Universal Music Grp U/Adr

understand how you're getting to the nine, and, you know, we're tracking all your calculations. But with respect to the big picture, when we discussed the capital markets day, we expect CAGR over the midterm of eight to 10% presented a comprehensive plan for how we're going to execute against that guidance. Streaming 2.0, which Lucian went into some significant detail in his presentation earlier on the call, And we've executed two major deals with Amazon and Spotify that demonstrate how this execution plan is going to unfold. In terms of expectations, our updated consumer research in the global subscription market tracks to the financial results that we just reported, this 9% range. Let me be specific there and also give you a little bit of update on what we talked about in terms of growth expectation capital markets day. Our research shows that global subscriptions, which means the payers, grew just over 9 percent in 2024. And in terms of geographic mix, 45 percent of current subscriber base is in the developed markets, and 55 percent is now sitting in the high-growth markets, including China. That roughly corresponds to the picture that we painted at Capital Markets Day. Going forward on a global basis, We see expansion in the total addressable market in the TAM at about 230 million. Capital markets day, we talked about a total addressable market in the neighborhood of 220 million. So the updated research shows an even larger consideration set that breaks down about one-third in developed markets and two-thirds in emerging markets, again, roughly corresponding to the picture that we painted in Capital Markets Day. So everything that we're seeing in terms of the results we just reported for the fourth quarter for the year, supported by the consumer research, is extending the picture that we articulated at Capital Markets Day. And in fact, you know, we see some basis for even more optimism in terms of the expansion of the total addressable market. Now, in terms of progress on superfan and on the super premium tier, and we talked to Capital Markets Day about preliminary information that Spotify had provided and also about the very exciting experimentation with the super VIP tier by Tencent in China. With the most recent announcements by Spotify in terms of the fact that they're working now to develop a beta, they're committed to launching the tier that's going to be at a higher price point, including enhanced features. We're excited about that development. We're in conversations with all of our partners about super premium tiers. We think this is going to be an important development in terms of segmentation of the market. We don't have too much more to add there except to point back to the consumer research that identifies an opportunity with scope about 20% of current subscriber base. That's the target for the super premium tier with a mix of different product configurations. And we do expect the platforms are going to compete on product with differentiated super premium tier offers. So we're not necessarily looking for standardization there. I think that's about all that we're prepared to discuss at this point. Obviously, the plans of our partners are still confidential and will unfold over the course of 2025.

And Michael, maybe I could say something to Michael. Just to clarify a little thing, which is that Michael's maths were that it's 7%, but if you then basically if you then discount or you take out the impact of the drag from fitness platforms is 8%, not 9%. So, Michael, Boris, your math was right at the 8%. The only thing I would actually add, however, is, again, we're into this kind of narrative about quarters. Any single quarter can be influenced by a vast number of factors from market conditions to what happened in the previous year, the timing of deal renews, revenue classifications, various accounting M&A. So all I'm just, I'll continue to, and you'll hear me say this on and on and on, so maybe forgive me, but the reality is, is there are going to be differences by quarter by quarter. And then please, please, please try to encourage you to look at slightly longer, longer time horizons.

Thank you. The next question goes to Omar Medeiros of Wells Fargo. Omar, please go ahead.