In their annual report[1] Spotify specify they make about 10 times more revenue from premium than ads, so that's a pretty big blow to their thesis. [1]: https:

In their annual report[1] Spotify specify they make about 10 times more revenue from premium than ads, so that's a pretty big blow to their thesis. [1]: https://s29.q4cdn.com/175625835/files/doc_financials/2022/ar/b283934e-7a7c-4da6-8749-856dfa4c36e6.pdf https://s29.q4cdn.com/175625835/files/doc_financials/2022/ar... (p. 51)