Daniel Ek: My only addition to that would be, again, to note that much of the investments we’ve been making over these past few years that culminated in 2022 was making platform improvements. Improving the number of contents, we have on our platform, improving the tools for creators and consumers alike, and that has led to better acquisition, better retention of the consumers really across the board. So, I feel really good about that. And as I mentioned in my opening remarks, — some of these things we expected to take longer on seeing the benefits, but we’re seeing them already in 2022, and I think that’s a real positive news for the years to come.
Bryan Goldberg: Okay. Our next question is going to come from Michael Morris on advertising. How is advertising revenue been trending in the first quarter of 2023? Do you expect the relative performance of podcasting and music growth to persist in 2023? And how far forward do you have insight into demand trends?
Paul Vogel : So, if you kind of take a step back and you look at sort of just advertising in Q4 overall, it’s definitely continued to be very up and down. So, in Q4, we outperformed our expectations. Admittedly, those were lowered expectations. So, we had kind of lowered expectations coming into Q4. We actually outperformed those by about EUR 50 million or so, plus or minus. And even within that, we had two months that outperformed and one month that underperformed. So even within Q4, it was pretty up and down. So, I think Q1 probably we expect more of the same. We feel really good about the ad stack we’re building. We feel really good about some of the acquisitions we’ve made, obviously, at the high-level megaphone, but chartable and pod sites and our ability to improve measurement and attribution across all of advertising.
And so, we feel good about that and where the tech is going, and then it’s really going to somewhat depend on just how the macro rolls out over time. And so, it’s been uncertain. I think we’ve done pretty well. Like I said, we slightly outperformed in Q4, and we’ll see how the year unfolds.
Bryan Goldberg: Okay. Next question from Benjamin Black on Marketplace. You had expectations for approximately EUR 200 million in Marketplace revenue for 2022. How did you track versus expectations? And how should we be thinking about the trajectory of Marketplace in ’23?
Paul Vogel : So, we outperformed that EUR 200 million. I think we had said at the Investor Day that we expected Marketplace to grow at least 30% in 2022. It exceeded those expectations pretty nicely. So, we had really strong Marketplace growth overall in 2022. And again, we feel that product has a lot of momentum behind it as well and expect good things in 2023 as well.
Bryan Goldberg: Okay. Next — another question from Michael Morris. Can you share detail on investments that have impacted Premium gross margin? What types of products are being invested in? When do you expect them to be released? And what is the projected path to contribution?
Paul Vogel : So, there’s a number of things that go on there. A lot is things that we test and learn. We don’t always talk about them, some of the things that come out 6, 9, 12 months later. And so, when we talk about an investment year, some of that is part of what was going on. It’s things that we think are going to drive — improve engagement, improve users, improve subscribers. And some of it, we have to absorb the cost as we’re testing. So, we don’t go through all of them. We do sometimes 10, sometimes hundreds of those within quarters. But again, I think we believe we’ll get the benefits of some of those moving forward into 2023, and you’ll see the incremental investment slow and the benefits kind of hit in ’23.
