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    Rich Greenfield • LightShed Partners

    Rich Greenfield's questions to Warner Music Group Corp (WMG) leadership

    Rich Greenfield's questions to Warner Music Group Corp (WMG) leadership • Q3 2025

    Question

    Rich Greenfield from LightShed Ventures highlighted industry confusion around the 'super-fan' tier and asked if its evolution could include more interactive or AI-driven music experiences.

    Answer

    CEO Robert Kyncl acknowledged the ongoing industry discussions and agreed that interactivity is a key opportunity. He confirmed WMG is in 'deep discussions' with DSP partners to define and launch such products to better monetize fandom, but had no specific announcements to make at the time.

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    Rich Greenfield's questions to Warner Music Group Corp (WMG) leadership • Q3 2025

    Question

    Rich Greenfield from LightShed Ventures highlighted the industry's struggle to define a 'super-fan' tier and asked if the concept could evolve beyond simple offerings like high-quality audio to more advanced features like interactive music or AI-driven experiences.

    Answer

    CEO Robert Kyncl agreed that interactivity is a key opportunity and confirmed WMG is in 'deep discussions' with its DSP partners to evolve the product offering. While he had nothing new to announce, he emphasized that all parties—DSPs, labels, and artists—are aligned on the goal of capturing the significant value presented by super-fans.

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    Rich Greenfield's questions to Warner Bros Discovery Inc (WBD) leadership

    Rich Greenfield's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Rich Greenfield asked about the engagement of ad-supported subscribers acquired through wholesale MVPD deals versus direct sign-ups and the strategy to market to them. He also asked for David Zaslav's thoughts on the 'Wizard of Oz' experience at the Sphere.

    Answer

    Global Streaming CEO JB Perrette explained that wholesale partnerships are evaluated on a long-term value (LTV) basis and that activation rates are trending above expectations, with significant upsell opportunities. President & CEO David Zaslav praised the innovative 'Wizard of Oz' project at the Sphere as a credit to WBD's library.

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    Rich Greenfield's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Rich Greenfield inquired about the engagement and activation strategy for wholesale ad-supported streaming subscribers compared to direct retail customers. He also asked for thoughts on the 'Wizard of Oz' experience at the Sphere.

    Answer

    CEO & President of Global Streaming and Games, JB Perrette, detailed that wholesale partnerships are evaluated on an LTV basis and that WBD actively works with partners to drive activation and upsells, citing Australia as a success. President & CEO David Zaslav praised the innovative 'Wizard of Oz' Sphere project and noted WBD is also developing its own project for the IP.

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    Rich Greenfield's questions to Roku Inc (ROKU) leadership

    Rich Greenfield's questions to Roku Inc (ROKU) leadership • Q2 2025

    Question

    Rich Greenfield inquired about Roku's strategy to diversify revenues toward subscriptions, specifically asking about bundling opportunities with Friendly and how the home screen is used to drive subscriptions versus ad-supported viewing.

    Answer

    Founder, Chairman & CEO Anthony Wood confirmed that driving subscriptions through recommendations and bundling is a key focus with increased resource allocation. He explained that a complex machine learning algorithm optimizes the home screen yield daily, balancing viewer satisfaction with revenue from subscriptions, ads, and paid promotions to decide what content to surface for each user.

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    Rich Greenfield's questions to Spotify Technology SA (SPOT) leadership

    Rich Greenfield's questions to Spotify Technology SA (SPOT) leadership • Q2 2025

    Question

    Rich Greenfield questioned why Spotify can't raise prices at a faster cadence in developed markets, given its robust engagement, citing NBC's Peacock raising prices by 38%.

    Answer

    Alex Norström, Chief Business Officer & Co-President, reiterated the focus on the value-to-price ratio and putting subscribers first. He stated that pricing is a tool used continuously via a portfolio approach, not a binary event, and recent price hikes have shown strong retention. CEO Daniel Ek added that for a large-scale subscription business, managing retention and avoiding churn is paramount.

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    Rich Greenfield's questions to Spotify Technology SA (SPOT) leadership • Q1 2025

    Question

    Rich Greenfield of LightShed Partners questioned the drivers of strong subscriber growth, asking if it was due to product improvements versus marketing, and also probed the company's philosophy on balancing price increases with subscriber growth momentum.

    Answer

    Co-President and CBO Alex Norström attributed strong subscriber growth to a focus on increasing the product's value-to-price ratio, which he described as a more efficient investment than incremental marketing. CEO Daniel Ek added that the team has improved at leveraging organic media, like the FC Barcelona partnership, and uses AI for better targeting. Regarding pricing, Alex Norström stated that price increases are part of the toolbox, used after adding significant value, while Daniel Ek emphasized that in early growth phases, a low price is key, but as markets mature, pricing becomes an important lever.

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    Rich Greenfield's questions to Spotify Technology SA (SPOT) leadership • Q4 2024

    Question

    Rich Greenfield of LightShed Partners asked about the feedback from creators regarding the new video podcast partner program and its potential impact on gross margins.

    Answer

    CEO Daniel Ek stated that the company has seen 'tremendous results' and a 'very big uptake' from video podcasters adopting the new partner program. CFO Christian Luiga reiterated that while there may be some quarterly variability, the company feels 'really good' about the full-year margin trajectory.

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    Rich Greenfield's questions to Spotify Technology SA (SPOT) leadership • Q3 2024

    Question

    Rich Greenfield from LightShed Partners sought details on the features and strategy for the anticipated higher-priced music subscription tier.

    Answer

    CEO Daniel Ek confirmed the tier is designed to drive growth for the music industry and delight consumers. While avoiding specifics, he hinted that features would cater to "superfans" and could include things like better sound quality and enhanced proximity to artists, driven by the principle of adding value for both users and creators.

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    Rich Greenfield's questions to Netflix Inc (NFLX) leadership

    Rich Greenfield's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Rich Greenfield of LightShed Partners expressed concern about stagnating domestic viewing share and asked about the importance of the new user interface (UI) and its impact on key metrics.

    Answer

    Co-CEO Ted Sarandos addressed viewing share by stating the long-term goal is to capture share from declining linear TV. Co-CEO Greg Peters explained the new UI is critical for discovering a broader range of content like live events and games, and that early performance data shows it is outperforming the previous version.

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    Rich Greenfield's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Rich Greenfield of LightShed Partners asked about the importance of the new user interface (UI/UX) for live content and what specific metrics have improved since its launch.

    Answer

    Co-CEO Greg Peters explained the new UI is critical because the previous experience was designed for the Netflix of a decade ago. The new design is better suited for discovering varied content like games and live events, which require a different user interaction. He noted that post-launch performance is already exceeding pre-launch testing, giving them confidence that it will soon drive better performance across key metrics like content discovery and session success.

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    Rich Greenfield's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Rich Greenfield of LightShed Partners asked about the importance of the new UI/UX, particularly for live content, and what metrics have improved since its launch.

    Answer

    Co-CEO Greg Peters explained the new UI is critical because the previous design was not suited for discovering new content types like games and live events. He noted that performance is already better than pre-launch testing, giving them confidence the new platform will drive better engagement and meet the business's future needs.

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    Rich Greenfield's questions to Lions Gate Entertainment Corp (STRZ) leadership

    Rich Greenfield's questions to Lions Gate Entertainment Corp (STRZ) leadership • Q4 2025

    Question

    Rich Greenfield from LightShed Partners asked about the strategic differences for STARZ as a newly standalone public company versus its prior structures, and whether its content strategy would change.

    Answer

    President & CEO Jeffrey Hirsch explained that STARZ is now a fundamentally different, 70% digital business. As a standalone entity, it can unwind cost pressures from its time with Lionsgate and focus on owning its IP to drive margins from 15% to a targeted 20%. Hirsch confirmed the content strategy will remain focused on its two core demographics: women and underrepresented audiences.

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