Spotify Analysis

	A	B	C	D	E	F	G	H	I	J	K	L	M	N
1	2014 SPOTIFY USA (PREMIUM AND FREE COMBINED)				Source:	http://blog.audiam.com/2015/06/the-2014-interactive-streaming-data-as_20.html
2		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
3	Total Subscribers	11,472,686	12,021,391	12,394,043	12,899,074	13,930,460	14,363,131	15,442,165	16,291,306	16,977,178	17,807,038	18,564,161	19,403,983
4	Total Revenue	$27,558,331.58	$27,406,285.95	$30,874,024.41	$30,164,703.15	$32,917,141.80	$34,756,897.92	$35,688,283.46	$37,718,877.83	$37,290,054.74	$40,567,168.86	$39,911,530.12	$45,513,205.21
5	Revenue per subscriber	$2.40	$2.28	$2.49	$2.34	$2.36	$2.42	$2.31	$2.32	$2.20	$2.28	$2.15	$2.35
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7	SPOTIFY PREMIUM
8		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	AVERAGE
9	Total Revenue	$24,139,899.49	$23,391,964.82	$25,295,837.11	$25,479,561.03	$27,026,630.58	$28,164,223.49	$29,621,850.46	$30,732,291.28	$31,840,910.46	$33,556,161.59	$33,689,264.47	$36,988,138.40	$29,160,561.10
10	Premium Subscribers	2,675,478	2,688,123	2,640,119	2,801,285	2,960,846	3,174,912	3,379,948	3,554,730	3,708,283	3,866,204	4,051,384	4,686,138	3,348,954
11	Revenue per subscriber	$9.02	$8.70	$9.58	$9.10	$9.13	$8.87	$8.76	$8.65	$8.59	$8.68	$8.32	$7.89	$8.77
12	Streams	1,858,977,780	1,794,270,063	2,063,528,005	2,172,380,768	2,226,936,731	2,175,789,474	2,429,100,788	2,551,302,663	2,600,661,337	2,853,834,684	2,808,974,555	3,440,629,956	2,414,698,900
13	Royalties	$16,850,230.48	$16,214,883.05	$17,115,939.99	$17,666,967.48	$18,404,845.90	$19,428,205.50	$20,586,413.08	$21,605,997.43	$22,145,761.78	$23,131,151.55	$24,073,193.67	$25,709,269.08	$20,244,404.92
14	Avg plays per sub	695	667	782	775	752	685	719	718	701	738	693	734	722
15	Avg price per stream	$0.00906	$0.00904	$0.00829	$0.00813	$0.00826	$0.00893	$0.00847	$0.00847	$0.00852	$0.00811	$0.00857	$0.00747	$0.00844
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17	If the streams per subscriber were constant, then the price per stream should be constant as well, but they are not as we can see here:
18	Hypothetical play/sub	695	695	695	695	695	695	695	695	695	695	695	695
19	Implied streams	1,859,457,210	1,868,245,485	1,834,882,705	1,946,893,075	2,057,787,970	2,206,563,840	2,349,063,860	2,470,537,350	2,577,256,685	2,687,011,780	2,815,711,880	3,256,865,910
20	Implied price/stream	$0.00906	$0.00868	$0.00933	$0.00907	$0.00894	$0.00880	$0.00876	$0.00875	$0.00859	$0.00861	$0.00855	$0.00789
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22	The reason for this is that the revenue per subscriber seems to be dropping quite a bit. Some of this is due to free 30 day trials, but even if we add those back in, we still come up short, roughly 5-6%
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37	SPOTIFY BLENDED (PREMIUM + FREEMIUM)													AVERAGE
38	Subscribers	11,472,686	12,021,391	12,394,043	12,899,074	13,930,460	14,363,131	15,442,165	16,291,306	16,977,178	17,807,038	18,564,161	19,403,983	15,130,551
39	Streams	3,867,152,882	1,829,082,211	4,536,389,375	4,755,591,426	4,970,355,175	4,773,691,111	5,321,384,497	5,670,832,066	5,959,858,508	6,573,829,117	6,401,455,518	7,199,706,233	5,154,944,010
40	Royalties	$19,451,998.52	$19,727,183.84	$20,885,418.44	$21,122,348.16	$22,624,348.75	$23,759,094.11	$24,852,545.04	$26,428,337.15	$26,519,641.93	$28,375,945.38	$28,938,082.62	$31,596,741.43	$24,523,473.78
41	Avg plays per sub	337	152	366	369	357	332	345	348	351	369	345	371	337
42	Avg price per stream	$0.00503	$0.01079	$0.00460	$0.00444	$0.00455	$0.00498	$0.00467	$0.00466	$0.00445	$0.00432	$0.00452	$0.00439	$0.00512
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