UMG's overall margins have expanded from the low teams to kind of the high teams over the last five years or so. That's mostly been driven by significant margin improvement in the recorded music business. Looking forward, management's guiding to a mid 20s eepda margin, which you can call kind of a low 20s operating margin. The old model certainly, and this is slightly changing, we should talk about that, has been it's work for hire, we own the IP period, you go create it, we pay you a fee for it.

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