Welcome to Adobe's 2019 Financial Analyst Meeting. I'd like to extend that welcome to those watching on the live webcast. And once again, welcome to Adobe MAX, our largest MAX ever with more than 15,000 in attendance. I'm Mike Savage, I Head of Investor Relations here at Adobe, and we're excited to have you here today. This is not only our biggest MAX, this is also our largest financial analyst meeting ever, with attendees from across the world and from some of the largest financial institutions in the world.
And we thank you all for joining us here today. I think the large attendance reflects not only the great interest in our story, but the impact that Adobe has as one of the largest, most diversified, most profitable software companies in the world. During our meetings and our calls throughout the year, we take note And when I think about coming into this meeting today, there's probably 3 key areas that bubble up in every call, every meeting, every note. The first, of course, is around our digital media business, Creative Cloud, Document Cloud. It's not so much about what we've done, But it's about what will continue to fuel the growth.
And you'll see today we're going to spend a lot of time talking about growth drivers and how we're thinking about bigger about the opportunity. With Experience Cloud, the second area, it's really understanding more about our differentiated value proposition, about the opportunity, about the customer challenges that we can help solve, about our go to market strategy, about our partner ecosystem, and we're going to spend a lot of time on that as well. And the 3rd area really cuts across the business about how we not only think about driving growth, but also about what that means for driving margin expansion and growth on the bottom line. To accomplish these goals and others, we built this agenda for you today. Shania will kick things off in a minute, Set up today, articulate our vision and really at a high level start with a discussion on our high level strategy.
Following Shantanu, Gloria, our Head of Growth and Strategy, will review our market opportunities. You'll see that we spend a lot of time digging deeper to how we think about the opportunity. She is going to walk you through that as well as spend more time talking about our strategy. After Gloria, Sean is going to come back. He is going to walk you through our digital media and our digital experience business.
He will review our product momentum, our product portfolio, lay out our strategy by our key product areas. Later, Abe, our CTO, will help you look around the corner as we do, Think about key market trends and put into perspective the investments we're making in areas like cloud technology, AI, platform, apps, services, things that differentiate Adobe from every other company in our space. Finally, John will lead a discussion on our financials, review some key topics that are of importance to you, summarize the day and provide our preliminary targets for next year. We'll close with the Q and A session and we ask that you hold your questions to them, including during the break. We will hold the break between the digital media and the digital experience sections, and we hope to have you already here about 5 o'clock today.
In addition to our speakers, we have other members of our management team here today, as well as members of our Board of Directors and our 2 founders. Slides from today's presentations were put up on our website about an hour ago, and they're available for viewing and for download. We also issued a press release about an hour ago that summarizes key messages that we're talking about today and provides you those preliminary targets that we'll review later on. And you can find that press released on our website as well. Today's meeting is being webcast, and we will have a video archive of the meeting available tomorrow for a limited time.
Today's webcast and webcast archive are the property of Adobe and can't be reproduced or distributed without our permission. Finally, before we get started, I need to provide our financial disclaimer. Some information we discuss today does contain forward looking statements that involve risk and uncertainty, And our results could differ materially from those statements, and we encourage you to review our SEC filings and other disclosures we make for a complete discussion of those risks and uncertainties. With that, we thank you again for joining us today. And let's kick things off with our President and CEO, Shantanu Narayan.
Thanks, Mike, and welcome. I'd like to add my welcome as well, both for The few who took the time to be with us here at MAX today, as well as those who are attending online. I hope For those who attended the keynote, you were as impressed and blown away as I was. I mean, it really just showed the amazing ingenuity and innovation that Adobe Is so well known for. And I think the key to our successes over the last 37 years has really been the strength of our product And the innovative environment that we are in.
I'm happy to touch a little bit about strategy, talk about our vision, momentum and opportunity In each of these businesses, as well as our financial performance. I think of all great companies, All of them have one thing in common, which is they have a purpose that actually drives them over decades. And it's inspiring to us When we think about what the company stands for, it's always been about changing the world through digital experiences. We know where these experiences are consumed, where they are created, and the impact that they have has never been greater in terms of what happens in today's society. And we're really impacting how people work, how they learn, how they play as well as do their business through technology.
What's exciting particularly about this mission is that we're now impacting more people than ever before. And Gloria will touch a lot on what's happened as it relates to The addressable audience that we have for our businesses, all the way from individual freelancers and students to the largest enterprises in the world. 2019 was a phenomenal year. It's actually interesting to stand here before you. And if you look at The Q4 updated targets that we sent out today that this will be the quarter that we crossed $10,000,000,000 in revenue, As well as $11,000,000,000 in revenue.
And it's the rare company that has actually accomplished this significant milestone. We're a product company at our core. And when I think about what we delivered in 2019, there were some absolutely seminal product innovation across All three of our cloud offerings. On the Creative Cloud side, today we released Photoshop for the iPad. It's a really completely new way of thinking about systems and how we deliver our technology across different surfaces.
In the Document Cloud space, we're focused a lot more on verbs and what are the actions that people want to take with And how can we deliver that functionality, not just in the desktop applications that you've traditionally expected from us, But also as embedded services through ISVs as well as through the web through frictionless PDF services. On the Experience Cloud, the innovation that we've delivered with the Adobe Experience Platform that I'll touch on, we believe that that's multiple years ahead of what anybody has And really enables enterprises to have the single unified profile to deliver consistent, compelling And engaging experiences for all our customers. So just a phenomenal, phenomenal product here. We're also certainly grateful for all The recognition that we get across the different brand surveys as well as the responsibility indexes. Interbrand, we were ranked number 39.
I we're one of the top risers for 4 years in a row. And I think it just gives us permission as a result of our brand strength to target new customers. It's a war for talent out there and we don't take lightly the way we are ranked. Best places to work, whether it's Fortune or Glassdoor, U. S.
And globally, we're always ranked 1 of the best companies to work for as well as 1 of the best companies to work for millennials. And sustainability and diversity and inclusion has always been a core hallmark of what Adobe stands for and whether it's the Dow Jones Sustainability Index or the Bloomberg Equality Index, we're proud of the rankings that we get, one of the most ethical companies to work for, One of the most responsible companies. And as I said earlier, I think our financial performance as well crossing $10,000,000,000 puts us in completely rarified atmosphere And the very, very few companies who have the kind of top line growth, bottom line growth as well as the operating margin that we have. 2019 was almost in the past. What I'm even more excited about and I'd like to touch on is what the macro trends are and why we think the best days Adobe, which is the other survey that's always done and we rank very highly is so important to us.
I won't touch on all these macro trends. There's certainly ones that every one of you is going to look at and have an affinity towards. Maybe just a couple of them that I'll highlight. Design and creativity have never been more important. And they've never been more important across every single aspect of lights that we have today.
For those of you who attended the keynote this morning, we talked about the impact of creativity on education How the Shakespeare Theatre is changing education. We talked about the impact on how people are designing prosthetics. We talked about the impact certainly on entertainment. We talked about how creativity has become increasingly empowering. And what that means is that the number of new people Who are seeking out creativity as a profession has never been greater.
When you think about what's happening with technology and reshaping productivity And the move from automating business processes and paper to digital, we understand that documents are absolutely core To how people work, how they transact business, as well as how they handle personal matters. And it's a matter of pride that PDF without a doubt is the lingua franca Of how documents are shared on the Internet and this drive for paper to digital clearly continues. Every single business is going through the same digital transformation that we were lucky enough to go through almost a decade ago. And if a company cannot engage digitally with the customer, understand how the funnel all the way from acquiring customers To renewing them can be done digitally, they're going to be disadvantaged. And so we believe that this opportunity around the digital experience space, Which is to enable a company to digitally engage with customers is one of the largest addressable markets that we have.
And so all these macro trends Clearly, our tailwinds for us as a business. And frankly, I think we take a lot of pride in the fact that we're creating some of these macro trends by the innovative technology that we provide. Our strategy is pretty simple and it's been pretty consistent for many years. The three things that we focus on, Unleashing creativity, we believe that everyone has a story to tell. Technology is going to be The enabler to enable people's imagination to be represented across media types and we are focused on giving anyone anywhere The right tool, the appropriate tool to both discover and express their creativity.
With accelerating document productivity, we are modernizing how people View, share, create, compress and act on documents and sign with powering digital businesses. We chose these words carefully. It's not just powering digital businesses as you might think of. Every business today is a digital business. And we have the most comprehensive platform as well as a new experience platform that's innovating in the way of enabling all of these companies To take their business online.
And what's underlying all of this that Abhay will also touch on is the power of Adobe Sensei Our platforms and content and data and so the opportunities for us have never been greater. I'm going to quickly cover on each of the next three slides, the high level strategic and then I'll ask Gloria to come in and give you More in-depth analysis of our addressable markets and how we've measured it. But in the Creative Cloud, without a doubt, Our focus is how we can create categories as well as lead in every single design category with what we call multi surface systems, Which is the ability for people to use our tools wherever inspiration strikes and for all of these assets to be seamlessly In the cloud, so that people can access them, whether it's on a mobile device, whether it's on a tablet, as well as whether it's on a desktop. The progress that we saw this year in terms of both Photoshop on a tablet, what we announced with Photoshop Camera, what we've done with screen design and XD And live co editing at XD, what we are doing with Rush and Spark, which is attracting a brand new set of customers, we're clearly The universe of users that are now looking to Adobe to help them express their creativity.
We've touched a lot at the financial community about services, Services like Adobe Stock, services like Behance, services like Photoshop Brush, which both make our technology stickier as well as enable enterprises To adopt not just the desktop products, but actually use it as a complete design system within the enterprise. And I think we've also touched upon at the financial analyst meeting, How all of the success has not just been predicated on the innovation that we've delivered, but it's been predicated on creating this data driven operating model that enables us To be extremely optimizing of everything from acquiring customers, enabling them to try our products, Providing the right offers to them in terms of what they buy, understanding usage, because we really believe that at score retention is the new growth and then Helping them renew. And so optimizing this engagement at every step of the customer journey across the globe has certainly helped us drive That we've seen in the creative business. In the document business, PDF, when mobile first came around, a lot of people were wondering whether PDF Would be the de facto standard on mobile devices. We have reader ubiquity right now across desktop, mobile and web.
And through these embedded services, we're now Making it available even for browsers and other third party ISVs. There are actually 2,000,000,000 devices that have Adobe Reader and Scan Across all of the different platforms that exist. And we're trying to make sure that every single PDF, irrespective of when it was created, Is now available in an optimized way as well as responsible for the mobile era. I'm particularly excited About our strategy to ensure that Acrobat on all services deals with not just create PDF and view PDF, which was the first few Verbs that were really the most used, but across every single document verb capability that customers want. And our ARR growth, much like it is in Creative Cloud, is being driven tremendously by new customer acquisition.
It's certainly being driven by the migration of the perpetual Install base to subscription, but it's also been increasingly driven by reader upsells as well as embedding our technology in other people's services. And so Document Cloud had a phenomenal year and you have to look at the Document Cloud revenue, not just in terms of what's reported in the Document Cloud segment, but also as part of the Creative So this business is really on a tear, both in terms of units as well as revenue. About 10 years ago, we had this vision That a number of enterprise categories were automated. Supply chain was automated. Finance was automated.
HR was automated. But we thought that the most mission critical enterprise software would be the software that was required for enterprises to engage digitally with customers. We acquired Omniture and we thought that data would be important and digital marketing as a category was certainly a category that we pioneered And it was unique in the industry and we still have the most comprehensive offering. We believe that there's another generational innovation shift That is going to happen in this business. I'll touch a lot upon that.
It's clearly a space that I've spent a lot of time over the last year. And it's about not just targeting the CMO Or the Chief Revenue Officer, the Chief Digital Officer, but delivering a comprehensive platform as the underlying infrastructure for this New enterprise era. We have a tremendous opportunity ahead of us that we'll touch on. And we think that the investments that we made this year We'll ensure long term success in this business. And we think we have all the pieces in place to lead this explosive customer experience management category.
We're also really pleased with the acquisitions that we made in this space with both Marketo and Magento and how they've now been integrated into the comprehensive offering that we have. Again, much like the Creative Cloud and the Document Cloud, we believe that Sensei continues to be a unique differentiator as well as what we are delivering across Content and data across the entire content lifecycle from create, manage, measure, monetize and mobilize. So when you put all these three things three businesses together, the opportunities, the macro trends, the leading technology platforms that we have, We certainly believe that we have the right strategy and it leads to an exceptional opportunity. Gloria will touch On the components of how we believe that this is $128,000,000,000 opportunity in 2022 and through our clouds, We are going to unleash creativity, accelerate document productivity and power digital businesses. So to provide a lot more color on the strategy to expand these markets as well as categories and to talk about our TAM, I'd now like to invite Gloria Chan.
Gloria?
Thank you and good afternoon. Adobe has a tremendous growth story to tell. With the TAM projected to be $128,000,000,000 by 2022, our growth is clearly not opportunity constrained. And part of what I'd like to do today is to unpack for you what's behind that number, both the secular trends and the specific strategies Our strategy starts with and expands from our core assets, Many of which Shantanu has already touched on, our large and loyal customer base, our technology leadership, which has set De facto standards in multiple categories and our brand, which gives us tremendous permission to expand from this position of leadership. Along each dimension and for each business, the key message here is that we are thinking bigger.
We're broadening the universe of customers we serve from power users to consumers, from the digital native disruptors To the largest multinational corporations. We're driving category leadership and innovation in creativity, documents and customer experience management. And we're going from building applications to apps, services and platforms, which enable us To deliver innovation more rapidly to our customers, tap into broader market opportunities like the API So, let's now look at the specifics
Everywhere
we look, whether it's in entertainment, education or the enterprise, Content is fueling the digital economy and that is driving an explosion of creators, tools and assets that are tailwinds Our business, creativity is expanding beyond creative prose. Middle school history papers Our now web and video productions, 100 of millions of people engage in social media storytelling every single day. And entrepreneurs pitch and market 3 d product prototypes online that have been designed, but have yet to be built. Creativity is moving beyond the desktop. It's a given now that consumers use their phones to take pictures and videos.
But even in Photoshop, the mainstay of professionals, over 40% of the images opened in Photoshop were shot on a smartphone. And of course, as you saw today, with Photoshop and Fresco on the iPad, creative professionals can now work seamlessly across desktop and mobile. And beyond that, with emergence of voice recognition and immersive AR interfaces, Creativity is now truly being created in 3 d and for 3 d. Entertainment and advertising have always been big business, But the power of original content has never been more evident, whether we're talking about media conglomerates, blockbuster game titles or social media stars. This year, tens of 1,000,000,000 of dollars will be spent by Netflix, Apple, Amazon and others To fuel the demand for fresh content and drive subscription retention, on YouTube, the top 10 earners Each make over $15,000,000 a year, inspiring many 13 year old gamers, including my own son, to learn video editing in the quest for stardom.
All of these trends are strong tailwinds for our Creative Cloud business as literally everyone has a story to tell and they want them to stand out. Creative Cloud strategy is all about unleashing creativity, as Shantanu mentioned, to empower all voices from the most Demanding professional to the kid just getting started. To define the cutting edge of creativity across all media types, including new ones like To make the creative process more productive and inclusive with cloud enabled collaboration and workflow And to deliver Adobe magic with Sensei, our AI engine and to put it to work for all our products. And just as we're doing this week at Max, an online through Behance live streaming and our marketplace, Bringing the community together to create and inspire each other drives network effects amongst professionals and new users alike. You'll hear more about our strategy from Shantanu later, but first, let's talk a bit about market sizing.
Up until now, we've maintained a TAM methodology for the Creative Cloud, which was grounded in the 2011 announcement of our migration from Creative Suite to How we talked about core, value and market expansion was through that lens. Going forward, we'll report our TAM aligned to the broader customer segments that we're targeting, creative pros, Communicators and consumers, so that we can more effectively focus on the offerings and the strategies for each segment. So, let's start with the Creative Pros. While we are 8 years into the Creative Cloud journey, The CreativePro opportunity has never been more robust. We estimate that in 2022, there will be 45,000,000 potential customers in this segment, including 35,000,000 people with CreativePro job titles and another 10,000,000 students This is driven by the tremendous creative job growth worldwide across graphic, web and user to individuals, teams and in the enterprise, continued migration of CS users, combating piracy and global expansion.
On top of continued growth with creative pros, we're expanding our universe to include communicators and consumers. If creative pros are creating content 10 hours a day, think of these people as creating 10 hours a week or 10 hours a month. We estimate the communicators population to be about 700,000,000 people. These include the halo Of aspirational creatives who use professional apps because they want to do more than what office apps can do or others who would want template driven apps Like Adobe Spark. Estimates show that in 2022, there will be 4,000,000,000 connected consumers in the world, Most of them all engage in some form of creativity.
These are hobbyists, enthusiasts, Social media users and kids K through 12 who are creating for school and for fun and they live and work in their mobile devices. Now, these may seem like huge numbers, but with over 200,000,000 Adobe IDs from our Creative Cloud mobile apps today, We know that there's consumer interest and we have the capacity to serve them. When we put it all together, mapping the products and services we're targeting to each segment and adjusting for factors like piracy, The Creative Cloud TAM is projected to be $31,000,000,000 in 2022. Dollars 15,000,000,000 of that TAM It's coming from Creative Pros, which includes Creative Cloud apps and services like Adobe Stock. Over Half of the TAM though is coming from the broader communicator and consumer target segments, which includes products like Spark and Premiere Rush And non pro users of the rest of Creative Cloud and stock.
With the majority of our creative ARR coming from Creative Pros, We're just getting started in our expansion. Our aspiration to unleash creativity provides an inspiring North Star to execute against Electronic documents have never been more relevant. Contracts and invoices, flyers and permission slips, PDFs are everywhere. And with that comes great opportunity for Adobe. Paper to digital transformation is a big opportunity, but it's not simply because paper needs to be converted to PDF.
Most documents are actually already digital to begin with, but too many still are being printed, completed and rekeyed into another system. Across industries and around the world, business processes like employee onboarding and sales contracting are trying to go digital And stay digital and PDF has a critical role to play across and within those processes. At our desks or on the go, cloud and mobile are reshaping how we all work, ad hoc, collaborative and unstructured, making PDFs The perfect portable container for what we want to read, share and react to. And with the rise of the API economy Revolutionizing how apps and services are being built, there's a new opportunity to target developers looking to embed document services Document Cloud is all about accelerating document productivity. To ensure the ubiquity of the reader, We'll always deliver the best PDF viewing experience on any platform and device.
To help people and businesses go digital and stay digital, We're expanding the types of document verbs available in Acrobat like edit, secure, comment and sign. To make PDF easier For more people, we're making PDF frictionless with simple one click access through adobe.com and mobile And to unlock the value of trillions of PDFs and actual paper documents, we're using AI to read and make sense And last but not least, to unleash an ecosystem of developers From enterprise to ISVs to the long tail, we're delivering embedded PDF services APIs. As with Creative Cloud, we've taken the opportunity this year to reframe how we size the market. In the past, We were focused on maintaining consistency with the Creative Cloud TAM methodology with core value and market expansion. And starting this year, we're aligning to the 2 segments of the Document Cloud strategy, Acrobat Applications and Document Services Platform.
So let me explain each one of these in turn. We estimate that in 20 The potential users for Acrobat applications will include 75,000,000 advanced users and a broader universe Advanced users are people who have a need for Acrobat on a daily basis, Like in legal, financial services or publishing. Communicators, on the other hand, include knowledge workers who interact less intensely with PDF. They might need the document collaborators in Acrobat or someone looking to do an occasional conversion to PDF. Both opportunities benefit from viral adoption and our broad installed base of 2,000,000,000 Adobe Reader and Acrobat users Make for a strong top of the funnel for conversion and migration.
2,000,000,000 is a lot of users, But it pales in comparison to the sheer magnitude of trillions of PDFs that are created every year. Every one of those PDFs Represents information locked inside of a document and our embedded services strategy will enable digital workflows to take action on those PDFs and unlock the value. Half of Adobe Sign usage already comes through API calls, where Adobe Sign is embedded in a third party app. And we're in the early days of rolling out other document services, including Sensei powered intelligent viewing. We're excited about the Document Cloud strategy and the broader addressable market it represents, Now totaling $13,000,000,000 in 2022.
In Acrobat applications, we're growing users And we're benefiting from the migration to subscriptions and we're expanding the opportunity with PDF, mobile and web apps. And in the document services platform, we're driving growth with e signatures and new embedded services. Digital transformation is a macro trend that's affecting every business, government and educational institution But as Shantanu said, make no mistake, every business is already a digital business and winning in the digital category will Require each of them to up their game in customer experience. The bar is very high. We've actually talked about this at Adobe Summit and our various events that people buy experiences, not products.
And the image of this coffee cup here captures it perfectly. It's not about the coffee or the milk. It's the music. It's the fact that your favorite drink is ready when you arrive and that it's free because it's your birthday. It's delightful.
It's personal. It's easy. It's a great experience. And we've come to expect that kind of experience from every business we interact with every day, B2B companies are catching on. Business buyers are consumers 2, and their expectations don't change because they badge into the office.
Companies that do it right are thriving and they're investing more than ever before The largest HVAC distributor in the U. S. Is transforming the entire home servicing industry with a mobile app that enables contractors to place orders, Check inventory and validate warranty coverage in real time. With personalization across the entire supply chain, the distributor, The contractor and the homeowner all win with better service and more business throughput. So in B2C or B2B, to deliver multichannel experiences personalized to every individual, CIOs must architect for real time action.
Now, you can tell when you're doing business with a company that has legacy infrastructure. You receive ads promoting products you've already bought. You get a cold call by a banker even though you've been a client of the firm for 20 years. You get a perky promotion for your next flight even though you're waiting for lost luggage. Great digital businesses know you And they have the content, data and real time systems to engage with you.
That's why we've built The Adobe Experience Cloud powers digital businesses, Helping companies deliver the most engaging customer experience across all channels and touch points And drive stronger business performance from first touch to acquisition, renewal and beyond. Our growth strategy Starts from a position of strength. Countless CMOs have built their careers on Adobe's leading digital marketing solutions over the past decade, And we are better positioned than any company to bring them and their companies through the next decade of transformation and experience driven growth. We're expanding from B2C to what we're calling B2E, business to everyone, because we know All businesses want to achieve more with their customer experience. We're extending our reach to CIO with the Adobe Experience a generational platform to activate customer data and we're scaling our mid market business Because businesses below $1,000,000,000 need digital marketing, commerce and customer experience management too.
Adobe Experience Cloud is mission critical to our customers' businesses. Their success is our success and it goes beyond technology To people, processes and systems and evangelizing DDOM, the data driven operating model, which is driving our digital media business is a critical The Experience Cloud TAM is an aggregation of the spend in the following software categories, which we've worked with IDC to analyze: Data and insights, which include analytics, customer data platforms and categories where spend is related to the experience platform. Content and personalization, which includes content and asset management and personalization and testing, customer journey management across Omnichannel Campaign and Lead Management and Key Categories in Commerce and Advertising. Content and personalization and customer journey management were represented by 1 marketing cloud TAM in the past. We're breaking it out now so that you can see the depth and breadth of what we're targeting in each one.
When we roll up these categories, our total addressable market for the Adobe Experience Cloud is Estimated to be $84,000,000,000 in 2022. And while most of the growth is organic, we have made some adjustments in the past year To ensure that our methodology is consistently applied to our recent acquisitions. And as we said many times before, these are large and growing categories, are top of mind for all businesses and our growth is not opportunity constrained. Adobe has never been better positioned. With a huge TAM and amazing innovation roadmap, Each one of our businesses has a tremendous headroom for growth.
And now to talk more about our business momentum and strategy For Digital Media, I'll hand it back over to Shantanu.
I don't know, after Gloria presents, maybe we should just go to Q and A and see if there are any questions that's left. We're fortunate to have Gloria head up our strategic activity. So what I was going to do Really go into a little bit more detail associated with both the Creative Cloud and the Document Cloud address. As Mike said, Some of the questions that are on people's minds, what is the growth drivers in this business, how we're thinking about mobile as a way of monetization, What's happening in terms of attracting new customers? But I think as all of you know, the way we represent the digital media business is through the 2 strategic imperatives that we have, Unleashing creativity and accelerating document productivity.
I think what's really fortunate as we think about this business is that very, very few companies on the As Gloria said, the breadth of customers that we have, consumers, knowledge workers, communicators, As well as, of course, professionals who use these as mission critical multiple hours a day, every one of them relies on Adobe To realize their vision in terms of both work as well as life. And we recognize that creativity for everyone And creativity is big business, our macro trends that are going to significantly accelerate our business and we need to significantly expand our own offerings To address all of these different constituencies, because creativity is not just for the professional, frankly, it's for every product manager, every Documents, of course, are the currency of business and communicators and creative professionals alike who rely on PDF To communicate and transact business are a huge part of the digital media customers that we have. I think one of the wisest decisions we made when we moved to the cloud was to unshackle the product teams from the 12 or 18 month product cycles that we had. If you think of Adobe, before we move to the cloud, we actually told all of our product teams not to talk to Because if they talk to customers, they may not buy the current version of the product and wait for the next version of the product.
They were startups in the valley That were founded with the sole purpose of saying, Adobe doesn't move as fast as what's happening with the cloud, what's happening with mobile devices. And they will try and compete with Adobe by releasing their products more often. What we were able to do in terms of moving to this new way of Delivering software was unshackle our product teams from the burdens of delivering products every 12 or 18 months and they could deliver it at the pace at which they could innovate. We were able to attract new customers to the platform. We were able to price these products globally differently.
And look at the digital media innovation engine that we have produced just over the last few years. We've introduced brand new products that appeal to both existing and new users, Products that you saw today such as Adobe Fresco and Adobe Scan, we're delivering multi surface systems, we're accelerating Productivity, and this I think is one of the underlying reasons why we continue to be incredibly excited about what our product teams can do in terms of Driving innovation and it certainly led to the ARR that you're all very familiar with. And I think it again boils down to this vision that we have Of being able to innovate and deliver products to a broader set of customers at a faster pace. So let's dig in a little bit more into what exactly is happening with Creative Cloud. We touched on most of the macro trends.
And I think Gloria did a great job of describing what not just the trends are, but also the Strategy is, we just think that creativity drives business results. Within every business today, knowledge workers are Using both creative tools and creative expressions to stand out because making the right presentation, having the right social launch for a campaign that you're working on It's absolutely critical in order to drive success. For those of you who weren't at MAX and again to We'll summarize some of the key announcements that we had. We had over 15,000 people attend from 60 plus countries. We're just looking at the traffic patterns, but it appears like between today and tomorrow, we will cross a 1,000,000 people who will be Also accessing this content online through our live streams and it's clearly become a movement as well as the world's largest celebration of Creativity.
And this is not just for creative professionals. When you look at the audience out there, they're C level executives, they're decision makers, they're people who are focused on producing content as well as approximately 2,000 students as well as educators and many creative enthusiasts Make this a must stop on the creative agenda. Max clearly epitomizes our mission of enabling creativity for all. Me touch a little bit on some of the milestone releases that we had. Every single product that we have today It's released multiple times.
We certainly use it as a forcing function to get all of our flagship applications. Scott talked about what's happening with pushing creative boundaries, what's happening on performance and reliability, what's happening on new innovative features through Adobe Sensei For every one of our applications, whether it's Photoshop, Illustrator, InDesign, Premiere Pro, After Effects, Audition. In addition, there were a couple of themes that I touch on. This theme of creativity for every device, we showed Photoshop on the iPad, we showed Photoshop Camera, Fresco, which is now available for Surface as well as other Windows, Rush that's available on Android and Something that's really seemed to resonate with the customers in the audience showing Illustrator on the iPad. We talked a lot about accelerating Both individual and team productivity, we've touched on this theme with the financial community for a few years, where every one of our new flagship applications automatically assets in the cloud, we started the collaboration process with creative libraries.
We now have content being stored in the cloud. We showed live editing with XD, Which dramatically expands the number of stakeholders who are using our creative products. So some really exciting things there. And we're certainly continuing to embrace new frontiers. We believe that new modalities as well as new media types on new devices Are going to be the way of the future and the releases that we announced, whether it was Adobe Aero showing what we were doing with Substance, as well as the other immersive products just continues to Sure that including voice, we are really embracing and pushing the boundaries on New Frontier.
So an incredibly successful Max thus far. I won't touch on every single stat on this slide as it relates The business momentum, this business momentum is clearly evident. But some of the things that drives the optimism that we have for this business We are attracting new customers to this platform every single day globally. Over 50% of the cumulative new subscribers Our brand new to the Creative Cloud franchise. We are also ensuring that enterprises adopt not just the desktop products, but also services, which makes it sticky As well as we're seeing a significant year over year seat growth in the enterprise.
The middle row shows a lot of the success that we're having across services With things like Adobe Stock and Stock was one of those categories that when we move to the cloud, we clearly said it's a natural for us, Because the majority of people who are contributing to stock photography use Adobe products and the majority of the people who have that fear of the blank slate and want to use stock are also creative users. And mobile continues to be a huge tailwind across multiple areas. And you saw some of the announcements that we made On mobile specifically, the way you have to think about mobile is it's driving multiple aspects. The number People who first come to adobe.com through mobile, it's a great top of the funnel acquisition vehicle for us. They create a mobile ID, they try out our mobile apps and then they realize that creativity is for them and then go and get their desktop application.
So a big push there. We're now having new offerings that are Completely mobile based. So that's also accelerating it, offerings like what we've done with Lightroom, certainly what we announced today with Photoshop for the iPad, As well as Fresco for the iPad. And so we have a premium model as well where people can use our iPad applications and then get a mobile only offering. And the fact that we have mobile also improves our retention fairly dramatically because now people who want to use our creative products wherever inspiration strikes.
So pushing mobile has clearly been a focus for us and it's driving our business across many dimensions all the way from acquisition through renewal. The Creative Cloud strategy is one that we continue to focus on. The Empower All Voices is one that's Particularly near and dear to me, I think we have over 20,000,000 people now using Spark and Spark is one of the best applications for somebody to start getting Involved with creativity and the way we monetize Spark as well is for smaller businesses as well as for people who want to use it, Where they don't have the attribution to Adobe, they can again subscribe to a premium offering. Adobe Sensei is alive and well with all of the There'll be magic that we're doing. Scott again showed the thousands of features that are delivered every single Max using Sensei.
But what we get particularly excited about is that the community right now Behance is over 18,000,000 people. And what we are doing with live streaming, with Showing people how to edit. And our vision for that is that every single product will have the equivalent of live streaming in it. So not only can you collaborate with somebody, but you can also train them. Therefore, you're bringing more people into the fold.
In terms of what we are specifically doing across each one of those, our product strategy clearly is to drive customer engagement. Scott talked a lot last year about the 1st mile and for all of the people who download our products, how we can make them productive. That's a huge part of the customer engagement. In category leadership, it's all about delivering brand new products. I think we've taken a really expansive new view of what a Platform means, it used to be platforms were web or print or mobile devices.
We now look at YouTube as a platform, other social media as a platform. There was an announcement today about what we are doing with the new platform with TikTok and what we are doing around video. And we're also embracing new media types, as Gloria mentioned, whether it's an immersive or making 3 d to 2 d mainstream, and I'll touch a little bit more on that as well. It always amazes me as to what our product teams do. I won't touch on all of the innovation, but it's again just to So a smattering of the features that we announced today.
So let's go a little bit and talk a little bit deeper about each of these areas. We have never had an issue with attracting people to come try out Creative Cloud. And so what we've really been focused On the retention aspect and ensuring that people get value out of the products that we have is on what we call customer engagement. On the 1st mile, the new Adobe Cloud Creative Desktop is meant to be the single dashboard by which you get exposed to Everything in Creative Cloud, you can certainly search across your assets, but it's the way in which you can do learning, you can learn about what the community is doing. We think that's going to be an attractive on ramp for people who are first exposed to Creative Cloud to experience both the first mile as well as the Creative Cloud benefits.
In app learning, the amount of time that people are spending in in app learning, you'd be amazed by how many people spend hours Just listening to other creative professionals, so that they can also learn from what's happening in the products and the community. As I mentioned that we have 18,000,000 members on Behance. We have nearly 1,000,000 people watching the Adobe Live program This is showcasing master creators who are showcasing their effort and they spend more than an hour in each session. One of the reasons why I think Creative Cloud has been as successful as it is, it is without a dark, the single stop shop for anything that people want to do. If you look at the strength that we have in creative imaging and photography and it's probably appropriate here in LA That we're showing the 2 spaces where we got technical Oscars, one for Photoshop as well as for one for After Effects.
We clearly have let Strength across every single category in the creative space. Each one of our apps is becoming a creative system. What we've done with Lightroom, which has dramatically improved engagement because people typically take pictures on their Mobile device and then use it on a desktop as well as store it in their cloud to make sure that they can preserve their memories. And again, the statistics associated with what's happening in that space were shared by Scott earlier today. What we are doing across screen design, We believe that every will need to use a screen design product and we will continue to deliver new mobile applications.
So I'm always impressed by the breadth of what we have in this and I think that's continued to be a key strength of why Creative Cloud is clearly perceived As the single stop shop. On accelerating individual and team productivity, the one area that I'll touch on is cloud documents. For us to use Adobe Sensei, we know that tens of millions of people use our product every day. We know that hundreds of millions, if not billions of Assets are being created using our products. By virtue of the fact that all of these assets are in the Creative Cloud Storage or the Document Cloud Storage, We are able to apply our AI and machine learning in a way in which no other company can and we can therefore make it More accessible, more enjoyable and more fun for every single creative person who is therefore using our products.
And we're also now connecting with all of the other tools that consumers are using, whether that be Microsoft Teams, Slack, Jira, Gmail or Asana. They're also all integrated into our creative products and we're making creative part of every one of their document productivity products. When we think about what we are doing on the Expanding to communicators and consumers. Gloria mentioned that there was a $12,000,000,000 addressable market In the communicator and consumer segment, this has always been a much larger market than most people have given us credit for because the halo effect From consumers and creators who want the best products and recognize that Adobe delivers the best product. I'll give you a couple of statistics in Spark.
We now have over 30,000,000 registered users and we're driving 75% year over year growth with social media communicators and others. We have Photoshop Express, which has made over 1,800,000,000 edit sessions this year. And we're excited particularly about what we are doing with Photoshop Camera, because we now believe that we can have Photoshop at the front end As well of the entire imaging workflow where people are taking clearly billions, if not trillions of pictures, we now have a really comprehensive offering to make that Editing, sharing, storage, more fun and more enjoyable. And what we've done, which is particularly innovative also with Photoshop Camera We're also going to have a Billie Eilish Lens that's available to each one of you. And I think there may be a plus point to the first analyst here who can actually name One of her songs.
We also believe that embracing new media types It's a big growth opportunity for us and we think about this in 2 different ways. The amount of content that's exported for 2 d, But that first starts off with 3 d enables all of the people who are doing high end films as well as special effects Not to create and expend a whole bunch of energy on creating sets. So the amount of content that's being created and exported out for 2 d, But that started with a 3 d model is an immense opportunity for Adobe. That was the reason why we acquired Algorithmic. Algorithmic is off to a great start.
It enables us to get 3 d models, understand textures and create not just 3 d for 2 d design, but also enable all of these new immersive And we're particularly excited about what we did with Aero. We think Aero, while early in its development is again one of those pioneering applications, Because I believe that AR is closer to VR, because with AR, unlike VR where you're going into the virtual world, AR is actually going to augment every single experience that you have. I'm also particularly excited about what we are doing with voice. We think that every application that's available on a mobile device is going to be voice enabled. And we were the 1st company to enable voice As a fundamental aspect of what you can do screen design or XT with.
So embracing new media types makes our products even more attractive. You see the comprehensive nature of what we have in Creative Cloud, it's unparalleled in scope, it's unmatched clearly in the constant stream of innovation. It's really a way that other companies will find it hard to compete with us because we have such a comprehensive offering. And we think we're just scratching the surface frankly right now of what Creative Cloud's global reach and cultural impact can be. The question that Mike started off was what will continue to be growth drivers and you see a whole bunch Growth drivers that we continue to believe will drive Creative Cloud ARR growth clearly with our Q4 targets.
You saw that we expect Record revenue again in creative and digital media ARR for this year. We believe that approximately 1,000,000 new creative jobs are being added Every year, we think of the expansion of the creative to every communicator in a business. That's a huge opportunity for us, Students and making sure that that next generation of creatives continues to be a huge driver, both with products like Spark as well as the people who have access to the entire Creative Cloud, both in K-twelve as well as in higher education, new categories and media types, mobile as an on ramp. The number of Creative Cloud growth drivers just continues to amaze us and a number of these again are ones that we're driving. Anti piracy continues to also be a large opportunity for us to migrate people who have been exposed to our products to paying customers As a result of the upfront pricing that we have.
So we believe that Creative Cloud is going to continue to have massive growth opportunities for the years to come. So with that, let me now switch to the Document Cloud and describe a little bit about what's happening in the Document Cloud business. The Document Cloud business That's clearly had a phenomenal last few years and 25 years after we first introduced PDF, it's still without a doubt The lingua franca for documents. Gloria touched on all of the key trends, so I'm not going to touch on all of that. Every CIO that I talk to still talks to me about how critical it is to migrate inefficient paper based processes From his or her organization as well as to make sure that PDF and documents are available as a first class citizen on mobile.
We understand that cloud and mobile productivity is mainstream. Every single business in the world is working across documents. That's why frankly you've seen the rise of all of these collaborative platforms like Slack or Microsoft Teams or Jira in terms of what people are using. But CIOs and knowledge workers at the end of the day are really looking for PDF verbs and how they can embed these PDF verbs In every single ISV offering or enterprise offering that they have. A little bit on the momentum as well in this business.
I know last year we talked about 20% Acrobat year over year unit growth for 2 consecutive years. It's nice to say that we continue to see significant Acrobat unit growth, both in terms of new customers who are coming to the platform, 40% of subscribers New to the Acrobat franchise, this is one area that we've done a particularly good job with upselling from reader. The fact that we have reader ubiquity on every device when people in reader are exposed to certain functionality that's only available through Acrobat. I think we've become world class at upselling them, whether it's through Acrobat or to what we will deliver as a PDF frictionless service. And we continue to see massive and rapid growth for Adobe Sign as well, both as a standalone business, as well as with impressive Growth of sign as a mega verb in Acrobat.
So some real key statistics about why the momentum keeps continuing. When I think about Document Cloud and why we elevated Document Cloud as a separate Growth opportunity for the company. I think these 5 bullets really describe why we think it's a much larger opportunity than what we thought even a few years ago. It clearly starts with delivering the best PDF viewing experience everywhere. We released a pioneering new version of Adobe Reader for mobile with what we call liquid mode and what liquid mode does is through Adobe Sensei.
It actually enables you to take The PDFs that were created 10 years ago, 5 years ago, 20 years ago and make them responsive because we're able to retroactively understand The structure of the PDF as well as the intent of the PDF and being able to extract document intelligence after the fact, we think It's huge headroom. The other aspect of delivering this best PDF viewing experience is that again, working with the Platform vendors working with the browser vendors and working with anybody who's frankly offering documents as part of enterprise software system, The interest in having them use our PDF is high because then they can be assured of the fact that they have the same fidelity for PDF everywhere. We started to expand document verbs in Acrobat. So think of this as when you want to go to the web and say, For those of you who've tried this, when you try how do I convert to on Google and look for all of the things that you can convert to, the first three are religions, 4th represents PDF. And that is just an absolutely massive opportunity.
And so everybody is really Trying to do interesting things with PDFs and the verbs. And we have done, I think, a really good job. If you go to adobe.com And you try and say, I want to compress a PDF, I want to export a PDF, I want to take a table out of a PDF of making this completely frictionless. That is a huge acquisition vehicle for new customers. And that's what we are doing by both expanding the document verbs in Acrobat as well as by making PDF frictionless.
And finally, as we have talked about on a few occasions, Unleashing that PDF ecosystem, every single one of this PDF functionality is now available as an API. And so anybody who's participating in the API economy has that access. And think of this as what Twilio has done for collaboration or Stripe has done for financial payments. We have that same kind of functionality available as PDF for anybody who wishes to use it. And the business model associated with that is making it frictionless for people to use it.
And as they use a certain volume, we then monetize it. The next five slides actually go into further depth. So I'm not going to go into all the depth associated with it. But it was important for us as we were preparing these slides that you could have it on adobe.com as you looked at it. I may give a few statistics.
For example, A lot of people may not know in this space that 55% of Acrobat users also edit PDF. I think every one of you understands the value Of how PDF is for sharing your sell side documents, but more and more people are actually using PDF As the fundamental document structure for how they share documents, with scan, one of the things I'd like to point out Is that the number of scans that are now being stored in the Document Cloud and the intelligence that we have in order to be able to do OCR And make that a PDF that's intelligent is again one of the areas where we are auto cleaning and improving the efficacy of PDF. I touched on all of these. I definitely recommend that you try out these services on adobe.com. It is a huge acquisition funnel for us and we are bringing the full power of Acrobat to the web as well as bringing this frictionless Web funnel that I talked about.
Something that we don't touch on too much in the document space, but that we've been working really hard at Is how Sensei can be used in the document space in addition to the creative space. We've all suffered from what it means to pinch and zoom on these phones to read documents. So with the new version of Acrobat, what liquid mode allows you to do is actually make it Completely responsive for PDF. It's still a work in progress. We're rolling this out first in the U.
S. And then we're going to roll it out internationally. I think it gives a glimpse of what's possible and how we are uniquely positioned as the inventors of PDF to continue to evolve the format, To understand the structure, to understand the content of all of the trillions of PDFs that exist in the world and to find different ways to extract that intelligence And monetize it on behalf of our customers. The work that the team did on this Embeddable PDF using Acrobat JS is another example of the kind of innovation that we're providing. So what this allows Somebody to do is actually with just two lines of code is to embed any PDF viewing in any application that people want to build.
And so we've launched the beta of PDF services by Adobe IO. Abhay is going to come a little bit later and talk about the billions of API calls They were having for services like this as well as the other services on adobe.com. And much like creative, I think this slide just shows the comprehensive list of products that we have. Nobody As the broad platform that we have and as well as the immense amount of IP and patents And document technology that's been built over the last 30 years. Much like Creative Cloud, I wanted to walk you through a little bit of what the growth drivers are in Acrobat.
Unlike Creative, what's happening in the document business As we still continue to sell perpetual, there are a number of people who actually first are exposed to Adobe through the perpetual offering. The perpetual offering is not as Fully functioned as subscriptions. We've been really fortunate in that the channel has migrated primarily to now selling the subscriptions, But the installed base for Acrobat just continues to be a massive installed base to move them all to the subscription Frank, certainly, what we've done with the enterprise and small and medium businesses in Acrobat has been a huge area of the growth. The team offering that we have as well as the enterprise offering that we have to standardize on Acrobat. International growth, we've talked about how In emerging markets as well as in Southeast Asia, we'll continue to see a lot of subscription growth.
But again, the one thing that I'd like to highlight here is the free to paid conversion. And that's a model that we're also going to use in the creative side. So with all of these drivers, it's very obvious to us That the Document Cloud has accelerated and will clearly be a third pillar of Adobe's growth engine. A lot of what I touched on was the strategy, the product and the innovations. I wanted to spend just a few minutes Because we introduced this concept to you a year ago about our data driven operating model, it used to be that we used to run the business when we had boxes And that we'd ship the boxes and we'd wonder how much revenue was going to roll in.
But today, we know unambiguously What is happening across every aspect of the funnel? And this was a new campaign that we just introduced that has been incredibly successful, Everything from running a creative new campaign that we did, PDF like a boss, to understanding the acquisition cost, to understanding What the lifetime value of this customer is, we have become absolutely world class across this entire journey of understanding when is the appropriate time to Money in marketing, how can we provide the right offers? What is the pricing sensitivity that people might have? What are the usage patterns that are driving engagement and retention. And we think that this will just continue to be incredible area for us To continue to refine, but to continue to drive the growth that we have across the entire digital media business.
The other benefit frankly of having DDOM is it gives us So much equity and credibility, then we go into every enterprise. And it's actually guiding the complete creation of our digital marketing offerings, Because we recognize that any company that can completely move its business digitally and understand how across this entire Discover through Renew journey, You can run your business. And as long as we do that with our products, we know that every other business in the world will also need that functionality. So in summary, when we think about digital media, while 2019 has been an incredible year, We think that the $44,000,000,000 addressable market just represents a massive opportunity ahead of us. There are more creators than have ever been in the world before.
The consumers as well as the communicators clearly want our products. This broader demand for customer storytelling that using data is driving a massive expansion in the Creative Pro Business Way beyond the creative professionals, our unique role in documents as well as in Acrobat positions us incredibly well in terms of how we can serve Our customers both through Acrobat as well as PDF as well as through our services, our product teams, the amount of innovation that we're doing Adobe Sensei to unlock this new magic and productivity and do the thousands of cloud releases that we do It is an incredible area of strength in acquisition as well as in engagement. And we're scaling this high growth Digital media business globally based on the data, the insights and frankly empowering every single individual at Adobe To act upon that data in real time, leveraging our digital experience platform. So what we'll do now is we'll take a quick break for 15 minutes, 10 minutes and then we'll come back and we'll share a lot more about digital experience.
Everybody, we're going to start in 2 minutes. If you could find your seats, please, we're going to start in 2 minutes. If everybody could take their seats, we are going to get started here. We're in the home stretch. We're going to bring Chatagnu back up just as soon as everybody is comfortably seated.
Mala, can you get the door as well, please, if you don't mind? Okay. I think as a number of you know, I've actually been spending a lot Time on the digital experience business. And so what I thought I would do is first give you a little bit of Color on what's happening and then I'll certainly touch on like we did with the Creative and the Document Cloud business, what's happening. And over the last 10 months approximately, there are 4 or 5 areas that I've really focused on and we'll touch on this.
But the first one always is sort of strategically what's the north star for this business and how do we make sure that we have clarity in the company of how we can have a differentiated offering for decades. The second area that I've focused a lot on is product and product innovation. We'll touch on all of the incredible innovation that's coming, whether it's on the platform side, whether it's on services as well as on the applications And what we call the services lifecycle and how can we make sure that we get a combined view of the services lifecycle, not just with the core DX products That we knew, but also for Magento and Marketo. So that's an area that we spend a lot of time on. The third area where we've spent time on is really thinking about The route to markets and how can we think about the route to markets as it relates to what we need to do in the enterprise and what we need to do in the mid market, how we think about the pipeline associated with both of those categories of what we are doing in the mid market as well as what we are doing in the enterprise.
The 4th area where we spend a lot of time on is sales ops and how can we make this a really predictable machine, What's driving it? Where are these as it relates to where they stay in the pipeline? And are we really clear about how we can accelerate Things are through the pipeline and also focusing with John on what's happening associated with the P and L of this business. We've talked about how We're clearly trying to get a lot of market share in this, but making sure that we have the right underpinnings Across these five areas and we'll touch on it. I could not be more excited about the long term potential for this business and the imperative and the need that enterprises have For being able to focus on this as a way in which they deal with digital disruption, as well as the way they deal with becoming a modern enterprise.
So let me touch on that. And again, I'll speak to some parts. But this notion, and I spent so much time on the road Visiting with CEOs. Just the last week, I visited with the CEO of the largest telco in the country, the largest travel and hospitality in the country, the Just travel and hospitality in the country, the largest retailer in the country. Without a doubt, all of them are looking at Adobe For helping them with their digital disruption and what happens, how we can help them navigate both through our experience As well as with our technology of making sure that they can become a digital business because that's the expectation that a customer has for each one of those particular businesses.
I won't spend time on the trends again because Gloria has spent time. The 2 other things that we used to talk about in this business that I think are Just as relevant is that when you think about where data lies in an enterprise, data is still completely siloed. And the ability to create that customer profile in real time and activate it is something that nobody has been able to do. It's what we use in our business with the digital media business and what we've done by building the Adobe Experience And so these macro trends resonate. The one area that we've seen just tremendous traction On the go to market side, as we've created what we call a digital strategy group.
And the digital strategy group goes into every single large enterprise And it has 2 or 3 goals associated with it. The first goal associated with it with the digital strategy group is to come in and say, Let's help you look at your business and tell you how digital is going to help you with that particular business. Given most of them are large customers of ours, the second thing the Digital Strategy Group does is to say, how do we understand how we can get the most value realization Of the investment that you've made in our products. The third thing that the Digital Strategy Group does is to say, we will benchmark you against other companies. And typically that doesn't mean other companies in the same space.
So if you're going into financial services organization, don't want to know how they're doing against other financial services organization. They want to know how we're doing how they're doing against any other company in that particular And the 4th thing that the Digital Strategy Group does is certainly and maybe a little bit self serving, give a recommendation of how Adobe products can then be put into bear. The Digital Strategy Group calendar, it's off the charts. We cannot fulfill the amount Of demand that we have and Matt Thompson runs the Digital Strategy Group. But that is the conversations that I'm having with every single company.
Tell us what we want to do. We have the strategy, it's digital disruption. Give us a recipe, give us a playbook, tell us how your products work, Give us your dashboards, give us your insight and come share with us what you've done on adobe.com and how we can do exactly that same particular business. And I look at the momentum. I mean, it was just 10 years ago.
We weren't even in this business. It was a gleam in our eye in terms of being able to create yet another $1,000,000,000 revenue stream for us as a company to become far more mission critical to provide a lot more synergy between the content business that we have because we were creating The world's content, but our revenue was not scaling as people consume that content. And we are one of the enterprise leaders without a doubt. People talk about Workday and people talk about ServiceNow as large enterprise software companies. If you look at our revenue, we're on the same scale as a Workday or as an enterprise.
And when we see what customers have done with us in terms of their loyalty to us, as well as their adoption of our products, over the last 5 years, as you see on the chart, Most of our top customers, they've gone from 3 plus products, just 90% are now using 3 plus products, As well as the annualized recurring revenue that we're getting from them has certainly increased. And so we're incredibly proud of what they have. There were 2 issues I know that we touched on at the Q3 quarter in terms of both the Adobe Experience Platform. So I'll share a lot more About why that is one of those generational technology implementations that will serve us well, but the demand for that right now, we've already now closed A couple of multi $1,000,000 deals and the interest level in the experience platform is huge. It's clearly the evolution path for Everything that we're doing around Adobe Analytics as well as what we are doing around Adobe Audience Manager.
So the update on that is that Q4 looks really good from As it relates to bookings and the second thing I know we touched on was what was happening with mid market and how with the acquisition of Magento and Marketo. And I think there was a press release that we also had in terms of the new organization aligned go to market in terms of how we are generating pipeline for the mid market As well as execution in that particular space. So I'm really pleased with the progress that we made across both of those areas that we had identified in Q3 As areas that will work under progress. This, I think, shows How we're operating at scale in this business. When you're serving there used to be that old Sun commercial.
We are the dot in dotcom. I may be dating myself by telling you what that commercial was. We are running the web infrastructure right now For digital businesses, and there isn't a single event that happens that's an online event, whether it's a major sporting event, Whether it's a major launch by the companies that are releasing these product launches, where there isn't a war room at Adobe, when the debates that are happening, the presidential Chances are a lot of that stuff is happening online and that's all being powered by Adobe Technology. And you see that in terms of the statistics Of the scale that we have developed in this, and Abhay is going to touch a little bit more, but it's not just about the product scale, it's about And the number of ecosystem partners that we've created in this space, whether it was the Magento developers, what we are doing with the ISV partners who are now embedding their And partnering with them, what we are doing with areas like Marketo, Live Nation. And last But not least, what we are doing around the business value, because at the end of the day, with enterprise software and specifically with enterprise software that's meant To drive the top line, understanding the business impact of this, we did the study with Forrester in terms of what the return of investment is on investment like this, As well as the payback period.
So across each one of these as well, in addition to the pure revenue, I think we're starting to see a lot of momentum, Especially over the last few months. This always makes me happy because When you think about enterprise software and how enterprise software is procured, a lot of them look to analysts for understanding who the leaders are in this segment. There is no other company that can boast the kind of leadership that we have. We have a great analyst team that works with analysts explaining not just What the current products and functionality is, but looking around the corner and telling them why our roadmap, our vision for what we are trying to do. And if you think about the unique and differentiated platforms that we've built in digital experience and recognizing that it's not just about The individual practitioners, but about the entire digital experience, what we are doing around personalization and making sure that you can provide personalization.
Web content management has always been a category leader for us. We just introduced a new version of Adobe Experience Manager that's completely SaaS So we think we have the lead in that. What we are doing around optimizing experiences and web analytics. This is enviable chart in terms of How the analysts recognize the leadership that we have, both in terms of the vision that we have for this particular category, As well as the execution that we've done in the product area. And we don't take for granted the fact that we have The kind of blue chip customers that everybody wants and they span every single industry.
You think about travel and hospitality, retail, Hi tech, M and E, government, education, automotive, government, and they again span every single Size of business, they're global, they're certainly mid market SMB. And Gloria touched again about what we are doing with B2B and B2C and becoming B2E. And the value proposition at the end of the day when we go talk to our customers in this space is how we help them make money. And that's a value proposition that I don't think goes out of style. I think it's useful to reflect on the decade that we've had in this.
As a number of you who've been following us know, When we started this business, we recognized 10 years ago that the number the amount of content that was being created was exploding, But our revenue was not exploding with it. And when we went and visited with the publishing customers that were so dependent on Adobe products, It was clear that they did not view us as mission critical. And so we decided at that point that the first phase of this business Was going from content creation to content lifecycle. We could deliver a lot more value to our customers by not just Creating the content, which everybody knew, but by managing that content, that's an incredibly sticky aspect by delivering that content, by monetizing that content. And I would Characterize what we did in the first phase of our digital marketing or our digital experience business as going from content creation to content lifecycle.
The second thing we recognized that we had this vision for not just delivering single products to practitioners, But that we were going to be responsible for unifying all of this across the entire Chief Revenue Officer, Chief Digital And so we put together all of these products in the clouds that we've talked about, the advertising cloud, the marketing cloud and the analytics cloud, We build a comprehensive digital marketing suite. What we are focused on right now as the 3rd phase of this is addressing the broader customer management opportunity. We think that that's going to be an opportunity that frankly dwarfs the previous two opportunities. You saw how that Expands in terms of the TAM that's available, but we're holding ourselves to this higher bar of how we have to evolve our product offerings. And I'll touch A little bit of that of going from applications to applications and services as well as the application services and platform And how we target a much broader set of customers, whether it's the mid market customer, whether it's the larger enterprise customers And how we continue to use AI and the technology that we have to become far more predictive, as well as to build what we call Technology mode around this.
So we're proud of the decade of leadership. But with that, let me move to where I think things are happening. And if you think about the 1st generation of SaaS, what clearly happened is applications move to the cloud, right? HR was automated, IT service management was automated, Supply chain was automated. We pioneered digital marketing, but the data is still all in incredible And if you think about how enterprises behaved with this genre of enterprise software, everybody said 1st wave, let me automate the back I need my financial system.
Once I automate my financial system, hey, everybody build around it. So, whether it was Oracle Financials or SAP Financials, That was considered the most important piece of enterprise software. I think the next generation of enterprise software was all about helping us as knowledge workers Become far more productive. And so whether it was collaboration, e mail, that was sort of the 2nd generation, which we labeled the front office wave. There isn't an enterprise in the world today that digital disruption and the experience business wave is not top of mind, Because every one of them recognize that customers can be fickle, customers have choice.
And therefore, Without a doubt, the biggest area of investment and focus right now for enterprises is how they address this experience business way. How they build an enterprise architecture that starts with the customer first across the different channels and then integrates everything on the back end, because The customers are clearly not willing to take a siloed approach to how they're being addressed by enterprise software. And we think this is absolutely massive. You all understand on the left side, how you have looked at how enterprises treat you. And if they don't know who you are, And if you don't have a consistent experience across surfaces, how it's irritating.
The challenge is the stuff on the right. How does an enterprise that wants to deal with it, stitch it together these trillions of data points that exist? How do they think about the domain Specific AI models for prediction. We have for our Creative Cloud and our Document Cloud customers, a customer engagement index For every single one of our customers, we have a point of view on what they might use, how they might use it and how it's most effective to engage with them. So every company in the world has to think about how they move from these batch transactions where what Abhay talks about is in the olden days, It used to be a real time system, was a system that maybe got synchronized once every 24 hours.
Today, you have to do it at that last millisecond, which is where the customer engagement is. And these business imperatives, when I talk to CEOs about it, They absolutely resonate with every single CEO that I have spoken with. And so the value proposition that we go in With to every one of these companies is that we have gone through this journey ourselves and our offering frankly Enables you to do exactly the same thing, irrespective of which industry you were in. As I said, I was last week with another major Company and they have their own version of DDOM. And so you know you're being successful when even DDOM is being customized To represent whatever workflow, whatever vocabulary people want in terms of engaging with their customers.
And so how you measure progress, How you keep the vocabulary? How do you make data at the narrative as well as data the way a company operates a digital business has become without doubt table stakes. And we take pride in our role that we have played in making this happen across the entire industry. So how do we think about product, which is where Abhay and I have been spending a lot of our time. We had a lot of the leading applications.
So we had an application for content management. We had an application for customer journey management, Adobe campaign. We had a product for Adobe Analytics. And we took a step back and said, in order to build this consistent unified approach To deal with an enterprise, what's the investment that we have to make over many years in order to be able to deliver a platform that will stand Just as long as the Creative Cloud or the Document Cloud app. And this shows you a little bit about how we think about it.
At the bottom, clearly, the world is in a multi cloud infrastructure. I think a lot of you know that we have a particularly close relationship with Microsoft and what we've done together With Azure, but a number of our customers ask us how our products will work in this multi cloud infrastructure world that exists, whether it's across AWS Whether it's across GCP, in addition to Azure. And so we've said we need to architect our products so that they work across this multi cloud infrastructure. The only way and the best way to integrate all of our leading solutions into a consistent whole was to invest in a platform. Because otherwise, when you are trying to integrate whether it's the products you acquired inorganically or the products that you developed organically, you have an end by end problem.
And in order to have target work with analytics or AEM work with campaign, you would have to do point to point integrations. The investment that we made in the platform allows us to ingest data from every single application to have a common taxonomy, to have a common API, To develop it, not just for within our applications, but also with 3rd party applications that the enterprise are using. And so the fact that this Adobe Experience has been built. It's out there. It's being deployed.
It's being used by enterprises in different both industries as well as sizes. I think it's a tremendous competitive advantage for us. And the way we accelerate the innovation that we're going to deliver in this particular space is by moving to a Place where increasingly all of the new functionality is delivered through services rather than necessarily update to the flagship applications. And the benefit of it for a customer is that instead of thinking of the fact that they have to completely update Their software, they can now use just microservices that are built on top of the platform. And I'll touch on a lot of this, but just to give you A flavor of the kinds of things we're talking about.
When we have Adobe Analytics, we built a query service on the platform that augments the Adobe Analytics Capability. When we have Adobe campaign, we can do things like trigger journeys as a service that's built on top of the platform that has the unified profile That augments the value that a customer can do. And I think again with this architecture, which a number of people have actually developed, all I do is give the talk about how it's being developed. It I think represents a significant competitive advantage that we have built and a great deployment mechanism for our customers. So This is really how we think about the evolution of what we are doing.
We still have the most comprehensive platform that exists. This just shows you, but it shows again a lot of the new services that we've developed. Another area that I'm particularly excited about in terms of the services that we've developed What we call the intelligence services or the AI services. So clearly, each of our products has a lot of functionality in terms of how Sensei Can use it with predictive and dealing with these trillions of data points that we do. But in addition to that, the AI group that we have in The digital experience has actually built things like journey.ai, leads.ai, customer.ai and attribution.ai that are intelligent services That will be delivered, that augments any one of the existing applications.
Now some of this require a slightly different Route to market because it's such pioneering stuff. And therefore, there's a lot more Adobe handholding that went in, in the 1st few months to get these customers up to speed. But as we get more and more customer stories and successes, that's when you will see the acceleration of this particular business that we would expect in 2020. So We're off to a great start. It's a very comprehensive offering.
The other thing we've done over the last few months is think about what's the best way in which we can take these to market. And by grouping together these applications and the services and platform in a set of solutions that customers say, yes, This provides an in-depth solution for me is the way that we're going to market. It's also the way that we are addressing the addressable market Content and commerce is another kind of solution. This may be the integration of Adobe Experience Manager and Magento. So you have a small business, you tell them you want to get a website, you want to do commerce, great, get our content and commerce solution.
And similarly with customer journey management, When you're trying to orchestrate a customer journey or you're trying to communicate with the customer across multiple channels in a B2B or in a B2C space, You can use customer journey management. And the 2 other things that are not shown on this chart, but that I'll touch on is how the experience intelligence underpins All of this functionality that we're delivering and how we're focused on an open ecosystem and a partner's ecosystem that helps us also take this out to market. We think this is pioneering work. And what I'd like to do is spend the next 8 hours giving you technical details on every one of these products. Just kidding, maybe a little bit.
Real time customer profile. I think we touched on why as a result of what happened in Q3, why the focus on the Customer experience the real time flow platform is so fundamental. This is a modern Architecture that brings together, as you see on the screen, how any unified experience that an enterprise wants to do By collecting data from everything, whether it's a front office piece of data or a back office piece of data into this real time customer profile Is so ahead of where anybody else is in the industry. Abhay is, I think, going to touch a little bit more in-depth about how this data is ingested, What we can do, but this is the experience platform that we've now delivered to our customers and it monitors and frankly optimizes Profile so that you can not only get behavioral data that Adobe is so well known for, you can get transactional data from a financial system, you can get IoT data, if The IoT data is also important. For example, in healthcare industries where people want to use this as a way of addressing that.
And so This has really been the strategy. It's a purpose built experience platform that we've built from scratch to address this large customer experience management opportunity. And it's now out there with customers who are using this. The second area and I'm not going to touch on a lot of them, but again to speak to How these products that a lot of you know are evolving? What we are doing with Adobe Analytics is instead of thinking of analytics just for web or one channel, We are actually thinking about the evolution of this business as how it can be the experience system of intelligence for Cross channel data, insights and activation across every single channel on which an enterprise needs to do it.
And we think that the Adobe Analytics at the end of the day has to democratize the insights across the enterprise And give both marketers and the line of business owners the ability to both report and activate data surrounding their entire customer experience. All of this is available for you when you can download. But what it shows you is both the highlights in terms of the scale of the business And why this is differentiated, as well as a lot of the innovation roadmap that customers are looking forward to that we've been hard at work. With Audience Manager, we were one of the first companies to focus on DMP. We think that DMPs are going to evolve into what are called CDPs.
But with the benefit of the Adobe Experience platform, we will have the only real time CDP. And as you think about it from financial analysts, this is all about taking Known data and unknown data and being able to merge the known data and unknown data of users and profiles into creating a better knowledge Of what that customer might be. So excited about what we have done with the real time customer data. You can see again the scale of this What we've done in terms of the integration roadmap, both between the solutions as well as the solutions in the platform. And similarly with content and commerce, What we have done, Adobe Experience Manager is clearly the leading content manager product.
But what we've done is we've actually leveraged a lot AI and ML as well. We've delivered a brand new product also with Adobe Experience Manager that's a completely SaaS based thing. So think of this as a Very, very quick time to deploy. And the other thing that we're doing across each of our products is our products have so much incredible functionality. But what we also have to do is provide a little bit of guardrails, so people can deploy this much quicker because we believe that Time to value and time to market is a way in which we can get people to better understand the value of our products.
So again, with Experience Manager, Great roadmap that exists content as an SAS SaaS service and headless content management. So if people are using All of the content creation that they're doing in our products on the Creative Cloud side or the Document Cloud side, how that rolls into AEM Asset Management And how that then gets deployed. If you talk to digital agencies or if you talk to large enterprises who drive a number of campaigns, All of them are trying to get control of their content assets. They all think it's getting out of control. They all spend a lot of time on content Production, their brand is not consistently maintained and that's a big area of focus for us on the Experience Manager side.
On commerce side, it was always sort of if analytics and advertising is the 1st mile, certainly commerce is the last mile. We've been thrilled. We've been thrilled by what we've done with Magento. We're integrating Magento with AEM. We said in the Q3 earnings call that this business is growing North of 40%.
So it was clearly an area whereby innovating it and by integrating it, we can provide more value to our customers. So that's on the content and commerce side. And on the customer journey management side, we like to say that the distinction between B2B companies and B2C companies is actually blurring. Is JPMorgan Chase a commercial bank or a consumer bank? They do both of those.
Is NVIDIA a B2B company because they sell chips to people or a B2C company because they have tens of millions of people that they probably want To play their gaming, is Adobe a B2B company or a B2C company? And so enabling this seamless and connected conversation across any channel, Whether you're in the consumer space or the business space is really the focus on customer journey management. We have some innovative ideas here about how we can also build creative Tools to enable people to do the entire customer journey mapping and understand how best to deliver the experience. This is frankly going to be a continued area of Focus and an area of strength for us as a business because both of these products continue to see good growth in the marketplace. And the 4th area that we clearly have is all about visitor acquisition And that's the unified advertising platform.
The highlights of this is that we continue to be one of the companies that offers Advertising across search, display, video and TV and the innovation roadmap in this space is really a little bit more around TV and nonlinear And where they haven't been some of the giants who have consolidated more of the business. So this business also continues to be an area Where we have an exciting innovation roadmap ahead of us. So when you put this all together, it's very clear that we have The most comprehensive offering. And again, as I said, underlying all of this is both intelligent services that we're building like attribution AI, As well as a number of functionality that's being delivered in each of the applications through areas that we've defined here. We've also made, I think, a considerable amount of progress this year on how we deal with the 3rd party ecosystem.
Abhay will talk about how we've unified data and content on a single platform. We certainly think that's transformational for our customers, As well as for the partners who help serve them, we have some great partnerships that we've announced with companies like ServiceNow, SAP, Accenture Interactive on the ISV side, Amazon is what we had announced with Magento in order to enable their shopkeepers to also do commerce. But what's exciting about this in particular is that all of this new functionality is available through APIs through Adobe IO and Adobe And again, Abhay is going to spend a little bit more time on this, but it's a necessary part of making sure That our enterprise offerings are not an island unto themselves. So when you put this all together and if you Take what I had shared, which is we have this incredibly exciting roadmap ahead of us. We've delivered the Adobe Experience platform, which is Significantly ahead of the competition, the area that we have to continue to make sure that we also focus on is how we're driving this from a go to market.
And I think this shows you and Gloria touched on this as well, what our strategy is to make sure that all the innovation that we're delivering and all the product strategy Results in business wins. And 1st and foremost, we continue to have tremendous affinity with the Chief Marketing With the Chief Revenue Officer, with the Chief Digital Officer. And frankly, that is affinity that we're going to leverage Across the CIO, we will touch on how we're extending to the CIOs. CIOs certainly understand that all of this business warehouse, Business late, there's a new transformation that happens. So we're more actively focused on that.
We're extending from CXM, Both from B2C as well as B2E B2B. And if you think about every B2B company today, most B2B companies start off with Web content management and analytics. And every one of them though is dipping their toe in the water saying for one business, for one product line, let me directly engage with And that's why when you see companies like Unilever buying Dollar Shave Club, it's all about recognizing that they have to engage Digitally with customers and they have to move from being a purely B2B company to also being a B2C company. We think that the mid market segment continues to be an area of growth and opportunity for us. And frankly, one that with Can be done more programmatically through adobe.com as well as through an inside sales channel.
And both Gloria and I touched on how DDOM is the transformation playbook. So the next few slides have a little bit more detail on it. I'm not going to cover it. But the one thing I will say that we're absolutely world class app. And it's apropos saying it here at MAX is that when we do thought leadership and when we do events, they're absolutely the best events in the world.
And we are organizing increasing events for our enterprise customers. We do this across the globe. All of you have probably seen the new reports this week about what we are doing with Adobe Digital Index. And It's still crazy in this day and age that when you talk about what's happening with the economy, digital is not understood as one of the key drivers Of the economy and so we've taken leadership in describing how digital needs to be incorporated into any economic indicators. The Experience League is a way much like we've done with Behance on the creative side to engage with the community, whether it's practitioners, whether it's thought leaders.
And these are things that a lot of you may take for granted, but there's a lot of work that goes into it that will underlie the success That we will continue to have in this particular space. Abhay is going to touch a lot more on this, I think the key message and the takeaway on this is that it really opens a new line in a CIO budget and every CIO has a budget today For unifying this, it's all a question of how they get to accomplishing this. We've talked about the power of B2E and the standardization of a single platform. And that is a competitive advantage that Adobe has. The fact that we have campaign and the fact that we have Marketo is an advantage that no other company has in terms of standardizing on this platform.
And we hear that a lot from customers, which is they've used Marketo and they'd like to use Marketo in the B2C case or they use Campaign and they'd like to use Campaign in the B2B space and our product strategy enables us to start to integrate both of those products. I think what may not be as well understood in the mid market segment is that the route to market is Completely different from what it is in the larger enterprise space. This is something that through the acquisitions of Magento and Marketo, We got a great platform. We've unified that into a single. Adobe.com represents a huge area of focus for us because that's how People learn.
So think about what we are doing on the Creative Cloud and the Document Cloud and scaling that mid market, a lot of that will happen through adobe.com as well In terms of the high velocity as well as the inside sales motion, and I feel good about how we've integrated those all together. And at the end of the day, if you believe that every business is a digital business, this is actually a picture of our Creative Cloud team Who are using this in their day to day and for obvious reasons, we've blurred out the data that you see. But you can see that it's all green, as we said in our Q4 results. So sort of in summary associated with this, While some of you may correctly have seen that we've had a few hiccups in the execution of the business, There is no doubt in my mind that this is an absolutely massive opportunity. It's an opportunity where we Build the category, we lead the category, the competitive dynamics are going to be different given the size of the business.
But we're focusing a lot more On how we can integrate these products, how we are thinking bigger about the role that Adobe and these solutions can play within the enterprise. We think a lot about the unique differentiation that we have, the real time activation of this, the fact that we have behavioral data that no other company has. We think about the robust ecosystem that we've surrounded ourselves with partners whose success is predicated on continuing to deliver and deploy Adobe solutions and we do expect strong growth for years to come in this business As well as an improved margin profile. And so that's what we're focused on as a company with the Experience Cloud. Now to talk a lot more about the magic that's Underlying a lot of what I have touched on, let me introduce Abhay Parasnes, our CTO.
Thanks, Chantarum. So let's talk about technology.
I know most of you really come to
this meeting for that At least that's what Jay tells me. And then John is going to cover some mildly interesting stuff like numbers. But jokes aside, I think Shaptur said at the beginning, at our core, we are a product company that is guided by deep investments in technology And really taking a long view of where markets are going, where consumer and user behaviors are going. And so I do want to spend a little bit of time on How we view the world from the lens of product and innovation agenda. Now before I tell you kind of how we are investing in some fundamental areas, I did want to start with just kind of here and now, where we are.
And as you think about kind of the area, so we talked about Shantanu and Gloria both spent time on of the three core pillars of our strategy, how we focus on creativity, document productivity and transforming businesses. And obviously, as you look at 2019 and kind of we have had unbelievable year in terms of just sheer innovation from New applications we have delivered from desktop to mobile to cloud services, new hundreds of new AI models, new services we deliver. And by the way, this also happens to be the year where we have delivered some of our multi year, multi generational platform investments, Whether it's Experience Platform, in the Experience Cloud or in next generation of content platform powering lot of our work like Cloud Docs in Photoshop Our new Acrobite experiences. And so this year in particular is a great year to step back and give you a little bit of a sense of We talk a lot about the business model transformation, how we have kind of transformed the company. But the truth is behind the scenes, we have also completely transformed Our software engineering and delivery machine, both in terms of operational excellence and the innovation agenda.
And Shantanu talked about this. We have gone from a company that used to think about much simpler terms, desktop software that you deliver on 2 dominant platforms or 1 dominant and 1 not With 2 platforms, fast forward with web and mobility, it was still relatively simple where we could deliver software on desktops And then we had to deliver some mobile applications on 1 of the 2 large platforms, iOS and Android. Fast forward to today, We now have a very, very different software DNA and software culture at Adobe. We are literally delivering thousands and thousands of new services, as I'll talk about, Every single month. And the way we think about our software and innovation machine is no longer very simplistic.
Scott talked about this morning About these integrated systems. And the truth is what it takes to deliver that kind of integrated innovation, both within a cloud, But increasingly across cloud is thinking about software delivery at multiple levels, fundamental platforms, Agile and nimble way to deliver hundreds of services and laser focused on experience level innovation through our applications. And so I wanted to give you a little bit of a view as you look at just our portfolio. And again, Shantanu has gone through quite a bit of detail on each of these. But it is staggering even for me and I spend a lot of time with the engineering teams day in and day out.
But as you zoom out and just look at how the portfolio is evolving, These are just 3 or 4 applications in each cloud, and they were best in class. They continue to be best in class. But we have now a massively more comprehensive portfolio, Starting with deep, deep investments in technology around content and data platform that I'll talk about. But we are now in a position to deliver hundreds of new services Every single year as we did in 'nineteen and as we have an amazing roadmap in 2020 beyond is you are going to see us Accelerate the pace of innovation in our services tier now that we have these platforms and AI infrastructure in place. And last but not the least, What is unique about Adobe's engineering and product culture is maintaining that deep customer empathy and customer connection.
So we continue to deliver these best in class built on these platforms and services. Now a lens we don't typically give you a lot of view into Is the operational rigor and excellence in the scale at which we are operating today to run this infrastructure. And I'm not going to go into all these numbers. Obviously, this being AFEs and everyone had lots of slides with numbers. So I said I have to at least some slide with giant numbers.
And so but the reality is we actually are running now our infrastructure at a cloud scale Like most of you may in fact be surprised by, we are one of the largest cloud systems operators now. We are not in the infrastructure business. We partner deeply with of the biggest public cloud vendors like Microsoft, like Amazon, Google, others. But we actually run some of the numbers just to call out. We do 6,000 cloud service releases across 3 businesses every single month.
So the days of us shipping desktop software once every couple of years Or maybe even our solutions in Experience Cloud once a year to a model where we can deliver innovation to our customers globally 6,000 times every single month And doing so while being absolutely mindful of the mission criticality, when you are running some of the largest Hotel or travel or hospitality companies' websites or their public facing mobile apps, you have no margin for error. So that's a great example. One of the things Santoro talked about is this notion of multiple cloud environments. And like we have always done as a company, One of our core engineering excellence tenets is we will provide customers with choice. We did that in our desktop era when we were one of the unique companies offering On Windows and Mac, we've always done on web and mobility.
I would assert we are now one of the first and only companies, SaaS companies at scale That has built this foundational capability to run cloud services in multiple environments. I'm doing so where customers don't even notice. We do today, we have 1600 cloud services where we can manage them operationally across multiple cloud environments, Both for cost efficiency as well as operational excellence. Shantanu talked about some of the numbers. I mean, you just look at the 2,000,000,000 mobile and desktop devices for reader or you look at the fact that we sell 15,000,000,000 web pages every single day.
And these are not web pages that you may kind of not notice. These are some of the brands on the planet. They are absolute most critical public facing infrastructure. We also talked about developer platforms. As we are evolving from a company that going from solutions to more platforms and really partner ecosystem, One of the other impressive stats, as we have noticed our infrastructure evolve, is how many API calls we get now in our apps Or against our cloud, not just our apps.
And one of the numbers there is 13,000,000,000 API calls every single day come through. That's The power of AI, that is not an API call that counts against our cloud. But it is 13,000,000,000 API calls Against Adobe IO, this is the extremely large infrastructure now we run, where it's not just our apps, but it's 3rd parties directly hooking into our platform. And so this is actually one of those core engineering operational excellence assets that may not be Easily understood, but it gives us confidence that we can continue to be way ahead of the market in competition when it comes to reimagining software of the future. The other side of that is operational excellence and scale is all good.
But if you don't have a vision for the future and if don't know how to innovate, look around the corner, that's not enough. And so what's unique about Adobe's kind of product DNA and engineering culture As we can do and we have been doing both exceptionally well. And so balancing that scale and operational rigor Our innovation agenda and it's fascinating. I don't really need to talk too much. If you some of you hopefully were able to see the keynote this morning.
One of the things that Our engineering teams do an exceptional job of is while serving the current customers, while being extremely receptive in tune to current customer needs, Not being afraid to look around the corner, not being afraid to ask the question around what's the next big disruption. And so this year, in particular, One of the things that's really great is we have many, many major innovations that are breakthrough in every single way. Photoshop coming to iPad, that is a herculean engineering task that most companies would absolutely shy away from, bringing now illustrator to iPad, Reimagining what the software camera experience on a smartphone can look like with AI with Photoshop Camera or Shantanu talked about PDF, the liquid mode we are enabling now in That is a class of problem. It took us years to solve. And he will remind me and others that we should have done it sooner.
But the reality is once we solve it, it is absolutely difficult for anyone to just wake up and come back and try to solve that. These are Super hard problems that are emerging products in the research area. I'll give one example. Kyle Webster this morning showed Fresco on stage And he's unbelievable artist and you can see how he paints. The paint engine that is in that product in Adobe Fresco, Our research teams and product teams spent 8 years trying to get the absolute best performance of silicon, of graphics chips, Simulating that every small detail of oil paint and watercolors.
And the reason I say that is these are hard problems That we have a systemic ability to tackle and bring to market. Patents, we have a unique view on patents where we have a very high bar. Dana, Our GC has been driving a lot of this focus over the years. But we do actually measure in strategic areas, are we building intellectual Property portfolio that is unique and differentiated. And one thing I'll call out since AI and Sensei has been a big focus and topic throughout the talk Is this year alone, we have filed 400 new patents and more than 30% to 35% of those Our pure sensei pattern.
And this is where you will see us do significant more acceleration now in how we build AI centric IP as we go forward. The last thing I'll say on talent before I tee up is we continue to invest in our engineering talent. And one thing Shantanu alluded to in the morning session We have now trained every one of our engineers. The whole batch is not done, but we have invested in training all of them around AI for the future. So speaking of future, let's talk about what is our technology vision and what are the big areas we are investing in both today and for tomorrow.
And really, we think about it in 4 core areas of focus. 1st is what we call escaping the glass. This is all about reimagining Experiences of the future, I'll talk a little bit about that. Next 2 are really at the heart of our platform strategy. Reimagining content and having a viewpoint on future of real time data.
And last but not the least, The shift to AI is going to be supervisit in every single industry, every single application that we want to make a fundamental bet And investment around AI being a core fabric throughout the product portfolio. So let's talk about skipping the glass. And the reason we use the word escaping the glass, we are at this exciting time where experiences are no longer going to be confined To just a screen of 10 inches 5 inches 20 inches desktop monitor, web UI or applications, we are all about to Over the coming years and some much sooner than others, experiences that are well, well beyond today's notion of digital technology. 2, I will call out. Voice, I think most of us may when I say voice right now think about either digital assistant that sometimes misfire Or Alexa doing some cute tricks like turning lights on and off at the house.
Without a doubt, Voice is going to be a generationally transformative experience. The same way graphical user interface was, the same way HTML and web was In the same way, touch oriented smartphone wear is going to change how brands engage with consumers, how consumers engage with technology. So we're making a big bet on voice Throughout our product portfolio, XBee, one of the examples Shantanu talked about, we are one of the only products that has embraced voice based design, Because we think it's actually a very foundational piece of the puzzle. Similarly, experiences that expand well beyond the 2 dimensional world of screens And surround us in three-dimensional spaces around us is a big area of focus for us. You saw a lot of the work we are doing in immersive with launch of Aero, The work that we are doing with Substance, one of the reasons we are investing in this is much the same way Photoshop gave us a compositing engine That last has lasted 30 years and is still absolute world class.
We think there are new modalities that are going to require things like textures, Lighting and technology that surrounds us. One thing I'll just share is a fun anecdote. I occasionally get a chance to walk into our research labs At Adobe headquarters, and you get to see some amazing, amazing new things. One of the things that's on the horizon and very near future, not some like sci fi 20 years from now is technology that literally will surround digital content in physical spaces around us without wearing any glasses, Where literally you can have digital content in spaces around us and you don't even have to wear any dark looking glasses that gives you headaches. This is pretty near term.
And so we believe we are a company that's going to push the limits on this experience for the future. Real time collab is another area we'll talk about as I share it to the platform. Shantanu talks about future of documents. This is absolutely our birthright, given the extent to which PDF is used across the globe. And the one area which I'm very, very, very aggressively excited about Is the reimagining future of documents with the power of AI, where it's not just about what the container is, but understanding the meaning of the document, Content of documents.
Just a couple of examples. There are AI models in Sensei we are training now where given a 3 page document, You can get a 10 page extended version with additional resources from your company on relevant topics or given a 50 page document. If you're rushing into a meeting, it will generate a 2 page quick summary without losing the core concepts. These are examples of knowing deep AI on documents That we're investing very, very aggressively. So let's talk about these 2 platforms.
And you have heard a lot From Shantanu earlier on how and why we are investing in these platforms. The first of the two legs of this strategy for us is a content platform. And this is one where I would say, if there is something that is absolutely our natural wheelhouse across all three businesses, content is that. Between Creative Cloud, Document Cloud Managing, so many documents and increasingly Experience Cloud really becoming The first and the last mile content delivery machine for the entire world. So content is one where we think we have a unique viewpoint.
And there are really 4 things we are doing in this platform. First, we are building an extremely differentiated cloud native content system. And by that, what I mean is a lot of you track There are companies that do generic file folder sharing and kind of managing files moving around. That is not the business we are in. What we are doing is deep Fundamental understanding of colors and fonts and PDFs and campaigns and on the Experience Cloud Or how you do the creative that gets served on different personalization tests on AB testing for your website.
The Content platform is all about deep semantic understanding, and I'll give you a user facing benefit to that. Of the things we launched this morning is Photoshop on iPad and obviously a major engineering feat. One of the features Scott talked about is cloud documents. What we did share is the sheer engineering effort it takes using this platform to move gigabytes of file because Photoshop files are super large. We now have built extremely optimized proprietary system that can move these files back and forth over public Internet across devices, across networks Of different bandwidth, whether you're on a plane or not, and we'll move extremely efficiently all the changes you're doing on the Photoshop experience, So the end user thinks it's extremely responsive.
That is a content model only we can understand given our notion Of every app, every data type. As we move forward, we are also building deep notions of content AI In every piece of application and one of the reasons we are able to accelerate the AI pipeline and innovation for this company We are now deeply marrying every piece of content that comes into the content platform gets processed through AI models for content. I cannot overstate how much of a structural advantage it is to have, for example, 100,000,000 plus highly, highly curated Images from Adobe Star really training your algorithms and constantly making those algorithms better because we have a corpus of images and videos and data Unlike any other. The last thing I'll say is the connection from Creative Cloud to Experience Cloud in the content area Cannot be overstated. And this is one that has actually taken us a while to get this platform right.
I'm actually excited in 2019 now that we have launched this platform. We are able to do things that are simply unmatched, going from any tool in Creative Cloud. You can be in XD. You saw a lot of the great demos this morning. You can publish some Content and it can directly be managed within AEM assets and AEM content management for delivery.
Because they all share the same substrate, Let's talk about data. This is the one where we have talked a lot about Adobe Experience Platform. I do want to take a little bit deeper look Because this is one where you have heard all of us talk about both the excitement and opportunity and why is this so unique. And so I'm going to take you a little bit on a deeper look in both why is it so hard to build, but also why it's unmatched in the industry. And so really when we think about Xtrion's platform, it starts first with the notion of bringing massive amounts.
And by massive, I mean, trillions of data points, which I'll talk about data seamlessly into this platform, Okay. Now databases when Oracle invented relational database technology, they built a whole business around bringing data in. This is a whole different scale of data. So just to be clear, We bring data not only from traditional enterprise system, whether it's ERP, supply chain, CRM, point of sale, that's kind of the back office, front office layer at the bottom. But unique in the industry, we can build behavioral data.
And by that, I mean, you pick out your phone as you're walking into a hotel lobby, There is a behavioral interaction you are doing with that brand. And today, we process trillions of those interactions. So just one of the stats Shantanu had, We have 14,000,000,000,000 segment activations every single day. We can bring all that data in real time, Not an hour later, not tomorrow morning, in milliseconds, we can bring that data into this platform. So this notion of streaming data at scale, Massive infrastructure to bring it in is the first piece of what we have built.
2nd and Probably the most differentiated and probably, I believe, the hardest one for competition to match is this notion of a real Semantic model of customer profile. And I'm going to give you an example. If you look at ERP back in the day, they really cracked the notion of a financial Model, data model, they build that, that led them having a very sticky socket for financial system. Similarly, CRM vendors I built a core record for lead management for B2B. What we have built now is a real time customer journey record.
And it's actually more than a record because it's real time in the millisecond. And we over the years, industry after industry We have expertise in understanding what customer journey management looks like and how customer experience are built. So we can build these rich schemas of this customer experience. So one thing I'll tell you, I know you guys track a lot of the industry and other players is these days, it's kind of become Fashionable for everyone to say they are about customer experience, they are about real time, but not all real times are equal. There is ERP real time.
When they say customer experience for real time, it's once a quarter if I can close my books, that's awesome. There is CRM real time, Which is if I can get my lead pipeline view once a day and maybe if I'm really good at extracting it maybe every few hours, that's great. What we mean by real time profile is sub-one hundred milliseconds. We can understand a customer's behavior At scale, billions of customers across every single customer in real time. And so that is an extremely hard problem.
By the way, it took us many years To solve, I'm glad we have solved it. We still have a lot of work to do. 3rd layer, once you have this profile and once you have this real time interaction, We have layered some really sophisticated AI models and Shantanu touched on this. I'll just give you one example here. These AI models are not general purpose AI models.
They are highly tuned to customer experience. For example, we have propensity modeling services in these services where you as a Customer can see which of my customers are going to have highest propensity to buy or if I did this campaign, what is actually likely going to be the effect Or having a full lifetime value analysis of where should I put my marketing spend to get the most likely retention. So these services are again highly tailored And last but not the least, this is the second hard problem. If the first one, somebody gets lucky and finds a way to solve something, which good luck for them. The second one is near impossible for anyone else to crack right now, which is Using this profile to activate directly in end user experiences using the best in class apps that we have in Experience Cloud.
And so the virtuous cycle we have now created of massive data in real time mapping to this profile that is unique asset And delivering it into endpoints that we own. When we say 14,000,000,000,000 activations in Audience Manager or 13,000,000,000,000 Transactions and analytics processes, that is the layer on top that gives us this confidence for AEP to actually be not the best in class platform, But then have the real time wiring to the apps. And so I know I spend more time on this. This we do believe there is nothing like this right now in the industry. Now everyone wishes they had it.
But I will also say the unique reason why we are able to build it is this focus on rich behavioral data. We are not financial system of record. We are not claiming this platform to be. We are not a lead management record system. What we are And so the last leg of the strategy It's AI.
If you look at that content and data, how do we bring all of that into AI? And we have been on an exciting journey. Some of you hopefully had a chance to see this morning's session. But we started with a lot of Sensei powered features as Shantanu shared. What we have done over the last couple of years, like we always do being a platform company, is we have now built a shared platform Of services where it's not discrete features, but truly unified into one platform.
So innovation in one part of the company And benefit the other. I'll give you 2 perfect examples. The auto reframe you saw this morning in Premiere Pro, what we have built where the video Automatically reframe tracking subject. Guess what, AEM and the Experience Cloud actually is able to seamlessly use the same AI model Actually now have auto reframe in our experience management delivery solution. Because it's on the same platform, we can connect the dots very quickly.
And today, we started the journey with examples like Photoshop Camera, building what we believe are truly breakthrough SENSIF1st apps. These are apps that were simply not possible without the advances in AI. So these are not just features, but the whole app is built with AI at its core. And so just to kind of close out on the AI section, what's been super exciting for me and you've heard a lot of us talk about Sensei. What's exciting is we are unique as a company that can marry AI advances in creative arts and content and we have built these domains that I talked about a little on stage this morning, whether it's imaging, design, video, documents and marry that with the analytics and science From the Experience Cloud and all built into one platform, so you can go from left side of the brain to the right in one unified platform.
So just to make out, we continue to have a very broad and ambitious R and D agenda. I think the company has always been very aggressive about investing for the long term, building really technology modes and platforms that are Simply difficult, if not impossible to replicate. And what we have shipped this year in new innovations and experiences, New platform level work that was multi years in the making between content and data platform and the inflection point we are starting to now see with Sensei, I couldn't be more proud of the engineering teams at Adobe that drive all this amazing innovation. And I'm super excited about where we can take this in the future. With that, let me invite John up here.
Thank you.
All right. Great. And I want to get to Q and A, so I'll try to go as quickly as I can through this. But between the keynotes this morning and the technical Strategic presentations here today. I think you can see that we're really excited about the opportunity ahead for Adobe.
I'm going to go through our business momentum, how that's in some of the key metrics in our financial statements. And then I'll share with you our preliminary 2020 targets, and we'll take your questions. But first, I want to go to Q4. We're having a great Q4. As Shantanu mentioned, we expect FY 'nineteen to be another record year.
Our Q4 targets reflect the momentum that we're driving in the digital media business, Expecting another quarter of strong Creative Cloud and Document Cloud growth, and we're betting from the typical seasonal strength. Digital Experience is on track to achieve our updated target for subscription book of business growth as we convert the pipeline that we expected. As such, we're reaffirming our Q4 targets and we're actually raising our digital media net new ARR target from approximately $450,000,000 approximately $475,000,000 given the momentum that we see. Now let's turn to our performance, and I'll begin with the total Adobe trended view And our GAAP operating margin. So I don't have all the visual wow slides that my colleagues had, but This is a visual wow for finance guys.
This is like record revenue growth, right? It's okay, you can clap. And switching to a non GAAP basis, I mean, I want to spend a few minutes here because this is my other visual wow. You've got this incredible revenue growth engine over this And you've got non GAAP operating margins that really are hitting record levels. We had in FY 'nineteen the acquisition In the first half, as we talked about that actually had a little bit of a depressing effect on our non GAAP operating margin.
But as we told you that it would expand as we It started going into the second half of the year, it did in Q3 and it further is expanding in Q4, will exit Q4 with record Non GAAP operating margin. So I've talked before about the importance of investing in growth for the long term, balancing our top and bottom line growth. When we do this, when we grow our top line, the leverage in our model allows us to grow our margins over time. I think we proved that here this year in FY 'nineteen, given the performance in the first half to the second half. So we deliver earnings growth equal to or greater than our revenue growth, excluding those short term impacts.
Revenue growth of over or approximately 20% or over 20% for the 4 years of this scale has allowed us the ability to continue to invest in our business And return value to shareholders, and I'll spend a few minutes on that. Let's talk about that in a few minutes. So incorporating our targets for Q4 'nineteen, we continue to grow the top line greater than 20%. And excluding acquisitions, our non GAAP earnings would have also been over 20%. Now I'm going to dive into our businesses.
I'll start with the Digital Media segment. Digital Media ARR revenue, again, this is just incredible performance. You can see the momentum we've driven in the digital media business over the last 4 years. We started this journey, as we talked about earlier in 2011 with the move to subscriptions with Creative Cloud. Now Document Cloud is becoming an even large part a large part of that story as well.
And of course, ARR remains the best measure of overall health for the business And so leading indicator to revenue. As you can see here, we've had been on this journey for a while with Creative Cloud and now Document Cloud is contributing to this. Revenue and ARR are moving in line with each other for the whole segment. So let's talk about revenue oops, sorry, But that's okay. The digital media revenue is 2.5 times bigger than it was in 2011.
It's an incredibly healthy business at scale. Now we'll just double click into each of the clouds. We'll talk about Creative Cloud. You can see again the ARR growth here, it's going to be a record performance. We're going to have Sorry, I clicked too fast.
Thank you. You can see the incredible momentum. We started this journey. As I said, AR remains the best measure of health for that business, and we continue to see revenue accelerate. In terms of the revenue mix for Creative Cloud, subscription here obviously was our focus.
The Creative Cloud business has doubled in the last 3 years. This business is very healthy at scale and it's predictable. We've leveraged our DDOM model to ensure that we're operating at a very precise level in real time. The drivers of this business are numerous as we've talked about before, but certainly drawing new users to the platform, Upselling with new products, expanding into new geographic areas like Latin America and Southeast Asia, but also engagement. Engagement and retention are really a tailwind I should say a tailwind to our growth for sure because it's really propelling us with the base that we have.
Single apps have been a great on ramp for us to grow our subscription business. And so you see here between 2016 2019, Our single apps have grown to about a third of the business, and that's a great opportunity for us to continue to upsell. Now, What's also a great takeaway from the slide is that 2 thirds of our subscribers are actually using all apps and these are actually our core users, those creative pros that we've talked about. What's exciting about this is that as you heard earlier today, there are over 1,000,000 new creative jobs being created each year. As a result, that gives us a lot of confidence in the And finally, with price optimization, upsell and services attached, we're driving higher long term lifetime value in this business for the long term.
I'll go over to Document Cloud. Again, similarly, we had taken a different approach as you've heard before. We feathered in subscriptions over time, Drawing new users to Document Cloud while keeping revenue relatively stable in those early years. Now you can see that The build of ARR that has had significant growth over that period of time is now seeing an inflection point in how revenue is growing and it's now more growing in line with ARR growth That's the stacking effect of the subscription model. Reinvigorating PDFs, including recently announced innovations, By driving significant unit growth and in fact we've actually grown unit growth over 20% for the last 3 years.
And we expect ARR and revenue to continue this performance that we're seeing in FY 'nineteen. Based on the strategy and the opportunity that we discussed today, whether it be driven by PDF, services adoption, reader and mobile app upsell, and certainly the continued migration of perpetual to subscription. In Document Cloud, subscription and ETLAs have grown to 80% of the total mix. And as I said, we still have a material portion of this business that's in perpetual that gives us this opportunity to increase revenue strength as we go forward with our other migration So moving on to Experience Cloud, and I have a few slides here that I want to spend some time on. Experience Cloud has doubled between FY 'sixteen to FY 'nineteen.
Like Creative Cloud, the focus on subscription is evident here, and we've grown that edu CAGR of about 34% a year. The subscription growth subscription represents 69% in 2016 and has grown to 85% by the end of 2019. Consistent with the strategy, services and support revenue did not grow at the same rate as total revenue. As we utilize our own delivery capabilities, we also leverage that of our large To make sure our customers are successful in planting our solutions. So, this next look is something that you haven't seen before, You've been asking us for additional insights into the business.
I'll start with professional services again just to move forward. It's basically a fee for service business. As I said, we've not grown it at the pace of our total revenue, and it's been a headwind to our organic growth for Digital Experience. However, the subscription side of this business is made up of 2 significant parts. There are $400,000,000 in usage based revenue and subscriptions that are from our advertising offerings.
The larger part, dollars 2,300,000,000 flows from our core ASV driven book of business, which is our primary area of focus, as Shantanu shared, It has more the more desirable margin profile that we're looking for.
Now, when we look at go
to market, let's talk about how we break this down and how we solve our customers' problems. The imperative right now in enterprise are really understanding how to attract, engage and transact with customers. Customers are interested in real time customer profiles. We've covered a lot of that, data insights that we expect, content and commerce solutions and customer journey management capabilities. As such, we go to market with a combination of customer solutions and different use cases.
Our ASV driven subscription revenue maps to this go to market strategy. This cut by categories of customers customer solutions shows large and growing businesses, each addressing the significant market opportunities that Gloria had shared earlier. We expect our new products like Adobe Experience Platform, Real Time CDP and Adobe Experience Manager, Cloud Service as well as other platform still continue to report the Digital Experience business segment as we have before. We will be giving you more color from time to time. Moving on to kind of the balance sheet, a key indicator there.
Of course, we adopted the new revenue standard this year, ASC 606, we used to report a lot of deferred revenue and unbilled backlog. Now, we're required to report on remaining performance obligation, which is essentially Most of the deferred revenue on bill backlog that we used to report before, this is growing along with subscriptions. The success of that growth manifests in strong growth in RPO, and that's just a clear indicator of how revenue will look in the future. It's business that we've already won and that will flow through the financials as contracts amortize over time. Operating cash flow is just another great measure of our business model.
The leverage in our model enables us to grow top line, while also growing earnings and operating cash flow. We continue to generate strong cash flow that affords us the ability to invest in our business, exploring organic opportunities as appropriate and return cash capital to shareholders through our share repurchase program. And we're anticipating to have another strong Q4 as you can see here. We have a balanced approach to capital structure and allocation. We actively review this With consideration to interest rate movements, changes in tax environment and business needs, we maintained a strong liquidity position with cash and available credit facilities and taking a conservative approach to using leverage and are committed to returning excess capital to shareholders, we have significant debt capacity available to us to augment our long term growth strategy as well.
If we
take a moment to look at our share repurchases, we obviously clearly accelerated our repurchases post tax reform. We increased our authority by incremental $8,000,000,000 in May of 2018 that goes out to 2021. We have $5,100,000,000 remaining of that authority. In FY 'nineteen alone, we're committed to repurchasing 2,750,000,000 of shares. We continue to believe this is the best way to return excess Capital shareholders and we expect between 2016 by the end of 2019, we'll reduce our average share count by about 12,000,000 shares.
Finally, I'd like to cover how you should think about our financial strategy and our opportunities, which underpin our preliminary FY 'twenty targets. We'll start with strategy and I'll touch on a few things here. Given the unique financial profile of this business, We're able to grow our top line and then expand margins and earnings over time that drives our strategy. With many drivers for An expanding and comprehensive set of customer solutions fueled by generational innovation that Shantanu and Abe both covered It's really expanding our reach in the enterprise. And with last year's acquisitions, we are capturing the mid market and the digital experience opportunities.
With a data driven dynamic planning capability, we exercise disciplined spend management. We're focused on margin expansion, long term earnings growth at the same rate or faster than revenue growth. We focus on the integration of our acquisitions very quickly to deliver that same operating discipline that we have organically in the newly acquired companies. When we think about the balance sheet, we maintain a strong balance sheet through operational effectiveness and data driven performance metrics, Modest leverage, as I've talked about, and strict cash management, which drives our operating cash flow. That gives us the approach to our balanced capital allocation We constantly review depending on what is going on in the marketplace.
When I think about that, I think about tax environment in general. We certainly had benefited from tax reform as other companies have. We actually benefit maybe a little bit differently as our fiscal You're actually allowed us to not have the full effect of tax reform until later than some of our other peers. For your modeling purposes, as we look at this, we have good visibility into FY 'twenty and we expect our 11% rate on a GAAP and a non GAAP basis to hold into FY 'twenty. Beyond FY 'twenty, assuming the current environment remains unchanged, we'd expect a modest increase in that rate as most of our earnings More of our earnings will actually be impacted by international tax provisions in FY 'twenty one.
So just to wrap up kind of on the summary before I go into the targets. Obviously, Sean, you've covered this in great detail, but we're looking at an Expanding opportunities of $44,000,000,000 for digital media driven by a number of different factors, new users kind of the platform migration of perpetual Acrobat and services attach. I think the innovation that we've been delivering in digital media is evident with what you can see here today at Max and certainly what Scott has covered on stage today for sure and certainly with all the new product delivery that we have. In digital experience, Again, the most comprehensive set of customer experience management capabilities and our opportunity for digital experience has grown significantly. The relationship that we have with the CMO and extending across the C suite, delivering value adding solutions to existing customers with all of that innovation that we've talked about.
We also have that robust partner ecosystem that further enhances our opportunity to capture all of these different opportunities with new customers and also expand that the value to them. With that, I want to go through our preliminary FY 2020 targets. The intention here is to provide the This continued sustained revenue growth and momentum and performance. We expect 19% approximately year over year revenue growth for Digital Media And strong new net ARR growth of approximately $1,550,000,000 Digital Experience revenue of approximately 16% growth with subscription revenue growth of approximately 18% and subscription book of business growth of approximately 20% greater than 20%. That translates into a revenue target for total Adobe of approximately $13,150,000,000 for FY 'twenty, representing approximately 18% revenue growth for total Adobe.
And we've targeted non GAAP EPS to be approximately $9.75 which represents approximately 25% growth in earnings year over year. Again, demonstrating the strategy that we have in terms of targeting earnings to be at the same rate of revenue or greater, and it's the power of our unique financial model. To wrap up and we'll get to the Q and A, this is a business that has just so much momentum and is strong, Growing and disciplined. We're delivering growth and expanding margin at scale, in fact record margins, profit and cash flow. And we have this large expanding market opportunity reaching $128,000,000,000 by 2022.
That's been driven by category creation and expansion, Massive innovations that we've covered here today and an increasing customer universe that we're attaching to. We're an over $11,000,000,000 revenue software company, disciplined operator with a proven track record of delivering top line and bottom line growth. And we're very excited about the opportunity ahead and we're looking forward to capturing that. So I'll turn it over to Mike.
So, we're going to take a minute to assemble the chairs upfront for the Q and A session. And if anybody needs to just stress real quick, To do so, we'll bring the chairs out and we'll start Q and A.
Only 3?
There will be a we'll use a Lavalit. We can get one of the handhelds down here We'll need one hand hold. Okay, Greg. So, there will be mic runners running around. Raise your hand and we'll find you.
Jessica, if
we could start over here.
Thank you.
So, again, as normal, name in your firm always helps. And one question per person. We've run a little bit long in the presentation, but we'll stay long enough to answer your questions as necessary.
Thanks. It's Kirk Materne with Evercore ISI. Thanks for all the information today. It was a really great session. Shantanu, just to start with you, I think the digital and thanks going for going through the digital media segment, such detail.
I think the last time you went down to that level of detail, maybe you all were thinking about 29,000,000 users and now it's up to 45,000,000. So you just walk through maybe how the expansion of the category from sort of a user perspective maybe changes or shifts your Thought process around pricing and you're clearly delivering a ton of value to your customers. So maybe Just think through sort of the broader opportunity versus how you think maybe a few years ago about how you thought about pricing? Thanks.
I think, 1st and foremost, when we think about the Creative Cloud business, it's still about how do we get more people onto the platform. And As you know, as somebody who's covered us for a long time, the value that the creative professionals get, I mean, it's mission critical to them. And Some of this stuff probably pays itself in a day or hours work. But we've always thought of it as we're so early innings and Let's get more and more people to the platform. I mean, there is a halo effect that happens as it relates to The people who are paying the same price as the Creative Pros.
And so when we've had a match We've introduced as you know 5 or 6 new products. Then we look at pricing. We also look at pricing as it relates to geographies.
And if the
currency fluctuation changes, I know some of you look at it and say, why aren't we increasing prices every year or looking at price increases every year? We're just like we're early in this. We're tracking more and more customers to the platform. A number of them are also communicators and consumers that you would look at. And there is an Army of people that's modeling this stuff all the time.
Is there ability for us to look at pricing and increase pricing for the creative professionals? The answer is Yes. But I think the goodwill that we're getting, the engagement that we're getting, the retention and the growth rates that we're getting, we're convinced it's the right strategy. But we'll continue to look at it. I think you've started to see us with some new products like Substance, not put that in the Creative Cloud all apps.
So, you can start to see As we have immersive offerings, as we have mobile offerings, the mobile products aren't going to be in all of the offerings. So I think you're starting to see us differentiate, but there's the Offset of how much are you going to do with the simplicity of getting more and more and more people to our platform. So that's how we think about it. But I mean, creative is such an exciting profession. I mean, that's not lost in all of this.
I'm getting emotional and choked up about how many Creative professionals they are. Going from 29,000,000 to 45,000,000, I mean, that's a big job in terms of family. Thank you.
Jay Felice, Howard Griffin. A question for Shantanuabhai and Scott, about the implication of your technology vision and your technology roadmap for the long term business model, specifically Some of the things you talked about with regard to architecture, microservices, content as a service seem to me anyway to lay the basis of a far more expanded Usage or consumption based model than you have even today. AdCloud has that and stock has that and so forth. So you have some of that, but The implication of your vision is a far bigger impact of consumption. Maybe you could talk about that.
I think you're absolutely right, Jay. And that's I think part of the reason why we're so excited about it. We probably amplified that more in the section on documents And we amplified that everywhere. But to your point, there's no reason why when people look at what we are doing with imaging, A number of questions that Abhay, Brian, Scott and I get about why can't we get access to all of your search stuff and your categorization and tagging of images through an API. And we would love to use that API.
There's an API micro economy that's also happening. And I'll expand that. I think documents is the 1st space in which we're really focused on that, but that opportunity exists everywhere. And so we're looking at documents in that space as the Let's go ahead and get that in documents. Let's figure out how we do that on adobe.com.
The frictionless PDF services, the upsell of reader To the entire Acrobat, the ability for ISVs to get it, how we create the developer motion, how we create the Adobe IO. So, all of the underpinnings of all of that stuff from Adobe IO as the ability to call that API monetization models so that people can actually come in and monetize it, the ability to get ISVs involved, all that plumbing and infrastructure It's now there. Let's use documents as the tip of the spear, optimize it. We did the reverse with Creative Cloud and Document Cloud. We went 1st, sort of, we burned the boats more on the creative side than we did on the document side, but that's Very much it.
And that's why we gave the examples of like Twilio and Stripe and all of that stuff. Documents, imaging, video, immersive, So fundamental to not just what Adobe does as end user solutions, but what everybody else wants to do. If a medical imaging partner wants to use I imaging stuff, great. It's an API, it's metered and you can use it. If somebody wants to use our augmented reality.
So it's very much part of the roadmap. It's more a sequencing right now.
Jessica Seid seems to be winning here. Cash along with the BMO. Congratulations. Shantanu, you said several years back that The creative time is going to be multiple of what it was in the prior cycle and you've factored up by disclosing today 50 plus percent of your base is net new to Adobe and that's up from When we disclose the data, it's just always been rising. So it's truly fascinating.
At the same time, when you look at
your TAM for creative, half of the TAM is from creative professionals and the other half is from Consumers and content distributors or whatnot. Today, the revenue is more dominated by the Creative Professional side. It looks like 2 thirds of the Creative revenue is from What does the consumerization of Adobe look like in the future if you are to really get your revenue distribution to be fifty-fifty Pro versus the non Pro? What do you have to do from a product perspective? Thank you.
Yes. If you think about this from a phases, Kash, of how we've thought about it, at its peak, Even the Creative Suite revenue, at its peak, the Creative Suite revenue was a good mix of everything we were doing around single apps And the various collections that we had at that point and it was a nice mix between people who are creative pros And people who are not creative pros, but wanted the halo effect. I think you're seeing the same game play out, but amplified All of those segments and what we are doing with the Creative Cloud. And so on the Creative Cloud, certainly, and John alluded to this, We got the initial early migration of the Creative Cloud all apps. Now single apps as a new way of getting new people Attracted to our platform, all of the people from the Bureau of Labor Statistics who are doing creative, that's really expanding.
We use them as an upsell. We've got the halo effect of a lot of people for Creative Cloud in what we would call the communicator section. The consumer section is actually now starting to show a lot of traction in terms of a couple of areas. 1, mobile apps. When you look at the mobile apps and look at the people who are actually getting the mobile apps, that is clearly a lot of the people are consumers, because it's an easy to get, It's a very attractive price point.
I would say the same thing was certainly true with the photography plan. The photography plan, which is still by far one of the most popular plans that we have, That's all driven by consumers. So I think what we have to do and today was all about that, be far more device centric and I think that message hopefully came across Max, be far more consumer centric in terms of how we are looking at products like Spark, how we are distributing this through the education. We think that's all upside frankly right now. But it's systematically we're doing it exactly the same way as we've done.
A lot more of these cool partnerships that we have with Billie Eilish and others are also all about getting our brand with that next Generation of consumers, the YouTube stuff that we're doing with Rush, that's another example of it. So, it's very much part of how we're doing it. And I would say, Many years from now, the growth will continue to come from creative. It's not like to the earlier question that Kirk had. I mean, from $29,000,000 to $45,000,000 there's a lot of growth.
There's also a lot of growth happening in both of these segments and we're focused on that. And that's what the DDOM actually allows us to do. When they spend money, Anne and Brian are very clear about which segment they're targeting, Because they're using audience manager and the real time CDP in order to do that.
Okay.
I'll get you her T shirt. Okay.
Next question?
Hey, guys. Alex Zukin here with RBC. Thanks so much for all the detail today. I wanted to ask a question about M and A and the evolution of the digital experience business and all the conversation about the customer experience platform, you guys have, I think, over the last year or 2, I had some really meaningful inorganic synergies and opportunities. How do you think about that going forward, particularly as you get more into the front office, particularly as you talk more about these CRM like opportunities.
When we acquired Magento and Marketo, I think there were some questions about does this signal a new Sort of acquisition similar to what other enterprise software companies have. And Alex, we look at it and say the inorganic Acquisition, we're like until we can demonstrate that we've executed against it. The last 9 months, we have spent a lot of time Really making sure that the Magento and Marketo integration, we're still excited about both those products. We talked about the Magento Business and how it's doing, we talk about Marketo is growing. So at this point, I look at 2020 and it's unlikely We're going to be looking at large acquisitions.
We have the experience platform that's such massive amount of innovation that we have to deliver. So that's how we're thinking about it. At the same time, some of these partnerships that we've created, ServiceNow, Those are the ones that we will further leverage in there. So, we will continue to look at with the partnership strategy, actually there are a couple of things that are happening in the partnership strategy. A number of startups right now that are being formed in the Valley, all of them need a platform on which they can apply their stuff.
So, expect to see a lot more focus. I don't know if Amit Ahuja heads up that platform and partner strategy for us on the digital experience business. So, a lot of the conversations that he and I have been having is how do we actually get more and more people building their small applications on top of our So, I think you'll see a lot more focus on ISVs and partnerships right now and a lot more focus on the go to market of what we've delivered And getting that really amped up in the market.
Hi, Saket Kalia from Barclays. I hate to pivot to a financial question, but John, just on that tax item for I think you said 11% here in 'twenty, it sounded like it could be a little bit higher beyond fiscal 'twenty. Can you just first maybe start with why that may be just some of the mechanical drivers? And What's a good number to think about or range to think about beyond fiscal 'twenty in terms of non GAAP tax rate?
Sure. Yes. There are some changes in the Irish tax structure and obviously our international business is based And so the changes that are coming from Ireland will actually submit more of our earnings to Irish tax. And so that would cause it to Increased slightly. We're still modeling it out past that, but we don't expect it to be a significant increase at this point, but we have more to come obviously.
And then of course with tax form, we still have not yet seen wholesale international actions. So that could also have an impact. We talked about that in our risk factors, of course, in our filings. But right now, we don't have a good insight into But we do have more of the insight into what it impacts our structure, which is the Irish tax change.
I understand also that we have an election happening soon here in our country. So maybe you So, I mean, we're very diligent. We have a great tax team that continue to look at it. But I think that's also factoring into Clear visibility for 2020, and then let's continue to monitor. But we want to continue to make sure that we're very tax efficient on that.
Question for John. This is Keith Weiss from Morgan Stanley. Thank you all for joining us. John, Shantanu correctly told us that the experience cloud part of the equation is now It's actually larger in scale to like Workday or ServiceNow in terms of the revenue side of the equation. It's assumed by a lot of us on this side of the fence that The margin structure is a lot lower than a ServiceNow or a Workday.
So is that assumption correct, number 1? And number 2, Should we assume that that improves over time? And how should we think about that ramp in potential ramp in margins for that side of the business over time?
The digital experience segment for us is just this huge massive opportunity and we have been actually driving growth in that business, both organically and inorganically, of course. Because of that, we have not necessarily focused on driving a margin expansion there really until we understood do we have all the components. And I think now we are very comfortable that we have the most comprehensive solutions for customer experience management. So as we talked about how we're going to market to address the customers' business use cases, We see a lot of opportunity there to further expand margins and drive profitability.
I think, Keith, you've been pretty in your reports talking about sort of How the margin profile of the company, both digital media and how sort of profitable it is as well as the Side in digital experience, which if I understand your question, and yes, we see that same upside potential in DX as the revenue So your thesis, we sort of it's a focus for us as well.
Mark Murdler, Bernstein Research. Thank you for all the details and data. It's very helpful. It Well, it really helps everyone I think better understand what's going on. Historically, you've been You've defined the TAM based on core and growth, etcetera.
You've now re pivoted you pivoted that Professionals and communicators and consumers, now that we're looking at this new TAM, can you give us some sense of understanding of each of those TAMs, Where you are, so we have a sense of how much of that is already in the business today versus where the growth is within each of those 3 TAM components
on the especially in the creative side of business. Thank you. I thought
you were thanking us for data, Mark. Now you want more data? Is that what you're saying? It's we've given color and we certainly measure it associated with that. I think somebody else, I think it was Kash who pointed out that when you think about the Creative Pros, the Creative Pros is Big is the majority of that TAM that exists.
But as we get more Specific on how we provide the breakup of what that is by communicators and consumers, we'll Try and find ways in which we can give color associated with that. That would frankly be another 50 slides, because then you'd have to look at it and say, What is it by product? What is it by category? What is it by single app? I think it's a good rule of thumb what Kash said, which is the majority of it is Creative growth, but there's a substantial amount that's already coming through communicators and consumers.
And so, we'll put our heads together on how we can give you more insight of That on an ongoing basis, but without a doubt massive I mean, another way of looking at it is look at what our revenue expectation is with the 19% growth and What the revenue will expect in Q4 and you can see there's upside in both, significant upside.
Just like you're e dom driven, we're data driven also,
Just to clarify cash, how to look it up. I have it on my phone. So the song,
So just Can we get you a T shirt as well?
I already got a hoodie. Thanks.
Chandy, just on the CDP or customer data platform, when does
that move from piloting to live reference full customers? It seems Really exciting and I would assume that for years from now those numbers are going to move higher in terms of ASPs when you Get to that platform. Can you
just give us a sense of
the journey when you expect that to have a bigger
It's available right now for the early customers. I think, Brent, one of the things that maybe we didn't do a good enough job of talking about in Q3 was, as this transition was happening, Unlike Creative Cloud App, where when you can have Photoshop on the iPad and I was looking at some of the numbers of the usage, This was before Scott even launched it. It was like 30,000, 40,000. I mean, there's the POPs. In the enterprise space, as you know, there's a little bit more of a deliberate effort.
So Real time CDP is available for customers right now. The way we think about it is in Matt's organization, how we can get a team that's Completely ready to go deploy. There are some large deals in the quarter in Q4 waiting on it, so it's ready. But the plan is clearly how do we get some reference How do we get our Adobe Consulting as well as the Digital Strategy Group ramped up on that, but we're talking about right now. And the whole known versus unknown and dealing with that, that's a big issue right now.
And frankly, it plays to what's happening with both This notion of privacy, as well as what's happening with cookies, and it will become even more valuable because using a company's first party data, The full time CDP will really help you in creating that program.
Just to clarify,
you said there were a couple of deals that closed. Were those deals that slipped from this last quarter to this quarter? Is that what you would Referring to you, I just want to
make sure we clarified that.
Well, the Adobe Experience platform, what I said was we've got some really good deals done in Q4. Matt and I may have slightly different views on whether they were Q3 deals or Q4 deals. But the good news is that they're underway and the pipeline looks good. I think of what I wanted to address was when we were talking about it, which is why John reiterated the bookings and the fact that we're on track for our
I want to be respectful of time. Maybe we'll take 2 more and we still want to allow some time for you to chat with me.
We'll be here for a few minutes, exactly.
Let's do 2 more, just over here.
Thank you. Dimitry Kalantzis from Atlantic Capitalist. Just actually to follow on that question regarding the Adobe Experience Platform. Abhay, you mentioned the, for instance, Oracle, ERP and obviously they've been very successful, but it was taking a very long time To get people on board in terms of implementation, I was just wondering if you could give us an idea in terms of how complicated it is for customers Once they decide to say, okay, it's a fantastic product, but we want to use it, because you have to use a lot of different applications
in terms
of getting the data from like SAP and so on. I mean, is it taking 2 or 3 years or and you need to use the attack.
No, I
think and it kind of actually does connect a little bit to Bert's question. First of all, earlier, First, I would say one of the things we have started with AEP, which is actually, I think, based on customer feedback, it's smart as we first we'll automatically bring all the data in their Adobe solutions like analytics, campaign that is automatically onboarded. So one of the real head starts in a project like this Any data we are already using any one of Adobe products, that data is automatically in the platform. You don't have to do any work. So that itself It's up and running very quickly.
Now with respect to bringing other data from other sources and other systems, that is actually again, most companies have We've done that with traditional kind of ETL and other tools. That isn't anything, I would say, unique or different. I will say One of the things, even in the pilot phase, because these are mission critical workloads and a lot of what these customers then run on AEP Because very quickly, they're front facing, customer facing things, so they very quickly become extremely high value interactions, like our own DRAM journey. And so we can actually get up and running fairly quickly on specific use cases, especially if they have any of Adobe products in there. And so that's but it's definitely I mean, It's orders of magnitude different than how you're thinking.
It's not 2 to 3 years, if I heard you correctly, to bring data into AEP. In fact, if you have analytics, if you have audience manager, you will be up and running right away.
And that's a big part of the strategy, which is any service, All of those services are being delivered in Q4, trigger journeys, query service, customer journey analytics. From the customer point of view, they're getting an addition to a service. Underlying it, we already have the platform up and running for them. And then they can actually use Other ingestion to augment that capability. That's very much the thinking and the approach.
One more question?
Shantanu, I'm reluctant to ask you a question since you've had to do a lot of talking today, but I did want to ask a little bit about Document Cloud. Last year, you raised the TAM size by 42%, this year by over 70%. And it's a market that I think you were a little bit late in Catching up in some respects, Spore. But as we think about kind of the roll rate of revenues over the next 12 to 18 months, is this you think going to be one of the fastest growing, if not the fastest growing product? I should have said, sorry, Keith Bachman from Bank of Montreal.
Well, Keith, I think we're already we've Pointed to the success that it's had. I think what's unique and new about the document service and it may be justified that we were late on a couple of dimensions. Think we were very early certainly on creating PDF and what we're doing with Acrobat. That business has done very well. The migration From perpetual is going well, the subscription both on adobe.com, which is pretty much complete as well as what's happening through the channels going well.
I think the 2 new things that we've done, which give us a lot of confidence about the long term trajectory, one is what we've done on the web. So, again, literally go to adobedot Tom, go to the Acrobat thing, you want to convert a file to PDF, you just upload a file, boom, within a few seconds you're going. And this is Triggering into the search economy where people want to do search something, they want to get everything done through the web. And then we have a great DDoS mechanism of upselling them for this stuff. So that is one of the reasons for our optimism.
And the second is this API availability within services. So, you may be a contract management service, you may be a document management service, you may be a bill delivery service, you may be a payment, All of them required the ability to create PDFs. And that's an area where we probably focus more on the desktop and not on the server Generation of PDF, now having these APIs both in terms of what we can do to deliver it in the web as well as at scale Deploy that through Adobe. Io. I think those are both good reasons, which is why, as you saw, we've elevated sort of what we are doing.
Document cloud has always perhaps been a little less appreciated because of the strong domain it also has as Part of the creative workflow, I mean, in the creative workflow, everybody continues to use PDF, but we're excited about it. We're excited about it.
Great. All right, Walter, short question, because we've run long in the webcast and I know
that we need to end that.
Walter, Pritchard Citi. Just
Within the digital media ARR, I think one thing that's been a challenge to figure out is on the ETLA side, kind of the Traditional enterprise business, you transition those to the Creative Cloud enterprise. Can you update there on I know you were sort of pushing through some pricing a while back. Where are we there? Is that still growing in terms of new ARR? Is that plateaued?
And any color there would be helpful. I think it's pretty meaningful.
Yes. I'll something and then Brian feel free to add. I mean, we've done a couple of really good things there. As you know, the first generation of ETLAs was all about saying, How do you take whatever offering people had, which was whatever collection they had and get them to move to the Creative Cloud ETLA, Very successful as part of that. The 2nd generation of ETLAs was saying, hey, now that they have Creative Cloud ETLA, let's go ahead and really market to them The entire breadth of the offerings and move them from what I would call custom creative cloud ETLAs to comprehensive creative cloud ETLAs.
So, That was very successful. The 3rd phase of what we are doing there is to start to say, how do you start to get them to do things like Complemented with services, both the storage services that we have stock photography and making stock as part of that service. So that's been very successful, Again, an ARR. The 4th thing that we've done as part of the enterprise ETLA is really saying, how do we within an enterprise make sure that the Friction associated with getting that Creative Cloud is really good. And then we can do true ups.
So that's been also very successful. I think We may have had a statistic which said something like 90% of the people who are on Creative Cloud ETLAs are using services.
90% on services, we're shifting a lot of our focus to because we can actually monitor The sheet usage in the accounts that gives us a unique position to be able to true those accounts up and expand seats in the accounts. And then shifting our focus to really deliver on those services, Adobe Stock is obviously our premier service there. We're really driving a high level Expansion and attached to those seats and our shift in our focus to consumption. So that's really the motion that gives us confidence that we're going to continue to expand ARR In the ETLA, please.
2 other quick things to add to that, Walter. The first is asset management and how enterprises are using asset management and AEM assets as well as that and the deployment of that has also been successful. So, we're really pleased with what's happening with the enterprise. But when you take a product like XD, we want the entire enterprise to adopt XD as well because we think everybody who is a product manager can do it. And I think we've made I think there was an announcement also today with IBM and a bunch of other parties.
All of the systems integrators, they're using XT as a mechanism of extending our deployment within enterprises.
Absolutely. And that is a real category where We enjoy a lot of active use of XD within cc all apps because it becomes as part of your subscription. We'll be pressing on Steve will be pressing on collaboration and we'll be pressing on deploying XD into new product design portions of and web design portions Of the organizations, in addition to that, there's a lot more that we'll be pressing on from a services standpoint with CC Libraries And CC Desktop and a lot of the additional services that Scott showcased on stage today that we're bringing to CC that applies equally Enterprise customers as it does to individual team
customers.
We really appreciate all of you being here today. What we try to do as Part of the presentation is incorporate a lot of the feedback that Mike Savage gives us in terms of his Conversations with you, what's top of mind. But let me end with what I started off with. I mean, our fundamental belief In the long term opportunity for us as a company, the macro trends that are certainly driving it, our category leadership in existing categories, Our focus on new category creation just give us a lot of optimism about the 3 growth areas that we've talked about. And so whether it's unleashing creativity and broadening to a whole set of customers, whether it's accelerating document productivity and thinking about how we make this far more of a Relevant service in addition to an end user product and enabling businesses of every size, shape to Digital as an enabler rather than an impediment to what they have to deal with.
We just think there are large opportunities and we're focused as a management team As well as 20,000 engaged employees on continuing to make sure that we deliver against that promise. So thank you very much for joining us. Over to you,
Mike. Thanks. So, this concludes The meeting includes the webcast. Management team will be around for a little bit. Give us just a minute to unleash the microphones and get ready and spread out and we'll be around for a little bit to take your questions.
But thanks again for joining us.