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  "notes": "Includes a direct quote from Spotify CFO Barry McCarthy to support the argument regarding platform-label negotiations.",
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      "text": "When I joined the business I think we had a 15% gross margin, but this just wasn't sustainable at that level of profit. And so the last round of label negotiations was about elevating the margins to a point where, I think, the business would self-sustain...So what was good for Spotify was good for the labels and that's why the margin increased.",
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      "text": "Concern 1: Pressure from recording artists / songwriter for higher payouts",
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      "text": "While we expect aggregate music industry revenues to grow rapidly, the primary concern for labels is the share of that revenue they can retain",
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      "text": "When I joined the business I think we had a 15% gross margin, but this just wasn't sustainable at that level of profit... Now on a go-forward basis, is that going to happen again? No that's not going to happen again.",
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      "text": "\"When I joined the business I think we had a 15% gross margin, but this just wasn't sustainable at that level of profit. And so the last round of label negotiations was about elevating the margins to a point where, I think, the business would self-sustain...So what was good for Spotify was good for the labels and that's why the margin increased. Now on a go-forward basis, is that going to happen again? No that's not going to happen again. It's not in their economic interest to allow it to happen again. So how is it that the margin improves? The only way the margin improves is, we provide them with some value-added services that don't exist today that makes their business more profitable as a consequence and we benefit as well for doing it right now.\" — Spotify CFO Barry McCarthy, February 26, 2019, Bloomberg Transcript, Morgan Stanley Media Conference",
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