We also recognize that part of the Morningstar Direct product area (notably Reporting Solutions) is not strictly license-based. Is Reporting Solutions a small/mid/large share, and is it growing faster or slower than the license base? How much should we therefore use revenue-per-license as a proxy for price?
Morningstar Direct growth was driven by increased revenue per license and expansion with existing clients in Reporting Solutions. We do not disclose the size and growth rates for each product, and do not provide forward-looking guidance on product mix or expected acceleration over time. Revenue reflects a variety of factors, including customer mix, product usage, contract terms, and adoption patterns, so we would not recommend revenue per license as a proxy for price.
Morningstar Direct software continues to add value as a primary access point for Morningstar data and analytics, while increased demand to use these services off-platform drives growth in Reporting Solutions. The mix over time is driven by client preferences, deployment models, and usage patterns with the overall business value to our clients captured in total revenue.