Free-to-Paid Conversion = Driven by User Experience... Spotify Subscribers @ 45% of MAUs vs. 0% @ 2008 Launch Spotify Subscribers % of MAU 75MM 60% U al A 50MM 40% M lob of G , % ers ers crib crib 25MM 20% Subs Subs 0 0% 2014 2015 2016 2017 Subscribers Subscribers % of MAU Source: Spotify (5/18). Note: MAU = Monthly Active Users. 82