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      "kind": "list",
      "text": "06 1+1=3 combination. Media and brand expertise, extensive international network and new capital brought by I2PO and its founders as a powerful catalyst",
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      "text": "03 Differentiation through “Home of Music” and innovation. Focus on large geographies and hybrid B2B/B2C model to deliver superior growth",
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      "text": "05 Only Europe-listed music streaming company with significant value creation potential. Significant upside anticipated from execution of management’s plan. Unique strategic value in the long-term",
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      "text": "02 One of the few large-scale platforms in music streaming. One of 5 platforms of scale, #2 largest independent globally",
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      "text": "04 Clear path to profitability and cash generation. Launched initiatives to drive lifetime value. Cash flow breakeven in 2024E",
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      "text": "01 Sizeable and booming global music streaming industry. €21bn total addressable market in 2021E, growing to €35bn by 2027E (+9% p.a.)",
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      "text": "Source: MIDIA Research. Note: 1. Global music streaming forecasts incl. subscriptions and audio ad-supported revenue",
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      "text": "Investment thesis",
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