B2B Growth Avenues

Success Story in Brazil 16% 6% Fast Scale-Up through TIM Partnership Subs Market Share % 2017 2021 Spill-Over effect on B2C 2021 vs 2017 B2C Revenue ~X2.31 Gross Margin Improvement Through Partnership Scale Up B2B Gross Margin % Signing of New Partnerships Fueling Additional Growth Sources: MIDIA Research 2022-2030 global music forecasts (Jul-22). Company information. (1) Based on constant FX rate vs. 2021. 2021 vs 2017 +15pp Itaú since 2020 Financial Services globoplay since 2021 SVOD mercado libre since 2021 E-Commerce 1 50 50

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