B2B Growth Avenues

Continuously Increasing Value for Money Average digital audio¹ listening time (minutes per day) x4.2 23 60 00 96 96 2010 2016 2021 0.40% 0.30% 0.20% Global music revenue² as % of nominal spend 0.10% 0.12% 0.0% 1998 2001 2005 2009 2013 2017 2021 (1) Includes streaming services, website/apps, audio podcasts and curated radio content. Excludes radio and downloads. As of 2021E (2) Recording, Publishing and Live. Sources: Insider Intelligence, US Time Spent with Media 2021. Goldman Sachs, Music in the Air 2022. 11

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