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  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "slideType": "market_sizing",
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  "notes": "Uses a combination of a stacked bar chart for subscriber growth and a stacked area chart for industry revenue to illustrate the thesis.",
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      "kind": "callout",
      "text": "Opportunity remains for the global streaming market to grow ~3x from its current scale over the next 5 years",
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      "text": "Aggregate recorded music revenues ($bn)",
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      "text": "Streaming platform paying subscribers (mm)",
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      "text": "Streaming platforms have achieved dramatic user growth over the past 5 years (from ~20mm paying subs in 2013 to >200mm in 2018)\nHowever there is still significant upside remaining for the aggregate user base to grow ~3-4x from its current level; the aggregate base of streaming subscribers in 2018 represents only ~7-8% of the addressable global smartphone user base of 3 billion\nAs the streaming market continues to expand globally, the recorded music industry will see aggregate revenue growth accelerate and surpass the previous high-water mark of $25bn (last achieved in 1999)",
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      "text": "global streaming subscribers: 3x",
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      "kind": "title",
      "text": "The “Streaming Revolution” is still in early innings",
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