> I suspect that end-user subscriptions contribute a relatively small amount to total revenue. Their most valuable customers would be ad reps. It is very much

> I suspect that end-user subscriptions contribute a relatively small amount to total revenue. Their most valuable customers would be ad reps. It is very much the opposite. In the most recent quarter[1], Spotify had revenues of 2,178 million from premium subscriptions and 323 million from ad-supported users. [1] Q3 2021, data from https://s22.q4cdn.com/540910603/files/doc_financials/2021/q3/Shareholder-Letter-Q3-2021_FINAL.pdf https://s22.q4cdn.com/540910603/files/doc_financials/2021/q3... More data is available: https://investors.spotify.com/financials/default.aspx https://investors.spotify.com/financials/default.aspx