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Scratch's avatar

Hi IE,

Just curious, how did you calculate Ad-supported ARPU of 0.28 in Dec-22?

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Implied Expectations's avatar

Hi Scratch,

That is €1,476 of ad-supported revenue in 2022 divided by the trailing average for total MAUs. That's the average of 406, 422, 433, 456, 489. I prefer to use total MAUs because it's total MAUs that drive ad-supported revenue, not just ad-supported MAUs. Premium subs listen to podcasts too. But you could do it either way.

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TSOH Investment Research's avatar

Great work as always IE.

Sorry to hear about your dad, my condolences to you and your family.

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