You are correct that we follow a simplified licensing model with Morningstar Direct pricing based on the number of licenses purchased. That said, we will charge additional fees on top of that license for specific use cases such as distribution or publication. So, for example, we charge separately for report distribution leveraging our data, research and analytics in reports as part of our Direct Reporting Solutions product.
We review prices regularly and make adjustments based on the added value provided and input costs. Starting in 2023, we introduced a larger-than-usual price increase with our annual renewals, reflecting significant enhancements to the product, including new data sets, additional Morningstar IP, and the introduction of Analytics Lab. Since mid-2024, price increases have been more in line with prior years. We do not comment on future price increases.