Bill Ackman

future is completely different from the present and how well this company will be able to like surf the wave of that sure and they've had to surf a lot of waves and actually the music business peaked the last time in like the late 90s or 2000 time frame and that really innovation napster digitization of music almost killed the industry and universal really led an effort to save the industry and actually made an early deal with uh spotify that enabled

future is completely different from the present and how well this company will be able to like surf the wave of that sure and they've had to surf a lot of waves and actually the music business peaked the last time in like the late 90s or 2000 time frame and that really innovation napster digitization of music almost killed the industry and universal really led an effort to save the industry and actually made an early deal with uh spotify that enabled

future is completely different from the present and how well this company will be able to like surf the wave of that sure and they've had to surf a lot of waves and actually the music business peaked the last time in like the late 90s or 2000 time frame and that really innovation napster digitization of music almost killed the industry and universal really led an effort to save the industry and actually made an early deal with uh spotify that enabled

you know, the industry to really recover. And so by virtue of their market position and their credibility and their willingness to kind of adopt new technologies, they've kept their position. Now they of course had this huge advantage because I think the Beatles are forever. I think U2 is forever. I think Rolling Stones are forever.

you know, the industry to really recover. And so by virtue of their market position and their credibility and their willingness to kind of adopt new technologies, they've kept their position. Now they of course had this huge advantage because I think the Beatles are forever. I think U2 is forever. I think Rolling Stones are forever.

you know, the industry to really recover. And so by virtue of their market position and their credibility and their willingness to kind of adopt new technologies, they've kept their position. Now they of course had this huge advantage because I think the Beatles are forever. I think U2 is forever. I think Rolling Stones are forever.

So they had a nice base of assets that were important and I think will forever be. Forever is a long time. But, you know, again, there are all kinds of risks in every business. This is one that I think has a very high degree of persistence. And I can't envision a world where beyond streaming, in a sense. Now, you may have a Neuralink chip in your head instead of a phone. Right.

So they had a nice base of assets that were important and I think will forever be. Forever is a long time. But, you know, again, there are all kinds of risks in every business. This is one that I think has a very high degree of persistence. And I can't envision a world where beyond streaming, in a sense. Now, you may have a Neuralink chip in your head instead of a phone. Right.

So they had a nice base of assets that were important and I think will forever be. Forever is a long time. But, you know, again, there are all kinds of risks in every business. This is one that I think has a very high degree of persistence. And I can't envision a world where beyond streaming, in a sense. Now, you may have a Neuralink chip in your head instead of a phone. Right.

But the music is going to come in a digitized kind of format. You're going to want to have an infinite library that you can walk around in your pocket or in your brain. It's not going to matter that much of the form factor. The device changes. It's not really that important whether it's Spotify or Apple or Amazon that are the so-called DSPs or the providers.

But the music is going to come in a digitized kind of format. You're going to want to have an infinite library that you can walk around in your pocket or in your brain. It's not going to matter that much of the form factor. The device changes. It's not really that important whether it's Spotify or Apple or Amazon that are the so-called DSPs or the providers.

But the music is going to come in a digitized kind of format. You're going to want to have an infinite library that you can walk around in your pocket or in your brain. It's not going to matter that much of the form factor. The device changes. It's not really that important whether it's Spotify or Apple or Amazon that are the so-called DSPs or the providers.

I think the values really kind of reside in the content owners, and that's really the artists and the label.

I think the values really kind of reside in the content owners, and that's really the artists and the label.

I think the values really kind of reside in the content owners, and that's really the artists and the label.

I totally agree. And I think if you think about it, there's lots of other technologies and computers that have been used to generate music over time. But no one falls in love with a computer-generated track, right? And Taylor Swift, incredible music, but it's also about the artist and her story and her physical presence and the live experience.

I totally agree. And I think if you think about it, there's lots of other technologies and computers that have been used to generate music over time. But no one falls in love with a computer-generated track, right? And Taylor Swift, incredible music, but it's also about the artist and her story and her physical presence and the live experience.

I totally agree. And I think if you think about it, there's lots of other technologies and computers that have been used to generate music over time. But no one falls in love with a computer-generated track, right? And Taylor Swift, incredible music, but it's also about the artist and her story and her physical presence and the live experience.

I don't think you're going to sit there and someone's going to put a computer up on stage and it's going to play and people are going to get excited around it. So I think... AI is really going to be a tool to make artists better artists. And I think like a synthesizer, right? Really created the opportunity for one man to have an orchestra. Maybe a bit of a threat to a percussionist, but maybe not.

I don't think you're going to sit there and someone's going to put a computer up on stage and it's going to play and people are going to get excited around it. So I think... AI is really going to be a tool to make artists better artists. And I think like a synthesizer, right? Really created the opportunity for one man to have an orchestra. Maybe a bit of a threat to a percussionist, but maybe not.