112/264 • Enter New Geographies. In the last two years, we launched Spotify in Japan, Indonesia, and Thailand, and we expect to continue to expand geographically in order to provide Users around the world with full access to the Spotify music catalog. Before launching in a new market, we typically optimize the local Spotify experience for local music preferences. A User in the United States typically has very different preferences than a User in Mexico, Japan, or Sweden. We seek to obtain the rights to popular local content and have local curators where it makes sense. • Continue to Invest in our Advertising Business. We will continue to invest in our advertising products in order to create more value for advertisers and our Ad­Supported Users by enhancing our ability to make advertising content more relevant for our Ad­Supported Users. Our advertising strategy centers on the belief that advertising products that are based in music and are relevant to the Ad­Supported User can enhance Ad­Supported Users’ experiences and provide even greater returns for advertisers. We have introduced a number of new advertising products, including sponsored playlists, a self­serve audio advertising platform, and are testing skippable audio advertising. Offering advertisers additional ways to purchase advertising on a programmatic basis is one example of how we continue to expand our portfolio of advertising products. We also are focused on developing analytics and measurement tools to evaluate, demonstrate, and improve the effectiveness of advertising campaigns on our platform. • Expand our Non­music Content and User Experience. We are an audio first platform and have begun expanding into non­music content like podcasts. We hope to expand this offering over time to include other non­music content, such as spoken word and short form interstitial video. • Expand our ‘Spotify for Artists’ Initiatives. We will continue to make investments in the artistic community, by providing artists with even more ways to connect with their fans. By investing in tools that will help further the creation of music, we hope to find more ways to help artists reach Users to grow their audiences. We enable artists to communicate more directly with their fans through our platform and to monetize their creative works. Our Services Our User Experience We combine a sleek and seamless user interface with our artificial intelligence and machine learning capabilities to create a sophisticated yet user­ friendly platform. From the moment Users open the Spotify application, we serve them a personalized homepage with content that reflects our understanding of their music tastes, past listening habits, musical moods, and daily activities. The homepage is a gateway to a universe of content, and we aim to make that universe accessible, dynamic, and engaging. 105