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cahn"‹ Reply-To: "Ens, Amanda' <image001.png> Trodtng Commentat plot o padoct of Mint Reseoten and shoridnot atived as o re(eotch report) Sootily: Stockholm-based music streaming service Timeline • March 15: Analyst Day (confirmed — livestream) official ustingfirading Date likely given • Week of Marc
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
M =ST To: = Reply-To: =/b>"Ens, Amanda" < Trading =ommentary (Not a product of BAML Research and should not viewed as a =esearch report) Spotify: Stockholm-based music streaming =ervice Timeline March 15: =nalyst Day (confirmed — Livestream) - Official Listing/Trading =ate likely given Week of March 1
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
Reply-To: "Ens, Amanda" < <image001.png> Trading Commentary (Not a product of BAML Research and should not viewed as a research report) Spotify: Stockholm-based music streaming service Timeline • March 15: Analyst Day (confirmed — Livestream) - Official Listing/Trading Date likely given • Week of M
abels own New Music & Back Catalog — Distribute thru Spotify & Apple Music to Consumers — key question is how does Spotify gain control over supply? Bull/Bear Views * Bull o Spotify becomes the Netflix of music by becoming a record label owning exclusive content — not the case today and likely cash intensive
Entities connected to both Stockholm and Bull/Bear Views

Jeffrey Epstein
PERSON
Richard Kahn
PERSON
Woody Allen
PERSONAmanda
PERSONthe Floor Specialist
ORGANIZATION
Tencent
ORGANIZATIONGlobal Markets
ORGANIZATIONVivendi
ORGANIZATIONPierce, Fenner & Smith
ORGANIZATIONTencent Music Entertainment & Tencent
ORGANIZATIONLyft/Uber/Airbnb
ORGANIZATION
Global Research
ORGANIZATIONDavid Fiszel
PERSONJohn Egan
PERSONAllen&Co
PERSONMartin Lorentzon
PERSONSpotify & Apple Music
ORGANIZATIONFinancials - Fl
ORGANIZATION