{
  "docId": "019dd923-5e88-73ef-bd5d-c4ba81e7f2fd",
  "docSlug": "28690baad9250d50",
  "documentTitle": "2019 Bond Cap Internet Trends 2019",
  "authorId": "BondCap",
  "authorName": "Mary Meeker",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "vc_research",
  "sourceTypeLabel": "VC research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.333,
  "pageNumber": 33,
  "pageCount": 334,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "kpi_dashboard",
  "function": "quantify_impact",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Includes a quote from Barry McCarthy (CFO, Spotify) and data sourced from Morgan Stanley.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd/33",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd#slide-33",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our freemium model accounts for ~60% of our gross added premium subscribers... the ad-supported service is a subsidy program that offsets costs of new subscriber acquisition.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-4e54-704a-a06a-e21b1b121849",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.44,
        "x": 0.04,
        "y": 0.28
      },
      "kind": "chart",
      "text": "Monthly User Cohorts Since 2014",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03b9dee6-076f-4790-9f55-4338b28cc0cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.44,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Morgan Stanley LTV:CAC Estimate",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95205974-e627-41d2-beb6-bbdb5fdea026",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "LTV:CAC Ratio: 3.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-4e54-704a-a06a-e80219b5cdf7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.05,
        "y": 0.56
      },
      "kind": "paragraph",
      "text": "Our freemium model accounts for ~60% of our gross added premium subscribers... the ad-supported service is a subsidy program that offsets costs of new subscriber acquisition.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "677aa18f-13b2-4b16-98f3-83791a182043",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.05,
        "y": 0.69
      },
      "kind": "quote",
      "text": "Developing a better user experience produces by far the most viral effect & impact when investing in growth. Engagement drives conversion from free consumption to paid subscription.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16444918-6c74-41ff-85cd-ebac4c1404ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Developing a better user experience produces by far the most viral effect & impact when investing in growth. Engagement drives conversion from free consumption to paid subscription. — Barry McCarthy – CFO, Spotify, 3/18",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-4e54-704a-a06a-e5bcb2dcee9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.18,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Spotify releases & Morgan Stanley estimates of LTV & SAC. Barry McCarthy @ Spotify Investor Day (3/18). Note: Morgan Stanley estimates LTV by calculating the value of a subscriber (including advertising revenue they generate before they upgrade to a paid user) accounting for gross margin & churn. Subscriber acquisition cost calculated by dividing sales & marketing spend in a relevant period by the number of new subscribers in the same period.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16a8e3b8-0d8a-4175-9b63-ff55c0dce69e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.02,
        "y": 0.02
      },
      "kind": "title",
      "text": "Happy Customers... Spotify = Free User Conversion to Paid Subscribers...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31ce3dcf-1926-4388-834e-27e54b01b0e8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "freemium-model",
      "slug": null,
      "matchId": "2a661a6d-4738-44c9-b016-8187ba5dcd4f",
      "evidence": "Mentions free ad-supported product as a subsidy for paid conversion",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}