I must be missing something here with regards to revenue. Spotify has 15 million users, 4 million of whom are paid subscribers. So 11 million free users. They

I must be missing something here with regards to revenue. Spotify has 15 million users, 4 million of whom are paid subscribers. So 11 million free users. They have two paid plans: $60/year and $120/year. If we assume the following structure: 11000000 free users @ $0.50 ad revenue per year = $ 5,500,000 4000000 mid users @ $60/year = $240,000,000 0 top users @ $120/year = $ 0 For a total of $245.5 million in revenue, already more than reported here. And those proportions for their two paid plans are clearly ridiculous. But even if their free users provide $0 in revenue _total_, they still only have 2% of paid users on their top plan.