All right. Spotify Technology S.A. (NYSE:SPOT) Q4 2022 Results Conference Call January 31, 2023 8:00 AM ET. Admittedly, those were lowered expectations. Number of employees at City of St. Paul in year 2021 was 4,488. And with that, I'll hand things back to Bryan for Q&A. So, it was pretty broad-based. We've set up a new org structure that streamlines decision-making and prioritizes speed and efficiency. Yes. Spotify Despite the sharp 72% drop in Spotify's share price over the past 12 months, Ek remains committed to executing against his long-term vision for Spotify, despite short-term pressure from investors/analysts. And any specific areas of the business to call out that were impacted more so than others? How is advertising revenue been trending in the first quarter of 2023? And we also then announced that 2023 would be a year where you see the reversal of some of those trends. Spotifys freemium model provides dual benefits to the company. Through intellectual rigor and experiential learning, this full-time, two-year MBA program develops leaders who make a difference in the world. You need to give people a reason to come to your service when the default service is going to be the easier option, all things being equal., Spotify, for example, recently launched a feature that allows users to see the lyrics to the songs theyre listening to. Fifteen years ago, Spotify was founded as a go-to destination for music lovers, a place where users could stream whatever tunes they wanted without having to buy them. WebSalaries. It is positive, though. If you have an ad-blocker enabled you may be blocked from proceeding. The company invests heavily in research and development to improve that playlist experience an investment it hopes will deliver advantage in a highly competitive market. Our next question is going to come from Justin Patterson. And that adds several benefits to Spotify. Spotify He is 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. And obviously, the big sort of counter to that would be does it mean that you can sustain yourself or is it more one-hit wonders? I would say, in general, any time we're growing MAUs, the way we are, it's always a really good sign of the business, the health of the business and the health of the future subscriber growth for Spotify as well. And that's the plan we're tracking consistently against. So, we expect that to improve and improve throughout the year. Broken down by vertical, Spotify's premium gross margin was 28.0% (down from 29.1% in Q3 2021), while ad-supported gross margin was 1.8% (down from 10.5% in Q3 2021). So first off, we have great relationships with all of our music partners and are in constant dialogues with them about their performance and our performance in all the markets around the world. And can you talk about the key drivers?
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