't talked about but are coming, and the biggest chunk of it is on the content side with podcasting investment.

是的。我的意思是這是我們已經討論過的幾件事。一是明顯內容和原創內容，今年還會繼續增長。而且我們已經談到阻力的動態將不會向前發展，但隨著它在我們業務中的百分比增長，仍然存在阻力。所以這是原始內容的最大部分。今年下半年，我們還有一系列關於產品和創新的舉措，其中一些舉措將在一段時間內影響收入成本，然後再改善。所以其中一些，它是我們尚未談論但即將到來的產品和事物，其中最大的一部分是在播客投資的內容方面。

And another question on margins from Rich Greenfield. Is there a way to think about where music-only margins are today, if not for all of your investments in other forms of audio? Are you ahead of your plan that you laid out in 2018?

Rich Greenfield 的另一個關於利潤率的問題。有沒有辦法思考今天純音樂的利潤在哪裡，如果不是因為你對其他形式的音頻的所有投資？您是否超前於您在 2018 年制定的計劃？

Yes. We'll unpack more of this at the Investor Day, but I will say the music margins are definitely higher and a decent amount higher than the current overall Spotify margins. And when I talk about music, I'm talking about pretty much what the business we had in 2018 went public, that's music and the question Daniel answered about Marketplace and the impact it's having on there. Marketplace has had a nice impact on us. They're great tools. They're great advertising tools that more and more traders and their partners are leaning into. And so we see Marketplace have a nice impact on the overall margin structure of sort of that business that we -- that sort of core business that we operated back in 2018. And yes, most of the reason the margins in general haven't expanded from a consolidated basis is all the incremental investments on top of it.

是的。我們將在投資者日展開更多內容，但我會說音樂利潤率肯定更高，而且比目前的 Spotify 整體利潤率高出不少。當我談論音樂時，我幾乎是在談論我們在 2018 年上市的業務，那就是音樂以及丹尼爾回答的有關 Marketplace 及其對那裡的影響的問題。市場對我們產生了很好的影響。它們是很棒的工具。它們是越來越多的交易者及其合作夥伴所採用的出色廣告工具。因此，我們看到 Marketplace 對我們在 2018 年運營的那種業務的整體利潤率結構產生了很好的影響。是的，利潤率總體上沒有擴大的大部分原因從一個合併的基礎上看是在它之上的所有增量投資。

Next question from Steven Cahall on ARPU. 3% constant currency growth sounds like it reflects price and mix -- product mix. Can you provide a little more color on those components? And how should we think about price and mix for the rest of 2022? And did price increases drive any uptick in churn?

Steven Cahall 關於 ARPU 的下一個問題。 3% 的固定匯率增長聽起來像是反映了價格和產品組合——產品組合。你能在這些組件上提供更多顏色嗎？我們應該如何考慮 2022 年剩餘時間的價格和組合？價格上漲是否推動了客戶流失率的上升？

Yes. I just -- churn earlier, so let me just talk about the pricing. Q1 was probably the last quarter where we got the big benefit of some of the price increases we had last year. And so we will kind of anniversary that. So I wouldn't expect the same level of ARPU growth in the next 3 quarters that we saw in Q1. That being said, we do expect ARPU to be sort of flat up for the full year, but not quite as far up as it was in Q1.

是的。我只是 - 早點流失，所以讓我談談定價。第一季度可能是我們從去年的一些價格上漲中獲得巨大收益的最後一個季度。因此，我們將舉行週年紀念。因此，我預計未來 3 個季度的 ARPU 增長不會達到我們在第一季度看到的水平。話雖如此，我們確實預計 ARPU 全年將持平，但不會像第一季度那樣高。

Another question from Doug Anmuth. When you think about the next wave of MAU and subscriber growth for the company, what markets stand out most to you?

Doug Anmuth 的另一個問題。當您考慮公司的下一波 MAU 和訂戶增長時，哪些市場對您來說最突出？

Well, it's really based on different ones in different time horizons. So the big MAU opportunity we're certain in the near future is in Southeast Asia. And we've spoken about India and Indonesia and some of those markets where we're doing incredibly well. But obviously, if you look at that, the TAM in that region, your -- India alone is over 1 billion. So it's just massive, massive opportunities from an MAU perspective.

嗯，它實際上是基於不同時間範圍內的不同的。因此，我們確定在不久的將來最大的 MAU 機會是在東南亞。我們已經談到了印度和印度尼西亞以及我們在其中做得非常好的一些市場。但很明顯，如果你看一下那個地區的 TAM，你的 - 僅印度就超過 10 億。所以從 MAU 的角度來看，這只是巨大的、巨大的機會。

From a subscription point of view, I think you should expect the core markets to keep growing for a while longer, even though we're adding more and more subscribers in some of the emerging markets as well. But revenue growth is definitely more of the sort of core markets still empowering the train for a while longer. And then eventually, some of the emerging markets will pick up that pace of growth.

從訂閱的角度來看，我認為您應該期望核心市場繼續增長一段時間，儘管我們也在一些新興市場增加了越來越多的訂閱者。但收入增長肯定更多的是核心市場仍然在一段時間內為火車提供動力。最終，一些新興市場將加快增長步伐。

Next question from Ben Swinburne on podcasting. How would you assess your progress on podcasting at this point? How quickly is usage growing on the platform? Are CPMs and margins holding up in SPAN? And do you have a line of sight into profitability overall in podcasting?

Ben Swinburne 關於播客的下一個問題。在這一點上，您如何評估您在播客方面的進展？平台上的使用增長速度有多快？ CPM 和利潤是否在 SPAN 中保持不變？您是否對播客的整體盈利能力有所了解？

Yes. Let me just try and unpack all that. So the progress is going great. The usage is growing great. So as I think I mentioned earlier, when you look at our podcast to total MAU, it was up pretty significantly year-on-year. It was also up nicely sequentially quarter-over-quarter. When we look at podcast listening hours year-over-year, also up really significantly, so really strong growth in listening hours and usage and the number of users who are engaging in podcasting. So all of that has been great. CPMs has held up really well. SPAN is going great. One of the things we've seen in SPAN, and I think I've mentioned this a couple of times in previous quarters is, SPAN is performing really well. There's a ton of demand for podcast advertising. And what we're seeing is the publishers continue to opt in more inventory into SPAN as they're seeing the results. And then as we have more inventory, it's actually attracting even more advertisers because there's more of an audience they can reach and there's more inventory for them to spend again. So we saw that dynamic continue to play out on the SPAN side.

是的。讓我試著解開所有這些。所以進展非常順利。使用量越來越大。因此，正如我之前提到的，當您查看我們的播客總月活躍用戶數時，它同比增長相當顯著。季度環比也有很好的增長。當我們查看播客收聽時間同比時，也顯著增加，收聽時間和使用量以及參與播客的用戶數量增長非常強勁。所以這一切都很棒。每千次展示費用保持得非常好。 SPAN 進展順利。我們在 SPAN 中看到的一件事，我想我在前幾個季度曾多次提到這一點，SPAN 的表現非常好。播客廣告的需求量很大。我們看到的是，發布商在看到結果後繼續選擇將更多廣告資源加入 SPAN。然後隨著我們有更多的庫存，它實際上吸引了更多的廣告商，因為他們可以接觸到更多的受眾，並且有更多的庫存可供他們再次消費。因此，我們看到這種動態在 SPAN 方面繼續發揮作用。

And in terms of line of sight, in terms of profitability overall in podcasting, I do. We'll try and unpack a little bit more of that in the Investor Day. But as I said, I think it's not super far off. It will still be negative in this year. And we -- as I said earlier, I think to Rich's question, the overall kind of long-term margins on podcasting, we still think will be really favorable to the overall Spotify.

就視線而言，就播客的整體盈利能力而言，我確實如此。我們將在投資者日嘗試並解開更多內容。但正如我所說，我認為這並不遙遠。今年仍將是負數。而且我們 - 正如我之前所說，我認為對於 Rich 的問題，播客的整體長期利潤，我們仍然認為這對整個 Spotify 非常有利。

Okay. Next question from Justin Patterson on the ads business. Paul, Ad-Supported revenue was lower than most envisioned. How should we think about the puts and takes around the macro environment, M&A and comps in your forecast? And have you seen any changes in advertiser behavior?

好的。賈斯汀帕特森關於廣告業務的下一個問題。 Paul，廣告支持的收入低於大多數人的預期。在您的預測中，我們應該如何看待圍繞宏觀環境、併購和補償的看跌期權？您是否看到廣告客戶行為的任何變化？

Yes. I mean advertising in general was strong. It was up over 30% for us in the quarter. As I think I said in my opening comments, we were trending kind of more towards that 35%, 36% before Russia's invasion of Ukraine. And like a lot of people, we did see a couple of weeks there where some advertisers paused a little bit and there were some uncertainty on how much they wanted to advertise. So we did see that in the last month of the quarter.

是的。我的意思是廣告總體上很強勁。本季度對我們來說增長了 30% 以上。正如我在開場白中所說的那樣，在俄羅斯入侵烏克蘭之前，我們正朝著 35%、36% 的方向發展。和很多人一樣，我們確實在那裡看到了幾個星期，一些廣告商暫停了一些，他們想投放多少廣告存在一些不確定性。所以我們確實在本季度的最後一個月看到了這一點。

We see kind of similar levels of advertising growth that we saw in Q1 into Q2. There's probably -- I think others have probably said this, there's probably a little bit less visibility than we've had in the past. But overall, the team is still super optimistic on advertising and kind of advertisers' desire to spend on Spotify and our CPMs and our inventory and SPAN and all those. And so we still have a pretty optimistic forecast for advertising growth in -- for all of 2022. Like I said, it was really strong in Q1, definitely saw a little bit of an impact as a result of the war in the back half of the quarter, and we see pretty good growth in Q2 as well.

我們看到了與第一季度到第二季度相似的廣告增長水平。可能——我想其他人可能已經說過了，可能比我們過去的知名度要低一些。但總體而言，該團隊仍然對廣告和廣告商在 Spotify 和我們的 CPM 以及我們的庫存和 SPAN 以及所有這些上花費的願望非常樂觀。因此，我們仍然對 2022 年全年的廣告增長做出相當樂觀的預測。就像我說的，第一季度真的很強勁，由於後半段的戰爭，肯定會產生一點影響本季度，我們在第二季度也看到了相當不錯的增長。

A question from Mario Lu on podcasting. Can you provide an update on how paid podcast subscriptions are performing on the platform in terms of creator adoption and user engagement? And can you confirm a 5% take rate is still expected to take effect starting in 2023?

馬里奧·盧關於播客的問題。您能否提供有關付費播客訂閱在創作者採用和用戶參與方面在平台上的表現的最新信息？您能否確認 5% 的採取率仍有望從 2023 年開始生效？

Yes. So overall, early days in terms of podcast subscription, but the ones we have on the platform are additive in terms of user engagement and we look at that as a very positive thing. So we're bringing lots of content onto the platform that otherwise wouldn't have been available to us. And again, users are loving that they're able to consume that content on to the Spotify service. And yes, we still plan on charging 5% take rates in 2023 when that introductory offer passes.

是的。總的來說，播客訂閱的早期階段，但我們在平台上擁有的那些在用戶參與度方面是附加的，我們認為這是一件非常積極的事情。因此，我們將大量內容帶到了平台上，否則我們將無法獲得這些內容。再一次，用戶喜歡他們能夠在 Spotify 服務上消費這些內容。是的，我們仍計劃在 2023 年該介紹性優惠通過時收取 5% 的費率。

Okay. We've got time for 1 or 2 more questions. Next one is going to come from Benjamin Black. Could you help us understand the economics of your new agreement with Google for user choice billing? How does this impact your outlook for subscriber growth? And does it unlock new business models like buying audio books, podcasts, et cetera?

好的。我們有時間再回答 1 或 2 個問題。下一位將來自本傑明·布萊克。您能否幫助我們了解您與 Google 就用戶選擇計費達成的新協議的經濟性？這對您的訂閱用戶增長前景有何影響？它是否開啟了購買有聲讀物、播客等新的商業模式？

Yes. So I'll kind of echo a few things I just said and maybe add a little bit. One is, obviously, we're not going to talk about the financials of the deal. But as I did say, I think we're pretty indifferent to whether or not a user wants to use Google Play billing or Spotify in terms of how they pay. In terms of outlook for subscriber growth, it's hard to really know. I would say, to Daniel's earlier point, anything that eliminates friction in the process is great for us. And so we've talked about more fairness, more openness, more choice. We think all that is great for users, for subscribers. And so that -- it's only going to be good news for us how much we'll have to see, but there's only goodness in that.

是的。所以我會回應我剛才所說的一些事情，也許會補充一點。一是，顯然，我們不會談論交易的財務狀況。但正如我所說，我認為我們對用戶是否想使用 Google Play 計費或 Spotify 來支付他們的支付方式非常無動於衷。就用戶增長前景而言，很難真正知道。我想說，就丹尼爾之前的觀點而言，任何消除過程中摩擦的事情對我們來說都是很好的。所以我們談到了更多的公平、更多的開放和更多的選擇。我們認為所有這些對用戶和訂閱者來說都很棒。所以——這對我們來說只會是個好消息，我們必須看到多少，但這只是好事。

And does it unlock new business models? I mean it potentially could. I think in lots of markets, this is how people are going to want to pay. This is how they're going to access it. So I definitely think it could unlock incremental potential for us by having this as an offering.

它是否開啟了新的商業模式？我的意思是它可能。我認為在許多市場中，這就是人們想要支付的方式。這就是他們要訪問它的方式。因此，我絕對認為它可以通過將其作為產品來釋放我們的增量潛力。

All right. We're going to take 1 more question from Jed Kelly. Can you talk about how you're thinking about utilizing the live shows to increase engagement? And would you think about doing more live content around sports talk and sporting events?

好的。我們將再回答 Jed Kelly 的 1 個問題。你能談談你是如何考慮利用現場表演來增加參與度的嗎？你會考慮圍繞體育談話和體育賽事做更多的直播內容嗎？

Yes. We are definitely experimenting quite a lot with live shows, both paid live content, sort of music live content and allowing more and more creators to post their own live rooms and having engagement with fans. So we're in the early days of this. This quarter, we engaged and really took sort of the Spotify Greenroom, rebranded it to Spotify Live and needed a core part of the listing experience on the service. I think you should expect us to keep integrating that service into the main Spotify experience and allow for creators to do more and cooler things.

是的。我們肯定在現場表演方面進行了很多嘗試，包括付費現場內容、音樂現場內容，以及允許越來越多的創作者發布自己的直播間並與粉絲互動。所以我們還處於早期階段。本季度，我們參與並真正採用了 Spotify Greenroom，將其重新命名為 Spotify Live，並且需要該服務列表體驗的核心部分。我認為您應該期望我們繼續將該服務集成到主要的 Spotify 體驗中，並允許創作者做更多更酷的事情。

And I think you're entirely right. It's hard to say how big live as a form is versus time shifted. My expectation will probably be that time shifted is by far the biggest thing. And if you think about the Internet, that's kind of the big innovation that we enabled, this time-shifted content versus having to listen to things live. But that said, there are certain content formats. You mentioned sports and sporting events being the prime examples of where live and being closer to real time makes sense.

我認為你是完全正確的。很難說作為一種形式的生活與時間變化的關係有多大。我的期望可能是時間轉移是迄今為止最重要的事情。如果你考慮一下互聯網，那是我們啟用的一種重大創新，這種時移的內容與必須聽現場的東西相比。但就是說，有某些內容格式。你提到體育和體育賽事是生活和更接近實時的主要例子。

And there's probably a few other occasions where consumers care about that, too. And in our experience and from what we're seeing, those sort of must-be, must-have things can be huge from user growth perspectives. But in total hours of listening, we expect time-shifted content to be far bigger.

可能還有其他一些消費者也關心這一點的場合。根據我們的經驗和我們所看到的，從用戶增長的角度來看，這些必備的、必備的東西可能是巨大的。但在總收聽時間中，我們預計時移內容會大得多。

All right. Thanks, Jed. That concludes our question-and-answer session. I guess I'll hand it back over to Daniel for some closing remarks.

好的。謝謝，傑德。我們的問答環節到此結束。我想我會把它交還給 Daniel 做一些閉幕詞。

Yes. Thank you for joining the call, everyone, and I look forward to sharing more at our upcoming Investor Day that we talked about. And in the meantime, we will share more about the quarter on our For The Record podcast. So I really hope you guys will tune in. Thank you so much.

是的。感謝大家加入電話會議，我期待在即將到來的投資者日上分享更多信息。與此同時，我們將在 For The Record 播客中分享更多關於本季度的信息。所以我真的希望你們能收聽。非常感謝。

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

好的。今天的電話會議到此結束。我們的網站以及 Spotify 應用程序的 Spotify Earnings Call Replays 下將提供通話重播。謝謝大家的加入。