{
  "docId": "019dd923-5efe-75c0-8dff-214a4396bc68",
  "docSlug": "09dc0a398cece72d",
  "documentTitle": "2025 Q3 Shareholder Deck",
  "authorId": "Spotify",
  "authorName": "Spotify",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.777,
  "pageNumber": 9,
  "pageCount": 36,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "kpi_dashboard",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Charts show LTM (Last Twelve Months) performance metrics for Spotify.",
  "elementsJson": [
    "headline_text",
    "action_title",
    "paragraph",
    "bar_chart_vertical",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5efe-75c0-8dff-214a4396bc68/9",
  "deckHref": "/decks/019dd923-5efe-75c0-8dff-214a4396bc68",
  "deckJsonHref": "/decks/019dd923-5efe-75c0-8dff-214a4396bc68.json",
  "deckAnchorHref": "/decks/019dd923-5efe-75c0-8dff-214a4396bc68#slide-9",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Premium Revenue grew 9% Y/Y to €3,826 million (or 13% Y/Y constant currency), reflecting subscriber growth of 12% Y/Y and a Premium ARPU decline of -4% Y/Y to €4.53.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-832b-73b4-83ab-c50c4fea6444",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.4,
        "x": 0.55,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Ad-Supported Revenue and Auction-Based Revenue chart",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ccf6056-2e91-4811-bf37-40deb9f3f8f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.4,
        "x": 0.55,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Premium Revenue and ARPU chart",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d767a66-18ce-4ba1-8352-2df47ded7e50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue: €3,826 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-832b-73b4-83ab-cb1919a6dd92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.4,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "paragraph",
      "text": "Premium Revenue grew 9% Y/Y to €3,826 million (or 13% Y/Y constant currency*), reflecting subscriber growth of 12% Y/Y and a Premium ARPU** decline of -4% Y/Y to €4.53 (or flat Y/Y constant currency). Excluding the impact of FX, ARPU performance was driven by price increase benefits, offset by product/market mix.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22d4f16e-6466-4834-a41e-99a82821f407",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "paragraph",
      "text": "Advertising business transformation continues",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46f5f44a-a15a-4b40-9837-0c6d7f1130df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.4,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "paragraph",
      "text": "Ad-Supported Revenue declined -6% Y/Y (or flat Y/Y constant currency*). On a constant currency basis, growth in music and podcast advertising driven by growth in impressions sold was offset by softness in pricing and optimization of our podcasting inventory in our Owned & Licensed portfolio. Our automated sales channels remained the largest contributors to overall advertising growth.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f26e4d6-94d5-497b-9640-4b594d343a07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Premium growth driven by Subscriber gains",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d91c2b47-8c31-49db-af40-b20e26faaa7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "* Constant Currency adjusted measures are non-IFRS measures. ** ARPU means Premium Average Revenue per User. *** Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. **** Auction-Based Revenue includes biddable sales within the Spotify Ad Exchange and Spotify Ads Manager.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1cb3a691-eb5c-4146-a791-61dbf5966ff0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.15,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Revenue",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ce588a1-5d28-475a-8a92-3195aa40bc3d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019debd6-c7e6-719f-8259-c5c229d67a8e",
      "evidence": "Action-title callout 'Premium Revenue grew 9%...'",
      "confidence": 80
    },
    {
      "name": "Annotation",
      "slug": "annotation",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019debd6-c835-745f-ba42-5e6db09f1faa",
      "evidence": "Charts include annotation labels",
      "confidence": 65
    },
    {
      "name": "Small Multiples",
      "slug": "small-multiples",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019debd6-c80d-754e-a8f1-28f85ea629b7",
      "evidence": "Four LTM charts arranged for comparison",
      "confidence": 78
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 3,
      "beatId": "019debd6-c449-720e-bcec-4bb879a04edf",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Facts (What)",
      "beatSlug": null,
      "evidence": "Exec summary, financial KPIs, MAU/subscriber actuals.",
      "position": 1,
      "confidence": 75,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 12,
      "from": 7,
      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "019debd6-c4f3-762c-8382-67204cd29e41",
      "evidence": "p7-8 big picture, then revenue (p9), gross margin (p10), opex (p11), FCF (p12) with so-what action titles.",
      "position": 2,
      "objective": "Zoom from total financial picture into each P&L driver",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 80,
      "description": "Start broad, then progressively focus on specific details that prove your point"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}