{
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  "docSlug": "e6ccdccde9e4f314d35e33b1eb767bd3",
  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-01 00:00:00",
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  "pageNumber": 72,
  "pageCount": 102,
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  "slideType": "market_sizing",
  "function": "size_opportunity",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Includes logos for YouTube, Amazon Music, Apple Music, and Spotify.",
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  "slideHref": "/slides/019de06f-d4b7-72ab-9bef-74ff505356b5/72",
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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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      "kind": "chart",
      "text": "Aggregate recorded music revenues ($bn)",
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      "kind": "chart",
      "text": "Streaming platform paying subscribers (mm)",
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      "kind": "list",
      "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\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",
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      "kind": "source-note",
      "text": "Source: Morgan Stanley; company reports",
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      "kind": "title",
      "text": "The “Streaming Revolution” is still in early innings",
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      "evidence": "The loop presents a big bet on the growth potential of Sony's gaming and music businesses",
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