Dealmakers in Technology 03 EXECUTIVE SUMMARY 04 SCENARIO OVERVIEW 05 EXPLOSIVE SUBSCRIBER GROWTH 06 PREMIUM SUBSCRIBERS VS. TOTAL SUBSCRIBERS 07 ROOM TO INCREASE MARKET PENETRATION 08 TIMING OF PROFITABILITY 09 NEW CONTRACTS WITH LABELS WILL DRIVE GROSS MARGIN 09 STOCK MARKET INTRODUCTION & LONG TERM VALUATION 10 SPOTIFY VS. APPLE CONTENTS