Epstein Secrets

rated ("MO). The material is not a publication of BolA Merrill Lynch Global Research, and it has not been reviewed or approved by BolA Merrill Lynch Global Research. Arty summary of ML Research notes and reports, and/or any reference or link to &lilt Merrill Lynch Global Research notes and reports, are qualified

dustry model: Record LabelsCND .New - Distribute thru spotify & Apple Music to Consumers- key question is how does Sootily pin control over supply? Bull/Bear Views • Bull o sootily becomes the Henna of music by becoming a record label owning exclusive content - not the case today and likely cash intensive EF

porated PAO. The material is not a publication of BolA Merrill Lynch Global Research, and it has not been reviewed or approved by BolA Merrill Lynch Global Research. Any summary of ML Research notes and reports, and/or any reference or link to BolA Merrill Lynch Global Research notes and reports, are qualified in

Labels own New Music & Back Catalog— Distribute thru Sootily & Apple Musk to Consumers — key question is how does Sootily gain control over supply? Bull/Bear Views • Bull o Sootily becomes the Netffix of music by becoming a record label owning exclusive content— not the case today and likely cash Intensive o

epared by =ash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, =ncorporated ("ML"). The material is not a publication of BofA Merrill =ynch Global Research, and it has not been reviewed or approved by BofA =errill Lynch Global Research. Any summary of ML Research notes and =eports, and/or any reference

own New Music =amp; Back Catalog — Distribute thru Spotify & Apple Music =o Consumers — key question is how does Spotify gain control =ver supply? Bull/Bear Views • Bull o Spotify becomes the Netflix of =usic by becoming a record label owning exclusive content — not =he case today and likely cash intensive