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Tag Archives: Spotify earnings
Spotify Q3 2020: What price growth?
Spotify reported another strong quarter in Q3 2020, with subscriber growth up 27% year-on-year (YoY) and ad-supported user growth up 21%. Spotify continues to set the pace for the global streaming market and has demonstrated that streaming has proven resilient to lockdown. (Spotify finished the quarter with 144 million subscribers, just above MIDiA's 143 million forecast – we maintain our end of year forecast for 154 million.) Further evidence of Spotify's lockdown resilience is that global consumption hours surpassed pre-COVID levels and that churn levels fell. However, Spotify's premium revenue growth continues to trail subscriber increases, which raises the question: what price is growth coming at for rightsholders and creators?
Spotify's Q3 2020 premium revenue was €1,790 million, up 15% YoY – notably lower than the 27% subscriber growth. This is a long-term trend for Spotify, resulting in a steady erosion of premium average revenue per user (ARPU). Q3 2020 ARPU fell to €4.19, down from €4.67 in Q3 2019 and €5.76 back in Q3 2016.
There are multiple factors underpinning this shift:
Growth of emerging markets where ARPU is lower
Growth of family and duo plans
Use of promotional offers
Growth of low-priced tiers (telco bundles, student plans)
Spotify emphasised that 'product mix' was the core driver of lower ARPU in Q3 2020 and pointed to price increases for family plans across four Latin American markets, Australia, Belgium and Switzerland. Rightsholders and creators will be hoping that this is the start of a wider strategy.
'Measure us on growth'
Spotify continues to tell the markets to measure it on growth and market share rather than margin or ARPU. That serves Spotify better than rightsholders and creators. However, this may be about to change. Spotify's big growth bet is podcasts, which it is monetising via advertising. Although Spotify had a decent quarter for ad revenue (after many weak ones) it is still just 9% of total revenue. Podcasts have the potential to be bigger than music for Spotify but it is going to take a long time to realise the potential, especially as the coming recession will likely dent the global ad market.
A new growth story
Why this matters for music stakeholders is that Spotify may find it hard to convince investors to start backing yet another 'measure us on growth' story when it already has one. As streaming starts to mature in Western markets, Spotify may now be on a path to shift its music subscriptions narrative to one of turning around the ARPU decline, focusing on increasing "lifetime value", reducing churn and improving margins. It can then make podcasts the 'growth story' and music the 'margin and ARPU story'.
Music rights holders may be concerned that podcasts threaten their share of Spotify revenue, but they may also end up thanking Spotify's podcasts strategy for indirectly resulting in a stronger focus of improving music monetisation. This in turn will mean higher per-stream rates – something that artists and songwriters in particular will appreciate.
Posted in Ad Supported, Freemium, Spotify, Streaming, Subscriptions | Tagged ARPU, podcasts, Spotify, spotify arpu, Spotify earnings, streaming arpu | 1 Reply
Spotify Q4 2019: First Signs of the New Spotify
Posted on February 5, 2020 by Mark Mulligan
Spotify's Q4 2019 results reflect another strong quarter and a good year for Spotify. Look a bit deeper, however, and there are the first signs of the new company that Spotify is building – and they point to a very different and much bolder future.
First, here are the headline metrics:
124 million subscribers (exactly in line with MIDiA's forecast built earlier in the year. In fact, we've been pretty good with our quarterly subscriber forecasts throughout the year – see the chart at the bottom of this post).
Six million inactive subscribers (flat from Q3 2019).
271 million monthly average users (MAUs) and 153 million ad-supported MAUs, which is a paid conversion rate of 45.8%, down a little from Q3 2019 and Q4 2018 with Rest of World the fastest-growing ad-supported region. This fits with early-stage growth for Spotify in new markets. Unlike markets in Europe and the Americas, Spotify will likely see ad supported remaining a much larger share of the user base long term in markets like India, with less ability to monetise via ad revenue. Spotify needs some big telco deals, especially in India.
Subscriber churn was down to 4.8% from 5.2% one year earlier. This is slow but steady progress that helps stabilise Spotify's business and helps net adds grow faster.
Subscriber average revenue per user (ARPU) was €4.65, down 5% on Q4 2018. Spotify stated that much of this decline was down to "the extension of the free trial period across our entire product suite in the quarter".
Total revenue was €6.8 billion, up 29% from 2018 with ad supported just 10% of that.
So much for the old, now in with the new…
Spotify's uphill journey towards profitability is well documented (net margin fell into negative territory again in Q4 2019, to -€77 million). The circa-70% rights costs base is the core issue here, and rights holders have little (no) desire to go any lower – in fact, publishers want increases. Spotify has had to explore where else it can grow its business with cost bases that are less than 70%. Podcasts, marketing and creator tools are the three publicly stated places where Spotify has placed its bets, and the Q4 results show small and early – but nonetheless crucially important – movements in each:
Podcasts: As MIDiA reported last month, Spotify has been growing its audience very quickly and is now the second-most widely used podcast platform. 44.8 million Spotify users now listen to Spotify podcasts, with total usage up 200% year-on-year (YoY). Though podcast revenue is still only around 1% of Spotify's total revenues, this reflects Spotify's overall relative underperformance in ad revenue. This needs to be fixed – at least in a few of the bigger digital ad markets – but podcasts have the additional benefit for Spotify of diluting the royalty pot and thus improving gross margin. Current license agreements have a strict cap on how much the pot can be diluted (and labels have no intention of increasing that cap). But by MIDiA's estimates, even within the current deals, Spotify could potentially shave off up to seven points of music royalty payments. Little wonder, then, that Spotify said this in its earnings report: "Any decision to accelerate our investment in podcast and technology spend should be viewed as an indication of our belief that our strategy is having tangible results. We have gained even more confidence in the data, particularly around the benefits from podcasts, and as a result, 2020 will be an investment year."
Marketing: Spotify launched its paid ad tools for labels and artists in beta in Q4 2019. Early results are positive: +30% click-through and listener conversion rates, and on the sponsored recommendations side, Caroline Music's Trippie Redd's fourth album was helped to #1 with sponsored recommendations. Though there has been some pushback from labels feeling that they shouldn't have to pay to reach their own audiences, Spotify is not doing anything particularly unusual here. The strategy is directly comparable to what Facebook and YouTube do. In fact, record labels spend about a third of what they earn from YouTube on YouTube advertising. The impact of that sort of revenue exchange on Spotify's commercial model cannot be understated.
Creators: 2020 is going to be a massive year for creators. Our early estimates are that artists direct generated around $820 million in 2019, growing more than twice as fast as the overall market. 2019 was another big year for the top of the funnel, but we think the even more interesting space is one step earlier: creator tools. Creator tools are the new top of the funnel, before music even makes it onto streaming services. In fact, we think this might be the music industry's next big growth area – and Spotify is already betting big, with acquisitions like online collaboration tool Soundtrap and artist marketplace SoundBetter. The music industry was, understandably, preoccupied with Spotify competing with it by signing artists and 'becoming a label'. Spotify backed off from this strategy, but by focusing its efforts on the creator end of the spectrum it is building the foundations for what a record label of the future will look like. Spotify may just be competing with the labels' future business before they have even realised it. Spotify's quote says it all (at least to those who are listening for it): "We will continue to grow and expand the marketplace strategy, including with services such as Soundtrap and Soundbetter.As an example, while still early days, Soundtrap doubled its paying subscriber base in Q4. Expect more innovation of products over the coming years."
The margin impact of these three business areas is already being felt: "The largest driver of outperformance stemmed from slight improvement in the non-royalty component of Gross Margin, including payment fees, streaming delivery costs, and other miscellaneous variances."
Picks and Shovels
These are the three pillars of the new Spotify – one that will continue to be powered by music, but with profit coming from ancillary services. In the California Gold Rush in the 19th century, the first person to make a million dollars was a man called Samuel Brannan. But he wasn't a miner; he sold mining equipment. If there is a gold rush, you want to be selling picks and shovels. Spotify has found its picks and shovels.
Posted in Ad Supported, Emerging Markets, podcasts, Spotify, Streaming, Subscriptions | Tagged artists direct, Spotify, spotify creator tools, Spotify earnings, spotify marketing tools, spotify podcasts, spotify q4 19, Streaming, two sided marketplace | 1 Reply
Spotify Q4 2018: Solid Growth With a Hint of Profitability But Longer Term Questions
Spotify finished 2018 strongly, overperforming in both subscriber and ad supported MAU additions. This was accompanied by Spotify's first ever profitable quarter and two major podcast acquisitions early in 2019 hinting at a positive year ahead. However, at the same time premium ARPU continues a long term decline – the price Spotify is paying for maintaining global subscriber market share.
Spotify hit just over 96 million subscribers which was an increase of 36% from 71 million in Q4 17. The addition of nine million net new subscribers in Q4 18 was the same amount of subscribers added one year previously. However, while the Q4 17 increase represented 15% growth in Q4 18 the rate was 10%. Relative growth is slowing as the market matures.
Spotify is growing its subscriber base markedly more quickly than it is growing its premium revenue, resulting in declining ARPU. Although subscribers hit 96 million at the end of 2018, premium ARPU declined from €6.20 in 2016 to €4.81 in 2018, a fall of 22%. Over the same period ad supported ARPU followed a mirror opposite trend, growing +22% from €0.96 to €1.17. Spotify routinely explains in its earnings that trials and family plan adoption are driving down ARPU. However, this is not a secular trend but instead a Spotify trend. In retail terms, global music subscriber ARPU actually grew 3.5%. Spotify slightly increased its global subscriber market share in 2018, up to 36.2% from 35.8% in 2017, but it is clearly having to aggressively discount pricing to do so.
Subscriber ARPU continues a downward trend
While ad supported ARPU was up, ad supported revenue grew more slowly in 2018 than 2017 so the increased ARPU is in part a result of users growing more slowly than monetisation. While this is the right balance commercially, Spotify also needs to grow ad revenue more strongly.
Takeaway: Spotify is maintaining subscriber market share through price discounts while ad ARPU growth owes more to slower ad supported user growth than it does monetisation.
Churn up on an annual basis
Following a peak of 5.8% in Q2 18, Spotify brought quarterly churn rates down, first to 5.6% in Q3 18 and then 5.3% in Q4 18. However, the cumulative impact of churn throughout the year was an annual churn rate of 19.8%, up from 18.1% in 2017. This in part reflects the effectiveness of promotional trials. These trials open the funnel to new subscribers and have strong conversion rates, but because paid trialists are counted in Spotify's subscriber numbers, any that do not convert become churned subscribers.
Takeaway: Spotify is having to spread its net wider to maintain subscriber growth.
Profitability has arrived but investment is needed for long term growth
Spotify closed off 2018 in style, adding higher than expected numbers of both subscribers and ad supported users. Also, profitability is on the horizon – Spotify generated a quarterly net operating profit of €94 million in Q4 18 compared to a quarterly loss of €87 one year previously. Spotify is demonstrating that its business can operate profitably even without flicking the switch on new revenue streams, albeit at a modest level.
Longer term revenue growth will be dependent on a two pronged approach of accelerating subscriber growth in big music markets that are later entrants to streaming – Germany and Japan – while continuing growth in large mid-tier markets like Brazil and Mexico. It also needs to continue its investment in ad infrastructure. Ad revenue is not growing fast enough, nor is Average Advertising Revenue Per User (AARPU), up just $0.15 in Q4 18 compared to Q4 17. This is an increase of just 3% compared to the 26% growth in ad supported MAUs. Spotify understands the importance of building its ad supported business and is investing heavily in ad technology and sales infrastructure. This needs to continue. But it will look to big radio markets (e.g. the US, Australia and the UK) to drive mid-term growth, not emerging markets as those territories do not have strong enough digital ad markets. So expect AARPU to be hit as free user bases grow in emerging markets.
Takeaway: All in all, a solid quarter for Spotify but with enough softening metrics to suggest that 2019 growth will require more effort than in 2018.
NOTE: these findings form a small portion of MIDiA Spotify Q4 Earnings Report which will be available to MIDiA subscribers next week
Posted in Ad Supported, Freemium, Spotify, Streaming, Subscriptions | Tagged Spotify, Spotify earnings, Spotify financials, spotify q4 earnings, Streaming, streaming revenues | 9 Replies
Can Spotify Ever Meet Investors' Expectations?
Spotify just posted another solid set of results, adding four million subscribers and beating profit and revenue estimates, yet its share price fell. What's going on? Spotify is on track for where it should be, slightly below, but on track. Before Spotify went public MIDiA laid out three growth scenarios (low, mid, high). Our mid forecast put Spotify at 87.8 million subscribers for Q3 2018, it reported 87 million. So, Spotify is pretty much exactly where it should be. It's not exceeding expectations, nor missing them, but is plotting a strong, solid course, all the while improving operational metrics such as churn and profitability. Yet still, this is not enough for investors. The reason is simple: misaligned expectations.
Investors want more
Spotify has pretty much had this problem all year, delivering good, steady growth that is good enough for the music industry, but isn't good enough for investors. Record labels measured Spotify's success relative to the performance of their revenues, which were coming out of a tailspin. Investors have a higher bar for success. They want faster growth, profitability (never really a label priority – it was Spotify's problem to fix) and market disruption. Spotify is building its business at a decent rate that meets / exceeds music industry expectations, but not investor expectations. It is also laying the foundations for future self-sufficiency (artists direct, podcast etc.) but investors want more, now.
Tech stocks are the benchmark
The problem with going public as music company is that your investors are not music specialists; most aren't even media specialists. Consequently, they don't have the same situational industry expertise that music industry specialists have. They don't get bogged down with the minutiae of collection society reciprocal agreements, mechanical rights, label marketing strategies, publisher concerns or artist contracts. They can't. Music is too small a part of an institutional investor's portfolio to commit the time required to truly understand what is a very complex industry. So instead they look at the big picture and benchmark against Netflix and other tech stocks.
I remember a comment Pandora's founder Tim Westergren made to me on a panel last year, to the effect that Spotify better be careful what it wished for by going public. Tim learned first-hand that investors didn't have the appetite to understand the nuances that shaped his business and eventually he paid the ultimate price, foisted out of his own company.
Game changer or industry ally?
In music industry terms Spotify is doing a great job, in tech stock terms, less so. Either it has to start performing even more strongly – no easy task in a maturing market – or it has to start talking up the disruption angle. Tech investors like backing game changers, betting big on something that is going to change the world. In the way that Facebook, Google, Netflix, Amazon (and for a while, Snapchat) did. Thus far Daniel Ek has trodden a difficult middle ground, remaining the firm ally of the music industry but also promising disruptive change. If the stock continues to underperform, he and his exec team might just be forced to start talking up disruption. At that stage it will be gamble time, because Spotify will be swapping allegiances that could make or break the business.
Posted in Spotify, Streaming, Subscriptions, Uncategorized | Tagged Netflix, record labels, Spotify, Spotify earnings, Spotify investors, spotify q3 earnings, spotify q3 results, Spotify stock, Streaming | 2 Replies
What Netflix's Missing $9 Billion Tells Us About Spotify's Business Model
On Monday (July 16th), Netflix's quarterly earnings missed targets, resulting in $9.1 billion being wiped off its market capitalisation due to twitchy investors jumping ship. To be clear, Netflix had a strong quarter, continuing to grow strongly in both the US – a much more saturated market for video subscriptions than for music – and internationally. Netflix also registered a net operating profit. What it failed to do was meet the ambitious expectations it had set. The lessons for Spotify are clear. With Spotify's Q2 earnings due later this month, it will be bracing itself for another potential drop in stock value if its performanceis good but not good enough to keep ambitious investors happy. Such is the life of a publicly traded tech company.
But perhaps the most telling part of Netflix's stock performance was that the $9.1 billion of market cap it lost is more than a quarter of Spotify's entire market cap ($33.3 billion on Tuesday). Netflix of course plays in a much bigger market than Spotify: the US video subscription market will be worth $17.3 billion in 2018—the same amount that the IFPI estimates the entire global recorded music business generated in 2017. But, the perspective is crucial. Lots of institutional investment has flowed into Spotify since it went public – and indeed prior to that, but music is a tiny part of those investors' portfolio. Netflix's loss in market cap shows that even the golden child of streaming does not deliver enough promise for many of those investors, but investors have plenty of other TV industry bets to make if they abandon Netflix. For music, institutional investors basically have Spotify or Vivendi. So, while Netflix struggling is a problem for Netflix, a struggling Spotify would be a problem for the entire recorded music business.
Savvy switchers – Netflix's churn problem
Netflix's earnings also present some positive signs for the strength of Spotify's business model compared to Netflix's, such as its growing quarterly churn rate: around 8% in Q2 2018, up from 6% the prior quarter. This reflects what my colleague Tim Mulligan refers to as 'savvy switchers'– video subscribers who churn in and out of services when there's a new show to watch. This is a dynamic unique to video, created by the walled garden approach of exclusives. No such problem faces Spotify, for now at least, because all of its competitors have largely the same catalogue.
Content spend: uncapped versus fixed
Most relevant though, is Netflix's content spend. One of the much-used arguments against Spotify in favour of Netflix is that Spotify has fixed content costs, hindering its ability to increase profits, because costs will always scale with revenue. However, Spotify's advantage is in fact that content costs are fixed, there is a cap on how much it will spend on rights. Netflix has no such safeguard, which means that the more competitive its marketplace gets, the more it has to spend on content.
This is why Netflix has had to take on successive amounts of debt – accruing to $9.7 billion since 2013. Servicing this debt cost Netflix $318.8 million for the 12 months to Q2 2018, one year earlier the cost was $181.4 million. For the 12 months to Q2 2018, Netflix's streaming content liabilities were $10.8 billion, representing 80% of streaming revenues, which compares favourably with Spotify's 78%. One year earlier, those liabilities for Netflix were $9.6 billion, representing a whopping 99% of streaming revenues. The reason Netflix can do this and generate a net margin is that it amortises the costs of its originals (essentially offsetting some of its tax bill). For the 12 months to Q2 2018 Netflix amortised 64% of its content liabilities, one year earlier that share was 57%, reflecting originals being a larger share of content spend during 12 months to Q2 2018. The more originals Netflix makes, the more it can increase its margin. Which creates the intriguing dynamic of the US Treasury subsidising Netflix's business model. Welcome to the next generation of state funded broadcaster!
Q2 will tell
Spotify spending billions on original content is some way off yet – assuming it engineers a way to do so without antagonising its label partners, but until then it can rest assured that while Netflix faces growing content costs, it has its exposure capped, allowing it to focus on growing its customer base and enhancing its product. The reaction to the forthcoming Q2 earnings will show us whether investors see it that way too.
Posted in Spotify, Streaming | Tagged Netflix, Netflix earnings, Netflix market cap, Netflix stock price, Spotify, Spotify earnings, Spotify market cap, Spotify stock price, Streaming, Streaming Music, streaming video | 3 Replies
Spotify Q1 2018 Results: Full Stream Ahead
Posted on May 2, 2018 by Mark Mulligan
Spotify released its first ever quarterly earnings results today. The results reflect strong performance in its first public quarter with growth in subscribers, total users, revenue and also gross profit. Here are the highlights:
Subscribers: Spotify hit 75 million subscribers, up 44% from 71 million in Q4 2017, which is wholly in line with MIDiA's 74.7 million forecast and reflects solid growth for a non-paid trial quarter. That is an increase of 22.9 million on Q1 2017, at which stage total subscribers stood at 52 million. The fact the year-on-year growth is 44% of the total subscriber count from one year previously reflects just how far Spotify has come in such a short period of time. Q2 2018 will be a paid trial quarter so subscriber growth will be markedly stronger. Expect Q2 2018 subscribers to reach around the 82 million mark.
Takeaway: Spotify's subscriber growth is maintaining its solid organic growth trajectory, with paid trials continuing to be the growth accelerant that keep total growth on a steeper growth curve.
Revenues: Revenues were up 26% from €902 million in Q1 17 to reach €1,139 million, though this was 1% down on Q4 2017. Premium revenue was €1,037 million, comprising 91% of all revenues. Ad Supported revenues were €102m growing at a faster rate (38%) than premium but contributing fewer net new dollars. Labels and publishers have empowered Spotify to fully commercialize its free user base and the dividends are now beginning to manifest, all be it from a low base.
Takeaway: Premium revenues continue to be the beating heart of Spotify's business. Though ad supported represents a massive long term opportunity, that business is going to take much longer to kick into motion. Growth though is not linear and is shaped by seasonal trial cycles.
Churn: Quarterly churn fell below 5% in Q1 2018 (it was 5.1% in Q4 2017), following a long term downward trend that was only interrupted by a 0.4% point increase in Q3 2017. Applying the churn rate to Spotify's subscriber base reveals that it while its net subscriber additions for Q1 2018 were 4 million, the gross additions (ie including churned out users) was 7.4 million.
Takeaway: Any growth stage business that is aggressively pursuing audience growth faces the challenge of bringing a high share of low value users into the acquisition funnel, which in turn keeps churn up. Sooner rather than later Spotify is going to need to start focusing more heavily on retention than acquisition, especially in more mature markets.
Costs and margins: Gross margin was 24.9% in Q1, up from 24.5% in Q4 and 11.7% in Q1 2017. This was above guidance and Spotify attributes this largely to changes in estimates for rights holder costs. Spotify is doing everything it can to highlight just how good a job it is doing of reducing rights costs. 'Recalculating' costs for Q1 2018 has the convenient benefit of extending that pre-DPO narrative into its first earnings.
Takeaway: Spotify's Barry McCarthy stated prior to Spotify's listing was going to remain squarely focused on 'growth and market share'. So modest progress on margins needs to be set in the context of a company that is focused on growing now while the market is still in flux, and planning to tighten its belt when the market starts to solidify. Spend now while growth is to be had.
The Netflix Comparison
Since its listing, Spotify has found itself rocketed into the spotlight with no end of financial analysts now setting their sights on the streaming company and making their own estimates for revenues and subscribers. The somewhat predictable dominant narrative is how much Spotify does, or does not, compare to Netflix. Spotify is going to have to get used to those sorts of comparisons. The good news for Spotify is that its first earnings compare well with when Netflix was at similar stage of its growth.
In Q4 2015 Netflix hit 74.8 million total subscribers, up 5.6 million from the previous quarter. Streaming revenues were up 6% to $1.7 billion while cost of revenues were at 70% of revenues and quarterly premium ARPU was $22.37. Over the course of the next 12 months Netflix would add 19 million subscribers to reach 93.8 million by end 2016.
By comparison, in Q1 2018 Spotify hit 75 million total subscribers, up 4 million from the previous quarter. Revenue was up down 1% on previous quarter while cost of revenues were at 75% of revenues and quarterly premium ARPU was €13.80.
It is clear these are snapshots of companies at very similar stages of growth, however Spotify has slightly higher cost of revenue and lower ARPU than Netflix did in Q4 2015, both of which need fixing. The indications are thus that Spotify has a solid chance of following a similar path. Indeed, MIDiA's estimate for Spotify's end of year subscriber count is 93 million, putting it on exactly the same growth trajectory as Netflix was in 2016. For now, looking at Netflix's performance with a 27 months look back is a pretty good proxy for where Spotify is going to be getting to.
Right now, Spotify is trying to strike a Goldilocks positioning: not too disruptive to the traditional music business but not too supportive of it either. Spotify needs to talk out of both sides of its mouth for a while, showing how much value it is delivering to traditional rights holders but also how it is an innovative force for change. The F1 filing leaned more towards the latter position, while the Q1 earnings took a more matter of fact approach. But over time, expect Goldilocks to start trying more of daddy bear's porridge.
These findings are just a few highlights from MIDiA's 6 chart Spotify Q1 2018 Earnings report which will be published Thursday 3rdMay. The report includes, alongside core earnings data, proprietary MIDiA metrics such as gross profit per subscriber and gross subscriber adds. If you are not already a MIDiA client and would like to learn how to get access to this report and other Spotify research and metrics, email stephen@midiaresearch.com
Posted in Spotify, Streaming, Subscriptions | Tagged Spotify, Spotify earnings, Spotify Q1, Spotify Q1 2018, Spotify Q1 earnings, Spotify SEC | 3 Replies
Spotify Earnings: Growth Comes At A Cost
Spotify has published its much anticipated 2016 revenues. Because the company is under so much analytical scrutiny, there is little that is particularly surprising but there is still plenty we can learn from the results:
Growth maintains momentum: Spotify recorded revenues of €2.9 billion in 2016, up 51% from €1.9 billion in 2015. Although that was a lower growth rate in % terms (80% for 14/15), it was a bigger net add in revenue terms (€989 million net new revenue in 2016 compared to €863 million in 2015). Spotify still has some way to go before it challenges Netflix's $8.2 billion streaming revenue, but it is making clear progress.
Spotify is getting ready for public reporting: The 2016 accounts featured heavy restating of previous year figures and many line items from last year's accounts were no longer reported. All of which points to an organization getting its reporting structures in place for a public listing of some kind.
ARPU is a mixed story: Spotify's total monthly user ARPU increased from €1.82 in 2015 to €1.94, driven by a small increase in ad supported user APRU and, more importantly, a higher share of paid users (38% in 2016 compared to 31% in 2015). However, that increased paid conversion has come at the price of lower paid ARPU, with $1 for 3-month trials etc., pushing down paid ARPU from €5.16 in 2015 to €4.58 which in turn is more than an entire dollar a month less than the €5.85 paid ARPU figure Spotify enjoyed in 2014.
Losses are widening again: Spotify reported losses before tax of €539 million against revenues of €2.9 billion (i.e. 18% of revenue). This was up from 12% in 2015 although it had been as high as 17% in 2014. In order to keep up with the market, Spotify is having to spend heavily, and this is all without any major product or territory launch in 2016. You need deep pockets to play at streaming's top table.
Rights costs may be on a positive trajectory: Spotify's Cost of Sales (previously reported as Royalty Distribution and Other Costs) were €2.5 billion, or 84.6% of revenue, down slightly from 85.5% in 2015. The shrinking share of the loss-making ad supported user base is most likely the key contributor here. Though the new UMG and Merlin deals will help sustain this path.
In Search Of A Margin
So, what do Spotify's results say about the economics that we didn't already know. In truth, not much. The market has lots of growth in it yet; competing is expensive, growth has to be incentivized and rights are the main cost component.
As Spotify nears a public listing or an acquisition by Alibaba or Tencent, it remains the benchmark for the health of the streaming economy. With the underlying fundamentals remaining largely unchanged in 2016 despite stellar growth, here are a few thoughts on how the economics of streaming might change:
An often repeated argument from record labels is that streaming services will hit profitability when they reach scale. So, when does that happen? 48 million subscribers can lay a good claim to being 'scale', but it isn't driving profit. While the market establishes itself, streaming services have to overspend on product innovation and marketing (and then, later, on user retention). So, these costs will likely rise in relative terms. Meanwhile, rights are always going to remain largely in line with revenue (though the UMG and Merlin deals reward growth with some discounting, which is a welcome innovation). But even these deals will not change the fact that rights will be large enough to challenge margins and will largely scale with growth. Which means no truly meaningful scale benefits. So here are a few alternative ways in which streaming margins might be improved:
Doing a Netflix: Because Netflix owns much of its own content, it is able to use its recommendation algorithms to ensure that content over-indexes, improving margin. It also amortizes costs against those content assets to help it register a profit. Spotify could do the same but is unlikely to do so anytime soon. It cannot afford to antagonize its major label partners, each of whom has a UN Security Council type power of veto (Spotify would falter if any one of them pulled out). Someday, Spotify probably will become a label, though not in the way most people would understand the term. However, it will wait for more scale and confidence before flicking the switch on that strategy.
Ecosystems: Apple has long demonstrated the value of competing right across value chains. Now Amazon is following suit (e.g. Amazon Video covers rights, infrastructure and distribution). Exercising control across the value chain gives a company more places to extract margin. Perhaps Alibaba or Tencent (or some other Chinese giant) could buy a major label and a streaming service? Access Industries is already on this path, wholly owning WMG and more than half of Deezer (though there doesn't seem to be much in the way of dots being joined yet). And then the wildcard is a streaming service becoming so big that it can buy a major or a collection of big indies. Or of course Apple deciding to any of the above. Should this feel like wild conjecture, do not forget that it was not so long ago when an ISP (AOL) bought WMG, and a water and sewage conglomerate (Vivendi) went on a media company acquisition spree and bought UMG.
Ancillary revenue streams: The most pragmatic solution though is not a silver bullet, but instead a blended strategy of new revenue streams. These can range from B2B (e.g. Spotify selling its data to live companies like Live Nation and AEG to help them get more cost effective with better targeting), through premium user add-ons to new formats such as limited capacity, pay-per-view artist live streams.
Spotify played the starring role in streaming's biggest year yet and looks well on track to do the same in 2017. But at some stage, the losses need to narrow. The industry needs to help ensure this happens, unless it wants the market to end up being dominated by companies that simply do not have to have streaming turn a profit because they are making money elsewhere.
Posted in Spotify, Streaming | Tagged Spotify earnings, Spotify financials, Spotify report, Streaming, Streaming Economics, streaming losses, streaming market, Streaming Music | 10 Replies


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Laser Versus Scalpel: Why Choose Laser Periodontal Treatment?
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But when plaque starts building up on the margins of your teeth and gums, it becomes host to bacterial colonies. The bacteria form what is called a "biofilm" that covers portions of your gums, sometimes for months or years on end (if not removed).
Over time, bacteria work their way under your gum line and into the interdental spaces, forming deep cavities (pockets) that fill up with bacteria as the gum tissue that once filled those spaces deteriorates.
Poor dental hygiene is a major cause of gum disease, but smoking, excessive consumption of alcohol, a high-sugar, nutrient-starved diet, certain other systemic diseases, and genetic considerations may also contribute.
With root planing/scaling and other scalpel led methods of treating gum disease, it can be difficult to remove all the harmful bacteria. Your periodontist will do the best possible job, but the fact is, bacteria growing back and requiring a repeat treatment is relatively common with traditional gum surgeries.
But laser periodontal treatment is different. The laser can cut away diseased periodontal tissue with greater pin-point accuracy - and without removing healthy tissue along with it.
As the laser beam "vaporizes" infected periodontal tissue, eliminates bacterial colonies as well. And the wavelength laser device can also burn away bacteria and plaque that may be clinging to your tooth roots.
Although poor oral hygiene post-op can still lead to a re-infection no matter which periodontal treatment is used, laser therapy does a much more thorough job of eliminating bacteria and thus greatly reduces the risks of your gum infection making a swift return.
Although scalpel surgery can still be effective and there are situations where it may be the best option, laser periodontal treatment is superior in general.
Besides better elimination of mouth bacteria, laser surgery also better preserves your healthy gum tissue. And, the laser actually stimulates gum tissue to regenerate itself.
There is less bleeding with laser surgery too, because the laser seals the gums after working on them. There is very little pain during or following laser surgery, and post-op recovery time is often as quick as a day or two. There are no scalpel incisions and no stitches are needed.
LANAP laser periodontal treatment can also help gum tissue to reattach itself to your bone and teeth, and can even help stimulate bone growth around the base of teeth.
Finally, laser gum surgery is more convenient. It only takes around 2-4+ hours to complete in many instances, and can almost always be done in a single periodontal session or split into two visits, a week apart.
To learn more about how laser periodontal treatment can benefit you, feel free to contact periodontist Dr. Raymond A. Kenzik in Volusia and Flagler Counties, Florida.


We serve primarily the Central and Southwestern area of Ohio, however given the available time and funds we will consider investigating anywhere.
Appalachian Paranormal Explorations (APEX) uses a variety of techniques to investigate the paranormal. We use proven methods as well as new technologies and we are always willing to try something new. We are made up of three (3) full-time members and three (3) reserve investigators.
We conduct investigations of high profile areas that are reported to have paranormal activity, and we specialize in investigations of privately owned businesses and/or residences. We can and will keep private investigations confidential upon request.
APEX is not "legally" classified as a non-profit organization, but we are not for profit. The cost of our equipment and operating expenses come out of our own pockets and we DO NOT charge for any kind of investigation. We will, however, graciously accept any donations that are offered to us as they are a tremendous help to our ability to continue doing what we do in searching for the truth about the unexplained. Below is a donation button that is linked to our PayPal account. Any donations, no matter how big or small, are greatly appreciated.
We welcome any suggestions about places to investigate. Also if you or someone you know would like for us to conduct an investigation, we welcome the request.
Appalachian Paranormal Explorations (APEX) has also been recognized as an Official Member of the Ghost Adventures Crew (GAC). We would like to extend our thanks to Zak Bagans, Nick Groff, & Aaron Goodwin for accepting us into their extended family. ?


Late Paleozoic glacial diamictites occur in many localities in western Argentina, indicating that the region was strongly affected by glaciation during the mid-Carboniferous (late Serpukhovian–early Bashkirian). In most instances these diamictites are found in steeply walled paleovalley settings in the Andean Precordillera. This study presents new data from a locality north of the Precordillera that suggests an additional, distinct, volume of ice existed in the region during the Carboniferous. The glacigenic diamictites in the Rio Blanco Basin were ultimately emplaced as gravity flows, precluding inferences of paleo-ice volume. Fold nose orientation and soft-sediment groove orientations within the diamictites indicate that the deposits were emplaced from north to south, suggesting that glacial ice was most likely not sourced from the proto-Precordillera at this locality, requiring the need for another ice center to the north of the basin. Diamictite facies indicates that the sediment was initially supplied to the study area by a warm-based glacier.


text:
Legal fees focus of inquiry into Houston Community College
Houston Community College spent at least $175,000 on an investigation into procurement before the two retained attorneys withdrew from the probe – requiring HCC to spend more money on an inquiry resulting from trustee Christopher Oliver's guilty bribery plea. More...
Tuition fees help to put UK ahead of Germany in higher education
In his attack on a report I wrote back in 2015, he says it is "not true" that Germany sends a lower proportion of young people to university and spends less on each one. When we published our report, the figures were 493,000 first-year enrolments in Germany and 670,000 in the UK. The amount spent educating each student was €13,665 in Germany and €16,500 in the UK. More...
Let's say Auf Wiedersehen to England's embarrassing tuition fees
Just look at Germany: no university tuition fees, no fat-cat pay scandals. The UK system is indefensible. More...
Universities are bastions of privilege. They have to change
The astronomical course fees for these bloated institutions are no longer defensible. Two-year degrees would be a good move. More...
Universities win permission to charge £2,000 premium for two-year degrees
Universities will be allowed to charge students almost £2,000 a year more in fees in return for allowing them to complete a degree over two years instead of three, ministers have revealed. More...
The Guardian view on universities and the market: winner takes all
Student fees were supposed to create competition for the best students and the best courses. Instead they've just inflated top pay and vanity building projects. More...
University students failed by rip-off fees, says watchdog
National Audit Office says if English universities were banks, they would be investigated for mis-selling, as students say they do not get value for money. More...
Space: The final frontier in the search for full-pay students?
In order to maximize net tuition revenue, higher education employs a high-price, high-discount model. But just as trees don't grow to the sky, this strategy can't work forever—the U.S. is running out of students who can pay full tuition. Students are tapped out: in the 2014-15 school year, 86 percent of first-time full-time freshmen received financial aid. More...
House G.O.P. tax writers take aim at college tuition benefits
The moment the last of Fred Vautour's five children walked across the stage as a Boston College graduate was priceless. More...
Harvard's surplus may be 'high-water mark'
The population of college-bound students is on the decline. The cost of tuition is growing increasingly unaffordable for many families. And endowment returns are expected to decrease. More...

redpajama_set_name: RedPajamaCommonCrawl


I understand life is overwhelming. I understand things get rough and we feel we can't make it. I understand we need support, help, love, care, trust, hope…something to hold on to. I understand we get tired way too easily lately and are at the verge of falling off and giving up. I understand that…but what I know for sure is: Never let yourself down.
You are your own hero, your own machine, your own support, your own strength. You first because even if you get all the right ressources, love, care or whatever you need, if your spirit is crushed and you have already seen the end of the road, lost all hope, all of that will be useless. It starts with you, it always does.
I don't remember how many times people have spoken to me, showed me the way, offered help yet I chose the other way, I chose to go astray. Simply because I wasn't even my own person, I wasn't there for myself and at a point I thought if maybe I received all that love, care, trust, you name it…from people, I'll be good. Maybe for a while I was, but deep within, I didn't encourage myself. I wasn't seeing the need and that's why lots of things never worked out. People will go the extra way for you, others may not but if you are not aware, willing, encouraged by yourself, everything might go down the drain.
I'm in support of people sticking up for their loved ones. Please never let them go. But for those people who need that support, never give up on yourself. Most of the time you are not as powerless as you think so don't settle for it. Respect yourself enough to turn whatever situation in your favour and make the best lemonade out of the bag of ripe, fresh and frozen lemons given to you. While you may have that support, you might also not have it. So before your hopes are being broken, be your own kind. Be your own motivation, your own support, your own love. Go for it, strive, win, be brave. The sky is your limit. Live, be happy, smile more often, embrace life. Build yourself up, trust more in your capabilities. HAVE CONFIDENCE IN YOURSELF.
Understanding is the best form of healing. Making the best out of what you have is the best prevention from hurting in the first place. Thriving is the best form of revenge. You can make it. Just don't let yourself down. Have a great sunday. God bless.
I love this. Truly an excellent post.
This was so great!!!! Thanks for writing this. I shared it on facebook with some men who had been in prison, on drugs, lost in this world. It was my gift to them this morning.
Oh my God…I am so humbled by this gesture. Thank you so much and I really hope it motivates them in their journey. This is beautiful!!


text:
Black Star Square (auch: Independence Square) ist ein Platz in Accra, Ghana beim Accra Sports Stadium.

Geschichte
Kwame Nkrumah gab den Auftrag zur Gestaltung des Platzes zu Ehren des Besuchs von Königin Elisabeth II. Die Bauarbeiten dauerten bis 1961 an.

Bedeutung
Der Black Star Square ist Veranstaltungsort für Ghanas Parade zum Unabhängigkeitstag, am 6. März jeden Jahres. Außerdem werden dort alle wichtigen nationalen öffentlichen Versammlungen und nationale Festivals ausgetragen.

Sehenswürdigkeiten
Am Rand des Platzes sind Tribünen aufgebaut, die Platz für 30.000 Personen bieten. Zwei besondere Monumente bestimmen den Anblick des Platzes: der Independence-Arch und das Black Star Monument (Black Star Gate). Eine Statue eines Soldaten, der dem Independence-Arch gegenübersteht, symbolisiert die Ghanaer, die ihr Leben im Kampf um die Unabhängigkeit Ghanas verloren haben.

Einzelnachweise

Weblinks

 tourghananow.blogspot.com
 ghananet.co.uk

Platz in Afrika
Accra

redpajama_set_name: RedPajamaWikipedia


No job is too big or too small for BJ Queen Enterprises. From commercial enterprises to individual homes, we've got you covered with professional, affordable service. For more information or to receive a free estimate from our team, give us a call today.
For an estimate on any of our septic system services, give us a call in Eagle Bay today. Or if you need service right away, remember that we're available 24 hours a day, seven days a week!
Our professionals can handle any emergency situation, so don't hesitate to call.
The team of electricians at Eagle Bay's BJ Queen Enterprises can also handle all of your residential and commercial electrical needs. From rewiring older homes to repairs, we can do it all. We can also suggest ways to lower your monthly electricity bill with energy savings! Whatever electrical work you need done, you have our promise that it will be completed quickly, professionally, and safely.
If you have hard water, don't worry. BJ Queen Enterprises can install a water softener system that will reduce the metals and ions, leaving you with water that once again flows and works like it should! Our complete water softening system includes all tanks and components, We also offer an excellent warranty on all parts.
BJ Queen Enterprises is also Eagle Bay's premier provider of commercial and industrial refrigeration products. If you own a restaurant, grocery store, or simply need more cold storage space, you need one of our walk-in refrigerator or freezer units. We carry many sizes and styles, so we're sure to have one that will be perfect for you.
We offer prompt delivery and full installation on all of our products. Our factory-trained, licensed, and insured technicians can also carry out repairs and maintenance on any kind of refrigeration equipment. And since we supply the parts and accessories, you won't have to wait for back-ordered parts!
Our experienced plumbing services include the installation and repair of well pumps. If you call us, one of our technicians will have your well set up and running properly in no time. As with all our plumbing services, we provide well pump installation and repair service at affordable rates that won't break your budget.
At BJ Queen Enterprises in Eagle Bay, we have many years of experience with residential, commercial and recreational generators. With our wide selection of brands and styles, we can help with the purchase of new and used generators. We can also cover your needs regarding installation, maintenance, parts and accessories. Whether you're looking for a home generator to protect your family from power outages, a portable RV generator to take with you on vacation, or a back-up generator to keep your business running during a blackout, we are the experts you can count on. If you have any questions, or just need helping finding the right generator at the right price, please contact us today.
Whatever your tree service needs, we pride ourselves on doing our utmost for every one of our clients.


The Women Active for Christ is comprised of a group of dedicated, Godly women who have a heart for Christ and the Gospel. These women meet monthly and engage in Bible studies that address issues faced by today's Christian woman.
The WAC sponsor several missions projects throughout the year, both in the USA and around the globe, and regularly hosts events that raise awareness and support for these mission works.


Watch this video to discover 6 simple ways to preserve the harvest so you can enjoy fresh food year round.
Imagine the flavor of summer preserved and waiting for you so you can put fresh pasta sauce on your table all winter long without all the weird preservatives. Take the next step and enroll in this Preserve the Harvest class so you can enjoy a healthy, delicious, GREEN lifestyle. Because when your shelves are stocked with fresh food, healthy meals are always fast and easy!
Save 40% on your grocery bill each year... stop throwing away produce that's gone bad and discover how to store it for later.
Stock your pantry with a year's worth of fresh, healthy meal options in just 6 weeks with these simple techniques, delicious recipes & creative meals.
Avoid the preservation overwhelm with step-by-step instructions... be ready to get it done so that you don't miss out while there's tons of fresh harvest available for the picking!
Quickly build your confidence and skill while avoiding expensive setbacks... know how to keep your food safe!
Watch over my shoulder as freeze, dehydrate, ferment, can, and quick pickle so you can practice efficient techniques.
Meal planning made EASY! - You get food on your table in minutes when you follow my Harvest-Into-Meals 7-Step system (plus use up all those odds and ends so nothing goes to waste).
This online course gives you everything you need to succeed... stock your pantry full of healthy goodies!
Wondering if this will work for you....?
• Re-imagine snake foods: homemade gluten-free crackers, sugar-free fruit roll-ups & more!
• How to know for sure your lacto-fermented foods are SAFE!
BONUS #1 - ebook "101 Recipes: Exciting Ways to Preserve the Harvest"
• Can you have too much squash, beans, herbs, tomatoes, cucumbers? Not with these recipes!
And it's all plant based! Discover how to ferment seeds, nuts and tofu to create creamy delights for your dinner plate. Pesto almond cheese, Turmeric pepperjack and more!
5 Lessons: Each lesson is a collection of videos ranging from 3 - 20 minutes each. Total time of each lesson varies from 60-90 minutes. Watch or download pre-recorded videos any time you like from anywhere with a good internet connection. You have lifetime access to these materials. And all your lessons are ready for you to get started now.
Your Preserve the Harvest guides and cheat sheets will help you organize your pantry, set goals for the year and track your progress. They are available for download and print.
101 Recipes! allows you to get get started right away with unique recipes that will dazzle your tongue. Recipes include multiple flavor palettes that you use depending on your mood so you never get sick of them!
Having a system for all of the fresh food available during the growing season means you could stock your pantry with staples that have NO strange ingredients in them! Students find when they do this that they save between 10-40% on their grocery bills. What's even better is less trips to the grocery store since you can go shopping in your pantry!
You don't have to spend your whole paycheck on herbs and fresh sauerkrauts at the grocery store... you can dry herbs and make your own ferments for a fraction of the cost. And it will taste better, too!
Immediately when you sign up, you receive access to the first lesson plus your 101 Recipes BONUS to get you started preserving and storing your harvest!
When storing and preserving food, food safety should ALWAYS be your top priority. I'm going to show you best practices for food safety, but it is up to you to actually PRACTICE that food safety. I am NOT responsible for any food-borne sicknesses that may be the result of your kitchen practices... so don't leave your dirty spatula around for your dog to lick when you're not looking, etc, etc. I'll be sharing some safe knife skills with you. I am NOT responsible for any knife or scissor accidents that might result in bodily harm. With that said, I like to believe that everyone can make food safety a natural part of their food preparation. I can support by giving great content, direction and strategies that move you forward. When you register for this class, you are agreeing to these terms. The truth is that your results are related to your experience and improve when you stick with it. Thanks for sharing this journey with me. Let's enjoy the vegetable harvest!


text:
Q: Sylvester criterion for non-symmetric matrices Is it true that if leading principal minors of a non-symmetric matrix alternate in sign, then real parts of all eigenvalues of the matrix are negative? Sylvester criterion says that it is true for a symmetric case, but I can't find a comfirmation for a general one.
Thank you!

A: As pointed out in a comment, this is not even true for symmetric matrices.  Sylvester's criterion only implies that a Hermitian matrix is negative definite when the signs of the leading principal minors alternate in the pattern of $-+-+\cdots$. If the sign pattern is $+-+-\cdots$ instead, the matrix is necessarily indefinite (unless in the scalar case).
Sylvester's criterion does not apply when the matrix is not Hermitian. E.g consider the matrix $\pmatrix{-1&-3\\ 1&2}$. Even the sign pattern for its leading principal minors is $-+$, its two eigenvalues are $\frac{1\pm i\sqrt{3}}2$, which have positive real parts.

redpajama_set_name: RedPajamaStackExchange


A beautifully designed monograph surveying the works of the highly acclaimed contemporary photographer. Kenna´s photographs captivate viewers through their silent drama and magnetism: rather than being accurate descriptions of a place, the photographer seems interested in capturing the invisible lines which enclose space, and in so doing arousing a viewer´s imagination and reverie. Michael Kenna is an artist for whom the subject is above all the opportunity for a tremendous but constant variation in his view of the world.
To look at one was to see the other. For her family, even the girls´ own father, it was a constant guessing game. For strangers, the surprise was overwhelming. And for the twins Olivia and Victoria Henderson, two remarkable young women coming of age at the turn of the century, their bond was mysterious, marvelous, and often playful -- a secret realm only they inhabited.Olivia and Victoria were the beloved daughters of a man who never fully recovered from his wife´s death bearing them in 1893. Shy, serious Olivia, born eleven minutes before her sister, had taken over the role of mother in their lush New York estate, managing not only a household but her rebellious twin´s flights of fancy.Free-spirited Victoria wanted to change the world. She embraced the women´s suffrage movement and dreamed of sailing to war-torn Europe. Then, in the girls´ twenty-first year, as the First World War escalated overseas, a fateful choice changed their lives forever.It began when Victoria´s life was about to become a public scandal. It led to a painful decision, and brought handsome lawyer Charles Dawson into the Hendersons´ life and family. Hand-picked by the twins´ father to save his daughter´s reputation, Charles was still mourning his wife´s death aboard the Titanic, struggling to raise his nine-year-old son alone, determined never to lose his heart again. Charles wanted to believe that for the sake of his son he could make an unwanted marriage work. But in an act of deception that only Olivia and Victoria could managa, the twins took an irrevocable step, which changed both their lives forever; and took one of the twins to the battlefield of France, the other into a marriage she longed for but could not have. 1. Language: English. Narrator: John Fleming. Audio sample: http://samples.audible.de/bk/bant/000315/bk_bant_000315_sample.mp3. Digital audiobook in aax.
Everyone wants to live a life full of meaning, purpose, and success. Yet, you clutter your mind with limiting thoughts of can't do this, can't do that, it's too high, too far, too greater to achieve. Divided into two sections, Subliminal Affirmations and Laws of Attraction guide, this audiobook will show that your subconscious is the most powerful tool to help alter your life in a positive manner. Negative thoughts are like weeds that grow all the time without any nurturing since it's in the human nature to think of negative consequences. On the other hand, positive thinking about health, love, wealth, success are hard to come by, and like everything worth fighting in this life, they require a lot of nurture and care. This audiobook plans to give you exactly what you need: the means to stay positive through constant affirmations designed to help improve oneself, change a bad behaviour, or channel the universe to attract good things in your life. Call it meditation or even self-hypnosis, but the principles stated in the audiobook actually work. It is proven that repetitive constructive affirmations attract positive energies in your life, and that desire is the first step towards achievements. Packed with subliminal affirmations, the audiobook shows that in order to attract opportunities that will improve your health, love life, or even wealth, all you need are few minutes a day to shift your mind through positive affirmations. You can choose to repeat them loud and proud, or they can be repeated in your mind during idle times such as commuting or even taking a shower. Think positive, be confident and change your life now by taking action and downloading this audiobook. Don't be a pessimist and navigate away. You can't achieve any success if your mindset is constantly plagued by negativity. Download this a 1. Language: English. Narrator: Susan Smith. Audio sample: http://samples.audible.de/bk/acx0/057436/bk_acx0_057436_sample.mp3. Digital audiobook in aax.
Everyone wants to live a life full of meaning, purpose, and success.Yet, you clutter your mind with limiting thoughts of can´t do this, can´t do that, it´s too high, too far, too greater to achieve.Divided into two sections, Subliminal Affirmations and Laws of Attraction guide, this audiobook will show that your subconscious is the most powerful tool to help alter your life in a positive manner.Negative thoughts are like weeds that grow all the time without any nurturing since it´s in the human nature to think of negative consequences.On the other hand, positive thinking about health, love, wealth, success are hard to come by, and like everything worth fighting in this life, they require a lot of nurture and care.This audiobook plans to give you exactly what you need: the means to stay positive through constant affirmations designed to help improve oneself, change a bad behaviour, or channel the universe to attract good things in your life.Call it meditation or even self-hypnosis, but the principles stated in the audiobook actually work. It is proven that repetitive constructive affirmations attract positive energies in your life, and that desire is the first step towards achievements.Packed with subliminal affirmations, the audiobook shows that in order to attract opportunities that will improve your health, love life, or even wealth, all you need are few minutes a day to shift your mind through positive affirmations.You can choose to repeat them loud and proud, or they can be repeated in your mind during idle times such as commuting or even taking a shower.Think positive, be confident and change your life now by taking action and downloading this audiobook. Don´t be a pessimist and navigate away. You can´t achieve any success if your mindset is constantly plagued by negativity.Download this audiobook and improve your life!More Daily Affirmations Topics Available at: PositiveAffirmation 1. Language: English. Narrator: Susan Smith. Audio sample: http://samples.audible.de/bk/acx0/057435/bk_acx0_057435_sample.mp3. Digital audiobook in aax.
Everyone wants to live a life full of meaning, purpose, and success.Yet, you clutter your mind with limiting thoughts of can't do this, can't do that, it's too high, too far, too greater to achieve. Divided into two sections, ´´Subliminal Affirmations" and ´´Laws of Attraction guide", this audiobook will show that your subconscious is the most powerful tool to help alter your life in a positive manner.Negative thoughts are like weeds that grow all the time without any nurturing since it's in human nature to think of negative consequences.On the other hand, positive thinking about health, love, wealth, success are hard to come by, and like everything worth fighting for in this life, they require a lot of nurture and care. This audiobook plans to give you exactly what you need: the means to stay positive through constant affirmations designed to help improve oneself, change a bad behavior, or channel the universe to attract good things in your life. Call it meditation or even self-hypnosis, but the principles stated in the audiobook actually work. It is proven that repetitive constructive affirmations attract positive energies in your life, and that desire is the first step toward achievements. Packed with subliminal affirmations, the audiobook shows that in order to attract opportunities that will improve your health, love life, or even wealth, all you need are few minutes a day to shift your mind through positive affirmations. You can choose to repeat them loud and proud, or they can be repeated in your mind during idle times such as while commuting or even taking a shower. Think positive, be confident, and change your life now by taking action and downloading this audiobook. Don't be a pessimist and navigate away. You can't achieve any success if your mindset is constantly plagued by negativity. Download this audiobook, and improve your life! More daily affirma 1. Language: English. Narrator: Susan Smith. Audio sample: http://samples.audible.de/bk/acx0/057458/bk_acx0_057458_sample.mp3. Digital audiobook in aax.
With constant improvements to MR image quality, it´s important to have a resource reflecting the most recent developments. Diagnostic Imaging: Spine , now in its third edition, showcases the latest cutting-edge research from Dr. Jeffrey Ross and his team of experts in the field. Expanding upon the core of the highly popular second edition, this updated reference is fully revised to provide the best spine-related diagnostic support available.
A Chicago Review of Books Most Anticipated Fiction Book of 2018 ´´Fast-paced, energetic, searing. There are moments in Steve Kistulentz´s Panorama that will take your breath away.´´ - Daniel Alarcón, author of Lost City Radio Richard MacMurray, a cable news talking head, is paid handsomely to pontificate on the issues of the moment. On New Year´s Day he is scheduled to be a guest on a prominent morning talk show. As he awaits the broadcast, the network interrupts with news that a jet airliner has crashed in Dallas and that everyone aboard has perished. Within an hour, amateur videotape surfaces of the plane´s last moments, transforming the crash into a living image: familiar, constant, and horrifying. Richard learns that his sister, Mary Beth, was aboard the doomed flight, leaving behind her six-year-old son, Gabriel. Richard is the boy´s only living relative. When he is given an opportunity to bring Gabriel home, it may be that the loss of his sister will provide him with the second chapter he never knew he wanted. In this powerful debut, Steve Kistulentz captures the sprawl of contemporary America - its culture, its values, the workaday existence of its people - with kaleidoscopic sweep and controlled intensity. Yet within the expansive scope of Panorama lies an intimate portrait of human loss rendered with precision, humanity, and humor. 1. Language: English. Narrator: Kiff VandenHeuvel. Audio sample: http://samples.audible.de/bk/hach/004248/bk_hach_004248_sample.mp3. Digital audiobook in aax.
The idea of place--topos--runs through Martin Heidegger´s thinking almost from the very start. It can be seen not only in his attachment to the famous hut in Todtnauberg but in his constant deployment of topological terms and images and in the situated, ´´placed´´ character of his thought and of its major themes and motifs. Heidegger´s work, argues Jeff Malpas, exemplifies the practice of ´´philosophical topology.´´ In Heidegger and the Thinking of Place, Malpas examines the topological aspects of Heidegger´s thought and offers a broader elaboration of the philosophical significance of place. Doing so, he provides a distinct and productive approach to Heidegger as well as a new reading of other key figures--notably Kant, Aristotle, Gadamer, and Davidson, but also Benjamin, Arendt, and Camus. Malpas, expanding arguments he made in his earlier book Heidegger´s Topology (MIT Press, 2007), discusses such topics as the role of place in philosophical thinking, the topological character of the transcendental, the convergence of Heideggerian topology with Davidsonian triangulation, the necessity of mortality in the possibility of human life, the role of materiality in the working of art, the significance of nostalgia, and the nature of philosophy as beginning in wonder.


Sixty-nine percent of primary care physicians in the United States used electronic medical records (EMRs) in 2012, a 50 percent increase from 2009, according to a study released by Health Services Research. Study authors reviewed "practice characteristics" that were affiliated with greater health information technology (HIT) use in 2012, as well as factors that could affect the adoption and functionality of primary care physician HIT use.
From 2009 to 2012, HIT use increased considerably, with a 33 to 66 percent jump in the number of physicians who are able to send prescriptions to pharmacies electronically; a 40 to 64 percent jump in electronic prescribing; and a 38 to 54 percent jump in electronic ordering of lab tests. As of 2012, 35 percent of primary care physicians were able to share lab or diagnostic tests with other doctors, and 33 percent were able to exchange clinical summaries. However, only a minority of primary care physicians gave patients electronic access for viewing test results, making appointments, or requesting prescription refills.
Authors of the study noted, "Federal efforts to increase adoption have coincided with a rapid increase" in health information technology (HIT) capacity. However, practice size was found to be a major factor in whether physicians adopted HIT or not. While 90 percent of physicians in practices with 20 or more physicians used EMRs, only 50 percent of solo practitioners did so. Physicians that either share resources, are eligible for financial incentives, or are involved in an integrated delivery system are more likely to adopt HIT.
To further increase the adoption of HIT and EMR use, the authors suggest, "Attention should be placed on technical assistance programs that can effectively outreach to practices in a variety of settings, such as the Office of the National Coordinator's Regional Extension Center, located in every region of the country," reported The Commonwealth Fund.


text:
var program = require('commander');

process.stdout.write("\n");
process.stdout.write("Crownpeak CLI starting.\n");

program
  .version('0.1.0')
  .command('init', 'initialize a config for using the AccessAPI')
  .command('update', 'update an asset')
  .command('list','list contents of a folder')
  .command('route', 'routing and publishing')
  .parse(process.argv);

redpajama_set_name: RedPajamaGithub


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At The Rurban Village, we do our best to ensure that you are completely satisfied with our products and services. And we are happy to issue a full refund based on the conditions listed below.
a) If you cancel your Day package before 7 days of arrival/ booking date.
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Please note that we are unable to offer full refund for refunds requests made at any time within 7 days of the arrival/ booking date.
If return request is made within 7 days of arrival date/booking date only 50% of the total booking charges will be refunded within 7 days from the date of request for refund made.
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b) the reason why you're requesting a refund.
We take customer feedback very seriously and use it to constantly improve our quality of service.
If you have any queries, do call our help desk at +91-7457000870, email us at info@therurbanvillage.com. We're there for you!


December is an excellent time to explore India as it is the month when the country soaks in a cool mood. With cold breeze all around and snowfalls in the northern hills, India displays a unique image. The winter image is no less than a foreign country. There are a number of lively spots in India, where you can enjoy an absolutely stunning winter vacation. Here is a list of 4 places to visit this winter.
December is a well-suited time to appreciate Rajasthan. Pick Pushkar amongst every single other spot of Rajasthan and the reason is the famous Camel Fair Celebration. Pushkar is around 11 km from Ajmer. A religious town, Pushkar glorifies the greatest Camel Fair on the planet in which around 50,000 camels join in. Pushkar Lake, Brahma's Temple, besides, Aptaeshwar Temple and Varaha Temple are the notable landmark of the city to visit. Being the first desert city, it offers an awesome desert safari. The Israeli populace in Pushkar can astonish you.
Closest Airport is Sanganer Airport, which is around 146 km away. The Ajmer railroad station serves the town and it is about 15 km away. The good network of the street makes Pushkar an effortlessly available spot from Delhi and north India. Hyderabad to Ajmer to train are also available.
Devote a couple of more days and observe a percentage of the well-known spots of youngsters which incorporate Delhi Haat, Hauz Khas, Connaught Place, and so forth, which are a portion of the immense spots to home base and shop at.
The Indira Gandhi International Airport is the greatest airplane terminal of the nation. All the real urban areas and towns are straightforwardly joined with Delhi.
There is no particular time to investigate Amritsar. In any case, you can see Amritsar in this rundown in view of the amazing festival of Guru Nanak Jayanti. This vivid and one of the greatest celebration of Punjab initiates this month. The festival happens in the Golden Temple. The stupendous sight of the sanctuary complex amid this month and the a large number of fans social affair here will hypnotize you. It is a stunning perspective and one of the best places to visit in December.
Amritsar air terminal, Sri Guru Ram Das Jee International Airport is 11 km from the town. Amritsar railroad is all around joined with other real rail route stations of the nation. Customary transports from diverse North-Indian urban areas utilize to Amritsar.
The Dev Deepawali or the Ganga Mahotsav starts in the month of November. A gigantic herd of vacationers and journeys assemble on the banks of Ganga to observe Diwali. The stupendous Aarti s and sight of more than several sparkling diyas will astonish you. Varanasi is a decent decision to visit this December.
Varanasi has both the airplane terminal and railroad station. Transports from different parts of the state routinely employ to Varanasi.


My intent was to sponge the entire background but a couple of ink smudges required the die cuts - ugh!
A beautiful beach/ocean scene, Claudia. I love it and your sailboats/birds look perfect. Wonderful sponging.
Love your gorgeous scene, Claudia - so inviting!!!
This is gorgeous..so serene and peaceful. Good job on the softness of where the water meets the sand.
What a fabulous scene! And I love your sentiment!!
Fabulous job on the sponging of the ocean scene!
Love the sentiment and sail boat in the background! Beautiful card!
I love the scene.....and the smudges just gave you the opportunity to embellish!
Great sponging on your lovely scene!
Gorgeous scene with beautiful sponging!! On SCS Facebook!
A stellar job on all the sponging and scene work. No such things as mistakes in art, right?
Wow! Great job! Your sand looks so real!


Set in the northern fells of the English Lake District, the Parish of Mungrisdale is made up of eight hamlets: - Berrier, Bowscale, Haltcliffe Bridge, Heggle Lane, Hutton Roof, Mosedale, Mungrisdale and Murrah.
Overlooked by the imposing fells of Blencathra (Saddleback), Bowscale and Carrock and complemented by the Caldew and Glenderamakin becks. The parish is predominately a farming community, and is also a very popular with tourists.
QUIZ NIGHT - Saturday 9th February 2019 at 7pm Mungrisdale Village Hall Entry £5 per person. Children free. Teams of up to 6 people. Cash prizes + prize for best team name Light refreshments, bar, raffle.
Prince Charles visits Low Beckside Farm in Mungrisdale.


text:
CASSL a Year in Review
Anne-Marie Asenso reviews her time as chair of the Charted Accountant Student Society London (CASSL) discussing the challenges and surprising benefits of adapting to the pandemic.
As my time as chair on the Chartered Accountant Student Society London, affectionately known as CASSL, has come to a close, I would like to take the opportunity to do 'a year in review'. Like many organisations the pandemic meant the committee had to adapt. At the core of our activities was our mission statement, to improve the technical ability, career progression, and social, physical and mental wellbeing of the community of student Chartered Accountants in London. As a group could not follow on from our predecessors and looked for new ways of working.
We began the year by holding the first ever online AGM in May. Prior to the AGM there had been a decline in interest for roles on the committee with only 3 applicants. As Secretary, with the help of the ICAEW, I embarked on a wide campaign to promote the committee to London members. Over 60 people attended an 'introduction to the committee' event. The size of the committee grew to its maximum of 20, which included 17 new directors, 16 of whom had never attended a meeting prior to the election. After a successful online social event led by our new Secretary, Tim Reilly, the committee hit the ground running.
The most popular event we hold, the Case event, changed to online along with every other event held in the year. The change to online events led us to reach out to new sponsors who could also adapt with us at short notice. The Case event was more successful than ever with almost 1000 attendees across October and July. The move to online expanded the capacity beyond the usual maximum 400 that could be held in person.
Our commitment to technical ability and career progression included sharing our new sponsors across the country with other societies who also had to adapt. CASSL continued to pioneer as a Society, reaching out to the ICAEW which led to a series of events to cover the changes to the ACA for 2021 sittings. Online events will continue to be a stronghold of our focus on technical ability and career progression as it provides more accessibility.
Football, netball, and the annual ball are events that we are known for. This year we could not hold any of these. However, after the suggestion of new Director Benedict Currie, we continued our commitment to physical and mental wellbeing by introducing bi-weekly yoga events. This is the first series of events CASSL has held averaging 20 attendees at each session.
During the year a profit of £8,117 (2019: Profit of £965), this was due to the pandemic leading to lower costs as we held events online. We were also able to source sponsors who provided events at no cost, as well as using ESF for our yoga events. Further information can be found in our financial statements on Companies House.
A key focus of mine & Rozalie's (Vice Chair) this year was to build stability within the committee as we adapted to the ever-changing environment of the pandemic and to ensure continued interest in the Society. I am proud to say we far exceeded all our expectations. Our event turnout more than doubled from prior year. The committee made a conscious effort in our commitment to diversity highlighting LGBT+ History month on our socials and through our articles published in the London Accountant. With our Treasurer Matt Coote's oversight, a new sponsorship pack was developed by our Sponsorship leads. This has led to funding discussions with an array of businesses as we personalised our proposals whilst using the pack. Led by Vice Chair, Rozalie Boyle, and Director, Olivia Carling, a mentor scheme has been set up focussed on new joiners in smaller firms. At the time of writing, almost 100 individuals have signed up.
CASSL has been able to use the events of 2020 to regroup and establish new ways of working with different responsibilities, but the same focus. Going into the 2021 AGM we created role leads to focus the interests of the society to better enable the engagement of all members. The 2020/2021 Committee has never met physically which makes me even more proud of all that we have achieved virtually. The future committee has a lot of weight to carry as we venture into the new normal, but I am certain that this committee has provided them with the tools to achieve it.


Sunday, July 30, 2017. It was a nice and cool day. I worked on writing the Blog Oklahoma Podcast, and I made Ham Beans for supper.
Sunday, July 23, 2017. It was a long hot weekend. A bit too hot to do much of anything except stay inside under the air conditioning. So this week I take a look at some large birds flying over the house early in the morning, I refilled our bird feeders, and I examine the web worm infestation of our old pecan tree. So exciting. Ha.
Spent the afternoon morning mowing the lawn, working on my podcast, and making quick cheese enchiladas.
I haven't exactly been taking it easy during the Blog Oklahoma Podcast hiatus. Here's a short vlog from Sunday, July 9, 2017. I spent the afternoon working on the kitchen. Our pantry was a disorganized mess, so I took some time to organize it.
No new episode of the Blog Oklahoma Podcast this week. I haven't exactly been taking it easy during this time away. Here's a time lapse of me mowing our lawn.


text:
Ol(l)ivier Marie Souêtre (forme de l'état civil) ou Olivier Souvestre, né le  à Plourin-lès-Morlaix et mort le  à Paris, est un poète et chansonnier breton. Il a participé activement à la Commune de Paris et au mouvement anarchiste, dont il s'est fait le chansonnier.

Souêtre ou Souvestre ?
Il a été déclaré à l'état civil sous le nom de "Souêtre", mais, selon l'enquête du maire de sa commune faite à sa demande, Souvestre était le nom de son aïeul et c'est en 1800 que la substitution a été faite. De 1850 à 1862, il a signé Souvestre en référence au nom qui figurait dans les baux de son père. En 1862, il décide de reprendre son nom légal pour la parution de son roman à Paris.

Biographie

Vie en Bretagne

Il est né de Maurice Souêtre (1796-1854), meunier au Moulin de la Pierre (Moulin des Pierres)?, et de son épouse, Catherine Razer.
Enfant, sa lecture favorite était  Ar pevar Mab Aymon ("Les quatre fils Aymon"). Son intelligence le fait remarquer par Jean Pierre Marie Le Scour qui le rencontre au presbytère de Plourin et qui le fait envoyer à Quimper au grand séminaire.
C'est à ce moment, à l'âge de 19 ans, il aurait composé la complainte en breton Ar Roue Gralon ha Kear Ys, qui fut l'un des principaux vecteurs de la légende du roi Gradlon et de la ville d'Ys, une habile contrefaçon d'un texte ancien.
Ce texte est édité en 1850 accompagné d'un poème de Jean Pierre Marie Le Scour sur le passé légendaire de Rumengol.
Le Scour est un riche négociant en boissons de Morlaix qui l'a pris sous sa protection et lui fournira des moyens de vivre pendant plus de 12 ans.La qualité du chant  et la jeunesse de son auteur fait qu'il est imprimé anonymement par une quantité d'imprimeurs, dont le premier est Haslé, successeur d'Alexandre Lédan à Morlaix.

Souêtre renonce à la prêtrise au bout d'un an, à cause d'une histoire d'amour, et découvre les œuvres de Félicité de Lamennais, qui préconise un rôle plus social de l'Église et qui subit, pour cette raison, une condamnation papale.
Ayant tiré un mauvais numéro, il fait son service dans l'infanterie de marine à Rochefort, mais n'y reste que deux ans, jusqu'à la fin de 1854, au motif que son père venant de décéder, il est le fils aîné d'une veuve qui a aussi une fille.
Sa mère vient tenir un débit de boissons à Morlaix, grâce à Le Scour, qui donne au fils, considéré comme un ami très proche, un emploi de commis voyageur.
Le Scour met sa fortune au service de la littérature en breton et soutient de nombreux écrivains et chanteurs. Il est longtemps un fidèle de La Villemarqué et fait partie de sa petite Kenvreuriez Breiz.
C'est aussi un homme très dévôt, entretenant des relations étroites avec le clergé, et un ardent promoteur du pèlerinage à la chapelle de Rumengol, proche de son lieu de naissance et de la baie de Douarnenez, où la légende situe la Ville d'Ys.

Vie à Paris
En 1858, voulant se faire un nom dans les lettres, et d'abord dans le théâtre, Olivier Souêtre part travailler à Paris pour le compte de la compagnie de chemin de fer de Graissezac à Béziers, puis aux archives de la Compagnie d'Orléans et publie, en 1862, aux frais de Jean-Pierre Le Scour, un roman en français, "Mikaël, kloarek breton" qui ne recueille aucun succès, d'autant que l'éditeur, Poulet-Malassis, fait faillite peu après.

Sa correspondance avec Le Scour, publiée par François Jaffrennou, le montre de plus en plus sensible aux idées révolutionnaires et de plus en plus critique sur l'Église catholique, ce qui semble distendre les liens avec Jean Pierre Le Scour, puisque celui-ci ne dédie plus, en 1868, sa chanson An hini a garan à son ami, mais à son épouse, dans son recueil de poèmes et chansons "Telenn Remengol" (86-88).
Il participe à la Commune en 1871, servant dans le 151e bataillon des Fédérés, et est blessé lors des combats d'Issy-les-Moulineaux en . Ayant reçu une balle dans la gorge, il échappe au peloton d'exécution.

Pratiquement privé de voix et licencié par la Compagnie d'Orléans, il retrouve un emploi, d'abord comme correcteur d'imprimerie, puis comme commis au Comptoir national d'escompte de Paris.

Une fois la République stabilisée et la répression anti-communarde arrêtée, il se met à écrire les paroles de plusieurs chants révolutionnaires et anarchistes en français, dont, en 1883, La Marianne, « sur une musique de Léon Trafiers » (anagramme de Saint-Ferréol). Dédiée à sa première interprète, Fernande d'Erlincourt, cette œuvre été traduite dans plusieurs langues et fut un chant emblématique des mouvements sociaux européens jusqu'à ce que L'internationale soit mise en musique en 1888 et lui vole la vedette. Son texte est consultable sur un site Internet.

En 1888 est joué l'opéra "Le Roi d'Ys" sur une musique d'Édouard Lalo, librement inspiré de l'œuvre de Souêtre, mais, celui-ci, que beaucoup croient mort, n'est pas perçu comme l'une des sources du livret, alors même qu'on publie le texte en français sans nom d'auteur. Un spécialiste, comme Anatole Le Braz suppose même, pendant un certain temps, que la complainte est une œuvre populaire très ancienne.

Elle est alors entendue partout en Bretagne occidentale et Souêtre dit l'avoir entendue chanter par ses adversaires de 1871, les gardes mobiles bretons.

En 1896, l'année même de sa mort, il fait publier "La Cité de l'Égalité", un dialogue de 30 pages qui rend hommage à l'œuvre de la Commune, appelle à la révolution communiste anti-autoritaire qu'il voit se réaliser en 1930 et propose une France totalement fédérale basée sur "l'indépendance réciproque des communes" dans une optique anarchiste. En annexe, 20 pages de "poésies diverses" contiennent une large part de sa production poétique, dont un poème inclus dans le roman de 1862. On y trouve le texte de "la Marianne" et du "Massacre de Fourmies". À propos de "la Marianne", "l'éditeur" écrit qu'il a été surpris de l'entendre à Bruxelles, car elle était devenue l'hymne du Parti socialiste belge.

Notes

Références
Ollivier, Joseph. Catalogue bibliographique de la chanson populaire bretonne sur feuille volante. Quimper : Le Goaziou, 1942. 347.
Almanach illustré de la chanson du peuple pour 1907. Paris : La Publication sociale - R. Mouton et Delesalles, 1906.
Souêtre, Olivier. Mikaël, kloarek breton. Paris : Poulet-Malassis, 1862.
Souêtre Olivier, Leroy Achille. Fusillé deux fois : épisode de la Semaine sanglante et La Commune ressuscitée, Paris, Le Prolétaire, 1881.
S. n. Gwerz Gralon ha kear Is.  Morlaix : Impr. Haslé, 1851. 8 p.

Liens externes

 Olivier Souêtre. La Cité de l'égalité. Paris : Impr. A. Leroy : 1896. Disponible en ligne :

Poète français du XIXe siècle
Communard
Anarchiste français
Poète breton
Personnalité bretonne du XIXe siècle
Naissance en décembre 1831
Naissance à Plourin-lès-Morlaix
Décès en décembre 1896
Décès dans le 5e arrondissement de Paris
Décès à 65 ans