Spotify kicked off its Q&A. The first question came from BTIG's Rich Greenfield: Why is churn so high, he asked, and why do users come back within 12 months?
Daniel Ek said churn comes largely because of the age of their subscriber base (they're young) and the global nature of subscribers who don't always have access to credit or capital.
Customers return, Mr. Ek said, because they have funds again and left because they didn't.
Barry McCarthy took issue with the question and said he didn't see churn as particularly high, especially for a business of Spotify's age.
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He expects churn rates to decrease over time. Churn, Mr. McCarthy said, decreases over the life of a subscriber.