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      "text": "Data Flywheel Compounds Advantages - \"I'm just sitting here watching the wheels go round and round, I really love to watch them roll.\" - John Lennon",
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      "text": "We want to focus our energies on what Spotify brings to the table and why we think it controls its destiny. It is worth nothing, that despite competitor inroads, Spotify remains the undisputed category leader.",
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      "text": "In our 2016 annual letter we wrote about our attraction to self-reinforcing business models... With digital platform businesses, the quantity of data fed to algorithms determines their efficacy.",
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      "text": "As a competitive slate, this is a murderers' row. All three dominate globally, possess deep pockets and enjoy low CAC. Moreover, each is happy to utilize music as a loss-leader to sell more phones (Apple), serve more ads (Google), or in Amazon's case, deepen its commitment to its ecosystem.",
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      "text": "Amazon has also had success (13% market share) with a cut rate offering of $8.00 for Amazon Prime members... Last, there is YouTube (5% market share), which benefits from its ubiquity on our screens.",
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      "text": "Despite their advantages, each of Spotify's competitors' ability to scale globally is constrained... Spotify has done a better job of localizing music offerings than its American counterparts.",
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