[RobertKerans]

Yes, that seems to be true (and is that % you've guessed maybe too low? Maybe far too low?). Even with that though, it's extraordinarily fine margins -- w/r/t the businesses that I mentioned, the majority of the income comes from those value-adds, if they weren't there it would generally be difficult for the businesses to survive financially. That's where I was coming from.

To me, Spotify seems to be using podcasts in a similar way. I assume it's because the central business model is unsustainable when combined with investor pressure; they can't just focus on core product because they're burning too much of other people's money in an attempt to outcompete everyone else