But our creators are trying to grow their audience on Spotify. We had a great Q4 and ended 2022 strongly. In addition to his department directors, chosen with the help of community hiring panels, Carter has surrounded himself with a relatively young and diverse Cabinet easily the most diverse in city history. Importantly, Spotify Our user and subscriber numbers continue to climb, showing the value of our investments in the platform over the past few years. And we broke out the various verticals where you would see that music have been making steady improvements, but obviously, our podcasting business had been a drag to our gross margin profile. Well, I mean, again, we have what I think is a pretty decent music discovery already, which works pretty well. Thank you for your participation. It's hard for people to understand when they're looking at us because it looks like it's an inferior product or an inferior strategy. And now we're holistically looking at it as one P&L and focus on driving efficiency across the board by readdressing resources to where it's most needed. All right. Now it's perhaps YouTube and TikTok, et cetera. So, we expect that to improve and improve throughout the year. Paul Vogel - Chief Financial Officer - Spotify | ZoomInfo I would say, in general, I think we're just overall, very excited about the opportunity. We want to have a billion users, Paul Vogel, Spotifys chief financial officer, told attendees at the 19th annual MIT Sloan CFO Summit last month. Combine an international MBA with a deep dive into management science. The main bear case for Spotify has always been that they will never be able to expand gross margins to reach their long-term goal of 40% recently outlined in their 2022 investor day. And as that's happening, their retention increases. Yes. We've talked about podcasting that 2022 was going to be the peak year in terms of the drag that podcasting had on our gross margins. If you have an ad-blocker enabled you may be blocked from proceeding. And just to level set on context. And how should we be thinking about the trajectory of Marketplace in '23? For the story behind the numbers, we tapped the experts to join this weeks episode of Spotify: For the Record. CEO Daniel Ek and CFO Paul Vogel sat down with Dustee Jenkins, Head of Global Communications, to discuss the results and what they mean for the future of the platform. Now what you're probably asking underneath all of that is that it's been a drag on the gross margin side. Paul Vogel, Head of Investor Relations, Spotify - Topio Networks And we're going to take the last question from Rich Greenfield on competition. In the first quarter, Spotify beat gross margin expectations of 24.9% to reach 25.2%. And I think that's a sign of maturity that you go for the growth first and then you seek the efficiency. Such gross margin weakness came despite another quarter of >100% YoY growth in total campaign volume for sponsored artist recommendations, which is a very high-margin revenue source. So, we outperformed that EUR 200 million. By the numbers: Spotify said that 25% of its total monthly active users engaged with podcast content in Q4, up from 22% in Q3 2020. Paul Vogel is the Chief Financial Officer of Spotify. As CFO, he is responsible for overseeing the companys financial affairs. Spotify is the worlds most popular audio streaming subscription service with 433m users, including 188m subscribers, across 183 markets.

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