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    Matt Thornton • SunTrust Robinson Humphrey

    Matt Thornton's questions to Spotify Technology SA (SPOT) leadership

    Matt Thornton's questions to Spotify Technology SA (SPOT) leadership • Q1 2025

    Question

    Matt Thornton of MoffettNathanson inquired about Spotify's 2025 outlook, specifically asking for confirmation that Q4 gross margin would be the high point for the year and whether MAU net adds would fall within the historical range without needing more marketing investment.

    Answer

    CFO Christian Luiga reiterated that Q4 2025 is expected to be a seasonally strong quarter for gross margin, with the full year showing improvement over 2024. He also confirmed the company expects 2025 MAU net adds to be within the range of the past four years, driven by typical seasonality with a stronger second half, and does not anticipate needing a higher marketing-to-sales ratio.

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    Matt Thornton's questions to Spotify Technology SA (SPOT) leadership • Q4 2024

    Question

    Matt Thornton from SunTrust Robinson Humphrey requested an update on the educational content pilot in the U.K. and inquired about the long-term vision and market opportunity for this category.

    Answer

    CEO Daniel Ek described the early results as 'very positive,' with millions of U.K. subscribers seeing the content and strong demand for trials. He framed the education market as a massive opportunity, comparable in size to entertainment, and a natural extension for Spotify. However, he stressed it is 'super early days' and the company will continue to experiment and pivot as needed.

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