I have three of them. First, just a clarification. In your presentation, you mentioned that you expect Music net margins to improve by 300 to 500 basis points in 3-5 years. So, in essence, you're expecting the EBIT margins to move from 46-odd to a sustainable 50%. Is that understanding, correct?
Not the net margins, the EBIT margin for the business.
I think like many others, I'm also confused on the guidance. Just indulge me for a few seconds. So, you have guided to music business accelerating back to its historic trend of 22% to 23%. At the same time, you also said that the consolidated margins will fall from 39% we saw in the first 9 months to 32% to 33%, which is what you've been guiding in the past. Now is this because you expect the other lower -margin businesses to grow much faster and theref ore, the mix changes adversely or do you expect margins in the music business to come down?
I think the confusion comes because you give guidance on top line just for music, but margins for the whole company. So, there is an inherent assumption you've made for growth in other businesses, which mathematically would suggest that you are expecting other businesses to grow much faster than 22%, 23%, which is why all this confusion?
A couple of questions. First, we've been talking about the shift to subscribers in the music space for the last 2 years now. Relative to what you had expected, how has been the pace of the shift? Just looking from the numbers, it d oesn't look like it's moved as fast as you would have anticipated 2 years back. And if that's the case, what is holding it back?
I mean, if you can give some numbe rs at the industry level, what proportion of, let's say, consumers are now paid OTT plus YouTube together or just OTT?