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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption",
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      "text": "Music is very under-monetized today and at the cusp of higher monetization: Digital Streaming Providers recently began raising prices for the first time. Recent and future renewals with emerging platforms provide an opportunity for increased monetization and new form factors.",
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      "text": "Decades-long runway for growth: Massive addressable market, strong customer value proposition, and dominant market position. Continued global consumer adoption of streaming creates long runway of predictable, recurring revenue growth that is well-insulated from macroeconomic pressures.",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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