Lou Whiteman

Travis, you say there's no choice.

There is choice.

There's Google.

There's Apple.

There's a lot of other choices.

As long as they're kind of all stepping up together, I think it's fine.

But if Spotify said, you know, to heck with it, $50 a month, I don't think that would work out well for them.

Yeah, and if so, I think it does make sense, because again, we started artificially low.

I do think that there will be pullback at some point.

I think it's interesting, because you can say that Netflix has specific things, and if you want to watch, I don't know, Squid Games or something, you need Netflix.

Spotify, I know they're trying with podcasts and stuff, but basically everything that people actually want to hear on Spotify, they can get elsewhere.

If anything, I'd say long-term, they have less pricing power, but certainly they can continue this trend for a while because it's not unreasonable and it is a product people want.

I think AI can make a pretty good playlist for you, and I think they're doing that already.

That's what I was going to say.

These are mostly pass-through businesses, where a lot of the creation is out of their controls.

They are just a conduit for, in this case, music.

I do think that that holds up better.

I don't know, I'm actually not a Spotify customer, but I can tell you that my music service uses AI to suggest things all the time for me.

I mean, I do think the other side of that too is, is that arguably the creators deserve more here.

So one day there could be a day of reckoning in terms of profitability, but that's something we'll handle down the line.