Good afternoon. This is the conference operator. Welcome, and thank you for joining the Believe First Quarter 2023 revenues conference call. 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 of Believe. Please go ahead, sir. Thank you very much, operator, and welcome everyone to this Q1 2023 investor call. If you can move on to slide three. Xavier and I will be taking you through the presentation on this call. First, moving on to slide four, I'm very happy to report that Believe delivered a very strong first quarter 2023 on the back of a strong Q4 2022 quarter. This quarter has been once again fueled by very strong market share gains due to a stronger than ever attractivity for artists and labels. On a personal note, I've spent the past quarter traveling to almost all of the major music markets in the world, in the U.S., Japan, the U.K., Brazil, India, France, where I've met our partners, many artists and labels. One thing that's struck me while I was traveling is the story is the same everywhere. Essentially, there's a new generation of digital artists that is rising in all markets and established artists are becoming more digital. Believe's multi-tier model is specifically adapted and is the power, the fuel beyond our ability to attract artists and labels and grow at a faster pace than the market. Our growth has, of course, been fueled by a continued strong growth of paid streaming penetration and continued challenging environment on the ad-supported market. In Q1 2023, we also expanded our set of services with our view to be able to serve artists and labels across all of their needs with the acquisition of Sentric, which is a new business line for the group. As you know, publishing is with live and recording the third largest source of revenues for artists, and we do think that offers a significant opportunity for us ahead as the publishing markets become more digital. That also signals the fact that we're now resuming our acquisition strategy and deploying the capital that we raised at IPO and that we will be continuing to deploy in the coming quarter to progress through our long-term strategy both organically and through acquisitions. Moving on to slide six. The first driver behind our Q1 strong performance is the fact that as in Q4 and the entire year 2022, we are continuing to grow our artists and labels at a much faster pace than the market. In Q1 2023, the performance of our labels grew at 18.2% above the market rate. This is only existing labels. This really reflects our ability through our expertise on developing artists on Spotify through all of the opportunities available to us there, YouTube, TikTok, Apple Music, all of our partners in contributing to grow the audiences and the monetization of our artists and labels. And obviously, that is transforming into that due to the trust of our artists that have put their confidence in Believe, where you have a few examples on the right end of this slide with some top artists across the various market, from Ultimo in Italy to Yura Yunita in Indonesia, or Renaud in France. Moving on to slide seven. Besides growing artists and labels faster than the market, this has been also a very dynamic quarter in terms of new signings and renewals across the regions and the genres of music. With a few renewals first with JUL, our top artist in France or Interbyte Media, in Malaysia. These are relationships that we have renewed and extended for almost a decade now, for the second, third, fifth time by expanding long-term agreements, both in Artist Services as well as in Label and Artist Solutions with artists and labels that we've contributed to grow significantly. It is also illustrated by a couple of signings here, like Hamza, for example, in France, or Fasma in Italy, about being able to win artists for whom there's a strong market competition with for new signings. That is once again in genre of music that are very digital, reflecting the level of maturity that we're seeing in the market from artists seeking partners that have a similar DNA as them, as digital artists, developing in digital markets. Then also the ability to sign to upsell artists like Fabian Wegerer here in Germany from one set of service, Label and Artist Solutions, which is our solution for mid-level artists, to our top Artist Services solutions. Between the ability to sign new artists, our ability to continue to consolidate our roster through signing long-term relationship with existing artists, and competing very effectively in digital music market segments, our growth for Q1 2022 has been fueled by strong market share gain. Moving on to slide 8. We've continued in Q1, and as we have in Q3 and in Q4, to deploy new bespoke spur services, especially in genre music that are fully digital. Be Electronic is a good example. This is basically building a capability that is dedicated to the genre of music for both artists and labels, leveraging our expertise, our editorial teams around the world, our ability to leverage algorithm-based recommendation to accelerate audience development, our ability to leverage long-form video, short-form video, multi-format video to develop our artists in that genre of music. That is translating likewise in very strong artist and label attractivity with the signing, the recent signing of Rinse in the U.K., which is one of the top local electronic music labels that is working with Katy B in our archives and several artists. I could also cite Cr2 or Big Top Amsterdam or a few of our artists and labels. This has allowed us in the past six months, the capability to break tracks, globally, and regionally and globally to success, contributing to strong attractivity. We're launching, once again, focusing on our multi-tier model, launching a partnership with TuneCore and Beatport to be able to extend a solution to the genre of music, to artists at all levels. Moving on to slide 10, or sorry, slide nine. The acquisition of Sentric. We've been looking at the publishing market for quite some time. Our strategic goal and our mission is to develop artists at all stages of their career and with a range of services that is best adapted to them. We've been looking at publishing for several years now. Because we do think it is a market that is a natural extension for us, we're very happy to make the acquisition of Sentric in Q1 because Sentric is a global independent music publishing platform which we know quite well. 'Cause Sentric has been the publishing partner for TuneCore for a couple of years. The second reason is that we see an acceleration, as you can see on the bottom left end of the slide, of the share of digital music in the pie of publishing revenues. Obviously for TuneCore type artists, the share of digital music revenues is much higher. That's a perfect fit for us. Our team in a number of territories, Believe, have been solicited by artists and labels who are also publishers for a solution for us to be able to offer a solution acr oss recording and publishing. That is now providing us with the opportunity to build a comprehensive solution for them, which is what we're going to be working in the coming year. Developing a significant opportunity in a market that represents a significant percentage of overall music revenues, and where we have ambitions similar to what we've achieved in terms of building up market share in the recorded music space. Finally, in Q1, consistent with our strategy, we've been continuing to develop our CSR strategy, Shaping Music for Good, across a number of dimensions. The two main ones of them being the supporting the creation of a more gender representative and inclusive music industry and investing in employees. On the gender parity side, we once again published again in Q1 Be The Change, which is our study about diversity in and inclusion in the music industry to address and to raise awareness around the issues of perception gap, sexual harassment, abuse, recognition, the leadership for women and of our group and be able to address them in an area where Believe has been leading across many dimension and geographies. Something around investing in our teams, we believe more than ever, and as we've been traveling and seeing all of our teams around the world, in the power of building the best-in-class teams with the most advanced expertise. The market is changing very rapidly. Our ability to ensure that our teams have the best knowledge about how to leverage our key partners for the benefit of artists is a critical component and competitive advantage, and one where we're aiming to lead. As a conclusion, all of these elements are translating into stronger attractivity for artists and labels than ever before. The ability to serve them across a new dimension with publishing, and as allowed us to drive continued growth and continued market share growth in Q1, which I will now let Xavier explain in numbers for you. Thanks, Denis. As presented by Denis, we have another strong operational and financial performance with market share gains in all key countries and all key DSPs. The organic growth reached 22.8% in Q1 2023 versus last year. This is the same growth as in the last quarter, Q4 2022. The digital organic growth was 22.6%, slightly decreasing versus Q4 2022 as the ad-supported single digit growth further deterioration started in November, but we maintained solid market share gains. In fact, our market share continued to grow as in previous months, but the various stores' monetization performance have been impacted, especially due to economic conditions. Subscriptions via digital partners continued to be strong, but could not compensate the slower ad-supported revenue that affected all regions, but more predominantly in the countries where the digital penetration is the weaker. The digital revenue represent 93% of our revenue in the quarter, same as last year. The non-digital sales includes notably the physical sales that, as you know, we are curbing specifically in Germany, but also merchandising, branding and live that had a very good performance in the quarter. Let's now have a look at our performance by segment in the next slide, page 12. We have strong growth in all segments, premium and automated, and which is tribute to the appeal of our model as described by Denis. In Automated Solutions, where we target music creators, we have an organic growth at constant exchange rate of 9.8% versus last year in the quarter. As expected, Automated Q1 performance have seen slower organic growth as TuneCore Social Platforms revenue share offering is also impacted by the ad-supported slower growth. Because the unlimited new pricing has lower ARPU, that is not yet compensated by the very strong ramp-up of new clients. For Premium Solutions, when we target labels and emerging to top artists, we show an organic growth of 23.8% in the quarter, which means also that the organic growth is slightly above the total Premium Solutions growth, which is 23%. The organic growth rate at 23.8% is above total growth rate, as we have a negative currency rate impact of 0.9%, mostly related to the depreciation of the Turkish lira versus euros that is adjusted for, and we have also a 0.1% positive hyperinflation effect. Just also to be clear that other actors in the music industry, like Spotify, mention a positive currency impact in their revenue. It is very likely that embedded in the revenue we receive from the digital partners like Spotify, Apple and YouTube, there are some positive currency impacts. We estimate that given our geographical footprint, that impact is very limited in the quarter. If we now have a look at page 13 of the growth by geography. We gain market shares in all geographies. The geographical footprint and growth pattern of the group is perfectly illustrate our model. First, we're focusing on digital music, we're well-positioned in the countries where digital penetration is lower and thus future growth is higher. This is illustrated by the strong growth in APAC and Africa. As Denis illustrated, we have a very strong roster in the region, and that growth reached 40% in Q1, even accelerating versus last quarter. I n all countries, including mature or developed ones, our addressable markets are enlarging as more and more traditional genres of music become digital, and that leads to, of course, more opportunities. This is demonstrated by the growth of France, by 13.2% when we operate across multiple music genres that are switching to digital. More genres is also demonstrated in Europe, excluding France and Germany, with 21.1% growth, same growth as the last quarter. In Germany, when we are reducing voluntarily our exposure to physical heavy contracts, we are still gaining significant market share in the digital market, as during the quarter we grew double digits in digital growth in the country. The third characteristic of our model is that we serve all digital artists, from the curators to the top artists, in a profitable way. This is illustrated by the growth in Americas, where we grew 25.2%, which is a higher growth than the last quarter, even despite the true automated performance. Our digital focus that is based on a mix of technology solutions and music allows for better quality of service to higher appeal to artists and labels, leading to steady operating leverage. If we now switch to the slide 15, that we are going to discuss our guidance. As we demonstrated, we had a better than expected Q1 performance. However, we want to be cautiously optimistic, and we maintain our guidance of an organic revenue growth of around 18%, reflecting strong market share gains, resilient paid streaming and stabilization of ad-supported growth as it has been since the month of November 2022, i.e. A low single-digit growth for the full year for the key stores. We are anticipating a higher EBITDA margin of around 5% as Central Platform costs will continue decreasing as a percentage of revenue. As we are demonstrating quarter after quarter, our powerful model is to drive growth, gain market share and increase profitability. We will maintain our focus on investment in local sales team and Central Platform tech and solutions, while managing actively our investment cycles to further improve profitability. The group operating leverage will continue to come mostly from the Central Platform costs as it has been since the financial year 2020. Regarding the cash flow, it is always hard to predict the working capital dynamics, specifically regarding the advances that are fueling our growth. Providing that there is no change in the labels' behavior such as what we had in financial year 2021 with several Tier 1 labels asking for longer terms duration at renewals, we do expect a positive free cash flow generation in the financial year 2023. In the next slide 16, we are also confirming that we are well on track to deliver our midterm objective, which is an organic revenue growth of 22%-25% for the period 2021 to 2025. We are also expecting 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. As you can see, we should be close to the lower bracket target in 2023, thanks to higher revenue and controlled platform investments. The long term EBITDA margin for the group of 15% after hyper growth phase is also unchanged. I let Denis conclude the presentation. Thank you very much, Xavier. On slide 18, I mean, we are, so as Xavier was saying, we feel cautiously optimistic for 2023, the year ahead. We feel very optimistic about our ability to continue gain market share. We do think this is the fundamental power beyond our multi-tier model, allowing us to work with the new generation of digital artists that is rising, as well as capturing month after month, more of the established and top artists in each markets where we operate. That is making us feel very confident in our ability to continue gain market share in 2023 through continued investment in hiring, training, teams locally, as well as continuing to drive innovation as we've had in digital audience development, digital marketing and promotion tools, to continue growing our artists at a much faster pace than the market. And obviously, we do think that 2023 will continue to put us on track to achieve our long-term ambition of becoming the best company to work with digital artists in this new market. Thank you very much. We'll now open the floor to questions. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on their touchtone telephone. To remove yourself from the question queue, please press star two. Please pick up the receiver when asking questions. Anyone who has a question may press star one at this time. The first question is from Nicolas Cote-Colisson from HSBC. Please go ahead. Well, hi, everyone. I've got one question, maybe from an industry point of view. I'm just curious to get your view about the artist-centric model. I know you already talked about it several times, but just in the light of the UMG comments about their results, just like to get your updated thoughts and whether you recognize yourself as an entity participating to the noise and the other supply, to paraphrase UMG. Thanks. Very good question. What do we think about the topics of the value sharing? Well, we think there's essentially there are three dimensions to that debate, which are separate dimension. I would say dimension number one is the price segmentation. Essentially, as you know, there has already been price segmentation going on for quite a while, family plans, student plans, et cetera. One part of the discussion is how do we create a price segmentation for super fans to be able to better monetize super fans. I do think that we have a similar view as anyone in the music industry there, which is price segmentation is going to contribute to increased ARPU, and that's going to be beneficial for everyone. We have more and more top artists. These artists have very engaged fans. We have a lot of entry-level artists. These entry-level artists, especially at the beginning of their career, even tend to have stronger fandom than top artists. We do think that that price segmentation is going to benefit us like it is going to benefit every single player. The second topic is really what we call the hygiene, the cleanup of a content pool, which is essentially limiting fake streaming, abusive content, et cetera. Same thing, which is a topic where which we've been fighting on for a few years now, which we do think will create value back to the people that have already handled most of these topics, as I mentioned in previous calls. On all of these topics, both Believe and TuneCore are at much lower level on average than the market. We do anticipate that this will come to benefit us once that happens. The third segment is really about the change in the economics and the value sharing. Our view there remains the same, which is, every single player has a different vision on the market. It's going to take time to align. For Believe, it's very simple. What we are about is we are an artist development company, and we've always made it very clear that the music market starts with DIY artists and it ends up with top artists, and including top global artists. If I take one top global artist at the moment that is not with us, Ed Sheeran. Ed Sheeran started on TuneCore as an artist with less than 1,000 fans many years ago before he became a top artist. Our view is very simple, is the digitization of the market as the load has created a much fairer, much more diverse market. We do think our view is that that should obviously with very different view on that from that standpoint, from UMG. We do think that DIY artists are contributing to diversity to animate the market on digital music services, obviously. That's really how we're thinking about the market globally. Great. Thank you very clear. The next question is from Nicolas Langlet from BNP. Please go ahead. Yes, hello, good afternoon, everyone. I've got two questions on Sentric. First of all, do you think with that acquisition you have the sufficient scale on that segment, or you are looking or already in discussion with other players to get even stronger scale on the publishing platform segment? Secondly, on Sentric margins, you expect it to be neutral in 23 with the integration costs. In the coming years, what sort of margin do you expect from that business? Finally, on the generative AI tools, there has been some debate in recent weeks on the potential impact on the music industry. Curious to get your thoughts about how this could impact the industry and how Believe is positioned on that thematic. Thank you. Sure. Thank you, Nicolas. I'll take the first and the third question, and then I'll let Xavier answer the second one. On Sentric, the acquisition was actually the perfect is actually the perfect fit for us because this is a platform that is probably the best rights management platform to date, that exists. And we've looked at a number of acquisitions in this space. For that reason, we think it's a perfect fit for it, but it's a platform that has not yet been expanded commercially. There's obviously a strong synergy for us in expanding the platform with all of our sales teams around the world to be able to acquire rights from artists and labels. Yes, one of the first thing that we're doing, that we're going to be doing is expanding the scale of the platform to be able to put more volumes and more revenues by signing more publishing administration deals in synergy with our existing recorded music business. I'll let Xavier finish around. Maybe you want to finish around the Sentric, then I'll follow up on generative AI afterwards. Yeah. Let's do that. Sure. So regarding the profitability of Sentric, as we said, because of the integration cost, it's going to be pretty neutral for this year. For the years to come, I would say we are going to execute the same policy as we have as when the recording side, which is a profitable growth policy. Investing in the platform, investing in local teams to expand the business. We will, as usual, manage carefully the profitability. I don't expect it being meaningfully profitable versus the group, because we want first to grow the business and to expand the business and not raise significantly the profitability of the business. Long-term margins are going to be interesting for the group in the future. That's for sure. Thanks, Xavier. On AI, Nicolas, I think our position there is very clear. The way we're looking at it as a business is, and I think we've expressed this in the past, which is AI or technology is here, in our view, to enhance human creativity, not to replace it. What does that mean for us very practically as a business is that we have deployed a number of quality controls in our business. We do not wish to distribute, and we aim not to distribute any content that is 100% created by AI, whether that's we Believe our future TuneCore. We have a number of quality control processes in place. We will strengthen them. Once again, our view is that AI is here to enhance human creativity, not to replace it. The second thing is obviously, as I think other players in the market view AI as an opportunity forward, it's an opportunity to augment human creativity. It's also an opportunity for monetization for the artist, especially with generative AI. So what we're doing now is we are doing, w e are experimenting with a few of the large global AI companies around attribution, because formally it all boils down to if a track is being created tomorrow that uses music from several artists, if we wanna be able to license that track and for the original artist to be compensated, we need to know what percentage of the new song that has been created is attributable to that artist, this artist. We're doing a number of experiments to see how reliable attribution models are, so that then we can move on to potentially licensing, and generate a revenue opportunity for the, for the artist. We're also experimenting around how AI can be used to deepen the engagement between audiences and artists. We know that there are a number of users that do like to create content from the artist. That's their way of engaging with the artist. We're doing some tests in that area as well with some of the larger player, which we do think at the end of the day is going to create an additional revenue opportunity for the music industry globally. That's really how we're thinking about it at this point. Perfect. Thank you very much, Denis. The next question is from Lisa Yang from Goldman Sachs. Please go ahead. Hi. Good evening. I have a few questions, please. Firstly is on ad-supported. I think you mentioned losing digit revenue growth in the first quarter. I was curious if you have seen any major improvement, you know, through the quarter or what are the trends you are seeing in April. It shows by the commentary and actually some of the results we've seen from the big platforms and even Spotify, I think have maybe been a bit better than expected or point towards a bit of improvement. I'm wondering whether your assumption of even losing the G for the year is being a bit conservative here. That's the first question. Secondly is on the price increase. I'm just wondering whether you can maybe share the latest in terms of like your conversations, you're having with DSPs and any thoughts or I guess in terms of like the timing of it. More broadly, do you think the price increases, you know, we recently saw and we might see, you know, this year, is that more of a one-off? Do you think, you know, this is again something that could be recurring, the industry is ready to basically absorb like, you know, price increases every two to thee years? That's the second question. Thirdly, just to come back on the performance and the guidance for the full year, obviously the 23% growth in Q1 is, you know, clearly impressive. I think you still have some impact from Russia in the quarter. If you can maybe quantify that and any reason why we shouldn't see an improvement from Q2 where you're actually lapping that sort of Russia impact? Actually the fourth question if I, if I may, just to follow up on your comment around generative AI, which I thought was, you know, very, very interesting. Can you maybe talk a bit more in detail about the controls you have in place? So if you have, for instance, the content that is not 100% AI generated, but let's say 50%, but it's still, I don't know, potentially using vocals from other artists but without having the rights of license, like how can you control it? Like, I'm just curious just to understand like, you know, can you really prevent some maybe content which is maybe part AI generated which doesn't have the right license in place from being so basically, using the TuneCore distribution platform? Thank you. Sure. Xavier, do you wanna take the first one? Thanks Lisa for your question. On ad-supported. I would say unfortunately, we haven't seen any improvement since November. Yes, we agree that we had seen, for example, as announced by Spotify, the ad-supported part of Spotify increasing much more during the quarter. This is a small part of the ad-supported monetization. That's been largely compensated by less favorable variances in other key stores. The situation in Q1 has been very stable in ad-supported versus since November and the last few weeks of April, because this is one of your question, show the same trend. We don't see at the moment an improvement. That's why we say we are cautiously optimistic in a sense that there is no improvement, but we still have strong market share gain. This is what the level of uncertainty we have, we have at the moment. Do you wanna take the Russia impact as well, maybe as well? Russia impact is at roughly 7% of our revenue. The situation as we said in the last quarters, we're still operating in full compliance of our of the sanctions from the U.S., EU and other countries. The situation is we are target number one is really to protect our teams that are operating locally. The situation, of course, I would say is very fluid in a sense that it can evolve at any given time. For the moment, the situation has been stable for the past month. Thanks, Xavier. On the price increases, Lisa, I think I would say there are two price increases. There's the general price increase which some service made last year, and which we think some of the services that did not make them last year are likely to make them in 2023. As I said earlier, is that going to come in Q2 or in Q3? I don't know, which is the reason why we've not taken into account in our model any assumption around price increases in 2023, but we do expect them to come in 2023. There's the second level of price increase, which is t he price segmentation for super fans I was talking about, which we do think are going to take something a few more at least a few more quarters to get developed and to move into implementation phase. On AI, I think what we're seeing and what we've experienced with so far is, as I would say, AI attribution on AI is not very different from attribution of rights on Content ID on YouTube, for example. It's really about analyzing a track, analyzing a voice, analyzing the how a new track is being made up, how, like, what various components are being made up from other tracks. We do think that there's a couple of attribution models out there that are sophisticated enough, or not far from, to be able to really have very precise attribution models. We do think that, yes, the ability to say this track is X% this artist, X% this artist, X% this artist, is we do think that the technology is actually here today. It's just, it's not been yet deployed. Very same thing for the controls. You have technologies out there in the market today that can detect an AI-generated track with 99.9% accuracy versus a human-created track. Same thing where we feel very good with the fact that the ability to control is going to get is there. Now it needs to be deployed everywhere. Like, we need to finalize the testing, we need to deploy there, but these technologies exist and are there. How much time is it going to take to put them in full deployment? Probably a quarter, maybe two, but we do think ultimately the ability to control both potentially revenues as well as quality control of the distribution is very high. Thanks very much. The next question is from Tom Singlehurst from Citi. Please go ahead. Good evening. It's Tom here from Citi. Yeah, congratulations on a good quarter. Market share gains. I mean, you talked about it a lot. I would love to just try and break it down a little bit. I presume a decent chunk of it is just a function of your exposure by genre and geography and obviously the fact that you are sort of digital first. I was wondering whether you could sort of go one level deeper. Talk to us about how sort of consumption is shifting in particular in developed markets, and just how you expect that to evolve. Just so you know, I suppose I'm just trying to work out at what point does your growth rate converge back with industry growth? That was the first question. The second one, Sentric looks like a very exciting deal. You're obviously gonna be running it for growth and scaling it up. You also said you've already been a partner with Sentric for some time. I'm just interested in the degree of overlap and how quickly that can be ramped up. I mean, is this an area where, you know, it's a pretty easy conversation with your artists just to say, "Look, flip over your publishing administration to us," or is it a bit more complex than that? Thank you. Thank you, Tom. I'll try to answer and Xavier feel free to jump in anytime. The market share growth, I would say this is really driven by the digital transformation of the market. For me, I mean, once again, I've been to all these countries in the past three, four months. The thing that struck me is how quickly the pandemic has actually accelerated all across in all of the markets, like Japan. If I take Japan, a very traditional market, how quickly this pandemic has accelerated the focus from top artists, established artists, record labels, and of course, the new DIY artists into digital, into understanding what they need to do to develop themselves. Obviously, that's playing at the core of our positioning, and this is the core of our strength. I would say globally, this is really a step change in the maturity of the market that is driving attractivity across the board. Once again at all levels. If I take an example, as I was in India two weeks ago, in India for the first quarter of this year, Believe was the number one player in terms of market share in the market, ahead of traditional labels, ahead of local majors. Why? Because of the strategy, of the multi-tiered strategy that we've built. We distribute, we build Artist Services there, because the market is large. We have had more and more success with number 1 Billboard charted artists, top 10, top 20 Billboard charted artists. That has driven market share growth. We have a portfolio of local labels that is more diverse than anyone else. We have localized and built TuneCore locally to bring in the new generation of DIY artists. All of these elements are contributing, that's how we built from I mean, think about this. We started in India 10 years ago with one local consultant. 10 years afterwards, we're number one in the market with, depending on the services, between 15%-30% market share on local music services. That's how we've built and with a couple of acquisitions. I would say that's really the target model. Obviously in all of these markets, Southeast Asia, the Brazil, LatAm, that are very digital markets, then our ability to differentiate and compete is greater because you're talking about digital markets. I would say you're seeing the same thing in the major markets. In a few examples that I took earlier, talking about France or Germany, where artists where we are competing with traditional labels and winning. Sometime we are winning, sometime we're losing. Because, as Xavier was saying, there's more market segments where we were not operating before, where we are starting to operate now, that is leading us to increase market share. It's really all across the territories, and it's really driven by the model. It's a function of the fact that we operate more and more at the top. We're very strong in the middle, with the ability to retain, accelerate the growth of our artists and our labels through the digital expertise that we have that is more advanced, and being able to bring in new DIY artists at the same time. Maybe I would add to Denis point that most markets are still very traditional in the way they promote and market artists. If I take the example of India's Bollywood music is 50% of the market. It's Bollywood music is still very traditional in the way 'cause it's a TV and radio market. To your point, in most markets that are still very traditional, then the switch to digital is just happening, like pop music in France or Filipino music in the Philippines. I would say the growth is ahead of us more than behind us because the switch to digital is just starting in most markets, including very mature markets such as U.K. or the U.S. Thanks, Xavier. Tom, on Sentric. There are two synergies that we're going to start chasing first with Sentric is, one, now owning Sentric is going to allow us to drive a deeper integration between Sentric and TuneCore. We already have a significant percentage of the TuneCore artists-Signing up to the TuneCore publishing offer through Sentric, we do feel that there's potential to further expand acquisition on the publishing side for TuneCore clients. Yes, there's, I would say, a significant low-level hanging fruit on the Believe side. The Believe teams, our sales team across, I would say all territories, major and new emerging territories, have been pressuring me and the team for at least four or five years to make an acquisition in publishing. Because they have opportunities to sign, when we sign artists at the top that we are responsible, that we're developing, a lot of time publishing is available, and we can provide the additional services, sync collaboration, and we do actually provide them for the artists. We are fully set up to provide a full publishing solution for these artists. We have also a number of labels that we work with that do have publishing catalogs, and for the same reasons, looking for a one-stop shop solution and asking us to provide publishing administration. We do think that that level of, I would say, low-level hanging fruit synergies with publishing is high. That's what we're working on right now. Our target goal at the end of the day is to do with publishing something very similar with what we've done with recording, which is to build a global publishing leader in the market. We're going to deploy, work on that plan and later this year, and put investment behind to be able to achieve a higher ambition than just the first level of synergies I was describing about. That's great. Thank you very much. The next question is from Christophe Cherblanc from Société Générale. Please go ahead. Yes. Good evening. Thanks for taking my question. The first one was on ad-related revenues. I just wanted to clarify, Xavier, did you say they were flat in Q1 or still growing low single digit? Related again to advertising, I would assume that YouTube is a huge part of your advertising-related revenue. Is it fair to assume it's 75%, 80% of total, and that we can use YouTube as a proxy for that kind of revenue line? That's the first question. The second one is on Sentric. Will it be reported within Automated Solutions, or will it be a different line? What is the date of consolidation? Also in term of model, is it a revenue share at a traditional publishing model, or is it just a flat fee like what TuneCore is doing? I have a third question more for Denis. You were speaking about the super fan issue. I have to tell you, I have absolutely no idea what is a super fan. To the best of your knowledge, what is the share of the population which could qualify for a super fan rating? Is it 5%, 10%, more than that, less than that? That would be extremely helpful to try and to try to size the opportunity. Thank you. Thank you. Thank you, Christophe, for your questions that are always very precise on those matters. I will take the two first and Denis will take the third one. On ad-supported, yes, I confirm it's low single digit growth. That's because also we are gaining market share in those markets on ad-supported DSPs and ad-supported offers, as we are both for others. As you know, we don't communicate on the split. Yes, I can confirm that in most of the countries where we are, specifically emerging territories, YouTube is a very strong player. It has, of course, a strong contribution to our to the ad-supported performance. Even if I, just as a reminder, YouTube has also a subscription path through YouTube Music. But most, it's still mostly an ad-supported scheme through YouTube and YouTube Shopping. Regarding the consolidation, Sentric will be consolidated first in Automated Solutions, because as Denis said, there is a strong component of the Sentric offer today that is linked with the TuneCore offer. That's why we put it in Automated Solutions. Of course, as we are going to expand the commercial offers of Sentric with the Premium Solutions clients, then that part will be part of the Premium Solutions. Today, Automated is what makes more sense from a consolidation standpoint. It is a model that is a revenue share model. In some self-service part, there is a fixed fee component, but most of the monetization is revenue share based. Thanks. Thanks, Xavier. Christophe, on the super fan, I wish I had a numbered approach for you, on this one, but the t here's no such definition of what a super fan is. Typically, the way we at Believe view them is, I would say any top artist generally has a fan base that is between 0.5 to 1.5 of the people that are listening to the artist that are or people that are going to buy merchandising or who are going to buy concert tickets and who are much more engaged with the artist. That's typically what we see in that range. It varies a lot. When we look at, for example, at businesses like Nuclear Blast or some segments of the DIY markets where you have super fans that are much more engaged. They are the family and friends of the early years. Sometimes you can have an artist with a few thousand listeners who have up to 25, 30% of their fan base as a super fan base that will be heavily engaged. How does this translate globally in terms of additional revenues? It's difficult to say at this stage. What is the additional potential of monetization of these super fans? How much would a super fan of JUL tomorrow be willing to pay on top of his regular Deezer subscription or Apple Music subscription to get to exclusive content or exclusive experiences? It is probably going to be difficult to say, vary artist by artist. Which is why we do think my sense is that as I think about it from a business model standpoint, we expect some testing to be done around these topics by a few services in 2023. Take the learnings and probably have more larger scale deployment in 2024 or beyond of this type of offering. That's my sense. I'm not sure that fully answers your question, but that's the best I can do at this stage on this one. No, that is, that's very useful. Based on what you say, it seems that across the board, price increase would be much more significant in terms of impact than more segmentation of the market. That's helpful. Yes. Yeah. Yeah, absolutely. Yeah. Just on the date of consolidation of Sentric, sorry, I think Xavier. First of, first of April, 'cause we. First of April. Okay. We bought them end of March, so, first of April is going to be the consolidation date. Okay. Thank you. Super clear. Mr. Ladegaillerie, there are no more questions registered at this time. Perfect. We're right on time. Thank you very much, everyone. Have a good rest of your day. Thank you for your attention. Thank you very much. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.