Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

Based on Goldman Sachs Research’s 2025 Music in the Air forecast, which projects global music revenues growing from approximately $105 billion in 2024 to nearly $200 billion in 2035. This is a forward-looking estimate for illustrative purposes only and not a guarantee of future outcomes.

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© 2025 Royalty. All rights reserved

© 2025 Royalty. All rights reserved

© 2025 Royalty. All rights reserved

© 2025 Royalty. All rights reserved

© 2025 Royalty. All rights reserved

© 2025 Royalty. All rights reserved

© 2025 Royalty. All rights reserved