Justin Patterson

Alex differentiated Spotify's multi-device, multi-context engagement and emphasized active days as the LTV-correlated metric that keeps rising.

Gustav explained the Chirp routing engine, continuous pretraining on proprietary data, and falling per-token costs benefiting both product and dev.

Alex said the enhanced free tier produced a step change in active days per month, downstream driving conversion and LTV, exceeding expectations.

Gustav described a 'middle approach', flat headcount, much higher output, measured by pull requests, DODs and bets, several of which are doubling.

Gustav called agentic coding a real, fast change, senior engineers now generate and supervise code, and expects software output to surge.

Daniel described Spotify's superpower as pairing great product experiences with monetization, seeing large time-spent TAM across underserved content and AI-enabled new experiences. Direct.

Gustav said AI moves the industry to generative recommender systems and Personalization 2.0; the ChatGPT integration extends ubiquity, pairing world knowledge with user taste. Direct.

Gustav detailed faster prototyping, broad workforce adoption, and a shift from predicted to reasoned user experiences enabled by new natural-language data.

Gustav framed AI as core to Spotify since 2018, citing coding-tool speedups, AI-assisted prototyping and planning; said internal adoption is not a challenge.

Alex tied creator investment to catalog maximization and engagement, saying investment will be dialed to how well the platform serves creators.

Gustav pointed to product development, AI-driven personalization/discovery, and the Eleven Labs partnership for non-English audiobook expansion.

Alex framed ARPU growth as price adjustments, future tiering, and add-ons, with price raised where value supports it.

Asked what underpins confidence in Q4 acceleration; Gilian said the year is playing out as planned and the held guidance implies a Q4 step-up in growth.

Von Ahn said per-capita A/B-test throughput is rising for the first time in years due to AI, though the productivity gain is still moderate; direct.

Luis said words-spoken-per-user on video call keeps rising and broader access turns users into promoters. Direct.

Asked about learnings from the energy feature; Luis said energy did exactly what they wanted, lifting both bookings and DAUs, and has now been fully rolled out to iOS and Android users.

Explained Energy replaces the Hearts penalty with a reward mechanic and lifts bookings, DAUs and median time spent, with full rollout expected before year-end.

Matt said optimizations are on trend and drive H2 margin expansion; Luis said Max prices (e.g., India ~$70/year) should fall as AI costs drop.

von Ahn said Video Call sits in the top Max tier due to inference costs today, but as costs fall it could move to a lower tier or even be offered free where that helps the app.

Green said TTD aims to be the best platform, not the cheapest, over the last decade take rate rose in five years and fell in five, staying within a few points of the middle. He said the biggest opportunity is to simplify how TTD prices rather than change the net take rate, staying confident the platform adds more value than it costs.

Davis confirmed headcount growth below revenue growth, investing in platform innovation, AI, retail media and measurement. Strong cash flow provides flexibility in pacing investments. Green emphasized profitability as core cultural value since founding, called 2026 a year of disciplined reinvestment.

Green argued competitive pressure hasn't meaningfully increased. Amazon's DSP is their 37th highest priority. Market is more complicated and fragmented but TTD competing as well as ever. Complexity is more of a moat than threat. Never claimed there would be only one DSP, but focused on being biggest and best with objectivity as key differentiator.

Green detailed new COO/CFO/CRO hires, 180+ live JBPs with 80 more in pipeline worth billions, IC-level scorecards driving 43% CPM declines, standardized account plans, automation of workflows. Acknowledged still investing in training and internal tooling for consistency across regions.

Green highlighted Samsung 43% target audience improvement, Cashrewards 73% CPA improvement, 20+ point KPI gains aggregate. Clients shifting majority to Kokai increasing total spend 20% faster. Deal Desk in beta with Disney as early adopter. Building toward agentic use cases with always-on monitoring.

Green framed 2025 as a land-grab year similar to the pandemic period, emphasizing programmatic's agility advantage when CMOs are doing more with less.

Green expressed confidence in reacceleration but did not commit to a specific growth rate, pointing to the 15 strategic themes. CFO noted modest opex growth increase in 2025 with some deleverage expected.

Bill cited ~30% of lower-funnel revenue in Performance+ and coverage/incentive changes to serve SMBs at scale.

William cited AI-driven personalization, Gen Z majority, and unique curation signal as durable engagement levers.

Bill said Pinterest already delivers agentic discovery and sees limited near-term demand for fully autonomous agent buying.

Bill framed Pinterest as an AI winner and said full autonomous agentic buying is a very long cycle.

Bill cited Pinterest's unique curation signal and fit-for-purpose visual-search model as durable engagement advantages.

Peters said the ~$140B consumer spend TAM is large; Netflix is focused on immersive narrative from owned IP, kids games, licensed mainstream like GTA and social party games on TV this holiday.

Sarandos cited El Eternaut's Buenos Aires collapse as the first GenAI final footage in a Netflix original; 10x faster and within a budget that couldn't support traditional VFX.

Peters said Netflix is early-innings on ad recommendations with expanded targeting features now live in the U.S.; 2026 brings more data targeting capabilities, 2027 higher-order ML optimizations.

Sarandos framed Netflix as differentiated in long-form storytelling but acknowledged needing to win time from short-form; cited Ms. Rachel and Cobra Kai as graduation pipeline.

Ellie confirmed continued investment in 2026 with some fixed headcount carrying over. Performance marketing remains surgical topper; 90% of traffic still direct/unpaid.

Ellie noted app has significantly higher conversion than mobile web. Booking share shift to app has been additive to consolidated conversion. Demo is slightly different.

Brian said tech stack rebuild mostly complete after 6 years. 535 upgrades delivered, with majority in last 2 years. Fewer engineers can now ship features faster.