I wanted

a partner that aligned with our mission to bring music and to bring the platform to as many people as possible and to serve music and celebrate music to as many people as possible. You know the way culture moves and the way culture shifts so quickly and the way you have to keep ahead and keep up with what's going on. The same is happening with technology and how people are accessing their content, accessing their art. So we wanted to make sure our partner was aligned with where we were going as an organization. And we felt like CBS had done that really, really well for a period of time. And now we're looking forward to the next evolution of what we're going to do.

And they're bigger global. And my understanding is this is a global deal. This show will be on Disney Plus worldwide. This is, yes. It's a global deal and am i right that it's more than 500 million over 10 years probably

won't speak specifically on the numbers but i think you're yeah you're right it is i

mean it makes sense like that the global nature of it is it makes a lot of sense that you guys would want that um everybody is looking at this grammys deal as a big vote of confidence in the award show universe. I think the Grammys are pretty special. It's like Oscars, Grammys, maybe one or two other shows, and then there's kind of everything else. I think that, I mean, you probably did a lot of studies looking at what the value of your show would be. Do you think that you guys have a stronger case to be made for your show in 10, 15 years than even like the Oscars do? Because the ratings currently are Oscars, then Grammys. At some point, I think that could swap.

Well, I don't want to say too much about the oscar they do you

don't want to disqualify yourself from ever winning an oscar no

well that wouldn't be my main concern i just want i would speak about the grammys and say that i believe we're uniquely positioned because of the global nature of music and the way that music is breaking down borders and breaking down languages and religions and all the other things that can separate us, music does just the opposite. So I think we're positioned in a way that there's going to be an appetite for more music, more music content, more celebration of music coming from different parts of the world. And right now you think about it, we tend to gravitate or orbit around American music, at least for the majority of the Grammy show. That is most likely going to change over the next few years. You think about Latin and the Latin music and how that's impacted our listening habits and K-pop and Afrobeats and all the other things that are coming from different parts of the world. And that's only going to continue to grow. Good

transition into the state of the music business. And I know that you are not running one of the labels. You are agnostic here, but you do see the trends just like we all do. And I was looking at the most recent year-end report by Luminate, which does the billboard charts. And the takeaways for me were the international growth is really significant, just like what you said. The share of non-label music is growing, meaning the majors are looking at this landscape and seeing the growth of independent and foreign and other labels. I noticed R&B and hip-hop are getting a smaller percentage of what the total pie is. Pop music is way up. What are some of the pros and cons of the state of the music business right now? Some of the areas where you think things are going great, areas where you think there's challenges you got to overcome.