Good morning. Thank you for joining us. Hopefully, a few of you were able to get on a little bit early and be reminded of some of our great songs, and I hope you're all having a great summer. I'm Merck Mercuriadis, the Founder of Hipgnosis Songs Fund and the CEO of Hipgnosis Song Management, its investment advisor. It's five years since Hipgnosis Songs Fund was launched on the London Stock Exchange, almost to the day. Our objective at launch was to create a company that provided investors with exposure to songs and associated intellectual property rights, thereby establishing songs as an asset class. We believed then and have demonstrated since, that music royalties provide long-term, stable income streams. Equally importantly, when the company was launched, we believed that those long-term income streams were at an inflection point and would increase significantly as a result of the strong growth expected in paid-for music streaming, and that we would add value by replacing the traditional music publishing model with song management, where the songs would be managed with responsibility. Since IPO, this growth has seen the music industry revenues return to levels not seen in 20 years, and we fully expect that this growth will continue for the foreseeable future. Today's financial results are an important validation of Hipgnosis Songs Fund's investment thesis, delivering the best like-for-like income growth in our short history. These results demonstrate the value of our strategy with operative NAV per share growth of 3.6% year-on-year to $1.9153, underpinned by strong increases of royalty income. Taken together with dividends paid since launch of $0.279, we have delivered a 69% total dollar NAV return to shareholders since IPO, as we continue to benefit from the growth in streaming and higher sync revenues generated by the company's song management capabilities and unparalleled portfolio of songs. Five years ago, we predicted that the recovery of the music industry from the previous 16 years of technological disruption would be driven by the convenience and transformational growth of streaming. We considered that we could deliver an exceptional return by acquiring iconic songs while they were still attractively priced. Since then, our thesis has become reality, we've transitioned from an era where almost all consumption of music was unpaid, to one where almost all consumption of music is being paid for, and this set of results is an early indication of what's to come in the future. People listen to iconic songs, whatever the macroeconomic conditions. The change in which we consume music means that increasingly, when we hear a song, a payment is being generated. Music streaming continues to grow with its utility-like revenues, with the IFPI reporting that the global number of paid subscribers has increased by another 13% year-on-year to around 600 million globally, including over 100 million paying subscribers in the United States. Only yesterday, Luminate published new data showing that global video and audio song streaming increased by 30.8% year on year to 2 trillion streams in the first half of 2023. Importantly, as stated at the time of our IPO, we wanted to use our platform to advocate for songwriters, to take them from the bottom of the economic equation to the top, and this is in complete alignment with the best interest of our shareholders, who sit in the shoes of the songwriter once we've acquired their catalogs. I'm delighted that through our efforts, the true value of songs and songwriters is increasingly being recognized around the world. Nevertheless, the current share price does not reflect the success of our investment strategy, and I know all shareholders share my frustration and disappointment that this is the case. It is, therefore, perhaps not a surprise that in a world of incredible turmoil, following a global pandemic, the largest war in Europe in nearly 80 years, and increasing inflation and interest rates, that some investors have turned to risk-free safe havens instead of exposure to new asset classes. However, despite these unique macroeconomic conditions, the strong growth in paid consumption of music continues. The music industry is rapidly growing and thriving while others contract, and as a result, song catalogs continue to be a highly attractive asset. We are aligned with shareholders in believing that the fundamental value and opportunity of the company fails to be reflected in the current share price. As a result, we've been working with our board, following consultation with many of the company's largest shareholders, on a number of options which we believe will enhance shareholder value. You'll appreciate that as a public company, we're limited in what we can say, but we intend to update the market prior to the AGM and the continuation vote in September. This morning, I'll take you through the highlights of our year before Chris Helm, CFO for Hipgnosis Songs Fund, goes through the numbers in detail. Ben Katovsky, our President and COO, will update you on our song management successes. Some of them anyway, since if he did them all, none of us would have get a summer holiday. Starting with our financial highlights. Operative NAV per share increased 3.6% to $1.9153. This is primarily due to a 4% increase in the fair value of the catalogs and takes the total dollar NAV return since IPO to 69%. Gross revenues for the year were $177.3 million, impacted by a number of non-recurring items, which Chris will take you through in his presentation. Pro forma revenues, which are based on the royalties we received, grew 12.1% in the year to 31st of December, 2022. This is a very strong result, despite the very strong currency headwinds caused by the exceptional strength of the dollar. You'll recall, 6 months ago, I said that performance revenues, which had been hit by COVID lockdowns, were going to come back strongly in the second half. I'm pleased to be able to stand here today and confirm that this was indeed the case, with consumption demonstratively back above pre-pandemic levels. A small PFAR decline in the first half of 2022 was more than offset by a 41% increase in the second half. Taking into consideration the time lags inherent in the payment of performance income, this is a very positive indicator for the future and gives us a full 9% full year increase. As I predicted, streaming income continues to rise. This year, PFAR is up 14.8%. This is utility-type, high-quality income, and there are plenty of people who have a mobile phone who love music, but do not yet have a paid streaming subscription, so I remain very confident that this market will continue to grow. Our focus on song management continues to pay dividends, with sync income rising by very nearly a quarter year-on-year. Our greater than 10 years old catalog saw PFAR growth of 11.4%. We also saw our less than 10-year-old catalogs outperform the strong PFAR growth of our older vintages. Further evidence that our classic iconic songs are behaving exactly how you would expect them to, due to the high demand for them, that our younger catalogs are reaching the end of their natural decay curves, enabling us to take full advantage of growth in the market. This strong performance enabled the board to maintain the dividend, total dividends declared in the year were 5.25%, which were fully covered by leverage free cash flow. Turning to operational highlights. In September, we put in place a new revolving credit facility, an interest rate swap, which provided certainty over our interest payments, a lower margin cost than the previous facility, and greater operational flexibility. Chris will talk about this further in his presentation. The size of our catalog and the iconic nature of our songs means that we have the time to make sure that we're identifying songs which have languished in the hands of traditional publishers. These include Blink-182's All the Small Things as the soundtrack to the iconic John Lewis Christmas advert, a Hipgnosis-created cover of Bon Jovi's Wanted Dead or Alive on the global trailer for the forthcoming Transformers: Reactivate video game, and Rihanna performing four Hipgnosis songs at the Super Bowl. Ben and I will take you through these in more detail later, including demonstrating how a great sync not only generates an initial fee, but drives consumption of the song and the wider catalog, generating additional revenue for the company. This time last year, we announced our administration partnership with SACEM. The switch went extremely smoothly. The first payments received from SACEM arrived after the end of the financial year. However, they confirmed that the partnership is delivering the faster payments and reduced costs that we anticipated. On the previous slide, I spoke about the return of performance revenues, and last summer saw a huge return to touring. We trialed multi-territory live performance direct revenue collection services for the Red Hot Chili Peppers and Blondie Tours. In both cases, we've benefited from faster payment and substantially lower third-party costs. Finally, but perhaps most importantly, we've seen some very important successes for our advocacy as we seek to see songwriters fairly rewarded for their work. It cannot be said often enough, that without the song, there would be no music industry. The confirmation for the US Copyright Royalty Board, CRB III rise, despite the appeal of certain DSPs, and approval of the joint proposals for the CRB IV period is extremely welcome. This means that from the start of this year, songwriters will be paid the highest rates ever in the streaming era, starting at 15.1% of DSP revenues for 2023, and working our way up to 15.35% in 2027. This is a massive increase from the 10.5% when Hipgnosis started. It's a higher proportion of a much bigger pie, and it provides a background of stability to get to a free market in 2027, which is our goal. As I've said before, our shareholders stand in the shoes of songwriters where we've purchased their catalogs, this is both good news for songwriters and good news for our shareholders as well. These results can be considered the best results in our investment portfolio's short five-year history. There are two fundamental reasons why the company's song revenues have outperformed during the year. Firstly, the songs in our portfolio. We've bought carefully and we've bought well by investing in songs which we believe will stand the test of time and will be listened to for generations and passed down. The company's portfolio of songs is unrivaled for its extraordinary success and cultural importance. We have a relatively small portfolio with a very high ratio of success, which makes it efficient to manage as the songs are always in high demand. Significantly, we selected songs which we believed were well placed to benefit from the growth in music streaming. The company owns nearly 25% of all the songs that have been played over 1 billion times on Spotify's Billions Club, and over 10% of Rolling Stone's The 500 Greatest Songs of All Time. It may also surprise you, however, that we own songs on 16 out of the top 40 of the UK best-selling albums of the first 6 months of 2023, 7 out of the top 20, demonstrating the ongoing attractiveness of the iconic songs in our portfolio. This demonstrates also that consumers are highly focused on the classic songs that are part of the fabric of our society. The second reason we've outperformed is our active song management. We drive consumption and value through active management or song management, as we call it, of the catalog to individual listeners, music creators and business music users, as well as harnessing consumer platforms through which the catalog can be showcased and consumed. We optimize revenue collection, and value by ensuring accurate registration and rights enforcement of the songs in the catalog, then collect revenues as efficiently and cost-effectively as we can. As I've discussed, we campaign to change the position of songwriters in the economic equation by working with politicians, NGOs, and the wider music community to build support for increased fairness in payments for songwriters. For the songs which we've purchased, as I've emphasized already, the company's shareholders stand in the shoes of the songwriters, so our interests are always perfectly aligned. I'll talk you through a couple of great examples of the work we do to bring our music to new audiences. Nile Rodgers is one of the founders of Hipgnosis, and we work incredibly closely with him. We were instrumental in his appointment as the first and only artist in residence at Apple Music, and in making him the face of CHANEL eyewear. Nile's Apple Music podcast, Deep Hidden Meaning Radio, where he talks to artists about their music and creative process and plays their songs, has seen Hipgnosis Songs Fund artists and songwriters, including Carole Bayer Sager, Lindsey Buckingham of Fleetwood Mac, Dave Stewart of Eurythmics, Debbie Harry of Blondie. 15 of the 27 episodes are based on our songwriters and artists. We've also presented Chic's first 5 albums, as well as Sister Sledge's We Are Family, in spatial audio on Apple Music, where they're featured artists only in the last couple of weeks. In the past, I've talked about the size and quality of our catalog, coupled with our high staff-to-song ratio, enables us to focus our efforts and get value from songs which have not yet realized their full potential. When we purchased Bernard Edwards' share of the Edwards/Rodgers catalog, our sync team did a deep dive, and our whole team made it their mission to find a great sync for Spacer, number 1 song in France and top 5 song in the UK, in 1981, for Sheila B. Devotion. Historically, it hardly had any syncs. Its 3-year average was only $400. We successfully placed it with Renault for a pan-European campaign, netting a high six-figure sync fee in the process. The Chanel sync of Chic's Cheer was for 150 x the previous three yearly average. Whether it's Nile's profile with Apple Music being the face of Chanel eyewear or Chic as the soundtrack to Renault's adverts, each of these demonstrates how we proactively work to introduce our iconic songs to a new generation of fans, which in turn drives increased streaming consumption and leads to a significant added value in our Bernard Edwards catalog and overall portfolio. The Masked Singer is one of the entertainment champions of ITV's winter schedule, pulling in some of the biggest audiences on the channel. Those of you who attended our December presentation perhaps had a head start in recognizing Jacket Potato, also known as Richie Sambora of Bon Jovi, who we placed on the show and who made it all the way through to the semifinals. 5.5 million people tuned in to see him unmasked, with his profile reaching a recent all-time high and driving the consumption of the Bon Jovi songs held by the company. I've just talked about the importance of introducing our songs to new audiences, well The Masked Singer semifinal had a 29% share for all TV viewing when it was broadcast, but perhaps more importantly, a 37% share for 16-34 year olds and a 46% share for children. Four of the six songs that Richie Sambora sang during his time on the show were the company's songs, including Fleetwood Mac's Go Your Own Way, Santana's Smooth, and The Pretenders' Brass in Pocket. What better way to introduce them to a new generation of fans? You'll recall in December, just before Richie Sambora serenaded us, I talked about the John Lewis Christmas advert and the Super Bowl as being the two most desirable syncs to get. With syncs like these, not only do we receive a fee when we place a sync, but we often see an increase in consumption of the artist's music, both the song that was synced and other music in their catalog. I suspect you didn't miss the hint that I gave in December, you wouldn't have been too surprised in February to see Hipgnosis songs performed in front of a TV audience of 119 million viewers when Rihanna performed at the Super Bowl halftime show. She performed four songs that we co-own: Birthday Cake, All of the Lights, Umbrella, and Run This Town. The first three were all co-written by The-Dream. Jeff Bhasker co-wrote two of them with No I.D. and Tricky Stewart contributing to one each. Not only do we co-own those four songs, but we actually own massive real estate on all of them. Since the Super Bowl, each of the four songs has had renewed consumption on the streaming platforms, with gains of up to 280% in the week following the show. Four months on, Umbrella's U.S. weekly streaming on demand figures are still 1.3 x the pre-Super Bowl number, and Run This Town is experiencing 1.5 x the previous demand. This is an incredibly exciting time in the music industry. Concerts around the world are selling out. Streaming has made pretty much every song ever released available at the touch of a screen, and the industry's revenues are at an all-time highs and predicted to keep growing. Songs are the currency of the music business. Without the song, there simply is no music industry. Yet songwriters who deliver the most important component to the success of a record company, digital service provider, music merchandise, or live promoter, are still the lowest-paid people in the economic equation. I've always been clear that our motive is to establish songs as an asset class and to provide a great return for our investors. Concurrently, our ulterior motive has always been to use our success to help the songwriter from the bottom to the top of the economic equation. This is in complete alignment with our shareholders' best interests. The impact of our advocacy can be seen both in the US and the UK. We advocated for and welcomed the moves by the US Copyright Board, Copyright Royalty Board, and the wider music industry in the US to increase the rates paid to songwriters and publishers. CRB III provided for a 44% increase in the headline rate of the digital service providers' revenues paid to songwriters and publishers in the US, reaching 15.1% in 2022. It was disappointing that some of the streaming services appealed the original ruling, delaying much-needed payments to songwriters, many of whom rely on royalty payments for everyday living expenses. The appeal was rejected during the summer of 2022, the industry is now working to ensure that the higher rate payments due for the CRB III period reach rights holders such as ourselves, ASAP. The company has accrued $21.7 million to account for the CRB III monies. We were pleased to support a joint industry proposal for CRB IV, which saw the proportion of DSP revenues paid to songwriters further increase incrementally, where they'll get to 15.35% by 2027. While the royalty payable on a physical sale or download is rising from $0.091 to $0.12, with additional inflationary increases also. While there's still a long way to go before songwriters are fairly remunerated, these are important steps in the right direction and couldn't have happened without our advocacy. The joint CRB IV proposals, which have now been confirmed, show there is increasing acceptance across the music industry that songwriters should be fairly rewarded for their work. While this increase is more modest than the CRB III rises, we support it as it will provide a background of stability at the highest streaming rates ever paid, in the context of which we can continue our advocacy efforts for an even bigger share of the pie and hopefully get to a free market. In the U.K., the Competition and Markets Authority concluded their market study and recommended that the Intellectual Property Office take forward a number of work streams. After the year-end, the IPO announced an agreement on how the music industry and the government will work together to deliver consistent, high-quality metadata. We welcome this first step. However, we believe that far greater reform is needed, and we continue to engage with the relevant organizations to achieve this change. The UK government has also recently announced that it has accepted a recommendation from the Culture, Media and Sport Select Committee, to whom Hipgnosis has given evidence, to establish an industry working group to explore issues around fair pay for creators in the music streaming industry. Our ultimate goal is for songwriters' pay to be determined by a free market, not legislation. Despite the progress we have made, there are still people who don't pay for music they use on their platform, and sometimes it needs court action to fix it. This includes Twitter. When a platform does this, they are making money from our work. This is simply not acceptable, and I'm pleased that Hipgnosis Songs Group is part of an action against Twitter to force them to pay for the value they get from our songs being used on their platform. Another case, which was settled this year in the U.S. with our complete support, will see songwriters get a 138% increase in pay from live events. The action was brought by BMI against the biggest concert promoters. As a result of this ruling, the rate songwriters receive increases to 0.5%, but more importantly, of the event's total revenues. In the U.K., concert makers pay a 4% royalty rate and have done so since 2018. This shows that also there's still a lot of room to go in the U.S.. Over the centuries, music has adapted to and benefited from developments in technology. Distribution has moved from sheet music to recorded music, physically distributed via vinyl or CDs, to any song being available at the touch of a button via streaming. Production of music has gone from handcrafted whistles to electronic instruments recorded in 48 track studios, to now being able to produce global hit songs entirely on a laptop. Some of these technological changes have challenged the industry, illegal downloads being the most existential. I expect artificial intelligence, and particularly adaptive AI, will have important benefits for Hipgnosis and the wider music industry. AI will provide competition for new songs and artists. AI cannot replace the excitement of attending a stadium concert with a star artist, and ultimately, the enduring success of our songs is down to the strong emotional connection they have with millions of consumers all over the world, and therefore, they're always in demand and will be passed down. AI will never replace that. These songs are part of the fabric of our lives and part of the fabric of our society. As I say, they'll be passed down for generations to come. We expect AI to both interpolate and sample our iconic songs and generate new versions of these songs that will create new IP and additional revenue streams for the company. These revenue streams will be protected by existing copyright legislation around the world. If necessary, Hipgnosis will advocate for additional regulations and protections. As such, we look forward to having a constructive relationship with AI music developers and sharing in the benefits of another new technology. I'm incredibly optimistic about the future and what AI will do for the music industry and for Hipgnosis. In a few minutes, Ben will talk about some other examples of what we're doing today to drive value in the portfolio, including updating you on the John Lewis Christmas advert and what that did for consumption of one of our songs, Blink-182's All the Small Things. First, Chris will take you through the financials in detail. Thanks, Merck. Over the next few slides, I'll be taking you through the financial results and providing additional context around the numbers. Those of you who listened to our Capital Markets Day presentation will remember that in the first half, our main priority was to refinance the debt facility. We also took out a currency hedge for our dividend payment. These actions created certainty against a backdrop of rising interest rates and currency fluctuations, and have provided the foundations to take the fund forward. The key theme for the second half was revenue growth. In fact, this has been our best revenue performance since coming to market in 2018. The strong growth in sync and streaming revenues, our younger catalogs grew strongly, demonstrating that they are reaching the end of their expected decay curves. As Merck explained earlier, performance revenues have risen as the recovery from COVID-19 worked its way through the payment cycle. For those not familiar with Hipgnosis Songs Fund, our IFRS numbers are reported based on our financial year, which runs until March 31st. However, our pro forma annual revenue numbers, which are based on royalties received, are reported on a calendar year basis. Firstly, I want to talk about the net asset value of the company. Underlying our business is the value of the songs which we have purchased. As many of you know, we report two net asset values or NAVs, an IFRS NAV, under which the company's investments are held at cost, less amortization and impairment, and an operative NAV, which adjusts the IFRS NAV to reflect the fair value of the company's catalogs, as determined by the portfolio's independent valuer, Citrin Cooperman. We consider that the operative NAV is the most relevant NAV for shareholders. During the period, the operative NAV increased by 3.4% to $2.3 billion. This, together with the dividends declared of $0.279 since launch, takes total dollar NAV return to shareholders to 69% since IPO. Based on the exchange rate as at the 11th of July, 2023, the operative NAV in sterling is GBP 1.4851 per share. As you can see from the operative NAV bridge on the screen, the NAV growth has primarily been driven by the increase in the fair value of the portfolio to $2.8 billion. The profit for the year, adjusting from amortization, was paid out in dividends. The portfolio independent valuer has continued to maintain an 8.5% discount rate. The increase in the fair value of 4% was therefore a result of the royalty statements exceeding the expectations of the independent valuer. The outperformance is seen most notably in performance income, where there has been a very strong bounce back from COVID in H2 and from streaming income in the older vintage catalogs. There will be more detail on the discount rate later in the presentation. The fair value represents a multiple of 20.89 x on the historical annual net publisher share income, compared to the blended acquisition multiple of 15.93 x. This multiple growth highlights Hipgnosis' first mover acquire and the increased competition to high quality catalog content from both music majors and new private equity entrants. Within the annual report this year, we have provided further insight into the valuation methodology of Citrin Cooperman, the portfolio's independent valuer. Citrin Cooperman are one of the largest music valuers and conduct valuations for a wide range of buyers, sellers, lenders, and music companies. The fair value is derived using a discounted cash flow, which incorporates four main assumptions. Firstly, the baseline earnings are determined using the prior year's royalty statement income and adjusted to remove any non-recurring catalog-specific activity, including syncs, settlements, and audits. We work closely with Citrin Cooperman to ensure that they have identified all adjusting items and that they have captured this baseline correctly. Citrin Cooperman use a range of proprietary growth rates specific to the income type and vintage profile of the catalogs. The historical earnings trend of each catalog is then assessed to determine the appropriate growth rates to apply. These growth rates are determined not only using publicly available information, but also their understanding of the music industry as a result of their deep experience with publishers and record companies. A terminal growth rate value is applied in year 16. Citrin Cooperman apply a music industry specific discount rate, which was maintained 8.5%, which I will talk about shortly. As a final check, Citrin Cooperman reconciles the value derived from the DCF to recent comparable transaction multiples to ensure reasonableness. This table shows the transaction multiples for deals which took place during 2022 and 2023, that Citrin Cooperman believe most closely resemble the portfolio of the company in terms of the quality of the songs and the genre mix. As you can see, the average multiple of 21.9x across this set supports our fair value multiple of 20.9x. As I mentioned earlier, Citrin Cooperman have continued to hold the discount rate at 8.5%, which reflects their long-term view on the key assumptions within that discount rate, notably interest rates. As an example, 10-year gilt yields have fallen since the 30th of September, 2022. The increasing proportion of utility-like revenue from streaming services has improved the quality of earnings and has also justified a reduced risk premium. Together, these built up a substantial cushion in Citrin Cooperman's discount rate calculation, which enabled them to maintain the discount rate at 8.5% over the past 18 months, despite the interest rate increases. We have continued our engagement of Kroll to consider and advise on the reasonableness of the discount rate by Citrin Cooperman. We note that Kroll did not review or opine on the projected cash flows or on a valuation conclusion using their determined discount rate. In other words, they don't sense check the output of any valuation against this. At the interims, the discount rate of 8.5% was within the range identified by Kroll at that time. For the most recent period, ending the 31st of March, 2023, the range provided by Kroll had increased to 9%-9.75%. This increase reflects a 50 basis points increase in the equity risk premium applied to 6%, and an increase in the relative volatility of share prices in the company's music peer group, relative to the overall market. Post-period end, we note that Kroll has since reduced its discount rate range back to 9-9.5%, following a reduction in their equity risk premium assumption to the previous level of 5.5%. There are a number of different assumptions between different valuers, notably the appropriate peer groups and the length of calculation period for market data. In order to give an insight into the result of the movement in the discount rate to the five value, we have shown the impact of a 50 basis points movement either side of the 8.5% discount rate that Citrin Cooperman have used. A 0.5% increase in the discount rate to 9% would result in a decrease to the fair value of the catalog of 7.9%, and a 1% increase in the discount rate to 9.5% would result in a decrease in the fair value of 14.7%. Today, we've provided new information on potential tax liabilities on asset sales in light of the upcoming continuation vote. The company is structured as a U.K. domicile Guernsey company with U.K. domicile subsidiaries. It is structured this way in order to benefit from double tax relief with the U.S., which otherwise would have resulted in withholding tax of up to 30% on all U.S. earnings. The majority of our earnings are from the U.S., we therefore realize a highly material benefit from this each year. For U.K. corporation tax purposes, music assets are considered intangible fixed assets, and therefore unable to benefit from ITC exemptions on any potential direct sale of catalogs. We have estimated that in the event that the group sells all of its assets, that the group's potential tax charge on these disposals, based on certain assumptions, could be approximately $245 million. This potential tax charge reflects both the impact of historical amortization of such assets, where the group has already received a tax benefit to the extent available in each year of ownership, and the uplift in value since purchase. There are a number of ways this tax charge could be materially reduced, including the utilization of any brought forward tax losses or by optimizing the structure of any assets. While sales could be structured to utilize the exemptions available to it as an investment trust, this could lead to latent tax liabilities to the purchaser, depending on their own tax situation, which may be reflected in full or in part within the potential purchase price. Gross revenue decreased by 11.5% year-on-year to $177.3 million. This was because we recognized a couple of large, non-recurring adjustments impacting the IFRS revenue in our 2021, 2022 results. The first was a usage accrual, and the second was the right to income, or RTI. These are partly offset by the CRB retroactive, the CRB III retroactive accrual, which relates to an increase in songwriter's mechanical portion of U.S. streaming income as a result of last summer's decision by the U.S. Copyright Royalty Board to reject an appeal against this increase. This accrual estimates the retroactive payment due to the company as a result of revenues in previous accounting periods, not having been recognized at the full CRB III rates. If you exclude the non-recurring adjustments, we saw an increase in underlying revenue of $12.9 million, which is a 10.9% year-on-year increase. PFAR, or pro forma annual revenue, removes the impact of new catalog acquisitions and these non-recurring adjustments. As I've said in the past, we believe this gives you the best understanding of the company's like-for-like revenue performance. As I mentioned, we report this on a calendar year rather than a financial year, therefore, the most recent PFAR numbers cover the period up to the 31st of December, 2022. As you can see in the chart, PFAR for the 12 months to December 2022, increased 12.1% year-on-year to $130.2 million, a significant acceleration on growth seen in previous years. PFAR grew strongly for both our younger and older vintages. We continue to have strong growth in our greater than 10 years catalogs, up 11.3% to $73.7 million. Notably, our less than 10-year-old catalogs have grown 13% to $56.5 million, as expected decay was outpaced by growth. As many of you are aware, newer catalogs are bought with the expectation that their revenue will initially decay before flattening off and then returning to growth. The performance of these younger catalogs is further evidence that they are reaching the end of their decay cycles and moving into their growth phase. Before I look at the breakdown of PFAR income by income type, I want to talk to you through the impact of currency on our numbers. O ver the last year or so, we've seen an unusual increase in the value of the dollar against almost all currencies. This is a benefit to sterling shareholders, as the sterling value of the portfolio increased as a result of the dollar's strength against the pound. Generally, we'd expect global currency movements to largely offset one another. In common with other dollar-denominated music companies, we are seeing a currency impact on revenues. Some 85% of Hipgnosis' royalties are paid in US dollars, our reporting currency, therefore, we have limited direct exposure to currency. As you know, people listen to and pay for music all over the world, and there is therefore an indirect impact that we experience. To help you be able to assess the trends in our numbers, we thought it would be helpful to provide further guidance on this currency impact. Approximately 54% of our source income comes from the US, and therefore there is no currency impact on that. Of the rest, the two largest single markets are the UK and continental Europe, making up around 14% and 21%, respectively. The remainder is broadly divided around the world, with some focus in the larger music markets. We use two different methods to estimate the currency impact. Both of these methods suggest that PFAR for the 12 months to December 2022 would have been approximately 6 percentage points higher without these currency movements. As I've said, this is only an estimate, and for the avoidance of doubt, all the numbers we are using in our presentation today represent the actual numbers and have not been adjusted for currency. Returning to PFAR, I'll now take you through the split by income source. As you can see, there is strong growth in streaming and sync income. Streaming revenues, which now represent 40% of PFAR, grew 14.8%. This demonstrates the strength of our strategy to acquire catalogs with high levels of streaming consumption, and thereby benefiting from the structural growth in that market. Sync revenues are up 24.7% year-on-year, driven by a marked increase in procured direct sync deals with traditional media outlets, as well as platforms like TikTok. The income from a sync can take 12-18 months to arrive. What we are seeing in this number is the result of the success of our sync team over a prolonged period of time. As we anticipated, performance revenue grew in the period as recovery from COVID-19 restrictions worked its way through the music industry in the second half, resulting in 41% growth in H2. This, together with successful tours, resulted in performance income increasing by 9% year-on-year, after a decline in H1 to $30.8 million. With all the markets now fully open and major concert tours taking place this year, we anticipate that performance revenue will continue to recover. Moving on to costs. Adjusted operating costs, excluding interest costs, were down 21.2% to $29.5 million. This is mainly driven by a reduction in the advisory fees as a function of the company's lower share price during the year, reduced administration, legal and professional fees, as well as lower aborted deal costs. Ongoing charges as a percentage of average operative NAV decreased to 1.2%. As a result of the performance on certain catalogs, we recognize an additional contingent bonus of $43.8 million relating to songwriters. These are contractual payments based on defined performance hurdles when catalogs were purchased, in order to ensure the vendors remain motivated on performance of the catalog after its sale. Turning to leverage. You'll see that there was an increase in loan interest during the year, driven by the rise in global interest rates. As I mentioned earlier, in September, we secured a new revolving credit facility. The new 5-year facility had a lower margin than its predecessor and less operational restrictions. As of January 3rd, we entered into a number of interest rate swap agreements, covering a total of $540 million on a blended rate of 5.75%. The average life of these swaps was 4.26 years. This provides certainty and the foundation to take the fund forward in a low-risk way. Moving on to earnings per share. EPS for the period was -$0.0741. As I explained previously, the reduction is primarily due to the recognition of both the usage accrual and RTI in the prior year, albeit partly offset by the CRB III retroactive accrual. Adjusted EPS, which removes the impact of catalog amortization and other accounting adjustments, was $0.0412, a 42.6% reduction, driven by that usage accrual in the prior year and the increased interest expense for the current year. As you know, we amortize catalogs over a useful life using a straight line method of 20 years, which is in line with industry standard. Moving on to dividends. All dividends were in line with the company's annual target of GBP 5.25 in interim dividends per ordinary share. The company's hedged $50 million of dividend payments at an average $1.138 to sterling. To be clear, we are not looking to become currency traders. This was purely a strategy to provide certainty at a time of volatility on the foreign exchange markets and ensure shareholder returns are linked to the performance of our catalogs and not the FX markets. On to dividend coverage. Due to the change in dividend timetable in the year, in order to better match income receipts and dividend payments, only three dividends were paid out during the year. We have therefore looked at dividend cover on a declared basis, of which there were four in the year, amounting to $75.9 million, such that these ratios reflect our full annual target dividend. Dividends declared were covered 1.07 x by distributable revenues recognized during the year. Given we are fully invested, we also look at the levered free cash flow as the other way to show dividend coverage. The coverage on this basis for dividend payments paid in the period was 1.08 x. Summing up, we've delivered our strongest revenue growth since IPO, with continued growth in sync and streaming revenues, a post-pandemic rebound in performance income, and our younger catalogs demonstrating that they are reaching the end of their expected decay curves. We refinanced our debt facility, delivering on the board's objectives to control costs and reduce interest rates, giving us the foundation to take the fund forward. We've also taken out a currency hedge for upcoming dividend payments, again, providing certainty on our working capital. Our close management of costs reflects our commitment to maximize return for shareholders, and we have delivered on our annual dividend target of 5.25 pence per share. I'll now hand over to Ben. Thank you, Chris. I'm Ben Katovsky, President and Chief Operating Officer at Hipgnosis Song Management. I joined Hipgnosis in October, having worked in the music industry for almost 2 decades. I have particular expertise in the scaling of music companies, building value from growing catalogs, and using technology and data to enable this. I do lead the daily operations at HSM to ensure that we and our teams are delivering across all areas of song management, that we maximize the opportunities for our songs, and that we continue to build and improve our capabilities in this growing and evolving music market. I joined Hipgnosis because I believe in music as an asset class and the opportunity for song management to drive value creation. My nine months at Hipgnosis have only reinforced this belief and highlighted the quality of Hipgnosis' catalog, the holistic song management approach that we take, and the scale at which we are able to operate are key differentiators. In his introduction, Merck talked about some of the song management activities that we carry out. I'm now going to take you through our active song management in more detail. Song management is a key differentiator for Hipgnosis, and it's worth me running through what we mean by the term again. As Merck said, we see song management as three key pillars. Firstly, rights and revenues. This is optimizing our revenue generation and revenue collection by ensuring that the world knows what songs we own, enforcing our rights on those songs, optimizing the route to market for those songs, and collecting all of the revenue due to us, and doing this as quickly as possible. Secondly, consumption and audience development. That's to say, driving consumption through active marketing and pitching of the catalog to individual listeners, music creators, and business music users to generate revenue and develop an increasing audience of listeners to our songs. Thirdly, advocacy. Changing the position of songwriters in the economic equation by working with politicians, NGOs, and the wider music community to build support for increased fairness in payments for songwriters. Merck has already spoken about advocacy in detail, so let me focus on the first two pillars, particularly how we boost consumption and importantly, how it impacts revenues. When you're collecting money from the thousands of different users located all around the world, the payment chain can become both long and expensive, as each organization in the chain takes a cut. There is considerable upside in Hipgnosis taking actions which remove middlemen and give us more control. By doing this, we can increase revenues, we can reduce costs, we can get paid quicker, and we can increase transparency. A great example of this are the results of our administration partnerships, which we announced this time last year with Hipgnosis Songs Group, or HSG, our in-house US administrator, SACEM, a leading collective management organization, and peermusic, a highly established publishing administration company. We've now fully reverted 43 catalogs or part catalogs to these partnerships, with each operator having a defined role based on their particular strengths. As I explained in December, HSG administering our catalogs in the US has many advantages. In terms of royalty collection, it means that we can collect directly from music licensees and collective management organizations. That means we are removing a link to the payment chain, and by doing so, we can speed up payments, we can reduce costs, we can reduce leakage, and give ourselves greater transparency on our revenues. In terms of route to market, it means that we can execute licenses directly with some of the DSPs, such as YouTube, Facebook, and TikTok, as well as for all sync users. This puts us fully in control rather than having to accept terms negotiated by others on our behalf. Importantly, HSG also gives us an even more active role in the largest music market, allowing us to drive improvement and advocate for songwriters. As Merck said, advocacy has been a part, key part of Hipgnosis ever since he founded the company, and we were able to use our position to help drive forward important changes, including playing our role on the Joint CRB proposals, which Merck talked about earlier. Turning to our other partners, through SACEM, who collect digital royalties for us, primarily in Europe, Hipgnosis can again directly license DSPs and remove middlemen administrators. This gives Hipgnosis greater transparency on the process and terms, provides us with an active role in the setting of those terms, reduces costs, and speeds up payment. We received our first royalties from SACEM in April, so after the end of the financial year, but this payment included income for streams, which took place as recently as December 2022. This demonstrates that, as we intended, cash is coming through almost six months quicker than the previous administration arrangements. It is doing so with much greater levels of transparency. Moving to peermusic, whose network of offices in 31 countries provides us with an optimized collection network across the global music market outside of HSG's work in the U.S. By consolidating administration with a single partner, we've been able to improve control and transparency, as well as negotiate scale terms. Based on what we've seen already, reverting administration and licensing to SACEM and peermusic is delivering an uplift of relevant revenues of 6.6% in line with expectation. The removal of the middlemen and the control we gain with HSG's administration in the U.S. drives an annual benefit of almost $1.1 million for the company. As you can see, we've already made great progress, but we see further opportunities to optimize revenue generation and collection, with the potential for a further 30 catalogs to be reverted by 2030. I'm now going to talk you through four examples of how sync licensing can uplift revenues. Let me start with Journey's Separate Ways, where in addition to an original sync fee, we have benefited from an increase in streaming, new physical sales, prompted a new cover version by a hit U.S. band, and seen a raft of additional syncs. Each of these has driven increased revenues. I'm sure many of you are fans of Netflix's Stranger Things. The latest series aired last summer and broke premiere viewing records, taking the number 1 slot in 93 countries. A great program to have a high-profile sync in. Hipgnosis owns both the right to receive artist royalties from the master of Journey's 1983 hit, Separate Ways, as well as a majority interest in the publishing copyright. We worked with the producer of Stranger Things and Steve Perry, who you'll know is Journey's lead singer, to create a remix which thematically exemplified the growing pains experienced by several of the characters in the series. This series trailer first aired in April last year, before the first two episodes were released at the end of May. As you can see from the left-hand chart, there's an incredible spike in the streaming of the song, peaking at 3x the previous run rate in line with the premiere. Around the same time, a soundtrack to the series was released in physical form, with the remix song appearing twice in the double LP vinyl editions, capitalizing on the success of the program and again, generating new revenues for Hipgnosis. The chart shows renewed streaming of the song at the start of 2023. This concurred partly when Daughtry, a highly successful U.S. rock band, covered the song after the band's lead singer, himself a former American Idol finalist, heard Separate Ways while watching Stranger Things with his wife. This cover was released to his millions of followers, generating revenue from listeners of the new version while also introducing them to the Journey catalog. Hipgnosis benefits both from this streaming increase as well as from our share of the revenues generated by the cover. The renewed interest in the song has also driven further sync requests. Since the Stranger Things release, requests have been more than double that in the previous year. What was the impact of all of this on revenue? Well, you can see from the right-hand chart that we've almost quadrupled master revenues relative to income generated prior to these events. This is particularly noteworthy given the steady state revenue prior to this, as per the dark blue line. Collection and publishing revenue takes longer than masters, and over the coming periods, we anticipate similar increases in these publishing revenues. Of course, these charts do not yet reflect the impact of the growth in third-party sync requests for the song. As you can see, this is an excellent example of how we work both the artist and the producer to make a sync work for a particular outlet, and how this then drives additional syncs, streaming, and physical revenues for the company's shareholders. Let's not forget, the song was first a hit 40 years ago, so this success has introduced the song and Journey's wider repertoire to a new generation who will be enjoying their music for many, many years to come. Let's look at another example of our song management in practice. In December, we talked about Nicki Minaj's interpolation of Rick James' 1981 hit, Super Freak. Nicki's version, released in the third quarter last year, won 2 awards and debuted at the top of the Billboard Hot 100. Rick James owns 85% of the original Super Freak. This original copyright was credited with 65% ownership of Nicki's interpolation. We own a portion of Rick's catalog, half of Rick's 55% share of Nicki's new song belongs to Hipgnosis. We spoke about this in December, we were able to tell you that it had been a big hit, but at that stage, it was too early to report on the financial impact. We can tell you, based on combined revenue collection and consumption data, we estimate that this song has so far generated royalties in excess of $350,000 for Hipgnosis, which we have already partially received, and we will continue to receive in the coming periods. Additionally, the new interpolation drove interest in Rick James's wider catalog in the months following its release, resulting in a 70% + monthly uplift in consumption, worth about $50,000 in additional revenue over this period. Once again, this is a great demonstration of how song management is a key differentiator for us and how we can use it to introduce our catalog to new audiences, to create new, valuable IP, and drive revenue through our existing portfolio. Over the next couple of slides, I'm going to take you briefly through two different examples of how we successfully used cover recordings to drive sync revenue and how they resulted in a measurable increase in consumption of our catalogs. At Christmas, we talked about how we placed the Blink-182 song, All the Small Things, for the John Lewis Christmas advert. Needless to say, one of the most coveted syncs in the market. In itself, this generated a 5-figure sync fee. In this case, the creatives used Postmodern Jukebox's cover for the soundtrack, an example of us placing an existing third-party cover of a Hipgnosis song. About a month before the advert premiered, the band announced that their original lineup would be touring globally for the first time in a decade, much to the joy of us Blink fans, with Tom DeLonge rejoining the band. This announcement drove a spike in consumption of the band's music, both in the UK and other key markets. What we can now tell you is that when the John Lewis advert came out, it caused an additional uplift in the UK, which was not mirrored in other markets where the ad doesn't play. This uplift continued well into 2023, with a 15% increase in an average weekly consumption, which again, drives additional revenue for our catalog. The second example is where we produce a cover speculatively with the objective of placing a sync. We are selective of the songs we choose for this. We look for songs which are well-known and where we can create a version which will be familiar but different, a very attractive combination of characteristics for many brands. Empara Mi is a Guernsey-based singer-songwriter who we commissioned to sing a new version of Bon Jovi's Dead or Alive, one of the great iconic Bon Jovi anthems, which the company co-owns through Richie Sambora's catalog. The new recording is owned by Hipgnosis, it was placed as the trailer soundtrack for Transformers: Reactivate, an upcoming major gaming release. Our return on investment was well over 50 x our initial outlay, with the sync generating a six-figure sync fee. Additionally, the song has been played over 1.5 million times on Spotify, and the trailer watched 2 million times on YouTube. Across each of these examples, we've demonstrated how our song management creates both short and long-term value, boosting consumption and bringing in our iconic songs to new generations. As I said at the start, active song management is a key differentiator for us. We are incredibly pleased with the performance in the year and momentum in the business, but we also know that there are many more opportunities to maximize value for our songs. We are already focused and working hard on achieving these, and we will continue to build and improve our song management, data, and technology capabilities to enable that. With that, back to Merck. Thank you, Ben. Thank you, Chris, as well. As Ben has pointed out, we are continually focused on building out our song management capabilities and adding value. This is an iconic set of songs that we've assembled in Hipgnosis Songs Fund Limited. I've mentioned before that there's a high demand for them, but there's also just tremendous value that can be added by having the bandwidth to pick up the telephone, go have lunch, do whatever is necessary to remind people of these incredible songs, many of which have languished in the larger administration companies that they were with previously. We're very, very focused on that, and I consider us to still be in our infancy when it comes to really adding the value that I believe that you'll see in the years to come. With that, I think it's time for us to go to Q&A. I will move over and be with Chris and Ben. Thank you, sir. Ladies and gentlemen, at this stage, if you would like to ask a question, please press star and then one now. If you decide to withdraw your question, please press star and then two. Again, if you would like to ask a question, please press star and then one now. The first question we have comes from Christopher Brown from JP Morgan. Please go ahead. Morning. Morning, guys. Thank you for the presentation. I've just got a couple of questions. I'm thinking about the PFAR for calendar year 2022. I think in the details it says that doesn't include the CRB III amount, but on an ongoing basis, and also income from Hipgnosis Songs Group, which I think is just over $10 million. I guess if we're thinking about that the baseline sort of revenue we might expect, we round about a sort of a $140+ million, together with probably a positive foreign exchange impact, and maybe also some more growth in performance. Do you think that's a fair assessment of where we should expect sort of that PFAR to head? Over to you, Chris. I think that's fair, Chris. You've noted the differences between the PFAR and the HSG. Obviously, as we've said in the presentation, we haven't received the vast majority of the CRB III monies. Just for everyone, to remind everyone as stated, the PFAR is based on statements and income received. That's why there's that difference that Christopher Brown has helpfully pointed out, which is obviously very positive. Just maybe a follow on from the, because I mentioned Hipgnosis Songs Group in there. Can you just say a little bit more about that revenue, that $5.1 million, and where that comes from? I noticed you'd sort of made a few cost-saving measures at HSG, so I just want to talk about what we might think in terms of the revenue from that subsidiary versus the costs on an ongoing basis. Christopher, I'm gonna let Chris address it directly, but as noted in the annual report, we've been very focused on making the administration of our catalogs, the Song-owned catalogs, the main focus for HSG. W hen we bought the company, it was largely a, what we would call, song creation company. I think to the tune of 80% of its income, 20% coming from administration. We're now at a point where obviously it's really an administration company doing exactly what we intended it to do when we bought it on behalf of Song, which was to administer our iconic catalogs in the United States, the world's biggest market. T hat gives us a seat at the table with negotiations on how to get the best rates for our songs. It also allows us to do a better job of collections because of the attention that's put to it by our own proprietary company, and be paid faster as well. When you look at the, the ratio now of HSG's income, what is it now, Chris, in terms of admin versus song creation? It's, it is in line with what Chris was saying, around 10 in total. S ong creation is still a part of it. It's less than 2% of overall song business, as we said, stated that it would be at the time that we made the acquisition, the admin company is operating very, very well on behalf of us and Song shareholders. It's worth just noting that the HSG revenue is primarily split a third, a third, a third, between that frontline repertoire, the administration of third parties, and also what's being transferred over to from the fund over to HSG to administrate. That's what I was looking for. As I was saying at the beginning song creation was 80% of the company's revenue at the time that we acquired it. Third-party administration was 20% of the revenue. Now, our administration, the administration of Song-owned songs, is one-third of the company's revenue. Song creation is one-third of the company's revenue, and third-party administration is one-third of the company's revenue. That, of course, is only gonna continue to grow from the perspective of there being a higher ratio of income that comes from Song-owned administration. Yeah, that's great. The ongoing costs of that part of the business, now following the restructuring? We haven't actually disclosed that in the annual report, but I can certainly get to you offline on that, Chris. Okay, thanks. Thank you, Chris. I was just gonna say on the Kroll calculation, have you got a breakdown there by the different components, i.e., the risk-free, the beta? You mentioned the risk premium and, but I just wondered what they're using for the risk-free. Is it the 10-year or the 20? I guess we can figure out the rest if we know that. No, we don't have that, we haven't had that disclosed in terms of the overall breakdown. T here are a number of different assumptions between different valuers, notably the appropriate peer groups and that length of calculation period for market data. The one that we obviously referred to in the presentation was the reduction in the equity risk premium, from 6% to 5.5%. Yeah. Okay. Thanks a lot, guys. Thank you, Christopher. Over to Danai. Thank you, sir. The next question we have comes from Fiona Huang, from Jefferies. Please go ahead. Thank you for taking my question. Just a quick one. The FT has reported that the song executives have been speaking to one potential bidder to gauge interest of buying some of the catalog. Could you maybe elaborate on this? If that is the case, what are some catalogs currently under consideration for sale, and what does the overall timeline look like? Thank you, Fiona. As I mentioned during the presentation, we've engaged with shareholders to hear their views, and we've been working with our board on executing a strategy that we believe will enhance shareholder value. We'll update the market before our AGM. As again, as I mentioned, we are a public company, and we're limited in terms of what we can or cannot say at this point. Understood. Could you maybe just give us some idea of well, which catalogs or how material it is to the overall portfolio? I'm sorry. As I've said, being a public company, we can't go into that level of detail. Okay. Thank you. Thank you, Fiona. Thank you. Ladies and gentlemen, just a final reminder for those on the conference call, if you would like to ask a question, please press star and then one now. At this stage, there are no further questions on the conference call lines. We will now address the recent questions submitted via the SparkLive webcasting page. The first question comes from Gilliard Advisors: Chris, please, could you further discuss the $45 bonus provision? Why did this come out of the blue only now, and over what time frame will this impact the cash flow? Yes, as I said in the presentation, we recognize an additional catalog performance provision of $43.8 million. They relate to payments to songwriters, with a recognition of performance bonuses contingent on certain performance hurdles defined in their acquisition agreements. They're based on actual and expected future performance that's highly probable. This, just to be clear, this is just a provision. It's a non-cash item, but we view it as a positive if these performance hurdles are met because of strong performance. To answer that final question in terms of when is this expected to materialize? Contingent bonus provisions are generally paid out into the future, so these aren't short-term. These won't be a short-term cash outflow. These are very much looking forward over the next few years. Thank you, sir. The next question comes from Ben Newell from Investec: Can you please provide some color on the catalog bonus provision? Who is this due to, and in respect of what? As, that's just very similar to the previous question. Just to add a little bit more color, in the annual report, we referred to this catalog bonus provision relating to six catalogs. A s I said previously, these are payments that relate to songwriters with a recognition of a performance bonuses contingent on certain performance hurdles defined in the acquisition agreement. Thank you. The next question comes from QuotedData: Can you go into more detail around the practical meaning of initial recognition of the usage accrual and F 2022 non-recurring RTI? Yeah, I mean, the main thing to talk about in terms of the usage accrual is that we, as under IFRS, we have to recognize all revenues that have been earned that are not yet received into the company. In order to benchmark ourselves against other companies within the music industry, we made sure that we had a more appropriate accrual, and we used a further look-back period on the looking at usage. This is very much when a consumer presses play on Spotify and triggers that payment, the usage of that revenue that is yet to be paid through to collection society. We look back further, and that was effectively a one-time benefit, because it was the first time that we booked that usage accrual. Thank you, sir. The next question comes from John Albert Sharp: Given the significance of the potential tax implications, should the NAV include GBP 23,243 million closer to the net realizable value? Yeah, I can take this one. No, we don't see that as being the case. T his is a theoretical tax charge. As I said, this might crystallize should assets be sold. It doesn't take into account any structuring of how those assets will be sold, or, for example, of the roll-forward tax losses that could be utilized. No, that isn't the view. Thank you. The next question comes from Numis: Can you provide some color on the pricing of current market transaction taking place? I'll take that question. Yes, I think we've disclosed that in the accounts. We've given both comps that have been put together by Citrin Cooperman, PwC, in their auditing of the annual report, has also taken a view on that. T his remains a very attractive asset class, and catalogs continue to trade strongly. And you're gonna continue to see that for a long time to come, I believe, as particularly as all of the different things that we've said to the market over the last five years become further entrenched in reality. Most importantly, of course, the as we call it in the report, the meteoric rise of streaming, that will hopefully take us to as many as 1.6 billion to 2 billion paid subscribers globally by the time you get to the end of the next 10 years. W e own iconic catalogs from someone like a Neil Young, that's nearly a 60-year-old catalog. Our Lindsey Buckingham and Christine McVie catalogs that are the heart of Fleetwood Mac, being one of the biggest bands in the world for the last 48 years. Nile Rodgers and Bernard Edwards' classic songs that are between 40 and 45 years old at this point. Our Eurythmics catalog, which is 40 years old, our Bon Jovi catalog, which is 35+ years old. I mention all of these because these are some of the most iconic artists in the world. Yet they've never earned income up until now in places like India and China and Africa, the world's biggest population centers. That emerging markets part of the streaming story is only beginning to become a real reality now, and you're going to see that really explode in this next 10-year period. That's only gonna take catalogs to a place they've never been before in terms of valuation. It's a very, very exciting asset class, and I think y ou'll continue to see a lot of activity in it. Thank you, sir. Ladies and gentlemen, we only have time for one last question today. The company will reply to the remaining written questions later today. The last question we have comes from CCLA: Given the tax costs that Song would incur, should Song sell assets, which is roughly 20% of NAV, do you think it is a fair comment that Song should therefore perpetually trade on a discount to NAV of at least 20%? I'm happy to take this as well. M y answer is the same. T his is the potential tax charge, if we were to sell all assets that didn't include any structuring. This is primarily a buy and hold, and the NAV shows the value that will be earned by holding in perpetuity. Thank you, sir. Thanks. Ladies and gentlemen, at this stage, there are no further questions. I will now hand back for closing remarks. Thank you. Thank you, everyone, for your questions. If you've submitted a question by email, Rufina Pavri, our investor relations director, will respond as soon as possible. Today's results, as I was saying earlier, highlight the continuing validity of our investment thesis. Our markets are buoyant and continue to grow. Streaming increasingly provides a utility-style income for holders of Song royalties, the increasing demand for Song catalogs from private equity funds and the major record labels demonstrates the attractiveness of this asset class. Hipgnosis Songs Fund, with its portfolio of iconic, culturally significant songs, is uniquely placed to benefit its shareholders and deliver superior shareholder returns over the medium term, and we're committed to taking whatever action is necessary to deliver this. Our focus is on re-rating the shares, passing our continuation vote at the forthcoming annual general meeting, and delivering a great 2024 and beyond. I take my responsibility to our shareholders very seriously, from the approximately 42 institutional investors that we started with in 2018 to the many hundreds of institutional retail shareholders that we have today. I've always stated that while iconic songs with high quality, long-term cash flows provide great income for investors, that the real purpose of this company is for our shareholders to be the beneficiaries of substantial net asset value growth, which we believe will come over the next 10 years. The market in which we operate grows to, as I was saying during the Q&A, as many as 2 billion paid streaming subscribers around the world, who will in turn increase the consumption of our already extraordinarily successful and culturally important songs. I strongly believe we're on our way to achieving that. I'd like to thank each and every one of you who've supported us in establishing Songs as an asset class, as well as the great songwriters who've entrusted us with being custodians of their special songs and catalogs. I'm going to leave you with a look at another huge sync success, which is being released today. John Newman's song, Love Me Again, was a massive hit that peaked at the number one spot in the U.K. exactly 10 years ago. It was a global success, which got into the top five of the charts in many countries around the world, and has subsequently amassed almost 600 million streams for the song on Spotify alone to date, billions across all of the platforms. This year, Electronic Arts, one of the leading, video game manufacturers, chose the classic in a custom-made Mark Evans remix version and paired it with the reveal trailer for their flagship release, FC 24, the successor of the FIFA game series, arguably the biggest game sports franchise on the planet, selling hundreds of millions of copies in the last 3 decades. This is John Newman's Love Me Again, soundtracking the trailer to the successor to FIFA, FC 24 from Electronic Arts.