EFTA Document EFTA01378011

North America Direct Revenue grew by $42.5 million, or 10.9%, in 2015 versus 2014, driven by 10.3% growth in Average PMC and a 0.5% increase in ARPPU. Average PMC growth was driven by an increase in the percentage of new users becoming paid members. growth in new users, and higher beginning PMC. ARPPU increased due to increases in mix-adjusted rates, offset by mix shifts to lower rate brands. International Direct Revenue increased by $0.4 million, or 0.2%, in 2015 versus 2014, driven by 23.8%