/edgar/data/1639920/000119312518063=34/d494294dfl.htmtlrom494294_18 Industry Model: Record Labels 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 becom

ives/edgar/data/1639920/000119312518063434/d494294dfl.htmKrom494294_18> Industry Model: Record Labels 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 becomi