Good afternoon. This is the conference operator. Welcome, and thank you for joining the Believe Third Quarter 2023 Revenues 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 CEO. Please go ahead, sir. Thank you very much, operator. Welcome everyone to this 3rd quarterly call. If you can move directly to Slide three, Xavier Dumont, Chief Financial and Strategy Officer, and I will be presenting today. Moving on to Slide four. In the past quarter, as we have since our IPO, we've continued delivering on our core growth strategy, build scale, innovate to differentiate, and drive efficiencies. We are relentlessly focusing on building leadership positions in key markets, that is top one to top three positions in Europe and in Asia, to differentiating through innovation in artist development with our partners and driving operational and financial efficiencies. During the past quarter, while we have continued to gain market share, our revenue growth has been negatively impacted by a strong euro and persistent soft ad-funded monetization in important geographies for our business that Xavier will expand upon in the second part of this call. I want to pause to highlight three things. The first one is that FX and ad-funded monetization impacted us as we had anticipated. It's not better, it's not worse. Two, our growth has remained very strong in constant currency, and we continue to gain market share globally. Three, we have adapted during this period our execution to increase our profitability as planned. We expect adverse market conditions to start reversing in Q4 2023, and we now anticipate a progressive acceleration of our growth, driven by our investment and our favorable competitive positioning in a number of markets. If we can move to the next slide, please. In Q2, Believe has continued to increase market share, as I was mentioning, by breaking more artists across geographies to the top of the charts, but as well by supporting faster than market growth for our roster of mid-level artists and labels. Sorry, I said Q2, obviously it's Q3. On to the next slide. In... This is illustrated, the gain of market share, in driving, breaking many top charting artists, breaking artists to the top of the charts from different geographies, is illustrated here with, examples such as Grupo Frontera in Mexico, which number one, Nadhif Basalamah, an Indonesian artist who's currently number five global viral charts on Spotify, or as we are now listening to this call, Íñigo Quintero, which is a young Spanish artist who's currently the most streamed artist in the world on Spotify, in the number one position. This is the first time in the history of Believe that, we've had a number one Billboard charted artist, where we have leveraged the expertise that we built in the past quarter, and we expect to have more of them as we build our expertise further and better coordinate our global teams. The growth on the next slide is also again illustrated by the growth of our existing portfolio of labels with 51% growth of our existing roster above market growth. That is, as usual, demonstrate our ability to accelerate growth of our existing portfolio of clients. So while global growth in euro numbers is decreasing, we're still driving very strong local growth in all markets where we're present. And on the right end of this slide, we also continue to drive a very dynamic sales strategy and execution on artists and labels illustrated here with a few names in Europe, Asia, and Latin America. Going on to the next slide, we continue, as I mentioned earlier, to focus strongly on our core markets in Asia and in Europe. In Asia, we recently celebrated our 10-year anniversary with the leading market position in the country. India is a textbook example of Believe's development model, where we started 10 years ago with one consultant, where we now have several hundred people on the ground, combining a model of strong organic growth and the buildup of local teams with very targeted acquisitions, all issued from our proprietary pipeline. India is expected to be, to become one of the fastest growing markets and largest potential music market, and a top ten global market, with paid streaming users anticipated to be multiplied by almost 6.5 by 2030.... Moving on to the next slide. In Q3, we have also continued to be heavily engaged on exploring AI opportunities in the market with our global digital partners. We also developed what we mentioned a couple of calls ago, and we have developed and actually deployed; it is in production right now and functioning, a proprietary AI tool called AI Radar, to be able to detect tracks created by generative AI or using deepfake. This was developed internally by our own teams that have expertise in AI and audio recognition. This tool is now able to detect master recordings with a 98% detection rate and deepfakes with a 93% detection rate, allowing us to provide control of the content and protection to our artists as Gen AI becomes more widely adopted. In the last slide, next, the next page. Lastly, as always, as a core component of our strategy, we've continued to deploy to our CSR plan, you know, centered around talent development. We had more than 1,300 people who participated in various initiatives in the past months, from how to help artists with mental health issues, all the way to developing local, internal, and external talent. Another example being BEAMS in India, a program where we provide grants for two years to develop the next generation of music executives in partnership, including mentoring and training. So core message is we've, through the past quarter, we've continued to deploy our strategy, and I will now let Xavier run the strategy numbers. Xavier? Thank you, Denis. Hello to everybody. So let's go to page 11. So as presented by Denis, our Q3 organic growth has been impacted by currency headwinds and a weak ad-funded streaming. The currency headwinds come from the euro appreciation versus almost all currencies. The revenue we get from DSP, the digital service partners, are paid in euros mostly, but they are translated from local currencies. And as announced in our H1 results, that's led to a negative impact of 9.1% on Premium Solution digital revenue during the quarter. Premium Solutions adjusted organic growth will be almost 17%, and organic growth for the group adjusted would be 15.4%. In fact, our market share continued to grow, but the various stores' monetization performance has been impacted, essentially due to economic conditions. Subscriptions by our digital partners continued to be strong, but could not compensate the lower, slower ad-supported revenue that affected all regions, but more predominantly in the countries where digital penetration is the weaker. Digital revenue represent 92% of our revenue in the quarter, same in year-to-date. The non-digital sales include notably physical, that are - we are curbing specifically in Germany, merchandising, branding, and live. Even if we're still growing at a lower pace than past years, as you can see on the right-hand side, our revenue have been almost multiplied by two since 2020. Now, let's have a look to our growth by segment. Let's go to page 12. Premium Solutions that is targeting labels and emerging to top artists, show a Q3 organic growth of 16.5%, adjusted for FX and better in the market, in the revenue paid by the DSPs. Q3 has been a slower month in terms of growth, especially linked to a lower weight of emerging territories in our mix, with lower ad-supported monetization. Our year-to-date performance, adjusted for market FX, has been solid, with 19% growth, with market share gains in geographies. The Automated Solutions that is targeting music creators, has an organic growth at constant exchange rate of 0.6% versus last year in Q3, and 6.2% in year-to-date. As expected, automated has seen slower organic growth, as two core social platforms revenue share offering is also impacted by ad-supported story growth, and because the unlimited new pricing has lower ARPU, not yet compensated by the strong ramp-up of new clients. Let's go then, next page, page 13, to see what is our performance by geographies. Even if we gain market share at group level, the FX embedded impact and the lower level of ad-supported monetization are changing the growth pattern, the growth pattern of the group for the quarter. Our main growth area this quarter is Europe, excluding France and Germany, with strong growth in Southern Europe, Eastern Europe, and Turkey. That geographical area benefits also from the Sentric integration, but the majority of the growth is organic. APAC and Africa performance reflect the strong FX headwinds and the weak ad-supported monetization in the quarter, even if we are still growing 70% year-to-date. We launched during Q3 premium solutions in Japan. Japan is a top five digital market globally, with a digital penetration rate over 20%. We are today operating in Japan with TuneCore Japan, with a significant market share. But the market is also starting to show digital genres getting traction. We are thus deploying Premium Solutions organically in the country, with our usual blueprint to serve labels and artists. Americas is up 8.4% in Q3, 17% year to date, with very strong activity in Latin music, but a drag from automated operations we discussed previously. In France, the quarter has been soft in digital sales and more buoyant in the live and branding business. Commercial dynamics remain strong in terms of signing and renewals. Germany, we've been negative year to date by almost 2%. We have been less dynamic in digital sales, and we have a drop in non-digital sales as we are moving away from heavy physical contracts. As mentioned by Denis, our digital focus, based on a mix of technology solutions and music, allows for better quality of services, higher appeal to artists and labels, leading to steady operating leverage. Let's go to Slide 15 to demonstrate that operating leverage. As anticipated, Q3 has been softer in terms of growth, and Q4 is expected to show higher growth. We are confirming our guidance of a 14% organic growth for the year, reflecting market share gains, resilient paid streaming enhanced by price increases, slight recovery of ad-funded growth and persistent currency headwinds, but losing intensity. We are anticipating a higher EBITDA margin, and we now guide towards a margin of at least 5.5%, versus circa 5.5% in the latest guidance, driven by controlled investments and efficiency. We are also confirming that we will, we continue sizing high growth, high return commercial opportunities versus M&A in H2 2023. The Q3 new advances commitment have been lower than in Q2, Q2 as expected, so we also confirmed a positive free cash flow for H2 2023, with a negative free cash flow for the full year. If we go page 16, we are on track to deliver on our mid-term objectives, an organic revenue growth of 22%-25% for the period 2021-2025, 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 over revenue. As you can see, we should be above the lower bracket in 2023, thanks to higher revenue and controlled investments. The long-term EBITDA margin for the group of 15% after a hyper growth phase is also unchanged. Now, I let Denis conclude the presentation. Thank you very much, Xavier. Well, as a conclusion, Q3 has been a challenging quarter from a growth standpoint, as we had expected and anticipated. We expect, as Xavier mentioned, adverse negative conditions to start reversing. We have seen them starting to reverse. And as we've continued to invest in our core model in innovation, differentiation, new services across fast-growing geographies, we believe that all of these investments made in the past quarter, combined with more favorable market conditions, will contribute to drive accelerated and profitable growth, in the coming quarters. Thank you very much. We're opening to questions. Thank you. This is the conference operator. We will now begin the question and answer session. If anyone wishes to ask a question, they may press star and one on their telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Tom Singlehurst of Citi. Please go ahead. Thanks so much for the presentation. A few questions, if it's okay. Maybe just starting with sort of the headline growth guidance. Yeah, obviously encouraging to see you reiterate the 14%. I think you said before that that would be sort of organic adjusted of about 19.5%. So the first question is just to confirm that sort of, if we did try to make a sort of upstream adjustment for currency, we're still looking for roughly that 19%-20% organic growth profile. That was the first question. The second question, I think inevitably is on sort of the changing landscape. We've obviously seen the proposed move from Deezer, which I think will kick in from the fourth quarter, i.e., the sort of the new part, you know, the new deal, comprehensive deal with that it announced in conjunction with Universal Music. Have you seen any impact of that on your business, or do you think that broadly should be neutral? I'm conscious that France will be a big market for them and possibly a bigger market for you, so you might see more of an impact. And then very finally, on the Automated Side, I'm just interested in sort of prospects for the fourth quarter there. Should we expect an acceleration in growth there, given that the dynamic is possibly slightly different? It's driven less by music sales and sub numbers and more by the number of artists on your platform direct. Thank you very much. Xavier, do you want to take one and three, and I'll take two? Yeah. Thanks, to answer your question, yeah, we have our guidance and our expectations in terms of FX is still the same. So, confirm that we should be around 19%, adjusted for FX, from an organic standpoint, by the end of the year. That's the target, yes. Well, you wanna take the third one on, on automated or? On automated, we expect a slight recovery. We think that it's a low point. However, the FX, they are still going to continue to have a negative FX exposure. They are still going to continue to have ARPU also lower, even if we have a few functionalities, that is going to be to impact a bit. So yes, we do expect that it's going to be better, but it's not going to be significantly better in Q4. Great, thank you. And on the question number two, I think, Tom, the UMG Deezer deal is a UMG Deezer deal, commercial deal period. We've had conversation with Deezer. We've told Deezer that we would not move to the new model, because we think that it's not been well thought out all the way, and it needs work. So we're continuing the dialogue with them. I have to say that they have provided us with modeling on the same type of deal that they have announced in the market. Based on that modeling, we would gain almost a significant, actually, a very significant double digit growth in terms of market share there on the service market share gain. So it would actually be very favorable to us as a business. Nonetheless, we do think that this is not the right model. Our understanding of the model is that at least one of the other major record labels thinks the same way as we do, and a number of other independents. So we don't expect that model to be deployed, certainly not to us, and not to the entire market, until we think that there's a model that makes sense for everyone and just to establish the basis of a fairer and more diverse market in the future. That's okay. Just one follow-up on that, maybe. I mean, how can they proceed with that model if no one else signs up? Presumably, they can't just arbitrarily sort of double the payment. Well, I think it's... The view around this is they have proposed to one of their partners one model that makes it, I don't know whether more expensive, less expensive for that partner, to acquire content. From our standpoint, it's our view is we have different objectives in our deal renegotiations. So the question is, as usual, they... And I think that from the people I've spoken to, I do think that right now you have less than 50% of the market, that's looking at that views that model unfavorably. And so I think it is creating, it is once again, I don't know what they've negotiated, but it might create a challenge for them. So we've told them that we were looking to help them solve, but we have very different objectives when we negotiate our deals with the DSP, whether it's Deezer and others, and that any commercial negotiation has to start with as to align the interest on both parties. Okay. So it sounds like a bit of a work in progress, but that's great. Thank you. I'll pop back in the queue. Yeah. The next question is from Christophe Cherblanc of Société Générale. Please go ahead. Yes, good evening, everybody. First question was on Q4. You are expecting an improvement in Q4. Just wanted to dig a bit and whether you think that's just the comps getting much easier or do you see an underlying improvement in market condition in your key countries? That's the first question. The second one was on the price increases that we've seen from platform. They've been staggered over time, so what's your best estimate of the impact on your revenues in 2023 and 2024, given your mix? We don't know your mix by platform. Given the carryover impact of those increases, does it mean that the 20%-25% whole range that Xavier was mentioning, do you think that 2024 will get back into that range on an FX adjusted basis? The last one is just to come back on what the point raised by Tom. Did you say that you were- you would have seen a double-digit share gain or a double-digit revenue uplift? Because in that case, I'm struggling a bit to see why you would decline such an opportunity, given that you know it seems pretty attractive. Thank you. So let me start maybe with the last one is. It's a double digit. We would see our current market share grow by a double digit number, essentially percentage. So why are we declining it? Because we don't think it's the right thing to do. It's if it's about. I mean, this is the, this is, at the end of the day, this is a commercial negotiation. And also thinking around establishing a healthy base for the future. So we don't think yet the model establishes that basis. I think it establishes. It's a very. So, like, let me go back maybe for one sec. It's in the double digit gains, if we look at the proposal, there are two components. There is one component which is essentially cleaning up the market. So, fighting streaming fraud and streaming abuse, and that is the bulk of the impact. Streaming abuse and streaming fraud has been much higher on Deezer than it is on other services, on Spotify or Apple Music. Which means that as soon as you start tackling that issue, you have a significant redistribution to the players that have not been behaving right. And it's contributing to the bulk of the gain. And then you have a very marginal movement that is related to the different allocation beyond streaming fraud, and that's extremely marginal. That moves less than 1% of the value across the market. So what we do think is, of course, we are supporting very strongly all of the actions on the streaming fraud, especially once again on Deezer, as it was high, 'cause that's what we've been fighting for. On the value sharing, our view is, hey, all this for this, which is, why would we bother just moving 1% market share, globally? And not in the right way, we think. So that's an ongoing conversation that we've had for over a year, that's likely going to continue. And which once again is part commercial negotiation, part how do we elevate that basis? So that's one. Just on your first question, Christophe, on why do we expect the growth to accelerate in Q4? It's a combination of growth has been slowed by weaker ad support and monetization. We see that monetization starting to improve in a number of markets. FX, we see as the Euro has been very strong, and we're starting to see improvements there as well. And then, we're continuing to see very strong sales dynamic. As I was saying earlier, we have more and more artists at the top. We're currently number one of the global charts. That had never happened before. We have several artists in the global charts. As we speak now, in a number of territories, we have significant numbers of top ten global charted artists. So that's contributing to market share again, and so that better ability, that commercial drive, we think is also going to contribute to accelerated growth in the coming quarters. If you want to complete the last question, Christophe, so, but I'm not going to comment on 2024. I still have until mid-March to do so. So I will use that opportunity there. Let me just emphasize the fact that price increases by the main digital source have been concentrating in what we call mature countries, and less on emerging, for the simple reason that emerging DSPs are favoring the digital penetration, so much more subscribers. So it's those increases are of course nice and have an impact, but the main impact for us is really the growth of the market, the growth of the digital penetration, and of course, the ad-supported revenue growth. This is really the main factors that are going to drive us for 2024. But it's still too soon to comment on that. Even if we have positive factors, we still have to see how Q4 is going to and the final quarter, the final year is going to turn out, and what's going to be the trajectory from an ad-supported standpoint. Because as Denis said, "Yes, we see signs of recovery," but as you know, in ad-supported, end of the year is an important period. Having that information would be quite useful for us to see how 2024 is going to turn out. Okay, thank you. The next question is from, Agnieszka Pustuła of Redburn Atlantic. Please go ahead. Thank you, and thank you for taking my question. So, I've got three. First one, I was going to ask about the revenue slowdown in France and Germany. That's looking quite weak comparing to previous quarters and last year specifically. So if you could give us a bit of outline as to what is driving that slowdown. Is it market share that's maybe falling there, or is it market more generally in these regions that's slowing? And then secondly, I think you did comment on some development of some technology around Generative AI and attribution models for content generated by AI. I would really appreciate if you could give us some an update on that. And then just finally, I was going to ask about the guidance for 2024, but, given that, you know, you're not ready yet to give us any outline there, if you could perhaps only comment on FX impact, maybe in Q1 and the whole year, how is that looking, as we are now? Do, do you want me to take France and Germany? Yeah. I will take the France and Germany, and I'll take the, Okay. The GenAI. So, you're right that the France and Germany growth for the quarter has been weaker, but these, there are two different dynamics there. The dynamics we have in France is the dynamic which is really around the top artist market and the commercial policy and the release schedule. So, we've been quite successful in the past quarters in France with very strong release. And we had a good Q3 last year. So what this means is that we've been gaining market share overall, but not in Q3 really, but we expect that Q4 is going to be much stronger. We have. As an example, last week, we had the 4 albums and 4 singles in the top 10 on the French market. So that's the quarter seems to be more dynamic in Q4. In Germany, this is more, I would say, structural, in the sense that we are curbing our physical contracts. You may remember that I said that it was slower than expected, for several reasons. One of them is because we still want to maintain very good relationship with your labels and with artists. And so we but of course we are making progress here, and that's why you see a negative growth actually for this year in Germany, total. And even if you're still growing in digital, the non-digital part of the business, which was represented a significant part of the business, is of course decreasing. So that's why you have that dynamic in Germany. We do think that we are going to continue, because from a profitability standpoint, that's the right decision. So the right decision in terms of positioning the market, it's a right decision in terms of focus. And we are going to continue in the next weeks doing so. Perfect. Thanks, Xavier. And, on GenAI, you know, we've continued to have a number of discussions with our global partners and other companies. Here's the question: We do think that some of the commercial opportunities related to GenAI are probably going to come into the first half of the year, 2024, at larger scale. And yes, all of the partners that we've spoken to are working on attribution models that are able to- so that monetization can be directed where it needs to be. I think everyone now realizes, understand that there's technology solutions out there that allows for attribution to work. It's been tested by a number of companies. And so we expect, yes, that to progressively become part of the go-to market of the global companies as they start bringing products to the market. Sorry, to take on your question on FX. It's a good question. I think you have more or less the same type of information that I have regarding euro appreciation next year. Hopefully it's going to be lower than this year. But for the moment, I think it's really too soon to say. You can see various announcements from various central banks about the interest rate and how they want to drive the monetary policy, et cetera, et cetera. I'm not going to get into the details. You probably have better knowledge than I do on this front. And that's really what will drive our... Our business, our view is still that long term, that's not going to be to change anything regarding the long-term growth of the market, the increased monetization that we see in all markets. Price increase is also a way to compensate for inflation and currency rate because all the main DSPs are impacted also by these by the FX exposure. So long-term trend for us is very positive, and yes, it may be that on one year you can benefit, on the other year, you can, it's going to be detrimental. That's what we experienced last year versus this year, for example. But the long-term trends for us are pretty good. We think that's going to be same thing is going to recover in the long term. Okay, very clear. Thank you. The next question is from Jérôme Bodin of ODDO BHF. Please go ahead. Yes, thank you and good evening, all. So you paid a substantial amount of advances in H1. I was wondering, when do you expect the return in terms of market share of this advance? Is it more Q4 or 2024? That's my first one, and the second one is on price increases. So you have been right in the past by predicting the move to EUR 11. So what's your guess for 12? Do you expect that in the coming months, or is it much more a midterm scenario for you? Thank you. Do you want me to take the first one? advances. Then I will give you the prediction part. Well, I want to make a crystal ball. So return in terms of market share. Well, as you know, the advances we paid were for both existing customers and for new customers. So the specificity of those contracts is that really the long term, i.e., you sign for a longer period, which means that from a return standpoint, you have good return, you have more profitability, and you are also secure for a longer period, which means less renegotiation and more stability there. So in a sense, the returns... Sorry, the market share gains are already ingrained, more or less. It's like a new business or for existing. We do expect, however, that we will see further market share gain next year, just for the sake of the labels, specifically using the money to invest in new content, in promoting and marketing their artist. So that should translate into increased monetization opportunities, as soon as end of this year or next year. Thanks, Xavier. And, on the question about, so do we expect more price increases, including from the services that have already increased their prices? Yes, undoubtedly. Do we expect them to come in 2024 - some of them to come in 2024? Yes, as well. Once again, from some of the services that have already risen their prices. When is it going to come? As in 2023, I would say very, very difficult to predict. There's different... All of the digital music services are in different positions, and so we expect - we definitely expect them to come, question, when is the question. But it's going to be 2024, no doubt. Thank you very much. The next question is from Julian Onion of Stifel. Please go ahead. Yes. Hi, good evening. I got two questions. One first question going on the TuneCore, just to clarify, because I'm not sure to understand why we have decline in Q3, because the Q3's numbers are down compared to Q2. Knowing that normally, I mean, you have a big proportion of subscription in this business, therefore, do you mean that there have been some client, due to economic environment or whatever, which has stopped to subscribe to the service? And how have you in mind what the other competitors, distributors, is eventually, have you some numbers on the competitors in this business? And my second question on Sentric, how the integration is going on, and how the business is doing right now. It's of course, a small business for you for the time being. It's a bit new business in a way. So what prospects you have going forward? Okay, thank you. You take the first one? Yeah, you want to take the first, and I'll take the second? Okay. So on, on TuneCore, what, what we see, so, first, the churn in TuneCore has been, very stable and, so we in, in, in churn, the recruitment has been also, pretty, pretty, pretty good in terms of, of, of new customers. What we see in TuneCore is really a mix of the ARPU growth that hasn't, that hasn't been where we thought it would be. And, and we have, as, as I said, we have several opportunities to work on this. And the second thing is that you, you may also have in mind that, there is this, social, social platform-... offering, which is driven by ad-supported monetization, and that fluctuates, over time. So that's why the comp was higher last year than it, than, than it is this year. And then you have, of course, the FX component that plays a part in the performance of the business. Because as euro is gaining versus dollar, the FX component in Q3 was higher than Q2. So that's also why you have this difference in performance for the TuneCore business. And then to complete what Xavier was saying, is like same on ad-supported monetization. Ad-supported monetization is a meaningful component of the monetization of TuneCore. And yes, we do have data that we're looking at that allows us to know what market share we're having, and that data is showing us that we slightly gained market share in the past quarter for that business. The other questions around Sentric, the Sentric integration. We're super happy with the way the Sentric integration is going. We had set three objectives for ourselves for this year, which was prepare, pave the way for a significant commercial rollout in 2024. Prepare our commercial work on our commercial strategy, deployment, et cetera. All of that has progressed very well, and we expect to deploy commercially in 2024. Leveraging the synergies between Sentric and Believe, which was part of a lot of the investment thesis. Two, we had set for ourselves to actually strengthen further the monetization capability of and the rights collection capability of Sentric, which we've been able to do, which we'll make announcement on in the coming weeks. And the third one was being able just to generally integrate the business across a number of dimensions, which has progressed extremely well. So I would say, yes, we're very happy. We have a very good, solid team at Sentric that has been engaging with our teams. We've strengthened the teams there already, and we feel very confident in being able to deploy at much larger scale in 2024. Thank you. Just an additional question I forgot. In Q4, what's your expectation of the Forex impact embedded in the market? We are minus 9.1 in this quarter. What we could expect for next quarter? Have you already in mind a number? Well, what answered to your previous question is that our expectations is at a full year effect of 5%. Okay. That is our expectation today. Same actually as the one in we communicated on H1. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. Perfect. I don't think we have any more questions, so. Additional one. Yeah, one additional. Yeah, we have another question. The follow-up from Christophe Cherblanc of Société Générale. Yes. Sorry, it will be the last one. Just wanted to tap Denis' knowledge of the market. When we started speaking about generative AI a few months ago, people were very concerned that the number of songs uploaded to the platform would go up in a very dramatic manner. What has been effectively the outcome? What is the number of songs or tracks being uploaded every day on the platform today? Because I had in mind at some stage it was more than 100,000 per day, but what is the level today, please? So it's still... You still have a high number of songs. At our own, my own intuition around this is that you're going to see the number go down. This is something that we monitor for Believe, that we monitor at TuneCore. We've not seen any significant increase in the number related to Gen AI. When we detect content, we only see very limited, very limited content. We know basically a very large part of the increase in content and volume of content has been driven by a few companies that have really used Gen AI to produce a lot of track, and then put streaming bots on the to boost the stream on that content at lower levels so that it be not detected by robots. And we know there have been a couple of companies doing that. Some of the distributors that have lower quality controls than we do, we have seen some increase of content, but we expect that to be curbed. So as I said earlier, do we think that once again, I think Gen AI is going to be a positive for the music industry. Everyone in all of the conversations that we're having with our partners, with Spotify, with YouTube, with Apple Music, no one, everyone is very careful about making sure that you don't have that flood of content that doesn't add value, that you only have legitimate artists coming onto the platform. And so that's creating alignment to really be able to curb that. So no, as I said earlier, I do not believe that Gen AI is a threat and that you're going to see that flood. And I actually expect the number of tracks to be progressively probably decreasing in the coming year. Let's not forget that one of the things is, it's very natural that you have much more content now than before, because let's not forget that 100 countries in the world that were not monetizing music before because there was no music market, you now are starting to see local artists in Indonesia, in Vietnam, in Myanmar, in Laos, in countries where they did not produce music before, starting to produce music, and making it available. And so, yes, the volume of content, actually, legitimate content from actual artists, is increasing and should be increasing. However, I do think that Gen AI content is going to be... It's going to platforms, us and platforms will have the ability to control it, and all have a vested interest in controlling it. Okay. Thank you.