Here are three other things that stood out to me…1) UMG’s India paywall is a template, not a one-off. That represents a measly 1% of the nation’s population, and an estimated 6.5%-8.2% of its music streaming users. One figure that did perturb analysts was this: Excluding Downtown, UMG’s recorded music adjusted EBITDA margin dropped by 1.8 percentage points YoY to 24.9%. He said: “We expect [UMG’s] music publishing to be a mid-single-digit growth business rather than high single digit for the immediate future.” 3) Apple Music was absent from the Streaming 2.0 roll-callGrainge read out a list of partners who’ve completed ‘Streaming 2.0’ agreements with UMG.