The Power of the Content Providers Is Greater Than Other Platforms

Spotify is going public, and i think it's oing tobe a complicated process. They're ding this direct listing, which means valuation is going to be unclear. I just think the power of the content viders is greater here than in other platforms. It's easy to take a snapshot of the model right now and assume its a static model. The revenue model, the economic model, the business model, the value proposition could look pretty dramatically different in three to five years.