associated with our brand, it is our podcast _ associated with our brand, it is our podcast it— associated with our brand, it is our podcast it is— associated with our brand, it is our podcast. it is a transition from a platform — podcast. it is a transition from a platform to _ podcast. it is a transition from a platform to being a straight up media — platform to being a straight up media company and with that comes lots of— media company and with that comes lots of responsibilities. also, there — lots of responsibilities. also, there is— lots of responsibilities. also, there is revenue there right now, advertising — there is revenue there right now, advertising revenue is a small proportion of spotify's revenue, they make much more from subscriptions. when you look at the kind of— subscriptions. when you look at the kind of prices ads in an exclusive podcast — kind of prices ads in an exclusive podcast can— kind of prices ads in an exclusive podcast can generate, you start to understand also why they are going into it _ understand also why they are going into it not— understand also why they are going into it. notjust differentiation, because — into it. notjust differentiation, because streaming, any artist can stream _ because streaming, any artist can stream in — because streaming, any artist can stream in ten different places, that is why— stream in ten different places, that is why it _ stream in ten different places, that is why it is — stream in ten different places, that is why it is hard to make money. you make _ is why it is hard to make money. you make these — is why it is hard to make money. you make these exclusive deals with popular — make these exclusive deals with popular podcast as he will only post the content on your service and then you can _ the content on your service and then you can command really high ad prices _ you can command really high ad prices and — you can command really high ad prices and they are staking their future _ prices and they are staking their future on — prices and they are staking their future on that. you prices and they are staking their future on that.— prices and they are staking their future on that. ., ., , future on that. you get the money in return, future on that. you get the money in return. but — future on that. you get the money in return, but with _ future on that. you get the money in return, but with that _ future on that. you get the money in return, but with that comes - return, but with that comes responsibilities. let's speak about