Dan Runcie

So this AI one that we discussed is one that I'll continue to watch and play out because as much as people see that there is a settlement that is likely going to happen underway, we could likely see some combination of both a settlement and a licensing agreement that takes place.

It could be a multi-tiered thing where, okay,

their payments that are made from a two to three year period and part of that payment is part of the licensing agreement so i'm eager to see how that continues to play out and then a second thing too to echo exactly what lizzo said again this is the first time in music that we've really seen this challenge happen how do you continue to break these new stars how do you continue to do this because we've seen a lot of these major companies operate a bit less like record labels

And operate more like private equity firms where they are raising billions of dollars of capital from family offices and companies like Apollo or KKR or Bain Capital and PE firms like that that want to invest in music.

So because they see the challenge themselves in terms of being able to not necessarily put money on music.

and put money on a song and knowing that it's going to go to the top, they feel it too.

So what are they putting their money towards?

They're trying to invest in the next catalog like Queen or Michael Jackson, something that is proven that they know will have the built-in fan base year after year and is a lot more predictable.

And that is likely going to create an ongoing tension between how these companies run, the artists that they're trying to sign moving forward, and how those incentives will align.

So I think that's something that will continue to shape this industry.

Thank you.

This was fun.

Thanks for having me.