Good afternoon. This is the conference operator. Welcome, and thank you for joining the Believe Group's full-year 2023 results presentation. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Denis Ladegaillerie, Founder and Chief Executive Officer. Please go ahead, sir. Thank you very much, operator. Welcome, everyone. I'm happy to sit down with you to report a strong set of full-year results for the third time, for the third year since our IPO. This set of results is characterized by solid organic growth showing acceleration in Q4, a strong profitability improvement throughout the year as we scale, and positive free cash flow in the second half of the year. Believe's mission is to develop artists and labels at all stages with expertise, respect, fairness, and transparency. What does that mean? We source artists and labels at early stages and support them in becoming established artists and labels. Once established, we support them in their journey to become top artists or labels in their market segment. Once at the top, we support them in reaching new heights. From a business model standpoint, we aim to maximize the commercial potential of our artists and labels' music and brands by supporting them creatively and in developing their audience, and we participate in their commercial success. The more value we create in partnership with our artists and labels, the more we participate in the value we have created together. That is at the core of what we've been doing in 2023 and what we are going to do in 2024: invest and innovate to create more value for our artists and our labels at all stages. The more value, again, we create for artists, the more we can participate in value creation. We do this at the top of the market by investing in breaking more artists in the top 200 and operator, sorry, actually, if you can go to slide four. Sorry, apologies for this. We do this at the top of the market by investing in breaking more artists in the top 200 than ever before in Believe's history. That is a big part of our investment and the areas where we have gained the most market share in 2023. We do the same investing in premium solutions with continued investments in teams and innovation that translated into growing our labels faster than the market, again, and at TuneCore with TuneCore Accelerator. Lastly, in 2023, we started expanding our services, with the acquisition in Sentric that we are now building to become Believe Publishing. From a financial standpoint, our investment in music and technology in 2023 have translated into a strong adjusted organic growth at 19.5%, increased adjusted EBITDA margin of 5.7% that reflects the investment in and the transformation of our model, creating more value to extract more value, a continued efficiency drive, and, naturally, the scale effect. If you want to go to the next slide, please. After pausing investment and sales in H1 2023 to adjust to slower growth, the group has resumed its investment in the second half of the year in building local teams to develop and support top artists in top 20 global markets, especially in Europe and Asia. The group gained additional market share in most key markets and is now positioned as a top three player by digital music market share for local acts in key European and Asian markets, including four of the top 10 global music markets: Japan, Germany, France, and India. As you can see on this slide here, in France, Believe proved that it has become the best new artist development capacity in the French market with five debut albums in the top 200, ranking number one on local acts with a 29% market share of the top 200 albums with 42 albums in the top 20 sorry, top 200 in 2023, including Werenoi here on the picture, the most streamed artist in France. We also had in Germany RAF Camora, a Believe artist, with whom we've renewed a long multi-year relationship as the most streamed artist and also 48 albums in the top 100 weekly album charts through the year. Lastly, we had our first number 1 global single with Si No Estás by Íñigo Quintero through a partnership with the artists and our labels, one of our Spanish labels. These successes at the top are being achieved in a wider variety of genres of music, as you can see, of course, in hip-hop, but also in pop, in more, in all, in metal, in local pop. In the next slide, we've continued to strengthen, as you know, the second geography where we invest in is Asia, where we have continued to strengthen our leadership position, especially in the three largest markets in the zone. In China, we've continued to build our teams and expand our capabilities, with success driven by strong local partnerships with local music digital services. In India, we've continued to pursue our investment across all business line, entry-level, established top artists, and also strengthen our presence there with the acquisition of White Hill Music, the leading catalog of Punjabi music original soundtracks from a longstanding commercial partner of Believe. In Japan, where we started to foray in last year, we launched our premium solutions and most recently PlayCode, which is a new dedicated imprint targeted at top local hip-hop artists, a genre of music that is starting to gain share locally. Next slide. We've also continued to deliver significant growth above the market growth to our portfolio of existing label partners. As you can see on this slide here, 35% above market growth driven by an increase in our marketing and promotion investments across all platforms. This is also a great illustration of what I was describing earlier, moving from distribution to full label services and expanding significantly the value that we do create for our labels, and being able to participate, in a deeper way in that value creation, taking full advantage of our in-house media technology platform for Mediabuy, and our global editorial teams in more than 50 countries. We have also continued, as we do, each year, to selectively strengthen our portfolio of local labels. A couple of examples here with, Mahogany Recordings in the U.K., or most recently with the privilege, to partner with marquee label Bella Union, in the U.K. That drive to create to ever create more value for our artists and labels is also one that we are applying to the new artists at TuneCore, where through 2023 and continuing in 2024, we are now deploying a number of artist development programs and marketing programs at early stages for a large number of artists. These programs, in the past quarter only, have helped 10,000 artists increase their streams by an average of 143% compared to the previous quarter, driven by marketing investments across a large number of platforms, from TikTok to YouTube, to Spotify and others. Lastly, as a core commitment for Believe, we have continued to build our Shaping Music for Good program. As you know, we've had a very strong focus on gender equality. As a reminder, 50% of Believe board members are women, 50% of our committees are women at parity. Another commitment on training: 94% of our employees in 2023 received, on average, 11 hours of training during the year. That is a key driver of how we build expert teams to support our artists and labels. I will now let Xavier take you through the numbers. Thank you, Denis. Hello to everybody. So let's, let's jump to page 12. So as presented by Denis, we have another solid operational and financial performance with market share gains in all key countries and all key DSPs, despite currency headwinds. The organic growth of 14.4% and the organic growth adjusted for market embedded FX of 19.5% demonstrate that fact. We had currency headwinds throughout the year, with a peak in Q3, but we have also strong resilient market growth driven by price increases, despite still depressed ad-supported streaming monetization as expected. The digital revenue represents 90% of our total revenue versus 92% in financial year 2022. The 10% of non-digital sales are growing 48% driven by publishing, live, and branding. We reached 5.7% EBITDA margin versus 4.6% last year, driven by a better monetization of the central platform investments and also controlled investments locally. We are already at midterm IPO objective level. We have also a free cash flow that is almost as break-even, with -EUR 3.1 million. We had a strong positive H2 cash flow after H1 that saw significant attractive opportunities to sign or renew deals with labels and top artists at much better conditions for us. Let's now have a look at our growth per quarter, jumping to slide 13. The quarterly trajectory in terms of growth showed deceleration of growth throughout the year with a rebound in Q4 2023, which grew 21.8% in organic growth adjusted from embedded market FX. As I said before, we had significant negative FX exposure embedded in the market, stemming from the appreciation of euro versus almost all currencies. After three quarters of deceleration driven by lower ad-supported revenue leading to lower growth in emerging markets, the last quarter has been. I've seen higher growth rates versus Q3. Organic digital sales in Q4 grew 13% with an easier comp on ad-supported and also subscription price increase. We also benefited from strong non-digital revenue organic growth of 38%, leading to a total Q4 organic growth of 15.7%. Our market share continued to grow at a higher pace in Q4 than in Q3. Let's now go to page 14 to see the performance per segment. So we have growth in all segments, premium and automated, which is a tribute to the appeal of our model based on digital innovation and differentiated positioning, as explained by Denis. So the automated solutions, which is targeting music creators, have a total growth of 14.6%, including 9.9% organic, a negative FX impact of 2.8%, and a 7.6% positive impact of Sentric integration on new publishing platforms. As expected, automated solutions had a lower organic growth in financial year 2023 driven by lower ad-supported monetization, but also because the new pricing we rolled out in 2022 had led to lower ARPU, not yet compensated by the ramp-up in new clients. We introduced several initiatives in H2 2023, including price increases, or as Denis also illustrated, the new TuneCore Accelerator that led to a much stronger Q4 20% organic growth in automated. Premium solutions that is targeting labels and emerging to top artists show a 15.8% growth versus last year, which translate into a 20.1% adjusted organic growth, so without the embedded FX. We have been taking market share throughout the year despite negative FX and this depressed ad-supported monetization that affected markets where the digital penetration is the lower. We benefited from DSP price increase, notably in Q4, and also from an easier comp on ad-supported monetization. But as expected, we have not seen significant ramp-up of ad-supported monetization at the end of the year. Adjusted premium organic growth rate is 21% 20.1%, as I said, and includes a negative 5.4% estimated FX market embedded impact, a negative 1.4% currency rate impact in total revenue, mostly related to the depreciation of the Turkish lira, against a 2.6% perimeter effect, essentially from Sentric, and almost a neutral 0.2% positive hyperinflation effect also related to the Turkish lira. If we go now on page 15, that shows the performance by geographies. So we gain market share in almost all key geographies, and a geographical footprint and growth pattern of the group illustrate our model. We're focusing on digital music well positioned in the countries where digital penetration is the lower, and thus the future growth is higher. This is illustrated by the strong growth in Europe, excluding France and Germany, of 25.9%. The region benefited from the Sentric integration. But as we celebrate also the 10th year anniversary of our presence in Eastern Europe, the revenue was driven mainly by the strong performance in that subregion and also by Turkey. This is also illustrated by APAC Africa, when we grew 14.9%. That region has been strongly impacted by FX by a lower ad-supported monetization and a lower DSP price adjustment. As mentioned by Denis, we've launched our full-service offer in Japan, and we made an acquisition in India, which will help our future growth in the region in a market that is still less booming than the past years but that demonstrated strong resilience. In all countries, including major developed ones, our addressable markets are enlarging as more and more traditional genres of music become digital, leading to more opportunities. This is demonstrated in growth in France with 14.9%, reflecting a strong Q4 at 33%. Q4 has been positively impacted by the strong live business activity. As the leader in local music, Naïve, on the market, we also depend on the release scheduling of our artists that were significantly higher in Q4 than in Q3. In Germany, we are reducing voluntarily our exposure to physical heavy contracts, but we are still gaining digital market share in Q4. Thanks to our multi-tiered approach, we serve all digital artists, from music creators in automated to the top artists in premium, all that in a profitable way, as shown in the Americas region growth of 17.4% driven by Brazil and Mexico and, of course, the resumed strong growth in TuneCore in Q4. If we now go to page 16, you can see how we drove investment during the year. Our digital focus, that is based on a mix of technology, solutions, and music, allowed for differentiated positioning, digital innovation, translating into a higher appeal to artists and labels, and steady operating leverage. We are constantly deploying new teams to address new music genres or new business lines or new types of artists or labels. We have strong operational control as our blueprint is very well defined. As you know, each team is made up of four to five individuals, and each team takes circa 2 years to reach break-even. We have then strong control of our execution. And when our revenue numbers do not reach the planned levels, then we reduce our investment level accordingly until we reach the expected profitability for each team. As we expected monetization to be lower, we decreased our investment levels, as you can see, from almost 5% last year to 3% in financial year 2023. And we continue to work on it efficiently, leading to higher segment EBITDA margin, as we will see later. The second driver of our profitability is the central platform, which is key in our model. And we go to page 17. So central platform is one of the key drivers for Believe differentiation and innovation. Central platform provides the technology and the solutions, not only the tools but also the processes, the structuring management that power the business lines in the country. The central platform teams are split between the tech and product teams that design, develop, and operate the tech tools, the G&A teams, the finance, legal, HR that provide the framework to manage your business and resources, and the sales team that design and enable the commercial offer and organization and provide management tools that are then leveraged at local level. Central platform costs are not driven by volume but are more a function of the number of products we deploy, the number of business lines we are managing, the number of countries we operate in, or even the number of businesses we acquire. As the group expanded massively in 2019 and 2020, finalizing its multi-tiered approach with the launch of artists' services in 15 countries or splitting artists' solutions from label solutions, the central platform increased significantly as a percentage of revenue in those years. The central platform is still expanding in your terms as we want to continue investing in new solutions and continue to be at the forefront of innovation, as Denis mentioned. However, the central platform is decreasing as a percentage of revenue. As a reminder in 2020, we were at 17.2% of revenue, and we are now at 10.4% in financial year 2023. In financial year 2023, the central platform grew by only 3% in total cost terms cash terms, sorry, as we rolled out efficiency plans and we postponed also some projects to 2024. We do expect to invest more in 2024 as we prepare for the next growth phase. We have exciting opportunities around audience development and data, but always carefully managing our central platform cost over revenue ratio. If we now go to slide 18, you can see how that translates, in EBITDA margin improvement. The group EBITDA margin trajectory is a function of, A, the segment EBITDA margin, i.e., the margin pre-central platform cost. As we lower investments, we reflect lower growth by 190 basis points, as we saw before. The segment EBITDA margin grew only by 40 basis points because of the weaker revenue, leading to slower ramp-up in teams' profitability. The central platform cost as a percentage of revenue that is decreasing, and that is the one that normally contributes the most to the expansion of the group EBITDA profitability, is the second driver of our EBITDA margin trajectory. By a careful management of our cost investments level, we've been able to drive operating leverage. We explain why we are reaching our midterm objective level, almost two years ahead of a plan, despite lower growth in financial year 2023. If we now go to page 19, we see what was the free cash flow performance of the business during the year. After increased advance investments in H1, H2 saw significant cash flow generation. As you remember, we had a negative free cash flow in H1, mainly because of the working capital variance that reflected further investments in advances to artists and to labels. Because of our positioning and quality of service, as well as the current environment, we've been able to extract more value from key partners, mostly labels and top artists, with higher margins and higher contract durations. Advances have a very high ROI, much more than most of the other types of cash allocation, including M&A. So we saw those unique opportunities. The longer-term contract led to higher advances paid, translating into a 40% recoupment ratio within one year versus 51% last year, as shown in the table below, the last row of the table. The assumption for the full year was that those behaviors coming from labels would be a limited window of opportunity that we had to size in H1. That assumption has been right, as we saw in H2, deal negotiations leading to more standard advance rate and terms. H2 has thus a strong cash flow generation, helped by some more favorable DSP term negotiations. CapEx costs are decreasing. I've been postponing some projects in the central platform, leading then to an almost neutral free cash flow for the full year. For the record, our M&A spend is EUR 70 million, roughly, below the EUR 100 million target. As announced, we pushed some conversations into 2024 to carefully manage our free cash flow, focusing more on advances. Now, let's jump to page 21, regarding the guidance. As an introduction for the guidance, as you know, Believe is the object of ongoing discussions around the potential change of control of the group. At this stage, the company is not in a position to assess the potential impact on its business and financial condition linked to the uncertainties created by the current situation. To be clear, the guidance provided does not take into account any of those potential impacts. We are now expecting an organic revenue growth of around 18% and an FX embedded revenue growth, organic adjusted for FX then of 20%. We assume resilient paid streaming, and uplift from future DSP price increases in H2 2024. We also assume a recovery of ad-supported growth in H2 2024. We expect a soft Q1, and that is going to increase performance then in the following quarters. We are anticipating a higher EBITDA margin of around 6.5% as central platform costs will still be decreasing as a percentage of revenue. We are, as we are demonstrating quarter after quarter, our powerful model is to drive growth, gain market shares, and increase profitability. We will maintain a focus on investments in local sales team and central platform tech and solutions while managing actively our investment cycle to further improve profitability. The group operating leverage will continue to come mostly from the central platform cost amortization as it has been since 2020. We expect a slightly positive free cash flow generation, assuming a stable level of terms and conditions on our contracts as we've seen in H2. On page 20-22, we are confirming that we are on track to deliver our midterm objectives, an organic growth of 22%-25% for the period 2021 to 2025, an adjusted EBITDA margin from 5%-7% by 2025. This operating leverage will be based mostly on a better amortization of the central platform cost. And as you can see, we should be close to the EBITDA brackets target in 2024 thanks to control investments. The long-term EBITDA margin for the group of 15% after hypergrowth phase is also unchanged. Now, I'll let Denis to conclude the presentation. Great. Thank you very much, Xavier. One simple conclusion. As you have understood, in 2024, we will essentially continue executing on our strategy as presented at IPO. One, drive solid organic growth. Two, gradually increase profitability supported by continued investments and innovation to create more value for our artists and labels and participate in their success. We will now open the Q&A session and answer your questions about the annual performance and outlook. I want to specify that we will not take questions about the ongoing offer process during this earnings call and remind you that the information available to date is included in the press releases that have been issued over the last few weeks. Thank you very much. Thank you, sir. This is the conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. The first question comes from Mr. Nicolas Cote- Colisson of HSBC. Well, hi, everyone. First question is on the working cap. Can you just help us on, what we should consider for 2024? Because I think you just said in line with H2. So just to be clear, I'm sorry if I didn't catch it properly. And also, you made a comment about higher return on investment from advances compared to M&A, although you are saying that you would consider more acquisitions in 2024. So how can you reconcile the two? And then, not talking directly about the deal, but this is what is in your press release. You mentioned business potential business disruption or uncertainties from the discussions. What are you referring to? Is it about artists not willing to engage, or is there something else we should consider? And very last, again, talking about the deal but not about the details of the deal, can you just help us with the timeline for the AMF to review, the questions from the board? Thank you. Thank you. Thank you, Nicolas. So I'm not going to answer your question three and your question four. You have all the necessary information that has already been disclosed either in the various press releases. So I'm just going to answer your question one and two. I'm going to start by number two, which is, M&A versus advances. As we discussed during our previous earnings, the difference between advances and M&A is that advances have a very recurring high ROI, and you have a faster payback. So in the capital allocation, as a company, we tend to say, first, we deliver advances. And if we have good opportunities, we size them. And then, of course, we do M&A. So we're not saying that we are going to cut completely one or another. What we're saying is that what we did in 2023 is that because we sized very interesting advance opportunities, then we said, "Okay, we are going to cut back a bit on M&A," postponing some discussions in 2024 because we want to have enough cash to be able to finance our advance opportunities. So that's the reasoning that we are making. The assumption is that for 2024 is that we are going to have to pay less advances versus revenue in 2024 because we think that the H1 was super strong and was more, I would say, as I said before, like unique windows of opportunities because H2 have been much more regular in terms of conditions that have been there. Having said that, we do say also that we are going to invest in advances because at the end of the day, we are guiding towards a neutral free cash flow, a slightly positive free cash flow, if you will, because we think that our job is to be able to finance the growth of the business with high ROI advances, with also extra EBITDA but also extra investments that we can make in the teams and that this is how we want to use our cash. And M&A is below the free cash flow. We have dedicated, as you know, envelope for M&A. Our target is still to spend EUR 100 million a year. We have a lot of opportunities there, but we select super carefully those opportunities depending on the way we want to strategize the business. Thank you. On the working cap for kind of a volume for 2024, some kind of indications? Well, but you can, I think you can do the math, actually. You can because it's for to get to neutral free cash given the EBITDA, you can deduct the working cap quite easily. Okay. Thank you. As a reminder, if you wish to register for a question, please press star and one on your touch-tone telephone. The next question comes from Julien Onillon of Stifel. Hi. Good afternoon. Three questions to start with. To come back first on your Q4 particular sales and the automated solution, you have a strong jump in Q4, 20%, and I believe it's links to your new marketing program that you launched in the fourth quarter. So seems to be a great success. What do you anticipate for the full year of 2024 on this specific TuneCore business? Should we expect a growth remaining to 20% as we have seen effectively in Q4? So that's my first question. Second question still on Q4, you have a strong rise on non-digital sales in Q4, apparently more than 70%. I'd just like to try to understand what happened there, if there are any specifics. And now coming back a bit on the depreciation and amortization below the EBITDA, you mentioned that depreciation was EUR 61 million for the full year, and it was EUR 21 million in the first half. Would it mean that the depreciation has been moving from EUR 21 million to EUR 40 million in H2? So what's happened really there? Is it exceptional? I'd like to try to understand what's happened. What are the other items below the operating profits in terms of financials? And also, do you have a positive, I guess, when you get the net earnings, a positive impact on the tax element on this aspect? So just to start my first questions, I probably would have also more questions on the prospects, but those three questions to start with. Okay. So expectations for TuneCore, so yes, Q4 performance in TuneCore was driven by, A, price increase, and B, the new marketing programs that are actually not all that have an impact on the performance of the business. We do expect the growth of TuneCore, the automated and TuneCore business in 2024 to be in the range of what has been happening in Q4. That's at least a target that we have there. And just to complete around this, it's really as globally, I was explaining, our strategy. The core of our strategy is to create more value for artists. Because when we create more value for artists, then we are able to participate better in value creation. That is the same for TuneCore. So we are moving TuneCore from a large-scale, low-value-add business to a very targeted business targeted at new and up-and-coming artists with potential that we are helping develop. So basically, the acceleration of growth that we're seeing and that we're expecting in 2024 reflects these two elements: acquisition that's targeted at higher-earning artists and labels, and the ability to better participate in the value that we're creating for them. Is that Xavier, you want to pick up the second question? Third question was on non-digital sales. So non-digital sales jump, you have two FX. You have the acquisition effect, because publishing is non-digital sales, and you have a live effect, that specifically in France because France is the only country where we are operating a live business. So this way, the two FX that explain the performance in Q4 in non-digital sales. Below EBITDA, I must admit I'm sorry, I haven't I don't know what you are referring to. It is true that depreciation has increased, versus last year, but because it's just a matter of the M&A and PPE allocation. Because the depreciation of our capitalized cost is roughly the same as, as you know, we are stable there. The difference in depreciation comes from the allocation of the acquisition price of M&A. Yes, but just to come back on that, in the first half, it was EUR 21 million of depreciation overall. And then you speak in your press release about EUR 61 million, which means that it should be in H2, EUR 40 million. So it's why I'm a bit lost. So now do you mean and Sentric was, I mean, the only M&A you have done is Sentric, I would say, recently, the biggest one. So do you mean you have done an exceptional depreciation somewhere? Is why I was a bit lost there. It was my, you know, H1, again, H2 in terms of depreciation. I don't know if you have the numbers, but it looks strange for me. Well, let me revert to you. I don't recall any exceptional depreciation, so I think it's really allocation. But let me revert to you on this one. Okay. Thank you. And on the tax, because it appears to be effectively a positive impact on your earnings. Yeah. It's a positive impact because we had some different taxation and taxation improvement that led to have this positive impact. But the positive impact is not recurring. By definition, we should have we are we have, sorry, negative income tax as we are paying taxes in some countries, despite the fact that the group is loss-making. Okay. Thank you. I'm stopping here. I will have more questions later on, but I'll leave the ground to others. Okay. I'd like to turn the conference over to Ms. Megel for any written questions. So we do have a question from Sam Taylor. "Can you talk a little bit more about the Central platform? What previous technology or processes does it replace? What does it actually do, and what is the continuing technology evolution of Central platform in the future? Do you see this primarily being a revenue and growth driver or something delivering efficiency and cost savings, freeing up cash to be invested elsewhere in the business?" So, very good question, Sam. It's both. The Central platform has two functions. It is a revenue and it is a revenue enabler. This is part of, through the Central platform, the technology product that we are able to create differentiation, increase the audiences of our artists through a number of functions. And so it has a revenue enablement function and a differentiation function. It also has a cost efficiency function. As a business, the Central platform is not just about technology and product. It's also about central teams that are organizing and streamlining our business on a global basis so that when we operate artist services in Indonesia or in China or in France or in the UK, these contracts, the contracts that our teams are signing, have similar structures or structure that can be operated without having too complex information system. So that is the role of the Central platform. So every year, we invest in two areas. It's increasing revenue enablement. So this is essentially through marketing technologies, which is one component of the platform, and data intelligence technology. It's about leveraging the data that we're getting from the DSPs every day to put that into the hands of our teams so that they can drive actions around creating assets for our teams, or for marketing and artist development plans. And the other part of the platform is drive efficiencies at scale. So what the platform does, it's a supply chain, so it moves music and music videos from our artists to the DSPs. It's, as part of that supply chain, there's a lot of investments going on into controlling copyright infringement, streaming fraud, abuse, etc., to ensure that we only deliver artists that are valuable. and it's the platform. It's a managed royalty management system that is allowing us to manage EUR 1.2 billion of sales and pay them to artists, whether these are top artists where the payments are a little bit more complex or TuneCore or large share. That's what the platform does. We do have a second question, of Sam. "In UMG's recent earnings calls, it is called that TikTok contributed to EUR 111 million in revenues. What is the comparable figures for Believe with Universal withdrawing catalog? Do you see opportunities to drive more revenue here, or is there a knock-on effect from UMG-controlled repertoire and Believe-controlled recordings? And do you see the current move in the U.S. to ban TikTok or force ByteDance to divest having any impact on future revenues?" TikTok is not what we communicated before. We didn't communicate a figure. But TikTok is not significant in our revenue, in terms of, sorry, of royalties. However, and I will let Denis explain more, TikTok is interesting for us to help develop audiences that are going then to be revenue generated in other stores. Yeah. Yeah, exactly. And I think, so just to complete Xavier's answer, I think we have expressed that view publicly already. We are happy with our current relationship and our current deal with TikTok. I mean, what we look for in our deals is we want to ensure that all of our partners have financial, we get financial payments from all of our partners that create a level playing field. We would not want to make our catalog available on TikTok at a price and on terms that would be less favorable to comparable services like Meta or YouTube for similar usage. So we did renegotiate our deal last year with them, and we feel that today our deal, from a financial standpoint, is on par when we look at usage with what we're getting from other platforms. And we're quite satisfied with the rest of our relationship there. With regards to the impact of UMG, I mean, obviously, that's any partner, as you know, revenues are being paid based on a revenue pool that's allocated according to the people that are participating in the pool. If there's one partner that no longer participates in the pool, obviously, it does increase the revenue share for other partners. But again, TikTok is not a meaningful driver in the grand scheme of thinking revenues. So do we expect benefit from this? No, or very marginally. Any other question? No more question on my side. We actually have a question from the conference call, if you can take that. It's a follow-up from Julien Onillon of Stifel. Yes. Sorry, just to come back on questions. I just want to come back a bit about the prospect on two specific markets. First, France. You have a strong growth, 15% growth, in particular when the market was only growing 5% this year. You have gained. I look at the chart in France. You are in the top 10, let's say, albums. You were four of your artists were in the top 10, which is a great performance. What could we expect in France for this year, considering how well you have performed last year in France? And that in prospect also a price increase of Spotify. We know about why Spotify is increasing price in France to compensate the tax. But it's clear also that it will be more than compensating the tax and makes more revenue for Spotify and therefore for you indirectly. So what's your prospect in terms of growth you believe you can have in France? My first question. My second question is on Germany, where, on the contrary, I would say your performance in appearance, I would say, has been weak? You explained it's due to effectively non-digital sales which you have cut. But what the digital sales growth has been last year, and what you would expect for this year in Germany, considering effectively I mean the performance, I would say, relative, and the performance we can have seen last year. Thank you. So in France, as I said, there is a strong performance in quarterly performance because it's of the live business. We gain market share in the digital market, which is, as you know, how we measure our performance. And we had double digit in Q4 in digital sales in France, which is, as you said, a very good performance. Having said that, our capacity to grow in France from a revenue standpoint is more limited because we are already in the number one seat in terms of local acts. So basically, we represent the market. Our view is that we can still outgrow the market, but in a more limited fashion, for 2024. Hopefully, we're going to get a double-digit. We'll see. But that will depend, of course, on the French digital market because this is what is driving part of the performance. Yeah. To add what Xavier was saying and I'll start answering the questions around Germany as well that Xavier will complete is, look, in France, we are number one. We were the largest local record label in the market last year for local artists. Success attracts success. So it means that we have more incoming calls from artists than ever because they have seen the great work that we've been doing. So we see, actually, even stronger sales dynamics. To Xavier's point, we already have a large market share there. So what is going to be our strategy? It's very simple. When you are market leader, what do you seek to do? You seek to optimize your economics. You have pricing power. You have choice. Artists are coming to you. So what are we going to do? We're going to exercise that pricing power, to progressively improve our economics, in the market. And then we start building the other lines of businesses. Publishing. We've not deployed publishing in France yet. We live, as Xavier was mentioning. So essentially, you optimize and to say it differently, so we expect growth on the digital side but at lower level. and we expect to grow profitability of the business, and we expect to grow other ancillary lines of revenues. I would say if you take a country like Germany where we are not the number one player for local content, we are the third-largest player for local content. Basically, our view there, it's a mix. There's market segments where we are optimizing. We're very strong in hip-hop in Germany locally. We've been looking at optimizing our business in that territory. We are continuing to invest in new genre of music, in Schlager locally, the new generation of artists. So it's a mixed strategy there, one where part of the business we are optimizing, at that stage because we're very happy with our market share. Biggest artists in hip-hop locally, most stream artists locally in hip-hop, 48 albums in the top 100. So we're quite happy with the position in hip-hop. We're building other genre of music and optimizing. Xavier, you want to complete from a financial standpoint? Yeah, from a financial standpoint, all these restructuring, etc., in Germany, curbing contracts, as I said before, that takes time. So we do expect the performance of the digital performance of the business in 2024 in Germany to be, you know, probably low single digit or something like that. Because when you are curbing digital when you are curbing, sorry, physical-heavy contracts, you're also cutting digital revenue. So even if you make progress in the artist segment, for example, you still have negative impact coming from this structuring of the contract. So yeah, probably it's still going to be a country where we are going to grow at a slower pace versus any other countries. But does it mean that if you do that, your profitability somewhere here will significantly improve in Germany? Yes. Yes. Yeah. That's exactly that. Okay. Okay. Thank you. Gentlemen, there are no more questions registered at this time. I'd like to hand it back to you for any closing remarks. Perfect. Well, thank you very much, everyone, for attending this call. And we wish you a great rest of your day. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephone.