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Better yet is the patience required for a company achieving global scale in a winner take most market - Facebook, Netflix, Google. The economics of these businesses are rarely apparent when in reinvestment mode, but the dominant strains of their business model often are. Spotify's competitive advantages, while self-evident to us, are poorly understood by the market due to a focus on existing industry margin structure. As elucidated earlier, we think industry profit pool dynamics are poised to shift in Spotify's favor. Further, there are multiple untapped monetization options through ancillary revenue streams, data products, pricing power and platform extension. There are only a handful of companies in the world capable of achieving global scale in a winner take most market, very few of them are available for less than $50 billion. 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