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  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
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  "presentationDate": "2023-02-01 00:00:00",
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      "text": "UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption",
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      "text": "UMG is outperforming its Capital Markets Day outlook: Revenue growth averaging 15% is ahead of targets; EBITDA margins are poised for expansion in 2023.",
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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.",
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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; Recent and future renewals with emerging platforms provide opportunity for increased monetization.",
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      "text": "Bill joined the board in May 2022",
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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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