Hey Man great article. Can you walk me through how you got your 2.519 billion for ad based streaming?

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Absolutely! I will guide you through the numbers. First, lets look at the Global Mobile Internet Connectivity table. For 2023E, we have a global population of 8.025bn of which 56% have connectivity = 4.504 (8.025*0.56). However, I assume that 10% (450) of these do not have sufficient connectivity to stream music. Hence, we land on a penetrated user base of 4.054bn (rounded). Then I assume that those older than 65 years old (10% of 8.025) do not stream music, which further shrinks the user base, ultimately landing at 3.252bn.

Second, I assume that 23% (733m) of the global user base are paid subscribers. These are subtracted from the 3.252bn user base, resulting in an Ad-based user base of 2.519bn.

I hope that makes it clear, otherwise feel free to ask follow-ups or reach out to me on twitter (@thepiccledotcom).

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brilliant thankyou.

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