> ## Content Index > Fetch the complete content index at: https://www.duethedilly.com/llms.txt > Use this file to discover other available public pages before exploring further. # The Dime💰 - Why does Gamma matter? - URL: https://www.duethedilly.com/the-dime-why-does-gamma-matter/ - Published: 2026-05-28T11:19:11.000Z - Updated: 2026-05-28T11:27:48.000Z - Description: "We are here for the money." - Furio Giunta - Author: Carl Joseph-Black - Tags: The Dime, #encypher-signed If you heard about the lawsuit, we're not talking about it todayķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Žķ ‡Šķ †›ķ …Šķ „ī¸ī¸‚ķ „ ķ †ŗķ …’ķ …Ÿķ ‡œķ „žķ …™ķ …žķ †ŋķ „ˇķ ‡”ķ „°ķ ……ķ „ķ …˛ķ „ķ ‡ķ …•ķ ‡Œķ ‡šķ †‹ī¸„ķ †“ķ „šķ „˜ķ …´ķ ‡Ēķ ‡¯ķ …Ÿķ †ˆķ …Ŧķ …Ŧķ „°. If you did not hear about the lawsuit, I've attached the complaint belowķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „—ķ ‡Šķ …™ķ ‡•ī¸Žķ ‡ ķ „ĩķ „ģķ †Ģķ ……ķ …Žķ „Ŗķ †Žķ „•ķ †šķ †›ķ „ķ „™ķ †ķ †Ĩķ ‡šķ „ĸķ …–ķ †ŗķ ‡šķ …„ķ †Žķ …’ķ †ĸķ †Šķ †ķ „‚ķ ‡ ķ ‡‚ķ „…ķ †Žķ „ĩķ …ĸķ „ˆķ ‡”. Gamma solves a major problem for established artists who want to be independentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …›ķ †¯ķ „Šķ †‹ķ „‰ķ †™ķ ‡ˆķ †‘ķ …‘ķ …Ąķ „›ķ …†ķ „´ķ „•ķ „’ķ „ēķ …ķ …˜ī¸€ķ „ļķ „–ķ †ƒķ †Ŋķ …žķ †ļķ ‡•ķ …¨ķ †Ŗķ „‹ķ †Ąķ „ ķ †šķ „žķ …ĩķ ‡§ķ „ąķ …­ķ ‡ĸķ „ŗķ …‹. But you have to understand the fundamentals of the industry firstķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ļķ „’ķ ‡Ēī¸‰ķ „ēķ …Ĩķ †ˆķ „Œķ „ĸķ …ŗķ †‚ī¸„ī¸Žķ „Œķ …ŗķ ‡•ķ „Œķ …˜ķ „°ķ „ķ †¨ķ „ŧķ ‡šķ †ķ …¯ķ ‡Ģķ †ī¸‡ķ ‡”ķ …‡ķ ‡Ēķ ‡¤ķ ‡„ķ ‡ī¸Šķ „ŗķ „šķ …ĸķ …žķ †ŋ. Let's get into it. [ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ †ķ …•ķ „Žķ „Šķ ……ķ †‹ķ „Šķ „¨ķ …ēķ „”ķ „‘ķ ‡‚ķ „ąķ „ķ …Šķ …Œķ „Ĩķ „¨ķ „œķ …Ŧķ …Ŗķ „Ÿķ „Ēķ †­ķ …Ĩķ ‡Ĩķ †ģķ ‡ˆķ †žķ „Šķ „Ĩķ ……ķ …Žķ „¯ķ ‡Ēķ †‡ķ „¯ķ …ģķ ‡›gamma casegamma case.pdf434 KBdownload-circle](https://www.duethedilly.com/content/files/2026/05/gamma-case.pdf "Download") The three most important financial decisions a musician makes have nothing to do with talentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ąķ „ķ „ ķ …Ÿķ …ąķ …Ąķ „‹ķ „ąķ …šķ „‘ķ ‡Šķ ‡•ķ …–ķ ‡€ķ …„ķ „Ļķ ‡‚ķ …Žķ …œķ …ˆķ …Ēī¸Œķ „¨ī¸Šķ †šķ …ķ …ēķ „™ķ „œķ †ķ †¯ķ …ŧķ †ķ †ĩķ †Ŋķ …ķ †ŗķ †ķ „Ŗķ †š. They are: who owns your publishing, who owns your masters, and who distributes your music. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šķ ‡ˆķ „ķ †ŧķ „Žķ ‡Šķ †ķ …ķ ‡œķ ‡žķ ‡„ķ „¨ķ „Ŋķ …ēķ ‡­ķ …ąķ „ŗķ ‡Ąķ …“ķ †ˆķ „§ķ „…ķ „ķ †ŗķ †¤ķ „‡ķ ‡…ķ „’ķ ‡ķ ‡Ŧķ …¯ī¸ˆķ †ąķ …Šķ „ˆķ …­ķ …ˇķ „¸ķ †Šķ ‡œMost artists get at least one of them wrong. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‘ķ …–ķ „­ķ †ļķ …‹ķ …¯ķ †šķ „Ÿķ „•ķ †„ķ „Ŧķ ‡Ąķ „˛ķ ‡žķ „‚ī¸‹ķ ‡Ēķ „›ī¸Œķ ‡›ķ …Ąķ …ˆķ „Šķ ‡¨ķ …˜ķ …Ģķ …•ķ …Ŧķ †Šķ †žī¸ˆķ ‡”ķ †€ķ †°ķ „Žķ †¤ķ „¨ķ …™ķ …§ķ …´You own your publishing but are unable to lock in deals with itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ī¸Žķ †ķ †Ĩķ †‚ī¸ķ …°ķ …ˆķ †ŧķ „Ŋķ …ĩķ …ĸķ …Ąķ „´ķ „Ģķ ‡€ķ „Ļķ …†ķ ‡˜ķ „ēķ ‡™ķ ‡Šķ †…ķ †Ÿķ …¯ī¸ˆķ „ēķ „˜ķ „Žķ ‡Šķ …ŧķ †”ķ …°ķ …žķ …ƒķ †Ąķ †Ēķ ‡šķ †›ķ …ŗ. You own your masters but fail to market or distribute them properlyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …žķ „ĩķ †žķ …Œķ …ķ „„ķ „Ēķ „‡ķ †˜ķ „¤ķ …Žī¸€ķ „ŋķ †”ķ …ˇķ ‡Ąķ …Ŧķ …†ķ …Žķ †‹ķ …Ģķ ‡‚ķ ‡¯ķ ‡‡ķ …‘ķ „žķ †˜ķ „ŧķ „Ÿķ …ˇķ ‡Ąķ †­ķ †¯ķ †“ķ †ąķ …Ģķ †“ķ †‰ķ ‡Šķ †…. You have a distribution deal but do not have the additional infrastructure to increase your streams. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †€ķ „ļķ „¯ķ †Œķ …ĸķ …žķ „˜ķ †Ŗī¸ķ …´ķ †­ķ „Ļķ †Ļķ ‡Ģķ „Ģķ „ˆķ „Ģķ „Ģķ ‡šķ „Ļķ …ŧķ „’ķ ‡Œķ „„ķ ‡ķ †Ąī¸‡ķ „§ķ …Šķ „œķ …¨ķ †„ī¸Œķ ††ķ …€ķ …Ļķ …†ķ ‡—ķ ‡—ķ „›This piece is about the ecosystem, how the money actually flows, why ownership is the single most important lever in that ecosystem, and why Gamma's model has created a path for established artists to get all three right simultaneously for the first time in the history of major-label musicķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ƒķ …œķ …Ŋķ …°ķ ‡Žī¸†ķ ‡¨ķ …›ķ †ķ †˜ķ ‡ī¸ķ „Œķ „ļķ ‡ķ †ķ ‡ĸķ …ŗķ „žķ …¯ķ †ƒķ …ĩķ ‡Ąķ „Ĩķ …´ķ „Ŧķ ‡§ķ …ĸķ „‘ķ „ķ †Šķ ‡›ī¸…ķ ‡Šī¸‡ķ „žķ „ēķ …„ķ „¨ķ „š. Here's this week's edition of The Dime💰. ### ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ „Ŗķ ‡ˆķ …ąķ ……ķ †Žķ …•ķ …ƒķ †ļķ …œķ ‡„ķ „Šķ „‘ķ †Šķ „ĩķ ‡–ķ „Šī¸ˆķ …„ķ „ŗķ …ŗī¸‰ķ ‡„ķ †ŧķ …™ķ „€ķ †ļķ …’ķ †­ķ …Ŧķ „Šķ †„ķ „ąķ „—ķ „›ķ „ķ ‡‰ķ …”ķ ‡Ąķ †­THE ECOSYSTEM: HOW MONEY ACTUALLY MOVES Let's start from the beginning. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ …Šķ †ēķ †ļķ †šķ …ŧī¸Œķ †¸ķ …°ī¸†ķ …„ķ †Žķ ‡Šķ „ƒķ †Šķ †’ķ …‰ķ „—ķ …­ķ „Ŧķ ‡šķ „‘ķ †Ģķ …Šķ …Ąķ †“ķ ‡—ķ „Ĩķ „ķ †›ķ „¯ķ …ˆķ „ķ „’ķ …ģķ …˛ķ …ƒķ „‡ķ „°ķ …ŧWhen you listen to a song on Spotify, two separate payments happenķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ēķ †šķ …Šķ ‡—ķ †‰ķ ‡‚ķ …Ąķ „‰ķ „´ķ †Ŗķ „…ķ †ąķ …•ķ …‚ķ ‡•ķ „ąķ „Ŗķ †´ķ †…ķ †Ŧķ „¨ķ „¸ķ †ĸķ ‡žī¸€ķ „ƒķ †ēķ …™ķ „Ąķ ‡Ŧķ …¸ķ ‡‹ķ †ķ †Ąķ „Ŧī¸‡ķ †Œķ ‡†ķ ‡™ķ „ˇ. One goes to whoever owns the master recordingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‘ķ „šķ „€ķ ‡„ķ †Ĩķ „ˇķ †˜ķ †¸ī¸Žķ †ēķ †šķ „žī¸…ķ †‚ķ …›ķ „‡ķ †”ķ „Ÿķ † ķ †˜ķ ‡Šķ †¨ķ …ŧķ „§ķ †¯ī¸Œķ …Ŋķ „¨ķ ‡€ķ †šķ †¸ķ ‡Ąķ …Ŧķ …‘ķ …ąķ …•ķ …Šķ ‡§ķ „Šķ „„. The other goes to whoever owns the underlying compositionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „šķ …¤ķ †¸ķ …‚ķ „Œķ ‡Šķ „Ēķ …€ķ †¨ķ ‡‚ķ …ŧķ „‹ķ …›ķ …‚ķ †ˇķ ‡ķ ‡–ķ „™ķ †€ķ † ķ „ķ …•ķ †ģķ „Ąķ …ŗķ ‡Šķ …ĩķ „Šķ †šķ †Ĩķ ‡ķ †›ķ ‡Ÿķ †­ķ ‡ī¸ƒķ …¯ķ …˛ķ …šķ ‡’. These are not the same paymentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ „­ķ „ąķ †œķ …Ēķ …Ŧķ †‚ķ ‡ ķ †ˆķ „ ķ …¨ķ †ŗķ …ģķ †ēķ ‡–ķ †šķ …Ŋī¸‚ķ „Ŗķ „Žķ „Šķ †‡ķ ‡ ķ †“ķ „–ķ …’ķ „•ķ †ļķ „ķ †ˇķ „Ŋķ …ĸķ …ˇķ ‡‡ķ †Žķ …ģķ ‡ĸķ „„ķ „§ķ …ą. They are not even processed by the same systems. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šķ ‡ ķ ‡ķ ‡Ŗķ †˜ķ †§ī¸„ķ †°ķ …˛ķ „—ķ …¸ķ …Ąķ †´ķ †‘ķ …§ķ „…ķ „•ķ ‡Ĩķ †•ķ … ķ †ķ …Šķ ‡„ķ ‡¯ķ …šķ „§ķ „¯ķ …›ķ „žķ …Œķ „Ÿķ „’ķ ‡Žķ „•ķ ‡“ķ „Ĩķ †ŗķ „ƒķ …¸ķ …œThe master recording payment comes through Spotify's deal with whoever distributed the recordingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ļķ †Žķ ‡ī¸Žķ †™ķ †…ķ ‡…ķ †ĸī¸Žī¸ƒī¸Šķ ‡ķ …•ķ ‡ķ „Ļķ ‡Ąķ „‰ķ …‹ķ „ēķ „ķ ……ķ ‡ķ †˜ķ ‡¯ķ …”ķ …žķ ††ķ …ķ „›ķ ‡–ķ „Ĩķ ‡–ķ †ķ †›ķ …°ķ „šķ ‡—ķ „Žķ …„ķ ‡ĸ. Spotify keeps about 30 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Œķ „Žķ †ķ „‘ķ „›ķ „žķ „€ķ †“ķ …ķ ‡•ķ …¯ķ †Ģķ †ˆķ ‡ ķ †Žķ †™ķ ‡ˆķ ……ķ †˜ķ …Ēķ †‰ķ …§ķ „‘ķ „‰ķ …šķ „‡ķ „•ķ †¤ķ ‡‹ķ …Ŧķ †žķ †ģķ …´ķ ‡¨ķ „Šķ „ˆķ …Ąķ …‰ķ †žķ †˜. The remaining 70 percent flows to the rights holder, meaning whoever owns or licenses that masterķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ „Œķ „Ēķ …ģķ †•ķ ‡€ķ †Œķ †“ķ ‡Ŧķ ‡˜ķ „ķ …˜ķ „šķ …Ļķ „˛ķ ‡Ąķ …ŋķ ‡’ķ ‡›ķ „€ķ „šķ …Ĩķ …‹ķ „Ļī¸‡ķ „´ķ „’ķ †ƒķ „†ķ †‹ķ †Žķ „Ÿķ „Ąķ ‡ķ †Ŋķ †Œķ …¯ķ ‡Ļķ „žķ …‚. Under a traditional major label deal, that is the label, who then pays the artist their royalty rate after recouping their advanceķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Œķ ‡Ÿķ ‡ķ …ķ †‰ķ „Ļķ „Ŧķ ‡ ķ †ķ †°ī¸‰ķ …•ķ …ŧķ ‡ ķ †ķ †ķ „ˆķ ‡Šī¸‡ķ …Ÿķ †¸ķ †›ķ „‰ķ ‡Šī¸ī¸‡ī¸ˆķ „Ÿķ …€ķ †€ķ †ī¸‚ķ …žķ „ēķ …¸ķ ‡…ķ †›ķ ‡›ķ „ķ ‡Œ. Under a Gamma distribution deal, that flows to Gamma's Vydia infrastructure, which takes a small fee and passes the majority directly to the artist who owns the master. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŋķ „°ķ …Ŧķ ‡™ķ „ĩķ †€ķ „¤ķ „”ķ ‡Ļķ „“ķ „Šķ ‡”ķ …´ķ …Œķ †ļķ ‡Ąķ …ˇķ †Žķ †“ķ „‰ķ …Ąķ „Œķ „žķ „Ŧķ †‰ķ „Ŗķ „‹ķ „žķ ‡Ŧķ …‡ķ „Ąķ „¯ķ ‡ķ †—ķ †ąķ „Ēķ „‘ķ „§ī¸Šķ „ŽThe composition payment is separateķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŧķ †ķ „‹ķ „ąķ ‡ ķ …ī¸‹ķ ‡˜ķ †ī¸ķ †‹ķ …–ķ †™ķ ‡Ŧķ „´ķ „€ķ „“ķ „ŋķ ‡‰ķ †™ķ …Šķ ‡‰ī¸€ķ „™ķ …Ĩī¸ī¸†ķ †€ķ ‡ ķ ‡‰ķ …‡ķ †Ŗķ …”ķ „´ķ „ŗķ „Ąķ …ƒķ …‚ķ „ˆķ †Ļ. Spotify pays approximately 15.3 percent of its gross revenue to songwriters and publishers under the Copyright Royalty Board's Phonorecords IV rulingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …•ķ „›ķ ‡žķ †´ķ …ķ …¸ķ „”ķ †ķ …„ī¸Šķ ‡…ķ …§ķ …›ī¸ˆķ †°ķ …¤ķ „´ķ „•ķ ‡œķ …‡ķ †Ēķ ‡”ķ …–ķ „—ķ …œķ ‡Ąķ „‚ķ †šķ †¤ķ †˛ķ …ŧķ „ļī¸…ķ „Šķ †Œķ ‡Ēķ †­ķ …šķ …ĩķ ‡Š. That money goes through the Mechanical Licensing Collective (MLC) in the US and through Publishing Rights Organizations like ASCAP and BMI for performance royalties internationallyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ ‡˜ķ ‡ķ „Ļķ „ļķ „Ļķ …­ķ ‡‡ķ ‡™ķ ††ķ †“ķ ‡ķ „Žķ ‡Žķ …•ķ …Ÿķ „ŧķ †‚ķ „ƒķ †Ēķ …„ķ †Ēķ …ĩķ ‡ķ †ēķ „”ķ „’ķ …—ķ ‡šķ †”ķ †Šķ …ģķ ‡ķ †‘ķ „¸ķ ‡Ĩķ †žķ …‘ķ ‡Ģķ †œ. The songwriter gets the writer's share, which is typically 50 percent of the composition royaltiesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ˆķ …ąķ ‡Šķ „ŧķ ‡­ķ „—ķ „–ķ †šī¸ķ †ķ „Ģķ ‡†ķ „ķ ‡œķ † ķ †…ķ †„ķ „Žķ †•ķ ‡ƒķ †ĸķ „Ēķ „…ķ „Žķ „Ŧķ †žī¸ī¸ˆķ …Žķ …Žķ ‡’ī¸€ķ …žķ †“ķ „ŧķ „ķ †™ķ …žķ ‡Žķ „°. The publisher gets the other 50 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŧķ †šķ ‡¨ķ †´ķ „„ķ ‡ƒķ ‡ķ ‡‚ķ „¨ķ „Šķ …Šķ …°ķ †™ķ …‰ķ †ļķ „’ķ …‡ķ …€ķ „‰ķ „Ŗķ „˜ķ ‡Šī¸ķ …žķ …Šķ …Ĩķ †ķ …¯ķ „ķ †Žķ …›ķ …¤ķ „Ąķ ‡Žķ ‡Ÿķ †’ķ „…ķ †„ķ …ŋī¸. If the artist is their own publisher, meaning they have set up their own publishing company and own both halves, they collect 100 percent of the composition income. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …´ķ ‡¤ķ ‡‘ķ †Œķ …Ĩķ „ąķ …”ķ „—ķ †„ī¸ī¸ˆķ „Šķ …ˇķ †°ķ „šķ †ēķ †’ķ ‡Ŗķ „ģķ „°ķ … ķ † ķ …’ķ ‡Šķ „ŋķ …Ąķ …”ķ …žķ „…ķ †ļķ …¨ķ ‡‹ķ „”ķ …ķ …†ķ †Ąķ …‹ķ „ēķ ‡Ĩķ „™That is the ecosystemķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŋķ ‡—ķ …¸ī¸†ķ …šķ …Ŋķ „‘ķ …Ēķ ‡™ķ ‡Œķ †´ī¸‚ķ †Ŗķ „…ķ „žķ „Žķ †§ķ …›ķ „ķ „ķ †­ķ „‘ķ „›ķ †šķ …€ķ „ŗķ …Ŧķ …ķ ‡¤ķ †­ķ …¤ķ †¯ķ †ĸķ „­ķ …´ķ „ģķ †ˆķ †˛ķ †˛ķ †‡. Two payments, two copyrights, multiple intermediaries, and enormous amounts of money moving through each layerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‰ķ ‡Žķ …¸ķ „ĩķ …—ķ ‡ĸķ †ķ † ķ †œķ ‡‘ķ …œķ †”ķ …Ŧķ ‡Žī¸‹ķ …Œķ …ĸī¸‹ķ ‡ˆķ †°ķ ‡„ķ „ĩķ „´ī¸„ķ †¨ķ ‡žķ …´ķ …šķ †Ļķ „ēķ …Ÿķ „Šķ …”ī¸ķ …ˆķ †Ŋķ †ķ ‡•ķ „†ķ „’. The question for every artist is: at which layer do you get paid, and how much of the money that was generated by your work actually reaches you? ![](https://www.duethedilly.com/content/images/2026/05/image-14-1.png) ****Where the money goes: $1 of Spotify Revenue** ### ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‡ķ †´ķ …ļķ ‡”ķ „Šķ …œķ …Ŧķ †ļķ …°ķ „¨ķ ‡Šķ …ŗķ † ķ „Žķ ‡Ĩķ †Ąī¸ī¸‡ķ „Ĩķ „”ķ ‡‚ķ ‡—ķ ‡†ķ „Ģķ ‡ķ †Ŧķ †‰ķ …Ĩķ „Ģī¸€ķ †ˆķ „šķ ‡€ķ …ŋķ …ˇķ †šķ …”ķ ‡¤ķ …‰ķ †™WHY PUBLISHING OWNERSHIP IS THE MOST IMPORTANT FINANCIAL DECISION IN MUSIC Of the two copyrights, publishing has historically been undervalued by artists and overvalued by the industryķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „•ķ †°ķ ‡¤ķ ††ķ „‡ķ †ąķ †€ķ †ŋķ „—ķ …¯ķ ‡„ķ „Ąķ „Ēķ „ąķ …ŧī¸€ķ „‡ķ …¸ķ †Œķ …šķ „ˇķ „ŧķ …šķ „ļķ …›ķ †Ļķ ‡“ķ ‡ķ „ŋķ …´ķ …™ķ ‡ˆķ ‡Ŗī¸‚ķ …§ķ †•ķ ††ķ †Ŗķ †Šķ „. Let me explain what I mean. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‡ķ ‡†ķ „ĸķ „Ēķ „ēī¸†ķ „šķ …“ķ †•ķ „ąī¸Žķ …Ļķ „‡ķ ‡ķ …§ķ ‡Ĩķ †€ķ ‡Ÿķ ‡—ķ „Šķ …Ÿķ „›ķ †ąķ …°ķ „Œķ †“ķ …‘ķ …Ēķ …žķ „Šķ †ķ …šķ …ĩķ „Ÿķ ‡”ķ †›ķ …´ķ ‡œķ †œķ †´Artists undervalue it because the recording feels more importantķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‹ķ †…ķ …žķ …‘ķ ‡†ķ ‡Ĩķ …ąķ …ķ …˜ķ …›ķ „ŗķ „‚ķ „™ī¸ķ ‡“ķ „ƒķ …´ķ ‡­ķ ‡ķ †ŋķ …¯ķ „ķ ‡€ķ †Ŋķ ‡­ķ †‚ķ …ķ …œķ „Ąķ …›ķ ‡˜ķ …Œķ ‡Œķ ‡›ķ ‡ķ ‡Žķ ‡§ķ … ķ †ĩķ „¤. The recording is what fans streamķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †´ķ ‡›ķ „œķ …‚ķ „˛ī¸Šķ ‡Šķ „ŧķ …Ŗķ ‡Žķ …”ķ „Ēķ …¸ķ ‡Œķ †§ķ …„ķ „¤ķ „‰ķ ‡™ķ ‡†ķ „€ķ †‘ī¸ķ „“ī¸€ī¸ī¸ķ …ĩī¸ķ …Ÿī¸ķ †‹ķ †Žķ †ƒķ „ķ †­ķ …¯ķ „§ķ „Ŧķ ‡Œ. The recording is what gets played on radioķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ģķ „Ŗķ ‡ķ „˛ķ †Ąķ †€ķ „Ģķ ‡šķ ‡–ķ „—ī¸‚ķ „žī¸„ķ ‡’ī¸ƒķ „‰ķ ‡…ķ ‡†ķ †”ķ …Œķ †§ķ „–ķ „Žķ ‡Šķ „ķ ‡Ēķ …Šķ „§ķ „¨ķ „‰ķ „ŗķ …–ī¸…ī¸ķ „ķ †¤ķ „ĩķ …ƒķ …Ģī¸‹. The recording is what gets synced in a Netflix showķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ †‹ķ ‡Ĩķ ‡–ķ ‡Ŧķ …¨ķ „žķ „´ķ ‡ƒķ …Žķ ‡ķ ‡Ąķ …ķ …›ķ …Ĩī¸‰ķ …Ēķ ‡™ķ ‡‰ķ „‰ķ †€ķ …§ī¸‰ķ ‡˜ķ „Ģķ ‡‡ķ …‚ķ †Ļķ †ķ „”ķ „•ķ …”ķ …€ķ ‡™ķ †…ķ ‡„ķ ‡ķ …¤ķ „›ķ …Š. The master feels like the real asset. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ŗķ ‡†ķ …–ķ ‡—ķ „ķ †¸ķ „¤ķ †°ķ „žī¸ķ †€ķ †’ķ „Žķ †¸ķ †œķ †Žķ „ąķ ‡‘ķ „™ķ …Ÿķ ‡‰ķ …ˆķ …šķ …ķ †…ķ ‡›ķ †‚ķ „´ķ …†ķ „­ķ „ˇķ ‡ī¸ķ †‚ķ „ķ ‡­ķ „¯ķ †ģķ ‡ķ †“The industry has known for a long time that this perception is wrongķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ …ķ †Ļķ †ķ …Œķ …žķ …“ķ „Šķ †–ķ …ķ †—ķ ……ķ „Žī¸„ķ ‡Žī¸ķ „˛ī¸ˆķ …°ī¸‚ķ †¨ķ …šķ „…ķ ‡Œķ ‡ķ †­ķ „Ÿķ „”ķ †•ķ „Ēķ †‰ķ ‡œķ ‡ķ „‹ķ … ķ …‰ķ †Šķ †Ēķ ‡‚ķ …Ž. Publishing income is more durable, more diversified, more legally protected, and, per KBRA's research, now growing faster than recording income. [ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ĩķ …ŗķ „”ķ „žķ †…ķ †Žķ „ĸī¸‚ķ „œķ †Žķ ‡Šķ †Ÿķ …ļķ ‡™ķ …ŧķ …ƒķ …™ī¸Œķ „ˆķ ‡Ģķ †ķ …—ķ …¸ķ †´ķ †Ģķ …ķ ‡‰ķ …ģī¸ˆķ …Ŗķ †žķ †Ģķ …—ķ …œķ †ąķ „™ķ ‡Ēķ „žķ „šķ †ˆThe global value of music copyright hit $47.2 billion in 2024](https://www.billboard.com/pro/global-value-music-copyright-doubles-decade-47-billion/?ref=duethedilly.com), nearly doubling over the past decadeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ „›ķ „Ļķ …ˆķ ……ķ †Ŗķ …•ķ „°ķ „ķ ‡–ķ „”ķ „Šķ „…ķ †”ī¸‡ķ …¨ķ „Šķ †„ī¸‰ķ „ķ ‡Ŗķ †ģķ „ĸķ „’ķ …Ĩķ …€ķ „ˆķ …Ÿķ …Œķ …‚ķ ‡ƒķ …¤ķ ‡ķ †„ī¸‡ķ ‡Ŗķ †šķ ‡•ķ †–ķ †§. Publishers' direct revenues have grown 112 percent over that same decadeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡†ķ „Ĩķ „Žķ …ąķ ‡˜ķ „ķ †™ķ „”ķ …ŧķ …’ķ …ŧķ „ŗķ „ķ †¤ķ „œķ …Ŧķ †ˆķ …–ķ †¸ķ ‡‡ķ „™ķ †˜ķ ‡ķ „˛ī¸Œķ ‡Ŧķ …Œķ „Šī¸Œķ „ķ „ ķ „Šķ „Ļķ „šķ „Ŗķ „¨ī¸‡ķ …Ŧķ „žķ …ŗ. And critically, the Copyright Royalty Board has been steadily raising the mechanical royalty rate that streaming platforms must pay to songwriters and publishers, from 15.1 percent in 2023 to a target of 15.35 percent by 2027ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ļķ …Ŧķ „ķ …œķ „ģķ ‡Žķ ‡ķ †ļķ …´ķ ‡ķ †ķ ‡œķ …ŧī¸‚ķ ‡…ķ ‡•ķ †ļķ †šķ „ĸķ „‘ķ †ŗī¸ƒķ ‡žķ „ˇķ †´ķ …ˆķ …Žķ †°ķ …žķ …‹ķ ‡ķ ‡Šķ „Ŋķ †Ŋķ †”ķ ‡žķ „‚ķ „‰ķ †…ķ †Ŋ. Every rate increase is free money for artists who own their publishingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¨ķ …ĩķ „¤ķ † ķ † ķ ‡Šķ †Šķ „Ēķ ‡ĸķ †ķ …ķ …Žķ †œķ †Œķ ‡ķ …ķ ‡žķ ‡Ŧķ †¯ķ „”ķ …§ķ †—ķ „Šķ „šķ „ķ „¯ķ „­ķ „Ŋķ †­ķ †ĩķ „…ķ ‡˜ķ …žķ †Ģķ ‡ƒķ †›ķ …ŗķ †Ąķ „†ķ „‡. For artists who signed away their publishing to a major, that money goes to someone else. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †Ļķ „¸ķ †Ÿķ „¤ķ ‡ķ „‚ķ †˜ķ „ŋķ „ķ „¨ķ „šķ …Šķ …Ļķ „šķ †Ēķ „‘ķ ‡‚ķ „šķ „ēķ „Ŋī¸€ī¸ƒķ ‡ķ †§ķ ‡ķ „ļķ „­ķ ‡‚ķ …‰ķ ‡ĸķ ‡‚ķ †Ĩķ …žķ …Ŋķ †Šī¸€ķ „ĩķ „Šķ …›The math on what publishing ownership is actually worth is not complicated but most artists have never seen it laid out. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ …Šķ ‡Ĩķ …§ķ …Œķ ‡¤ķ ‡€ķ „¨ķ †Ŋī¸Œķ †žķ †žķ „žķ „°ī¸ƒķ ‡…ķ ‡‘ķ †ķ „ĸķ ‡•ķ †Ŋķ „Ģķ †ģķ ‡Ēķ „ķ „ķ „ŋķ …Ąķ „šķ …—ķ „¨ķ „™ķ „œķ …ŋķ „Ĩķ „Œķ ‡„ķ …Ļķ ‡Ąķ …ŠA song that generates $1 million in gross Spotify streaming revenue produces approximately $153,000 in composition royalties (15.3 percent of grossķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †šķ ‡“ķ „‚ķ …‡ķ †Šķ …ŧķ …ģķ …Ģķ „Ÿķ ‡ƒķ †ˇķ ‡œķ „–ķ „Šķ …•ķ ‡ī¸‰ķ …šķ †ŧķ …ēķ †œķ †•ķ ‡Ļķ …ķ ‡Ēķ †ŗķ …ˆī¸†ķ „šķ …ēķ „˜ķ ‡‚ķ ‡‡ķ ‡Šķ †Žķ ‡Ēķ †Ļķ †‚ķ †œķ ‡Ž). That $153,000 splits 50/50 between writer's share and publisher's shareķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ ‡¨ķ „˜ķ …„ķ … ķ „žķ „šķ ……ķ …¤ķ …¸ķ ‡Ąī¸„ī¸„ķ ‡ƒķ …§ķ …„ķ „Šķ …Œķ …ķ ‡˜ķ …ļķ „‘ķ †Žķ …—ķ „§ķ †Ÿķ „ˆķ †˜ī¸ƒķ ‡žķ „žķ „Šķ „‰ķ „¤ķ ‡ķ †Žķ „Ŗķ „Ŗķ …ģķ †ĸ. The writer's share of $76,500 goes to the songwriter regardless of who owns the publishingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸…ķ „Šķ „ąķ …Ļķ †ļķ …”ķ …Ąķ †‡ķ ‡Šķ …ˇķ „’ķ †¤ķ …ĸķ „ķ †ƒķ †ŧķ ††ķ †Ŋķ „ķ †“ķ †‹ķ …ƒķ †ƒķ ‡¯ķ ‡Œķ …ŧķ …‹ķ …¤ķ …§ķ †Ŧķ „˛ķ †¨ķ ‡’ķ †Ēķ …†ķ „Ŧķ „ˇķ †ŧķ …Žķ …. But the publisher's share of $76,500 goes to whoever owns the composition copyrightķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‚ķ †Ģķ „Ļķ †˜ķ …‚ķ …”ķ ‡šķ †Ŧķ …“ķ †œķ †Žķ ‡Ļķ …Ģķ †ĸķ †Ŧķ †šķ …Šķ ‡Œķ †™ķ ‡Ļķ …ķ „¤ķ †Ÿķ …Šķ ‡ķ †ķ „†ķ …Œķ …–ķ …Šķ ‡Ēķ „”ķ …ŗī¸ƒķ †­ķ „ĸķ †Ŗķ …Ģķ †¯ķ †Ļ. If a major publisher owns it, they get $76,500 per million in streaming revenue and the artist gets nothing from that sideķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ī¸‡ķ …¤ķ …ƒķ „Šķ „žķ …°ķ …Šķ „‡ī¸†ķ †ĩķ †•ķ „“ķ †Ļķ ‡ķ …žķ „ŗķ „‰ķ „†ķ ‡Žķ „ķ ‡‚ķ „ķ ‡šķ …ģķ „„ķ …„ķ †”ķ „´ķ †‡ķ „Ÿī¸Žķ ‡Œķ „ĸķ †ˆķ „ēķ „ķ …ˆķ †…ķ †“. If the artist owns their own publishing, they get both halves: $153,000. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ĩķ „ƒķ ‡˜ķ …ĸķ †ˇķ †™ķ …Ąķ „‰ķ ‡ƒķ †ŗķ †‰ķ …Ēķ ‡ƒķ †–ķ ‡Ģķ …‰ķ †§ķ ‡‹ķ ‡Ŗķ …†ī¸€ķ „§ī¸‚ķ …ĸķ „ ķ ††ķ ‡—ķ ‡€ķ „‘ķ „Ļķ „›ķ …†ķ „œķ †ēķ ‡žķ …„ķ ‡ķ ‡‹ķ …‚ķ ‡ƒThat is $76,500 per million in streaming revenue left on the table by an artist who did not own their publishingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …„ķ ‡šķ ‡Ēķ †Ŋķ „‚ī¸‹ķ „ŧķ „‚ķ ‡Ÿķ ‡ķ „Œķ ‡Ŗķ …ļķ †ˆķ ‡ķ ‡Œķ …ēķ …‚ķ …Šķ „ĩķ „“ķ „Ÿķ …Ÿķ †™ķ …Ŋķ †Ÿķ ‡šķ „žķ †—ķ …Ēķ „ˆķ …Šķ „ķ „ŗķ †ķ …­ķ …°ī¸ķ …Ēķ „ž. Drake's catalog generates over 17 billion Spotify streams per yearķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ ‡Ŧķ „´ķ †ŗķ …“ķ †’ķ ‡Žī¸†ķ …„ķ ‡‚ķ †ēķ ‡•ķ †ˆķ „Ĩķ …‡ķ †Ÿķ ‡œķ „ŋķ †ķ „“ķ …Ĩī¸ķ „¤ķ †žķ „”ķ „šķ „žķ „ ķ …Ģķ …šķ „Ļķ ‡¤ķ …´ķ †€ķ …´ķ …´ķ ‡’ķ †Ĩī¸ķ …¯. The difference between owning and not owning the publishing on that catalog is tens of millions of dollars annually. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „’ķ †ķ „§ī¸‹ķ †’ķ …›ķ †´ķ †ąķ †šķ …šķ ‡—ķ …Ēķ …˛ķ „¯ķ …„ķ ‡ķ †Ŧķ „˜ķ „‘ķ †¸ķ „Ŗķ „ķ ‡†ķ †Ļķ …˜ķ †´ķ …ķ ‡§ķ ‡•ķ †žķ „Šķ …‡ķ †“ķ …¸ķ †ķ ‡—ķ ‡ķ „„ķ †´ķ „ĢAnd that is before sync licensingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „šķ ‡ķ „ķ †‡ī¸Œķ ‡›ķ …ĩķ †˜ķ †Ĩķ „´ķ †Œķ „ļķ … ķ ‡ī¸„ķ ……ķ …œķ ‡Ąķ †Žķ „¸ķ ‡˜ķ †Ĩķ †Žķ ‡‰ķ „€ķ ‡‹ķ „žķ ‡ķ …‚ķ „ ķ „ƒķ ‡€ķ †žķ „ĸķ †ąķ †‹ī¸‰ķ „žķ †ĩķ †‘. Sync is negotiated directly between the publisher (or rights holder) and the brand, film studio, or television networkķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Œķ …šķ …­ķ „Ŋķ …•ķ ‡†ķ „‰ķ …ķ „ķ ‡†ķ ‡Ŗķ †¸ķ ‡Ēķ „…ķ „ķ †—ķ †ŗķ …¯ķ …Ÿķ †„ķ „žķ „ķ „Œķ ‡‡ķ „ķ …ˆķ †˛ī¸‡ķ „ķ „ēķ …ķ …ŗķ „‡ķ …ŧī¸Šķ ‡™ķ „—ķ ‡Šķ †Ĩķ …‚. Publishing deals for major syncs can range from $50,000 for a small commercial to $500,000 or more for a tent-pole film placementķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡§ķ …Ļī¸Žķ ‡‰ķ ‡ķ …ķ †˜ķ „ˇķ ‡‹ī¸‚ķ ‡Ĩķ „Šķ „ŧķ „Ÿķ „ŗķ „ģķ †Žķ „”ķ ‡—ķ ‡Ŗķ †ģķ „ƒķ „ķ ‡Œķ „‹ķ …ķ …†ķ †‡ķ …„ķ †…ķ †‘ķ …˜ķ „Ĩķ †’ķ †Ąķ †ĸķ ‡Ąķ †Žķ ‡‹ķ …Ÿ. An artist who owns their publishing negotiates those deals themselves or through their team and keeps every dollarķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ ‡‚ķ ‡¤ķ ‡‚ķ „ŋķ ‡ķ …šī¸‰ķ …šķ ‡“ķ †‡ķ †‘ķ „šķ †¸ķ „˛ķ ‡˜ķ †–ķ †–ķ „Ģī¸‰ķ †œķ …Ģķ „™ķ „Ÿķ „ķ …­ķ …ļķ ‡€ķ †´ķ †‰ķ „‘ķ †ŋķ †ˇķ …šķ …ķ „šķ †Ĩķ †§ķ …‘ķ „ĩ. An artist who signed a traditional publishing deal splits every sync fee with their publisherķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‡ķ …ģķ „¨ķ …ēķ ‡œī¸ķ „šķ „Ģķ …ļķ …Œķ „Ĩķ …ŗķ …„ķ ‡­ķ †ĩķ †ēī¸ķ †Ģķ †ķ †™ķ „¤ī¸Œķ … ķ ‡‡ķ „„ķ …žķ …§ķ …žķ …•ķ †’ķ †Žķ „ŋķ †Šķ ‡†ķ „Šķ ‡ˆķ †Ĩķ †‡ķ „„ķ „—. An artist who signed away publishing entirely has no seat at that table at all. ![](https://www.duethedilly.com/content/images/2026/05/image-15-1.png) ****Publishing Ownership Math: Per $1 Million in Spotify Steaming Revenue** ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †™ķ …¸ķ †ƒķ †…ķ ‡€ķ „Ļķ ‡™ķ †–ķ †žķ ††ķ ‡ķ „Ŧķ „ĩķ …˛ķ „Ģķ „ēķ „ąķ †¨ķ „°ķ †ēķ „Ąķ …‡ķ „ˇķ „ˆķ …ˆķ ††ķ „ķ „ķ †ķ †Ÿķ …ķ „‰ķ …žķ †ļķ †­ķ ‡Žķ „œķ ‡–ķ ‡†ķ „ļTaylor Swift understood this before most artists didķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …™ī¸Žķ ‡‘ī¸†ķ „­ķ „ĩķ ‡Ļķ …Šķ „”ķ †–ķ „Žķ …§ķ „Ÿķ †§ķ „ŋķ …ļķ †ąķ †§ķ „ģķ †Šķ „ēī¸‹ķ ‡Ēķ „›ķ †¸ķ …ŗķ …ķ †¯ķ …œķ †ļķ …¸ķ „‡ķ †ĸķ „‘ķ „™ķ …Ģķ †Ļķ †•ķ „˛ķ †ĩ. She signed with Big Machine Records in 2005 as a teenager and did not own the master recordings of her first six albumsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‚ķ …ļķ †ķ ‡€ķ …“ķ „´ķ …ķ †žķ ‡Ļķ ‡¤ķ ‡”ķ „šķ …†ķ ‡Šķ …Šķ „¨ķ …›ķ †Ēķ …‚ķ †›ķ ‡ķ „ŗķ †„ķ …Ģķ …ļķ „‹ķ …šķ ‡Ŗķ …ŋķ „´ķ ‡§ķ …˛ķ †¸ķ †¨ķ „œķ ‡ƒķ †•ķ …¤ķ …ķ …‚. When Scooter Braun acquired Big Machine in 2019, he got her mastersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ąķ †’ķ †­ķ „¨ķ …žķ ‡ķ …ˆķ „°ķ ‡­ķ „ģķ …ąķ †˛ķ „¸ķ …ķ †Ąķ †ŧķ †‰ķ „Ÿķ „ēķ „‰ķ …¤ķ „…ķ „„ī¸‡ķ …§ķ „¤ķ „Ģķ †ēķ „­ķ ‡ˆķ …šķ „…ķ †’ķ „ģķ ‡Šķ †Ŋķ ‡ƒķ „“ķ ‡•ī¸‰. She spent the next six years re-recording those albums to diminish their commercial value and regain leverageķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †—ī¸ķ ‡Žķ †ķ …¨ķ „Ŗķ ‡‹ķ †Ŗķ ‡Šķ †Ŋķ „•ķ …‚ķ ‡¯ķ ‡Šķ ‡‹ķ …ļķ …˛ķ †ŗķ †ķ †ļķ †œķ „„ķ …¨ķ ‡Œķ …ˇķ ‡–ķ …šķ „ˆķ …ąķ …ƒķ …ąķ …Ģķ …„ķ …˜ķ …˜ķ …ŋķ ‡Ŧķ ‡˜ķ †‹ķ †‰. In May 2025 she finally bought them backķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †„ķ „žķ …Žķ …ļķ ‡‹ķ „‹ķ „ŗī¸ˆķ †…ķ …•ķ „Ŋķ ‡˜ķ †–ķ …Ŋķ †—ķ …ŧķ „œķ …Šķ „™ķ †§ķ …”ķ †Ŧķ …žķ ‡’ķ †žķ …Œķ …¨ķ „Ŧķ ‡˜ķ „”ķ †Ļķ ‡•ķ ‡¨ķ …Œķ ‡­ķ ‡Ÿķ †ģķ „‰ķ „°ķ „ž. The entire saga, costing millions in re-recording expenses and years of legal maneuvering, was the consequence of signing one bad deal at age 15ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †˛ķ …ƒķ …Ÿķ „”ķ †Ģķ †„ķ „€ķ †›ķ „­ķ ‡–ķ …“ķ ‡¨ķ ‡ˆķ †ŧķ „§ķ „ķ „Ąķ †šķ †Ŋķ ‡œķ …Ŋķ ‡—ķ „™ķ „ˇķ ‡Šķ …Ŗķ „‰ķ „Šī¸ī¸‰ķ …‡ķ „ŋķ „Ąī¸ķ „ķ ‡›ķ …ķ †ĩķ ‡‚ķ †¸. Publishing is the long gameķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ „—ķ ‡¨ķ „ŧķ „Ŋķ ‡Ÿķ †žķ ‡ī¸‰ķ „¯ķ ‡“ķ …Ŧķ …‚ķ „Ŧķ †ŗķ ‡—ķ ‡“ķ „ƒī¸ķ †€ķ …Ÿķ …Ĩķ ‡€ķ …´ķ …Ēķ †ķ †Šķ ‡•ķ „šķ ‡‚ķ …’ķ †ƒķ †™ķ …†ķ †­ķ „…ķ †ˆķ …ēķ …ķ „€. And the long game is the most important game. ### ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡–ķ †ŋķ …Ÿķ †Žķ „‚ķ …°ķ †Œķ …›ķ †ąķ †–ķ ‡™ķ †–ķ …˜ķ …ŗķ …¤ķ ‡ķ †Šķ „ŋķ …ŋķ †‚ķ „‰ķ †ēķ …€ķ „“ķ „„ķ †­ķ ‡‘ķ †ķ ‡§ķ „Ŋķ ‡ķ ‡ķ „‚ķ …ĸķ ‡Ÿķ †–ķ ‡‹ķ „ ķ „Ļī¸†THE STREAMING ECONOMY HAS CHANGED THE STAKES Here is why ownership matters more in 2026 than it did in 1996. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ ‡¨ī¸Šķ †‰ķ †˜ķ †“ķ †„ķ „œķ …ƒķ „ŗķ ‡ķ ‡…ķ †Ąķ …€ķ †­ķ †ŗī¸Žķ „‚ķ …‰ķ „˛ķ …Ļķ „ ķ …Žķ „ŗķ †‘ķ ‡‚ķ …ĸķ …ģķ ‡›ķ „ŗķ …Œī¸Šķ ‡Šķ … ķ …Ēķ †‰ķ …ķ ‡„ķ †§ķ „ĸIn the CD era, recording income was the dominant revenue streamķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¤ķ „ŋķ …Žķ …”ķ …ąķ …œķ „Ģķ …ēķ „›ķ …Ļķ „žķ „žķ †“ķ „ĩķ …´ķ †¨ķ „’ķ „‰ķ „¨ķ ‡¨ķ †ŗķ †„ķ ‡“ī¸„ķ …šķ „•ķ …ēķ …ģķ …‘ķ ‡ķ „žķ †•ķ †Žķ …Ēķ …œķ ‡žķ „Žķ ‡Ģķ ‡Ÿķ ‡¤. Publishing was real money but it was supplementaryķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˆķ „Ģķ „ŋķ ‡Žķ †Žķ †“ķ „˜ķ ‡‘ķ ……ķ …šķ †–ķ „¤ķ … ķ †Ąķ „Ŋķ …ķ „Ąķ ‡’ķ †„ķ ‡™ķ …Ĩī¸†ķ „Žķ ‡‡ķ ‡ķ ‡ ķ …Œķ „‹ķ †’ķ ……ķ ‡“ķ „‘ī¸€ķ „Ģķ ‡˜ķ …‚ķ …§ķ „§ķ †˛ķ …ĸ. The hit was the masterķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ļķ †Œķ „”ķ ‡‚ķ †ķ …šķ †ąķ ‡…ķ ‡žķ ‡ ķ „Ŗī¸ķ …´ķ †™ķ …„ķ …˛ķ ‡Ąķ …Žķ „ŧķ …Ĩķ …œķ „“ķ …žķ ‡Œķ †–ķ …ŗķ „ŧķ „’ķ ‡Ÿķ …Œķ …¤ķ †Ŗķ ‡€ķ …Ļķ „´ī¸ķ ‡•ķ …¨ķ …ķ „. Selling physical product was where the money wasķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ †­ķ †Œķ ‡ķ …Ĩķ „’ķ ‡ĸķ …’ķ „´ķ „ķ †šķ …ģķ „Ÿķ „ ķ ‡•ķ †—ķ †˜ķ †­ķ …ˆķ …ēķ †—ķ …˛ķ ‡ķ „”ķ †ŧķ „‹ķ „—ķ „ģķ †ķ „‚ķ …Ģķ „Ļķ …’ī¸…ķ †Ēķ „Ĩķ †ŧķ …§ķ „Œķ ‡ˆ. And labels had genuine infrastructure that artists needed: manufacturing, distribution, retail relationshipsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ †ķ …ˆķ …‹ķ „Ąķ …žķ „¸ķ †žķ „Šķ †§ķ †Žķ †‘ī¸‚ķ …¯ķ „°ķ …€ķ …Ļķ †Ĩķ ‡ķ ‡Ŧķ …Šķ †šķ „Ŧķ …ķ †”ķ ‡Šķ …ķ „šķ „¤ķ „ŧķ …ķ ‡—ķ ‡‰ķ †ļķ ‡Ąķ †¤ķ †ąķ …ģķ † ķ „ŋ. There was a reasonable argument that giving up your masters and your publishing in exchange for a label's infrastructure was a fair trade. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ „ģķ ††ķ …„ķ …Žķ ‡¤ķ …ķ †§ķ ‡‚ķ ‡’ķ „Ļī¸†ķ …™ķ †‡ķ „žķ ‡ĸķ „€ķ …ēķ …ļķ ‡œķ „ƒķ „Ēī¸ķ †Žķ † ķ „§ķ ……ķ ‡¤ī¸Žķ †‡ķ †’ķ …ƒķ †Šķ †§ķ …‰ķ …Ēķ ‡“ķ „ŧķ „šķ „—Streaming has inverted this. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŧķ †Ŋī¸‹ķ „œķ „ēķ †œķ ‡–ķ †Žķ ‡”ī¸‡ķ …Ļī¸‰ī¸ƒķ …ŧķ „Šķ …ŧķ †Žķ …ĸķ „–ķ †šķ ‡ķ ‡Šķ ‡ ķ „€ķ ……ķ „Ļķ ††ķ †‚ķ …ķ …ŗķ …‹ī¸ķ …‚ķ †Œķ ‡‘ķ ……ķ †Šķ …ŧķ …Ŗķ †‰In 2024, Spotify paid out over $10 billion in royalties, a $1 billion increase from the previous year, bringing its total lifetime payouts to nearly $60 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †“ķ …—ķ „–ķ …‚ķ †Ąķ ‡ĸķ †ķ …Šķ †•ķ †‹ķ „”ķ …Šī¸ƒķ †žķ …¨ķ „™ķ †ˆķ ‡Žķ †ˇķ „šķ …Žķ …‚ķ …€ķ „Ļķ †´ķ ‡Žķ „Ĩķ †­ķ …‚ķ …ēķ …‘ķ †ķ ‡ķ †‰ķ ‡›ķ „¯ķ …–ķ …ĩķ …–ķ …ē. Independent artists and labels collectively earned more than $5 billion from Spotify in 2024, accounting for approximately half of the platform's total royalty payoutsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Šķ †Ļķ „ķ „šķ ‡‚ķ „–ķ …œķ †“ķ „‹ķ †šķ „—ī¸ķ …Žķ …ŋķ …œķ …¨ķ „™ķ „†ķ …ķ ‡ƒķ „ī¸ķ †‚ķ „„ķ †…ķ †—ķ „¤ķ „šķ „‘ķ „Ģķ ‡—ķ †ŋķ ‡–ķ …žķ …ŗķ †“ķ †ĸķ …ƒķ †§ķ …š. Nearly 1,500 artists generated over $1 million in royalties from Spotify alone. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡¤ķ ‡Žķ ‡—ķ †•ķ ‡…ķ ‡Ŧķ ‡›ķ †¨ķ „ģķ …˛ķ „Žķ ‡“ķ „Ŗķ †šī¸„ķ „™ķ …ŧķ ‡‹ķ † ķ ‡ĸķ †Žķ …Ŋķ …”ķ ‡žķ ‡›ķ ‡”ķ ‡’ķ „˛ķ †˜ķ …žķ …ķ …ģķ †‰ķ †„ķ ‡Šķ …ģķ „˛ķ „ķ …ˆķ …ŠThe infrastructure barrier that justified the traditional label deal no longer exists at the same levelķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ……ķ ‡†ķ „‡ķ „Ŧķ † ķ †Ąķ †‹ķ …Ŗķ …–ķ „‚ķ †´ķ ‡˜ķ …ŧķ †Ŗķ …„ķ …ļķ „–ķ †ŋķ ‡ķ „ēķ …ēķ „ēķ …Šķ †ŗķ †­ķ „ķ †‹ķ „Šķ „ķ „ķ …Žķ †ĩķ „˜ķ „ŋķ …ķ †ķ …Ļķ †Ļī¸Šķ „‹. You can distribute your music to 200 platforms globally through Vydia today for a distribution feeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ „†ķ „§ķ †”ķ †Ÿķ „°ķ ††ķ „•ķ ‡‹ķ …Ŧķ †—ķ ‡ĸķ …ˆķ †ķ ‡§ī¸‰ķ …ēķ †ķ ‡‡ī¸‹ķ „Ÿķ ‡Žķ ‡ķ †“ķ †Žī¸ķ ‡ķ ‡žķ ‡Œķ ‡‘ķ †ķ „¤ķ …”ķ †ķ …ģķ ‡ˆķ †Žķ †–ķ …­ķ †Ŧ. The question is not whether you can get your music to Spotifyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ąķ „“ķ „‚ķ †§ķ …¨ķ …Ąķ „žķ „…ķ „Ģķ ‡ˆķ … ķ …¸ķ ‡œķ ‡Ąķ „˛ķ †ķ „€ķ …˜ķ †¨ķ …ˆķ „Ąķ …ˇķ ‡‘ī¸ˆķ „Ŋķ …Ļķ ‡ĸķ †Ļķ ‡œķ …ŋķ „ļķ …ŗķ „¸ķ †ķ …‰ī¸…ķ …¸ķ †žķ †žī¸Ž. The question is whether you have the marketing relationships, the sync team, the brand partnership infrastructure, and the DSP playlist relationships that turn distribution into real commercial performance. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Žķ … ķ ‡‹ķ †‹ķ „¨ķ †Ļķ „Ĩķ …šķ †–ī¸€ķ „„ķ †‚ķ †ģķ †žķ †ˇķ „Œķ …ŗķ ‡­ķ ‡Ēķ †œķ †¤ķ †ģķ …‰ķ ‡ƒķ …–ķ ‡„ķ ‡Šķ „›ķ †ķ …†ķ †ąķ †Ĩķ „‹ķ ‡€ķ †Ģķ ‡‘ķ …Ļī¸‰ķ †Šķ „‡That is the gap Gamma fillsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡…ķ …¯ķ ‡žķ ‡ ķ ‡Ąķ ‡Šķ †‚ī¸†ķ †‡ķ ‡œķ „žķ …´ķ … ķ †ŗķ †™ķ „ĸķ †Ÿī¸‰ķ …Ļķ „…ķ …“ķ …•ķ „šķ ‡­ķ ‡‰ī¸‡ķ …šķ …Šķ †ķ „ąķ ‡Žķ †šķ †¨ķ †„ķ „ķ …ąķ ‡Ēķ „’ķ †•ķ „. Not the distribution itselfķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ …Žķ …ĩķ „“ķ … ī¸Žķ †–ķ †¨ķ …Ļķ …”ķ „…ķ ‡Ģķ „Ģķ „ˆķ ‡Ŗķ „Ąķ …–ķ …¯ī¸Œķ „ŧķ ‡˜ķ …ķ ‡‚ķ „Ēķ …¨ķ ‡•ķ „¨ķ …˜ķ „Šķ †“ķ ‡€ī¸Šķ …ķ †Žī¸ķ †ƒķ „Ĩķ †Ēķ „Ēķ „Œ. The institutional infrastructure around the distribution. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ † ķ …Ļķ †°ķ ‡›ķ ‡‘ķ …Ŧķ …ķ …¯ķ „…ķ †Ŗķ ‡˜ķ †ƒķ „Žķ „°ķ †žķ „’ķ ‡¯ķ „Ēķ †ŗķ †…ķ †Ģķ …™ķ ‡œķ „Ŋī¸„ķ †Šķ †›ķ „ēķ „Ļķ „žķ „¤ī¸ķ …Šķ †–ķ †ķ „ķ „¨ķ †Ĩī¸ŒHere is the key number: of the $18.6 billion in streaming royalties distributed globally in 2024, labels captured 42 percent while artists pocketed approximately 10 percent and publishers approximately 5 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Žķ …™ķ …œķ ‡ĸķ ‡¨ķ ‡‡ķ ‡†ķ …ķ „‹ķ ‡”ķ …Ŧķ ‡•ķ „œķ „ķ „šķ …ŗķ ‡Šķ †Šķ †Šķ †¯ķ „ˆķ …’ī¸„ķ †ŋķ …„ķ † ķ †Žķ „žķ …Ēķ …—ī¸‚ķ „ˆķ …Žķ „žķ „Ŧķ …ŋķ …œķ ‡„ī¸ķ „‘. Streaming services kept 30 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …•ķ …¤ķ ‡Šķ …œī¸…ķ ‡‘ķ †´ķ „¤ķ ‡˜ķ …¤ķ †ķ …˜ķ „œķ †˛ķ …’ķ …ƒķ „‡ķ …šķ „ƒķ ‡Ŗķ ‡Ļķ †’ķ „šķ …Žķ …‡ī¸Œķ …ķ †›ķ †Ąķ ‡–ķ …„ķ ‡­ķ ‡’ķ †¯ķ „‰ķ …ŧķ …Ąķ †ļķ …žķ …„. The remaining revenue flowed through various intermediariesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „•ķ „Ŗķ …Ÿķ ‡Šķ ‡ĸķ …‹ķ ‡Ļķ „žķ …€ķ …˜ķ †”ķ ‡Ŧķ …Ÿķ „Ĩķ …ēķ „ŧķ ‡Ēķ …”ķ „ķ „ķ †ƒķ †„ķ „ķ „žķ †Ēķ „žķ †Œķ ‡Ŧķ …—ī¸ķ „Ēķ …ī¸‡ķ …šķ …’ķ „ŗķ „§ķ „’ķ „‘ķ …Ļ. An artist who owns both their master and their publishing, and who distributes through a platform like Gamma, collapses several of those intermediary layers and captures income that would otherwise flow to a label or publisher they gave those rights to decades ago. ![](https://www.duethedilly.com/content/images/2026/05/image-17-1.png) ****Where the $18 Billion in streaming royalties went** ### ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ŗķ †ēķ „–ķ ‡Žķ …¯ķ †ĩķ …ķ „™ķ †¤ķ „Ĩķ …Ŋķ †ŧķ „›ķ ‡‘ķ „‰ķ „šķ …™ķ …†ķ †°ķ …’ķ „Ŧķ †Ŧķ „”ķ …‘ķ „Žķ †šī¸Žķ „Šķ …„ķ ‡‚ķ ‡Œķ ‡ķ „šķ †ˇķ †›ķ „ĩķ ‡Œķ †™ī¸ƒķ …ĄTHE OLD DEAL STRUCTURE VSķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ļķ „†ķ †œķ ‡‰ķ †ŋķ ‡Ĩķ †ąķ „…ķ …‡ķ …Ēķ …‡ķ †‡ķ †ˆķ †šķ …ˆķ „žķ „‡ķ ‡Ąī¸‹ķ …•ķ „Žķ †”ķ …Šķ †Ÿķ „šķ ‡ķ †Œķ †Ĩķ ‡ ķ †Ÿķ ‡Ļķ …•ķ ‡—ķ †ƒķ ‡Ļķ „ķ …‘ķ ‡Ŗķ „ļķ †ĸ. WHAT IS NOW POSSIBLE For fifty years the major label deal was the only path to institutional distribution, marketing, and commercial scaleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ļķ „˛ķ …›ķ †ĸķ ‡Ŗķ „ąķ …ķ ……ķ †žķ †ķ †›ķ …¤ķ „Ŗķ †Žķ ‡•ķ …Ģķ „„ķ †ŗķ ‡ĸķ †€ķ …‘ķ †ķ …‡ķ …—ķ …¤ķ … ī¸„ķ †–ķ …Œķ …¯ķ †ķ ‡Žķ †Ąķ …¸ī¸…ķ †…ķ ‡ķ „‚ķ …Ÿķ „‚. The trade was brutal: give us your masters, give us a piece of your publishing, give us a 360 on your touring, merchandise, and brand, and in exchange we will put you in front of the world. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ …Ģķ †Ēķ †Ēķ †Œķ „žķ …‰ķ …Ŗķ „„ķ †ķ †ƒķ †¨ķ „‹ķ ††ķ „ŗķ †ŧķ …“ķ ‡‡ķ †‰ķ †žķ †‘ķ ‡¨ķ …ļķ „ŋķ „ąķ †‚ķ †œķ …–ķ † ķ „¸ķ …ļķ „”ķ †šķ …†ķ „€ķ …šķ ‡ķ „šķ „ˇī¸Some artists did very well under that modelķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †œķ ††ķ †Žķ ‡„ķ ‡ ķ „ķ …°ķ ‡œķ „ˇķ †˛ķ „Œķ …‹ķ „Œķ †—ķ ‡ķ †‹ķ …¨ķ …–ķ †ŧķ …­ķ „ˇī¸Œķ †‚ķ †ˆķ †Ŋķ „ķ †”ķ „“ķ †ķ …œķ †ąķ …Ĩķ †˛ķ „Ŗķ „ķ ‡’ķ „ˆī¸‰ķ ‡ˆķ ‡ˆ. Most did notķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „™ķ „ƒķ ……ķ …‹ķ ‡ķ †Ģķ „¯ķ …”ķ ‡—ķ „Ēķ †Ŧķ … ķ …°ķ …ķ …‘ķ ‡Œķ ‡‹ķ …™ķ „•ķ …‹ķ „Ŋķ ‡œķ †‰ķ „‰ķ …ģķ „ŗķ †™ī¸Žķ ‡Ĩķ †Ļķ „‹ķ …ŧķ ‡˜ī¸‹ķ …–ķ …¨ķ …’ķ …ķ †ķ …Ŗ. The ones who did well were the ones generating enough revenue that even 15 to 25 percent of the total was life-changing moneyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ąķ „’ķ †Žķ ‡–ķ †šķ …žķ …Ļī¸…ķ …ķ †ĸķ …ēķ …šķ ‡¨ī¸†ķ …ķ †ķ ‡”ķ †Ļķ †˜ķ …‚ķ …Œķ ‡“ķ †Œķ „‚ķ …Žķ ‡‘ķ „ēķ …¤ķ †Ÿķ „ ķ ‡žķ „Žķ †ĸķ ‡šķ „‡ķ …ģķ †•ī¸†ķ †­ķ … . For everyone else, the math did not work. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ąķ ‡—ķ …€ķ …Žķ ‡šķ „‹ķ „¨ķ †˜ķ †Žķ „Œķ „ŗķ ‡ķ …šķ †­ķ †ķ „€ķ ‡ķ …”ķ †‰ķ †¨ķ „Ŋķ …ēķ …„ķ †ļķ ‡•ķ †˜ī¸‰ķ „Ŗķ †…ķ ‡’ķ †ąķ ‡„ķ …Žķ ‡ ķ ‡ķ …§ķ „‘ķ †ļķ †€ķ †‰Here is what the spectrum actually looks like today for an established artist evaluating their options. ![](https://www.duethedilly.com/content/images/2026/05/image-18-1.png) ****THE THREE PATHS: WHAT AN ARTIST ACTUALLY KEEPS ACROSS DEAL STRUCTURES** ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŧķ ‡‘ķ †ķ † ķ †¤ķ …šķ …Žķ †ķ …Ÿķ †œķ …ˇķ †•ķ „›ķ „œķ ‡Ŗķ ‡ˆķ ‡Ŗķ „¤ķ …Ļķ …Ŗķ ‡¨ī¸ķ ‡Šķ „Ŧķ „œķ …—ķ †ˇķ …Šķ ‡™ķ ‡•ķ ‡šķ …‡ķ „šķ …´ķ ‡ ķ „™ķ †ēī¸„ķ ‡’ķ „ŦThe Gamma line is the one that changes the mathķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˆķ †ķ „”ķ ‡§ķ …Ąķ †œķ †˛ķ ‡€ķ …œķ „‚ķ „Ŧķ …ķ †ŗī¸ķ …Ĩķ †­ķ †Ŗķ ‡†ķ ‡ķ †˛ķ …—ķ …’ķ …­ķ „ąķ †™ķ ‡‚ķ ‡‰ķ …ģķ „‹ķ †Ŧķ „ˆķ „–ķ †Ēķ „‹ķ ‡¤ķ †§ķ …”ķ ‡•ķ †ķ …˛. Not because Gamma takes less than DistroKid on the distribution fee, but because Gamma's infrastructure adds the institutional layer that established artists actually needķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „§ķ ‡Šķ „šķ „ļķ †—ķ †Ĩķ „”ī¸†ķ „Ļķ …”ķ †€ķ ‡ķ †¸ķ ‡—ķ †Ēķ …ŋķ †’ķ „ĩķ †¯ķ †ąķ †“ķ …Ļķ …™ķ †Ĩķ „ēķ †¨ķ „‹ķ „°ķ †Ĩķ …œķ ‡§ķ †€ķ †Ŧķ …ķ …ąķ „ĸķ „ĩķ …¯ķ †ĸķ …ē. The artists Gamma signs are not independent artists who need distributionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¯ķ ‡ķ †°ķ †ŧķ ‡‡ī¸…ķ ‡ķ …ķ „‘ķ „ķ ‡¯ķ „ķ ‡ķ †ŗķ „¸ķ „…ī¸ķ „ŗķ ‡¨ķ „¯ķ „œķ †Ŋķ …œķ †¨ķ „‡ķ …Ēķ „žķ †‚ī¸ķ „€ķ …“ķ …Ļķ …ŗķ …Ļķ „Ļķ ‡­ķ „ēķ ‡„ķ ‡­ķ †”. They are Snoop Dogg and Mariah Carey and Usher and Ye, artists who already have audiences of tens of millions and who need infrastructure that matches that scaleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „›ķ ‡…ķ †§ķ „­ķ „ēķ …ˇķ ‡‡ķ †ķ ‡ķ ‡Ĩķ ‡ˆķ „ķ „ƒķ …°ķ ‡žķ „žķ †¤ķ †˜ķ ‡“ķ …§ķ ‡ ķ …ĸķ …žķ „ˆī¸ķ ‡šķ „ĸķ „ēķ †´ķ …Ĩķ †Ŋķ „¤ķ ‡™ķ ‡œķ †šķ ‡­ķ †Šķ ‡Ąķ „ˇķ ‡Š. For those artists, keeping 80 percent or more of their recording income while retaining master ownership is not a compromiseķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ ‡ ķ …­ķ †ķ †–ķ †ķ …”ķ ‡‹ķ …Ŧķ „ģķ ‡œķ †¤ķ …”ķ …˛ī¸‰ī¸‡ķ ‡§ķ †ŗķ …“ķ ‡Šķ †šķ „ĸķ †ĸķ „’ķ ‡Žķ …ĩķ …–ķ „ĸķ ‡§ī¸…ķ †ĸķ ……ķ „Ÿķ ‡…ķ „˛ķ †¸ķ ‡‰ķ „ķ †•ķ …¯. It is what they should have had the whole time. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŗķ ‡Ÿķ ‡Žķ †ĩķ †Šķ †ļķ †§ķ „œķ †Ŧķ „‡ķ †Ŗķ †ƒķ ‡§ķ ‡Ēķ …€ķ …ķ †ƒķ ††ķ †ŧķ ††ķ †ķ †…ķ †Šķ ‡“ķ „ĩķ †ēķ …€ķ „Žķ †‰ķ †•ķ †Œķ …§ķ …‹ī¸Žķ †ąķ †“ķ ‡ķ …°ķ „Žķ ‡…And here is the critical piece that connects to the KBRA research we covered last weekķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ …™ī¸†ķ …ŧķ …ąķ †šķ … ķ …‚ķ ‡ķ †ļķ †Šī¸ķ „§ķ „ēķ „”ķ †„ķ …Žķ †¸ķ ‡‘ķ ‡Ŗķ …Œķ „¤ķ … ķ ‡ķ †ŗķ „Œķ …ķ ‡‡ķ ‡ˆķ „•ķ … ķ …ļķ „Ŧķ †°ķ ‡Ģķ „Ŧķ …ī¸Šķ …ēķ ‡§. Because these artists own their masters and own their publishing, they are building a two-income assetķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ąķ ‡„ķ †Ēķ ‡Ÿķ …†ķ „Ŗķ ‡œķ „šķ ‡œķ ‡‚ķ „ķ †ķ †°ķ †‚ķ …´ķ †˜ī¸ƒķ „ķ „¤ķ ‡Žķ „Šī¸Œķ ‡Ŧķ †ķ …Ąķ †ģķ …ķ †Ąķ …Šķ †™ķ …Šķ „¸ķ ‡ˆī¸‰ķ †ļķ ‡Šķ …Ąī¸‰ķ „€ķ „ŗ. The recording income flows through Gamma's Vydia infrastructure at favorable termsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ „§ķ …˜ķ ‡­ķ …‹ķ †™ķ †Žķ …ąķ †§ķ ‡ˆķ „šķ †Œķ ……ķ …šķ …ķ ‡§ķ „šķ †ļķ ‡’ķ …Ĩķ „ ķ …‰ķ †…ķ …šķ ‡Ļķ …¸ķ …€ķ …ķ †ģķ „Ŗķ …œķ †Ļķ ‡‘ķ „ ķ †ķ ‡ ķ ‡‹ķ „­ķ †ķ ‡—. The publishing income flows through their own publishing entities, which they own entirely, through the statutory collection systems that the Copyright Royalty Board protects and that grow at 9.6 percent per yearķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …™ķ „œķ …ķ †ƒķ …‘ķ †šķ †˜ķ „ŧķ ††ķ †ŋķ …ēķ ‡“ķ †…ķ …€ķ †™ķ †˜ķ ‡€ķ …Šķ †ŧī¸ƒķ †ˇķ †ķ „’ķ †—ķ †Ļķ †Œķ ‡‹ķ †¸ķ ‡‡ķ …´ķ †„ķ †ķ †Ŋķ …‹ķ …˛ķ „„ķ …‘ķ ‡‚ķ „ˇķ …‚. The two streams compound independentlyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŋķ „Œķ ‡Ÿķ †¤ķ „Ļķ †ķ †—ķ ‡šī¸ķ †¤ķ †ĸķ †˜ķ …Ēķ †§ķ ‡ ķ …”ķ „†ķ †‹ķ ‡¤ķ …ĩķ ‡’ķ †‰ķ …˜ķ „šķ …¯ķ „‹ķ …—ķ ‡‚ķ …¯ķ ‡Ļķ „ēķ „ĩķ …Žķ †‡ķ …›ķ …ŋķ ‡‹ķ „´ķ ‡Ļķ „ž. Neither is dependent on the otherķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ƒķ ‡Ģī¸ƒķ ‡ķ „°ķ „˛ķ …Ŋķ „’ķ …‚ķ „ļķ „ˆķ …Ŗķ †”ķ †ķ „¸ķ ‡„ķ †”ķ ‡‡ķ …ŧķ ‡—ķ ‡ķ ‡—ķ „ˆķ ‡“ķ †§ķ …ƒķ „Ąķ „‚ķ „žķ †Ĩķ …­ķ …ˇķ …ķ ‡­ķ †ēķ ‡­ķ „ˆķ ‡¨ķ „†ķ „€. And both belong to the artist. ### **ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †šķ „ģķ …„ķ …ķ „°ķ …‚ķ ‡Šķ ‡”ķ „ķ †Ÿķ †Ŗķ „ƒķ „Žķ †§ķ …ŗķ ‡Ąķ ‡¯ķ ‡žķ ‡Ģķ …“ķ †Ĩķ †ŗķ †™ķ ‡–ķ †ķ „’ī¸ķ …¤ķ „”ķ „Šķ ‡ ķ †›ķ ‡ķ ‡‘ķ †žī¸ķ † ķ ‡Ĩķ ‡—THE GAMMA INFRASTRUCTURE: WHY IT MATTERS AT THIS LEVEL** Let's be specific about what Gamma actually provides that DistroKid does not. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ †‡ķ „Ēķ „‚ķ …€ī¸ƒķ ‡ī¸Œķ …´ķ ‡™ķ †‚ķ †œķ „ēķ †°ķ „ķ †žķ ‡“ķ …ķ …–ķ …ĩķ „ĸķ „ĸķ …šķ „Ēī¸ƒķ „ķ †€ķ †–ķ „˜ķ „ķ …žķ …Ÿķ †Ŋī¸ķ †¤ķ „ŗķ †Žķ †Ģī¸ķ †šFirst: preferred partner status with the DSPsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‘ķ „­ķ ‡‚ķ †­ķ „žķ …œķ ‡Ģķ …ąķ …Žķ ‡Žķ †šķ ‡™ķ †•ķ …ˇķ „ˇķ „“ķ †‘ķ …ķ „’ķ ‡Ģķ †‘ķ ‡…ķ ‡ķ …—ķ ‡’ķ †Žķ „­ķ …§ķ ‡…ķ …‡ķ …Šķ „´ķ ‡˜ķ „ĩķ „ķ ‡ķ …‡ķ †“ķ „ī¸†. Gamma's Vydia platform has direct API connections and negotiated commercial terms with Spotify, Apple Music, YouTube, TikTok, and 200+ other platformsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Œķ ‡ˆķ …ƒķ † ķ …Ģķ „šķ ‡Žķ …Žķ „‰ķ …žķ …ŗķ …ƒķ „”ķ „ˆķ „Ąķ ‡Šķ …’ķ „›ķ …Ŗķ …šķ †ķ ‡‰ķ †‡ķ „°ķ „Ĩķ ‡¯ī¸Šķ …Ŗķ …Ŋķ …ŧķ „’ķ „—ķ †Ŋķ †˛ķ …ˆķ …Šķ ‡¯ķ …—ķ „šķ ‡’. That means releases go through a different pipeline than consumer-grade distribution servicesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŋķ „Ŧķ ‡šķ „ƒķ †•ķ †ĩķ ‡Ąķ †ƒķ „‡ķ † ķ „Œķ „˛ķ …Ļķ †”ķ †„ķ „Ļķ † ī¸Žķ ‡¤ķ ‡ķ „‰ī¸‹ķ …°ķ ‡Ŧķ „†ķ †‡ķ †ąķ „›ķ †ˆķ „…ī¸‰ķ …ˆķ … ķ †°ķ ‡•ķ „°ķ …€ķ †“ķ ‡‹ķ „˛. Better metadata complianceķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˆī¸€ķ …ąķ †„ķ ‡ķ „šķ †Ģķ „•ķ …ĩī¸ķ …ēķ ‡Ĩķ ‡€ķ …‹ķ „ķ …Ģķ „Žī¸ķ …ĩķ …ģķ †™ķ …˛ķ †Ļī¸…ķ „Šķ ‡§ķ ‡ˆķ †¯ķ …™ķ …­ķ †€ķ …Šķ …šķ †„ķ „ƒķ …•ķ „ķ †™ķ †ķ „Ŗ. Priority playlist considerationķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ …´ķ „–ķ …šķ ‡ ķ †¤ķ †—ķ …ķ †›ķ †’ķ …ķ †Ŗķ „™ķ †¯ķ †ĩķ „„ķ †•ķ †žķ „ƒī¸Šķ …‡ķ …Ąķ ‡Ąķ …­ķ „›ķ ††ķ „•ķ †ķ ‡ķ ††ķ „ēķ …ģķ ‡‰ķ „†ķ „ˇķ „‡ī¸‡ķ …’ķ …‰ķ …Ģ. For an artist releasing at Usher or Mariah Carey's level, the difference between a good release and a great one often comes down to whether playlists pick it up in week oneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŗķ …Ēķ „¯ķ †Žķ …Ÿķ †„ķ …ąķ ‡€ķ †•ķ „Šķ ‡­ķ …ķ †šķ …Šķ †”ķ †ƒķ †šķ ‡‡ķ …šķ †Žķ „€ķ …Žķ †˛ķ ‡ƒķ „…ķ „ŋķ „§ķ „†ķ „…ī¸ķ ‡„ķ †žķ „‰ķ „ĩķ †ˇķ „ƒķ „‘ķ „¨ķ „Ĩķ …€. Gamma's DSP relationships are an advantage. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ŋķ †ˇķ „ˇķ ‡†ķ †•ķ „˜ķ „šķ †°ķ ‡ķ †ļķ †ˇķ †ēķ †‚ķ †Žī¸ķ ‡ ķ †–ķ ‡’ķ ‡‰ķ ‡Ēķ „™ķ †ēķ †‡ķ †Žķ „Ŋķ ‡˜ķ …”ķ …ˇķ „šķ „žķ †Ļķ ‡Žķ ‡¤ķ †ķ †Ļķ …Žķ ‡Ĩī¸‹ķ …ģķ …ĢSecond: sync licensing infrastructureķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ƒķ …˜ī¸…ķ ‡Ēķ …ķ „ĩķ „ ķ …Ģķ ‡—ķ ‡—ķ †„ķ ‡¨ķ …˛ķ †šķ …—ķ ‡Ŧķ …—ķ „ķ ‡žķ ‡¤ķ „–ķ …Ŗķ „žķ ‡‰ķ „•ķ „ļķ †Ŋķ †§ķ … ķ …Ÿķ …†ķ …ŗķ †Šķ †›ķ …ŧķ ‡§ķ …‚ķ …ƒķ …ēķ †”. Gamma has the institutional relationships with music supervisors, advertising agencies, and film and television production companies that turn a catalog into a sync revenueķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †›ī¸ˆķ †€ķ …šķ †…ķ †¤ķ ‡„ķ …™ķ ‡’ķ †ŧķ „ķ „ģķ „ģķ …™ķ †…ķ „ ķ „ąķ „ˇķ …Šķ †ēķ …ŋķ †ŗķ …ƒķ „Žķ …–ķ „Œķ ‡„ķ †Ŋķ †ļķ †˜ķ †¯ķ …”ķ …ŧķ „ģķ …—ķ ††ķ „ĩķ †ĩī¸‡ķ ‡Ē. Sync placements at scale require relationships. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ †Ŗķ „™ķ …ķ …¨ķ …œķ …Ÿķ †™ķ †ķ …žķ „˛ķ ‡‰ķ †Žķ †¯ķ „ŧķ †Ŗķ …Žķ ‡Šķ †ķ †Ĩī¸Œķ …ĸķ „¨ķ †ĩķ †Ēķ „ąķ ‡—ķ …ŗķ …Ēķ „˛ķ …“ķ …‘ķ ‡„ķ †ŗķ ‡‰ķ †ąķ †Ŧķ †ģķ …¸ķ †”Third: the Ye deal as case studyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŗķ ‡­ķ „­ķ „¤ķ „—ķ †ļī¸ķ †ąķ ††ķ ‡‘ķ „Œķ „§ķ †—ķ „›ķ …˜ī¸€ķ „—ķ †›ķ …ˇķ †ŧķ ‡ ķ ‡‚ķ †Ģķ †šķ ‡…ķ †ĩķ †ąķ ‡Ģķ ‡“ķ …Žķ „Ĩī¸ķ ‡™ķ †ˇī¸ƒķ †™ķ „‡ķ …°ķ „‡ķ †Ŧ. Every established artist evaluating their next move should look at what Ye was able to accomplish through Gammaķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡™ķ †ŗķ …¨ķ …‹ķ „žķ „Ģķ †ąķ …Œķ …ˇķ …“ķ †Ŗķ ‡Ÿķ „‰ķ †žķ … ī¸ƒķ „Ĩķ …‚ķ „”ķ ‡†ķ †ˇķ „ˇķ „“ķ …Ļķ „˛ķ …¯ķ ‡œķ …Ąķ …Šķ …ąķ †ŗķ †˛ķ …Ļķ †¸ķ „–ķ †¸ī¸‹ķ ……ķ …Šķ ‡€. He was radioactive to every major labelķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‘ī¸€ķ †…ķ „Ļķ …ĸķ „Ēķ ‡ˆī¸ˆķ „¸ķ …°ķ …†ķ …´ķ †Ĩķ †ķ †ŗķ †šķ †Šķ …Ēķ „Ÿķ †—ķ „¯ī¸Œķ „–ķ †ķ …‚ķ ‡Œķ ‡šķ †›ķ „‰ī¸Œķ …ķ †ķ †Žķ „‹ķ „‘ķ „ķ †ƒķ †Ąķ „›ķ †¨. No publicly traded music conglomerate was going to take the reputational riskķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „€ķ ‡Žķ …ŧķ …Ŋķ †Ąķ ‡ƒī¸Šī¸€ķ „ķ †Ŋķ ‡˜ķ ‡¤ķ †ƒķ „Ģķ †žķ †ķ †–ķ …ķ „˜ķ „ķ …›ķ „ķ „ĩī¸Œķ ‡ķ „‚ī¸ķ „Ģķ „€ķ ‡ĸķ „´ķ „‰ķ ‡˜ķ ‡Šķ …ąķ „Ąķ ‡‚ķ „ŧķ ‡ĸķ †ē. Gamma made a single-album distribution deal, helped structure the Bully release, and delivered 152,000 first-week units and a No. 2 Billboard 200 debut without a major label in sightķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …›ķ …ĸķ †Ēķ …†ķ …ˇķ †•ķ ‡ˆķ …ķ †¨ķ „’ķ …°ķ „ļķ …Ąķ …Šķ „­ķ †žķ †ŋķ †ąķ ‡Šķ †Žķ „°ķ „–ķ †Ēķ …­ķ „™ķ …´ī¸‹ķ …­ķ ††ķ ‡‚ķ …Ŋķ …°ķ …ąķ …ąķ „°ķ „ļķ †ŗķ „­ķ †Ąķ ‡—. More importantly: Ye owns the Bully mastersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡¯ķ †ēķ „ˇķ „ŧķ …‹ķ „‹ķ †•ķ †Ēķ …ŋķ „ģķ …Ļķ „™ķ „Ēķ …Žķ ‡Ģķ ‡‰ķ ‡‡ķ †ĩķ „Ļķ †ķ …Ĩķ †¤ķ ‡ī¸ƒķ „œī¸…ķ …˜ķ †´ķ „ŗķ „‘ķ „Ÿķ †…ī¸‹ī¸ķ „šķ „žķ …ĩī¸ķ „”ķ ‡Š. The income from those recordings flows to himķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ ‡ķ …šķ ‡žķ …Ĩī¸‹ķ ‡‰ķ …‰ķ †ļķ †šķ …ĩķ …­ī¸Šķ …ĸķ †ļķ †Šķ †™ķ …°ķ †Ēķ ‡’ķ …ķ ‡ƒķ † ķ …‰ķ „šķ ‡€ķ „–ķ ‡‡ī¸Šķ …‚ķ „°ķ ‡­ķ …€ķ „‚ķ …ģķ …–ķ …§ķ …šķ …“ķ …´. The publishing income from the compositions he wrote flows to himķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ …‡ķ „Šķ ‡ˆķ …­ķ ‡Žķ ‡¨ķ „Ÿķ …Ÿķ †œī¸ƒķ „Žķ …ĩķ „ķ …ĸī¸Šķ …¨ķ …‰ķ …ąķ „ĸķ „…ķ „ąķ „Ŧķ „ĩī¸ƒķ …žķ …™ķ …˛ķ …†ķ …Ąķ …‘ķ …’ķ †‰ķ „Ŋķ ‡ķ …™ķ †˜ķ …žķ …”ķ „ž. Gamma took a distribution feeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Šķ †–ķ …‚ķ „˛ķ †Ŧķ †›ķ ‡–ī¸‹ī¸€ķ ‡Ąķ …§ķ †™ķ ‡‘ķ „„ī¸Œķ †ķ „Ŋķ †Šķ …žķ „Ŋķ ‡‰ķ †Ŧķ „ēķ ‡Ļķ †‚ķ …šķ †ˆķ †ĩķ …­ķ …›ķ ‡€ķ ‡œķ †ĩķ ‡ķ „˜ķ ……ķ …‘ķ „’ķ …‚ķ †Š. That is it. ### ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ †šķ …—ķ …›ķ ‡Ļķ ‡Ēķ ‡ķ „´ķ ‡ ī¸ķ †˜ķ ‡Ąķ …Ÿķ …Ÿķ †´ķ …›ķ …¨ī¸Œķ †œķ …Žķ …œķ †šī¸‰ķ ‡Ąķ †¸ī¸‹ķ †žķ „ĸķ †Ēķ †Ÿķ „”ķ †ŗķ †´ķ „ķ „ī¸ķ ‡¤ķ †•ķ …šķ „¯THE INVESTOR VIEW: WHY ALL OF THIS MATTERS FOR CATALOG VALUATION ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „“ķ ‡Žķ …œķ †Ļķ „ĸķ †šķ …†ķ …•ķ ‡‚ķ „Œķ „ķ †¨ķ …ˆķ †ķ ‡ķ „ˆķ ‡™ķ „ƒķ „—ī¸Šķ †”ķ ‡„ķ †ˆķ ‡Ąķ †°ķ „Ŗķ †Ģķ …°ķ ‡ķ †„ķ ‡‡ķ „ˆķ „Œķ …¸ķ …Ļķ †‰ī¸„ķ ‡ķ ‡Ŧķ „˜If you are an investor evaluating a music catalog, the ownership structure is the first thing you look atķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˆķ ‡¤ķ …Ĩķ ‡ ķ …§ķ …€ķ ‡’ī¸ķ „ķ ‡‰ķ †Šķ …ƒķ …Ģķ ‡Ŧķ †Ŧķ †Šķ ‡˜ķ †Ÿķ †Ąķ „´ķ „Ŧķ …˛ķ …’ķ „ĩķ …ķ „ķ „‘ķ …ķ „œķ …Žķ †¨ķ †•ķ …•ķ „ŗķ †¤ķ „¤ķ …†ī¸‰ķ †‰ķ …ˆ. Not the multipleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †„ķ „—ķ †™ī¸€ķ †ēķ …´ķ †ķ „–ī¸Œķ „ƒķ ‡ķ †•ķ †˛ķ …¤ķ …•ķ „ąķ †šķ ‡ķ „ˆķ …ļķ …›ķ …ŗķ „…ķ „­ķ †‰ķ †Ŗķ „§ķ ‡Šķ †Ģķ †’ķ „Ąķ …Ŋķ ‡‡ķ „Ŗķ †´ķ „Ĩķ ‡Žķ ‡”ķ „ŗ. Not the income. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¯ķ „‘ķ …žķ „œķ „ķ †—ķ ‡‚ķ †¤ķ …Ēķ …ļķ …ī¸Žī¸ˆķ †ˇķ ‡Šī¸Šķ „ķ †œķ †‚ī¸€ķ ‡ ķ „ļķ ‡Ÿķ †Ÿķ … ķ …ĩķ „ī¸‰ķ †‹ķ „ļķ †žķ †ĩķ ‡“ķ „™ķ „•ķ …Ŗķ …‹ķ †€ī¸ķ ‡„Here is why. [ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ĩī¸‡ķ ††ķ †˛ķ †ĸķ …–ī¸€ķ „™ķ …ķ †’ķ †ķ „ī¸…ķ „ķ ††ķ ‡ķ †¸ķ „Ŋķ …Šķ †ˆķ „žī¸Šķ …Šķ ‡‹ķ …ķ …Œķ ‡‚ķ ‡Ÿķ †¨ķ †°ķ „Ēķ …Ēķ „ķ …¯ķ †‹ķ „ģķ …ķ …Ŧķ „šķ †ˇPer KBRA's Track Split research](https://www.kbra.com/publications/DYhkTmgs/track-split-differentiating-publishing-and-recording-income?ref=duethedilly.com), catalog quality and income diversity are the primary drivers of credit outcomes in music ABS transactionsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ „…ķ ††ķ „§ķ „ŧķ …˜ķ ‡›ķ „Ļķ †Ēķ „ļķ †ĸķ ‡Ÿķ ‡Šķ ‡–ķ „ģķ †¸ķ …œķ …œķ ‡…ķ „Ÿķ ‡Ĩķ „”ķ †‹ķ „Ļķ „žķ …žķ †ķ …›ķ ‡Ÿķ …¨ķ …šķ †‰ķ „ĩķ …ŧķ …’ķ „‘ķ „”ķ „Œķ ‡ķ ‡. An artist who owns both their publishing and their master recordings controls both income streamsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ēī¸Šķ „„ķ †€ķ …—ķ „ˇķ …ˇķ …’ķ †Ŧķ ‡“ķ †—ķ …Ŗķ †Šķ „Ēķ „Ÿķ †ļķ …ŧķ …”ķ †ŗķ †”ķ †€ķ „šī¸€ķ …Œķ ‡‘ķ ……ķ „ ķ …Ģķ †‚ķ „žķ …ķ †§ķ …­ķ ……ķ …Ģķ †ŗķ …Ļķ …Ŋķ ‡ī¸Š. That catalog has no structural exposure to a label's decision to sell, a publisher's decision to raise fees, or a distributor's decision to change termsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŗķ ‡Ŗķ ‡¤ķ †ķ … ķ „°ķ …Ļķ ‡‡ķ ‡œķ ‡•ķ ‡Žķ ‡†ķ …ąķ …¯ķ …žķ „Šķ …ĩķ †ƒķ ‡…ķ †œķ ‡›ķ „ƒķ „„ķ †–ķ „ģķ †Žķ „˜ķ „­ķ …ēķ †ŗķ †°ķ …‹ķ …œķ „”ķ †œī¸…ķ †ĸķ †—ķ …•ķ †Ļ. The income flows are clean, diversified, and directly managed by the rights holder. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ …Ÿķ †Ļķ … ķ †˛ķ ‡ˆķ †Šķ ‡¤ķ …ˇķ ‡ƒķ ‡Ĩķ „žķ …ąķ †œķ „Ģķ „“ķ „ģķ „‘ķ …§ķ „ƒķ „Ĩķ †‹ķ …Ŗķ …ļķ „ģķ „‹ķ ‡Ÿķ …›ķ „‰ķ ‡†ķ †œķ „›ķ „ĩķ …Žķ „¤ķ …Ĩķ …‚ī¸Œķ „ƒķ ‡‚Contrast this with the traditional label catalog, where the label owns the masters but pays the artist a royalty, and a major publisher owns the composition but pays the artist a writer's shareķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ĩķ ‡ ķ „Žķ „¯ķ „™ķ …‚ī¸‹ķ …ēķ …šī¸Šķ ‡™ķ ‡”ķ …ī¸‰ķ „˜ķ †žķ †ˇķ …ķ †‚ķ †§ķ „¯ķ …Ģķ …Šķ †­ķ †„ķ †‹ķ „˛ķ †Ēķ ‡œķ †Žķ ‡ˆķ †ļī¸‚ķ † ķ …ŧķ ‡Žķ „“ķ …ŗķ „™ķ ‡Ž. That catalog has structural intermediary risk at every layerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …—ķ †ˆķ ‡“ķ …Ģķ ‡ ķ …‚ķ …šķ „Ĩķ ‡Ąķ †¯ķ ‡Šķ „ķ „‡ķ †‘ķ †ķ „…ķ …šķ „ ķ …Ŋķ …´ķ „Ÿķ ‡Ēķ ‡Ļķ „€ķ …ˇķ ……ķ …Žķ „ķ „”ķ …ĩī¸‰ķ ‡¨ķ ‡ķ „ĩķ …ķ „•ķ ‡Ģķ ‡Ēķ †Ģķ ‡›. The income that reaches the artist is the net of multiple fee structures, recoupment calculations, and contractual obligations that the artist often cannot audit independently. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ēķ „°ķ ‡‡ķ „“ķ …œķ †Ģķ †Œķ †Ÿķ † ķ „˛ķ †šķ „žķ †Ŧķ †„ķ …ēķ ‡”ķ ……ķ „ķ …¸ķ ‡Žķ „ķ „’ķ †ąķ „€ķ †Žķ „žķ ‡€ķ †˜ķ †šķ „ĸķ …–ķ …Žķ „šķ ‡Žķ …‡ķ ‡Žķ ……ķ „Œķ „ģķ ‡¯Simplicity has value because it reduces the due diligence burden, legal risk, and reduces the discount that investors have historically applied to artist-controlled catalogs because they assumed those catalogs were harder to manageķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „˜ķ †œķ †–ķ †¨ķ …žķ „¤ķ …ķ ‡‡ķ …œķ ‡ķ …°ķ …ąķ †‰ķ †ķ „„ķ „‚ķ …ˆķ …Ÿķ „ķ ‡Ÿī¸ī¸ˆķ ‡Ÿķ „ī¸ķ …†ķ …Ÿķ …¯ķ „ļķ †´ķ …‚ķ †ķ ‡Œķ …Šķ …€ķ ‡Šķ „‰ķ „šķ …Ÿī¸‚. Gamma's institutional infrastructure, certified by the fact that they are processing releases for artists at the scale of Mariah Carey, Ye, and Snoop Dogg, removes that assumption. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¸ķ „‰ķ †Ÿķ ‡„ķ ‡Ÿķ „–ķ …‰ķ „—ķ „Ĩķ †‹ī¸Žķ †˜ķ „ģķ „Žķ ‡Šķ „Žķ †ˇķ †šķ „ˇķ „¸ķ …ķ ‡„ķ ‡œķ „ļķ „˛ķ „¤ķ …Ĩī¸‚ķ „ŗķ †´ķ …´ķ ‡Ŗķ ‡„ķ „¯ķ „ķ †”ķ ‡„ķ †Žķ ‡”ķ ‡¤Publishing is growing at 9.6 percent per yearķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †šķ …¤ķ „ĸķ „”ķ …ƒķ †žķ …†ķ ‡Žķ ‡¨ķ †ēķ †ˇķ ‡Žķ ‡“ķ …­ķ ‡…ķ „Ŗķ „ĩķ …’ķ „¤ķ †€ķ ‡Ŧķ „ī¸‹ķ †€ķ …ēķ †˛ķ ‡ķ ‡—ķ ‡Ŧķ „Šķ ‡˜ķ …™ķ „ķ †Œķ †žķ …ˇķ †‘ķ …Ēķ †´ķ †¸. Recording income is growing at 5.2 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ „¨ķ „ķ …žķ …‚ķ †§ķ „ąķ „¯ķ ‡Ÿī¸ķ ‡„ķ ‡ˆķ ‡Ŧķ ‡›ķ …¤ķ „ķ …—ķ …ēķ ‡˜ķ „¯ķ †Žķ ‡ƒķ †´ķ „¤ķ …ķ „ļķ „Šķ „Ŋķ „ƒķ „ĩķ ‡‹ķ ‡‘ķ …Šķ „šķ ‡–ī¸ˆķ ‡€ķ …ļķ †ˇķ †Š. Both streams are growing. [ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šķ ‡…ķ †Žķ †Ŋķ †Žķ „ĩī¸€ķ †“ķ †­ī¸ƒķ „›ķ ‡ ķ †ļķ „‰ķ †¨ķ „‘ķ …ģķ „Ŗķ …§ķ †‘ķ ‡›ķ ‡“ķ ‡¤ķ „Ēķ „›ī¸„ķ „˜ķ „‘ķ †ąķ †ąķ †ēķ ……ķ ‡“ķ †žķ „‚ķ ‡Žķ †˛ķ „Ļķ †Ŗķ †€The Copyright Royalty Board is raising statutory mechanical rates through 2027](https://www.hypebot.com/new-2026-us-mechanical-royalty-rates-set/?ref=duethedilly.com)ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¨ķ „ ķ †ķ …°ķ …ķ ‡œķ …Šķ „‡ķ ‡ˆķ ‡“ķ ……ī¸ķ „ŧķ †Œķ †žķ †“ķ ‡„ķ †­ķ „‘ķ …šķ ‡§ķ „ĩķ ‡Šķ †¤ķ †‹ķ ‡„ķ …šķ †Œķ ‡šķ † ķ †Ŋķ „Ŋķ †¤ķ „Ŗķ „…ķ †˜ķ …˜ķ „†ī¸‡ķ „–. Spotify has paid $60 billion in lifetime royalties and keeps growingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ …Ŗķ †´ķ ‡ķ ‡¯ķ †•ķ ‡ķ „™ķ †˜ķ „­ķ †ˆķ …Ēķ †‚ķ …Žķ †Ĩķ ‡‹ī¸‰ķ …‹ķ …žķ †“ķ …Ŋķ „´ķ „Ļķ …ģķ …Ŋķ …Šķ ‡Ÿī¸ī¸Šī¸€ķ ‡œķ „Šķ †’ķ ‡žķ „­ķ † ķ „€ķ …ˆķ „‡ī¸ƒ. The global value of music copyright hit $47.2 billion in 2024ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ …—ī¸Œķ ‡ĸķ „›ķ †Ģķ „ƒī¸…ķ „Ŗī¸‰ķ …‡ķ „ķ „†ķ „˛ķ †˛ī¸ķ †ŋķ ‡ī¸…ķ ‡ƒķ …‹ķ †¨ķ ‡—ķ „ ķ …šķ ‡Œķ †ŧķ ‡ķ †ķ †°ķ ‡…ī¸Šķ ‡ķ „žķ …ļī¸‚ķ ‡šķ †ĸķ …Ŧķ „ģ. The asset class is expandingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‹ķ †ĸķ ‡§ķ …ķ †Ąķ …ķ †ŋķ †Œķ „¸ķ †¯ķ „¨ķ „œķ …“ķ „Šķ †Ŋķ „ēķ …ķ ‡¯ķ „ˆķ „Ģķ „Ģķ ‡‚ķ †šķ „ķ ‡§ķ …Ŋķ ‡Œķ …¯ķ †ˇķ …™ķ …ēķ †Œķ †‹ķ „˜ķ …˛ķ ‡¤ķ „€ķ †œī¸Œķ „§. Investors are trying to buy into them in financial markets because they are an uncorrelated asset. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‰ķ „†ķ †ēķ ‡“ķ „Ąķ †Šī¸„ķ †Ĩķ †ƒķ †ēķ …‡ķ †Ēķ †˛ķ †Œī¸‚ķ „†ī¸‹ķ ‡ķ ††ķ „™ī¸‰ķ …—ķ †—ķ ‡ķ …šķ ‡‹ī¸Šķ …ģķ „Œķ ‡Žķ „ąķ „ĩķ …§ķ †Šķ „ģķ „Ŗķ †ąī¸…ķ …ŗķ „—The artists who own both copyrights and distribute at institutional scale through independent infrastructure are accumulating the most valuable version of this assetķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ †ĸķ †‹ī¸ķ „Ĩķ †‹ķ †“ķ …¸ķ „žķ …ēķ ‡¤ķ …‚ķ †Ĩķ ‡™ķ „°ķ ‡ķ †Ÿķ ‡—ķ ‡¨ķ „˜ķ „ļķ „Ąķ †œķ ‡†ķ „˜ķ „žķ …Šķ …ģķ †Šķ ……ķ †°ķ †Ēķ „˜ķ „¨ķ „ķ ‡ķ ‡›ķ …¯ķ …ŋķ …. They are the ones who will be in the strongest negotiating position when they decide to sell, borrow against their catalog, or structure a deal with a Harbourview or a KKR or a Blackstoneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡•ķ …„ķ „˜ķ † ķ †žķ „ķ ‡Ēķ „°ķ „˛ķ …•ķ …›ķ …Ŋķ †ķ ‡Ļķ †šķ †¸ķ †ķ …ķ „ĩķ „ķ …ŧķ …Ÿķ …€ķ „‡ķ †‰ķ †Ÿķ …¤ķ …Ĩķ „Šķ „Žķ †–ķ „­ķ „Ĩķ ‡Ĩķ †ķ ‡—ķ ‡Ēķ †Ļķ †ˆķ „˛. This is why Gamma is important. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‡ķ ‡Ąķ …Ŗķ „ēķ „¨ķ ‡‡ķ ‡ķ „›ķ ‡‹ķ ‡ķ †Œķ „˜ķ ‡œķ ††ķ …–ķ „’ķ „ĩķ †ļķ „°ķ …–ķ …™ķ †“ķ „šķ „°ķ …Ÿķ „˜ķ ‡Ŧķ „ķ „–ķ …ˇķ …¤ķ †‡ķ †ˆķ …Ļķ †”ķ ‡‡ķ …ŋķ ‡›ķ ‡¯ķ †Don't be stingy with the 🏀ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ēķ †‰ķ †ģķ ‡“ķ ‡Ļķ …´ī¸‚ķ †–ķ †Ŧķ „ģķ „ŋķ †‘ķ ‡›ķ …Šķ …Ŗķ ‡’ī¸‚ķ ‡Ąķ „Šķ „žķ „‡ķ ‡…ķ ‡„ķ ‡­ķ „Ŧķ „ķ †‹ķ †šķ †Žķ „¨ķ †Ēķ „Ĩķ „ēķ …Žķ †ļķ „¸ķ ‡–ķ „Ģķ …Ŧķ †›. Pass this to a friend. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ ‡¤ķ ‡§ķ …ģķ †Ąķ †ĸķ „­ķ „Ŋķ …—ķ †ŧķ „ļķ „˛ķ †…ķ †™ķ …ĩķ „—ķ …ģķ …¯ķ …”ķ ‡€ķ …¯ķ ‡‰ī¸‡ķ „‘ķ …žķ …‡ķ †ąķ †Ąķ ‡§ķ †ŗķ ‡§ķ …œī¸†ķ „…ī¸ī¸‚ķ „Ēķ †™ķ ‡¯ī¸ŠSee y'all next week, CJBķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ąķ †§ķ „´ķ †ķ †ˆķ †˜ķ „Ąķ „Ÿķ ‡ķ †Ŋķ …Žī¸‡ķ …ķ …™ķ …˜ķ …ģķ …”ķ †Ģī¸‡ķ „Žķ ‡ˆķ „’ķ „ģķ …šķ …™ķ …˜ķ „šķ †šķ „”ķ …¤ķ „ˆķ „žķ „°ķ „žķ †„ķ …ķ †Ŋķ †¤ķ †‘ķ …™ ķ „ŗķ „ĸķ …€ķ „ąķ …„ķ …ˆķ …„ī¸€ī¸ī¸€ī¸€ķ „Šķ †“ī¸€ī¸€ķ „Šķ †“ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „Žķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ … ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ī¸€ī¸€ī¸€ķ „Šķ …­ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ˇķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …•ķ …–ķ …“ķ …’ķ „ĸķ …”ķ …”ķ …“ķ „ķ …’ķ „Ļķ „Šķ „§ķ „ķ „¤ķ „Ŗķ …•ķ …“ķ „ķ „Šķ „Ŗķ …’ķ „Šķ „ķ „Ļķ …’ķ …•ķ „ĸķ …’ķ „ĸķ „¤ķ …–ķ „¤ķ …‘ķ „ĸķ …“ī¸€ī¸€ī¸€ī¸†ķ „ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …‘ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗī¸€ī¸€ī¸€ī¸ķ „Ēķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸī¸€ī¸€ī¸€ī¸ī¸‰ķ …“ķ …’ķ …Ÿķ …ĸķ †‘ķ …—ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …˛ķ †“ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „ĸķ „¨ķ …„ķ „Ąķ „Ąķ „Ēķ „ĸķ „§ķ „Ēķ „¤ķ „§ķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …§ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ĩķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ „ąķ …€ķ „šķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …›ķ …“ķ „ĸķ … ķ …‘ķ „žķ …•ķ …”ķ …™ķ …¤ķ …•ķ …”ķ †”ķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ļķ …“ķ „ĸķ … ķ …‘ķ „žķ …§ķ …‘ķ …¤ķ …•ķ …ĸķ …ķ …‘ķ …ĸķ …›ķ …•ķ …”ķ „žķ …’ķ …Ÿķ …Ĩķ …žķ …”ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „ĸķ „¨ķ …„ķ „Ąķ „Ąķ „Ēķ „ĸķ „§ķ „Ēķ „¤ķ „§ķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ĸķ „žķ „ ķ …›ķ …”ķ …•ķ …Ŗķ …“ķ …ĸķ …™ķ … ķ …¤ķ …™ķ …Ÿķ …žķ …¨ķ „Ÿķ …„ķ …•ķ …¨ķ …¤ķ „ķ …•ķ …ķ …’ķ …•ķ …”ķ …”ķ …•ķ …”ķ „ķ …§ķ …™ķ …¤ķ …˜ķ „ķ ……ķ …žķ …™ķ …“ķ …Ÿķ …”ķ …•ķ „ķ …Ļķ …‘ķ …ĸķ …™ķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ „ķ …Ŗķ …•ķ …œķ …•ķ …“ķ …¤ķ …Ÿķ …ĸķ …Ŗķ „žī¸€ī¸€ī¸ķ „™ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „—ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ī¸€ī¸€ī¸€ī¸€ķ ‡Ēķ …“ķ …’ķ …Ÿķ …ĸķ †•ķ …˜ķ „°ķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …ĸķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ŗķ …“ķ …˜ķ …•ķ …ķ …‘ķ „žķ …Ÿķ …ĸķ …—ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŗķ …ĸķ …•ķ …‘ķ …¤ķ …™ķ …Ļķ …•ķ …‡ķ …Ÿķ …ĸķ …›ķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „Ąķ „§ķ …“ķ „Ĩķ …–ķ …”ķ „Ŗķ …‘ķ …•ķ „§ķ …•ķ „Ĩķ „ ķ „ ķ „ ķ „Ąķ „Ĩķ …•ķ „Ąķ „Šķ …“ķ …‘ķ …ķ …Ļķ „Ąķ „§ķ „§ķ „Šķ „Šķ „Ļķ „§ķ „Ļķ „Ļķ „Ļķ …ķ „Šķ „Ąķ …’ķ …–ķ …•ķ „Ŗķ „Ĩķ „Šķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „Ąķ „§ķ …“ķ „Ĩķ …–ķ …”ķ „Ŗķ …‘ķ …•ķ „§ķ …•ķ „Ĩķ „ ķ „ ķ „ ķ „Ąķ „Ĩķ …•ķ „Ąķ „Šķ …“ķ …‘ķ …ķ …Ļķ „Ąķ „§ķ „§ķ „Šķ „Šķ „Ļķ „§ķ „Ļķ „Ļķ „Ļķ …ķ „Šķ „Ąķ …’ķ …–ķ …•ķ „Ŗķ „Ĩķ „Šķ …™ķ … ķ …Ĩķ …’ķ …œķ …™ķ …Ŗķ …˜ķ …•ķ …ĸķ †’ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŋķ …ĸķ …—ķ …‘ķ …žķ …™ķ …Ēķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¤ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ī¸€ī¸€ī¸€ķ †Šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗī¸€ī¸€ī¸€ī¸€ķ …´ķ …“ķ …’ķ …Ÿķ …ĸķ †’ķ …¤ķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „ŗķ …ĸķ …•ķ …”ķ …•ķ …žķ …¤ķ …™ķ …‘ķ …œķ …¨ķ …€ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ļķ …•ķ …ĸķ …™ķ …–ķ …Šķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „Ÿķ …Ļķ „Ąķ „Ÿķ …œķ …™ķ …Ŗķ …¤ķ …Ŗķ „Ÿķ „¤ķ „Šķ „§ķ …‘ķ „Ŗķ „¨ķ …–ķ „Šķ „ķ „Šķ „§ķ …’ķ …–ķ „ķ „¤ķ …–ķ …’ķ „ ķ „ķ „¨ķ „ĸķ „§ķ „¨ķ „ķ …•ķ „Ąķ „¤ķ …”ķ …’ķ „¤ķ …–ķ „Ĩķ …’ķ „Ąķ „Ĩķ „Ĩķ …Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „šķ …žķ …”ķ …•ķ …¨ķ …“ķ „¤ķ „ĸķ „Ĩī¸€ī¸€ī¸€ķ ‡˜ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąī¸€ī¸€ī¸€ī¸€ķ † ķ …“ķ …’ķ …Ÿķ …ĸķ †”ķ …™ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …˜ķ …‘ķ …Ŗķ …˜ķ …¨ķ „°ķ …“ķ „¨ķ …”ķ „Šķ „Ŗķ „Ŗķ „ĸķ „§ķ „ ķ „ ķ „ĸķ …•ķ …“ķ „Ļķ …”ķ „¨ķ …‘ķ …‘ķ „¤ķ „ĸķ …•ķ „ĸķ „§ķ …•ķ „Ļķ „ĸķ „§ķ „Ļķ …’ķ „¨ķ „ĸķ „¨ķ …–ķ „ ķ „Ąķ „ĸķ „§ķ „ ķ …•ķ …’ķ …‘ķ „¤ķ „Ŗķ …’ķ „¨ķ „¨ķ …•ķ …•ķ …–ķ „Šķ „ ķ …•ķ …“ķ „ĸķ …”ķ …–ķ „¨ķ „Ĩķ „¨ķ …“ķ „Ąķ „¨ķ „¨ķ …’ķ …žķ …¤ķ …Ÿķ …¤ķ …‘ķ …œķ …ķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …Ŗķ „ˆķ †“ķ …—ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …™ķ …”ķ …¨ķ „”ķ …‘ķ „§ķ „ ķ „Ĩķ „¤ķ „ĸķ „¤ķ „Ļķ „ķ „ĸķ …•ķ „ ķ „¨ķ „ķ „¤ķ …“ķ „Ŗķ …“ķ „ķ „¨ķ …•ķ „ ķ …–ķ „ķ …“ķ …“ķ „ĸķ …–ķ „¤ķ „ĸķ „¤ķ „Ļķ …–ķ „§ķ „Ąķ …‘ķ …ĸķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ …ķ …œķ …•ķ …Ļķ …•ķ …œķ …˜ķ …Ŗķ …•ķ …žķ …¤ķ …•ķ …žķ …“ķ …•ī¸€ī¸€ī¸€ķ …ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …™ķ …—ķ …žķ …•ķ …ĸī¸€ī¸€ī¸€ī¸€ķ „˜ķ …“ķ …’ķ …Ÿķ …ĸķ †‘ķ …™ķ …Ŗķ …™ķ …—ķ …žķ …•ķ …ĸķ …ķ …™ķ …”ķ …¤ķ 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 … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †ģķ †Ąķ …€ķ †Ēķ …ķ „Šķ ‡¤ķ …¸ķ †˜ī¸€ķ „§ķ …•ķ „­ķ …ŋķ …˜ķ „”ķ ‡–ķ …˜ķ †‘ķ „™ī¸†ķ ‡Žķ ‡ķ „’ķ †‹ķ „žķ „…ķ †Ąķ ††ķ „”ķ ‡ ķ …ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „Žķ ††ķ †ķ „œķ „¸ķ „ŋķ †žķ ‡›ķ …‰ķ …›ķ †’ķ ‡„ķ †Šī¸…ķ ‡ķ „“ķ †‹ķ ‡ĸķ ‡ķ ‡ƒķ †¤ķ †ļķ †‡ķ †žī¸Œķ ‡™ķ …—ķ †‡ķ „Šķ …‚ķ ‡ķ …™ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļī¸€ī¸€ī¸ķ †šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „˜ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …“ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ī¸€ī¸€ī¸€ī¸ķ …Ēķ …“ķ …’ķ …Ÿķ …ĸķ …´ķ „´ķ †‘ī¸ķ „¨ķ „’ķ †‘ķ „ˆķ „‘ķ …ŗķ …‰ī¸ƒķ †´ķ „ ķ …˛ī¸ƒķ †°ķ „ ķ …˛ī¸ƒķ „ĩķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „„ķ †žķ †Ŗķ „Šķ †ąķ †ƒķ „Ŗķ „¤ķ †Ŋī¸‚ķ …Žķ …šķ „œķ ‡“ķ †Šķ …˜ķ ‡ ķ ‡—ķ …ķ „Žķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ŗķ „ ķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „‡ī¸ķ „ĸķ „§ķ „ ķ „Ĩķ „ ķ „Ąķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „ ķ „ģķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ …šķ ‡Šķ †‘ķ „Ŗķ …’ķ …¯ķ †˜ķ ‡™ķ †ķ †ļķ …„ķ „ķ ‡šķ †ŗķ †ķ …ķ †›ķ ‡‹ķ „Ŗķ …‘ķ …Ŧķ „Šķ „šķ †Šķ …šķ ‡˜ķ †ŧķ †ˇķ ‡‰ķ „¤ķ ‡™ī¸ķ „Žī¸Œķ „—ķ „ķ † ķ „‡ķ ‡†ķ ‡ķ …’ķ …ēķ †¨ķ …šķ …Œķ …°ķ †Ļķ †ŋķ …ĩķ †ŋķ …Ģī¸ˆķ †ļķ ‡ī¸‡ķ „Ēķ ‡’ķ …›ķ ‡Ąķ „Žķ ‡Šķ ‡Ąķ …ķ „‹ķ ‡‡ķ …ĩķ …‰ķ †Ŗķ ‡§ķ …žķ … ķ „Žķ „ąķ ‡…ķ ‡˜ķ „Žķ „„ķ …§ķ ‡Ģķ †‡ķ „‹ķ †‡ķ †ŧķ …‡ķ ‡Ēķ †´ķ †Ļķ †¨ķ †ēķ …žķ †Ēķ ‡‹ķ ‡Ļķ …ŧķ …‚ķ „ ķ †“ķ …˛ī¸ķ †‘ķ „ ķ …˛ī¸ķ †ķ „ ī¸Œī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸‚ķ „ ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸†ķ †°ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡™ķ ††ķ …Ŗķ †šķ †ļķ ‡Žķ …ŗķ ‡…ķ „Ÿķ †ēķ †ļķ „Ÿķ …Ģķ …’ķ …šķ …ķ …‹ķ ‡Šķ †žķ ‡‘ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „Ēī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „Ŗķ „ ķ „Ąķ „ ķ „Ÿķ †ķ „ķ †ķ „›ķ …ļķ „™ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ķ „‰ī¸†ī¸‰ķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸„ī¸Œī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸Šķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Ŧķ …ĩķ ‡Šķ „Šķ ‡€ķ †‚ķ ‡‚ķ „™ķ „Ąķ …–ķ …ˆī¸ķ „šķ …ˆķ ‡‚ķ „ĸķ †Ļķ „ŗķ ‡Ģī¸‰ķ ‡–ķ ‡–ķ …ąķ †ƒķ „ˆķ †Šķ …Ļķ „§ķ †ī¸Œķ …ˇķ †šķ …‘ķ „ ķ „¤ķ „Ŧķ …Žķ †°ķ …ŋķ „™ķ †”ķ ‡Ŗī¸ķ †°ķ †šķ ‡Žī¸Žķ ‡ī¸‚ķ „Ąī¸€ķ †žķ †–ķ ‡Šķ …˜ķ ‡‘ķ „„ķ ‡Ŧķ ††ķ …”ķ †”ķ †šķ †§ķ …ąķ „ ķ †¨ķ …Ŋķ †Ŗķ …‹ķ ‡¤ī¸Šķ †´ķ …šķ †˛ķ „—ķ „Ŋķ …Žī¸ķ †§ķ …“ķ †Šķ …‡ķ †šķ †šķ †ˇķ †…ķ ‡‹ķ …Ŗķ ‡Ĩķ ‡¯ķ …Ÿķ ‡Ģķ ‡Šī¸‰ķ …Ÿķ ‡ķ …¤ķ …¸ķ †ƒķ …‰ī¸ƒķ ‡Ÿķ „ ķ …˛ī¸ƒķ ‡›ķ „ ķ …˛ī¸ƒķ …Ąķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ī¸ƒķ „Šķ …žķ „¯ķ †¨ķ „˜ķ †ī¸‹ķ ‡Žķ „—ķ †ĸķ …ķ †‡ķ …Ēķ †ĩķ †ķ „Ÿķ †ąķ „¨ķ ‡ĸķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „‡ī¸ķ „Ŗķ „Ąķ „ ķ „¤ķ „Ąķ „Ļķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ ‡Ŗķ …†ķ …Šķ …¤ķ †´ķ …Žķ ‡’ķ „žķ †™ķ …‹ķ †•ķ ‡Žķ †€ķ †Šķ ‡ķ ‡’ī¸ƒķ „•ķ †‘ī¸†ķ „Šķ „€ķ „ģķ †Ąķ „Ģķ …‹ķ …¸ķ †§ķ ‡ ķ †€ķ ‡Ŧķ „ķ †ēķ †Ŗķ ‡Ēķ „ķ ‡ˆķ …ēķ ‡›ķ …Žķ …¸ķ †ĩķ …ķ „Ŋķ †ąī¸€ķ †Šķ ‡¯ī¸€ī¸ƒķ †šķ ‡ˆķ …‘ķ ‡—ķ …ąķ ‡Ēķ …€ķ †´ķ …´ķ …—ķ …‚ķ †šķ „žķ ‡‹ī¸€ķ †—ķ …€ķ „žķ „Šķ ‡Ļķ †œķ „ŧī¸ķ „œī¸Žķ …Ēķ „•ķ †‰ī¸ķ „Ŋķ †Ēķ †ŧī¸‰ķ ……ķ „šķ †¨ķ …Œķ †ēķ †•ī¸‹ķ „†ķ ‡šķ †Ĩķ …‘ķ ‡¤ķ …ŗķ †“ķ …˛ī¸ķ …šķ „ ķ …˛ī¸ķ …ĩķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „§ī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ ķ „ ķ „žķ „ ķ „œķ †ķ „šķ †ķ „˜ķ …ļķ „–ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …ĸķ …Ÿķ …Ÿķ …¤ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …˜ī¸€ķ „ ķ …•ī¸‚ķ „ ķ „ˆī¸ƒķ „Žķ …´ķ „†ķ …ŧī¸„ķ „Ēķ …ģķ „°ķ †ļķ †´ķ †“ī¸Žķ †›ķ „Ēķ …ŗķ …Ĩķ …“ķ ‡œķ ‡ķ „Ąī¸ķ …‘ķ „žķ †€ķ …›ī¸„ķ †„ķ ‡”ī¸„ķ …•ķ †Ąķ †œķ …ŋķ †€ī¸‰ķ †­ķ †‹ķ †žķ „„ķ ‡ ķ …‚ī¸Œķ †Ÿķ ‡ķ †ąķ „•ī¸‚ķ „Ąī¸€ķ …žķ ‡’ķ †™ķ … ķ †—ī¸‡ķ …‡ķ „šķ †Ļķ „€ķ †ĸķ …ķ …—ķ ‡ ķ „¨ķ †ŧķ „ģķ †€ķ † ķ „ĩķ ‡€ķ †„ķ †Ąķ „žķ ‡Šķ …Œķ †ķ †Ŧķ ‡”ķ „‰ī¸‰ķ …­ķ „ŧķ ‡Ēķ †‚ķ …Žķ …Ŧķ †´ī¸Šķ …Šķ …¸ķ „¨ķ …ˇķ †§ķ †Ēķ ‡ƒī¸‰ķ †ˆķ …‰ī¸ƒķ „‰ķ „ ķ …˛ī¸ƒķ „…ķ „ ķ …˛ī¸‚ķ †Šķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „žķ …Žī¸„ķ †Ĩķ ‡›ī¸ˆķ …ķ ‡‚ķ …—ī¸ˆķ ‡“ķ …ķ „‰ķ …´ķ „žķ …ĩķ …˜ķ †ˇķ †ĩķ †Ŧķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „‡ī¸ķ „¤ķ „Ļķ „ ķ „¤ķ „Ąķ „ ķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ †ĸķ „œķ „Ļķ „ĸķ …‘ķ „ĩķ „ēķ ‡Šķ „Ēķ „Ŧķ …”ķ …Ģķ „ąķ †­ķ „ķ ‡™ķ †‰ķ ‡ķ „ˆī¸Šķ † ķ „¤ī¸Žķ †—ī¸„ķ ‡œķ ‡ķ ‡ ķ „’ķ …šķ †™ķ ‡–ķ †Ģķ …Ļķ …Šķ …Ŗķ „ ķ ‡Ēķ …Ąķ „ ķ …Ŧķ †Œķ †­ķ „“ķ „Ģķ ‡’ķ …žķ …šķ …œķ „­ķ …ˆķ „Žķ †›ķ …ĩķ †šķ „ēķ †Žķ „ŋķ †ģķ ‡ƒķ ‡Ŗķ ‡ˆķ „ąķ †”ķ …¯ķ †–ķ †˛ķ … ķ …œķ …›ķ …Šķ „€ķ …ąķ †Šķ †Šķ …™ķ ‡ƒķ „“ķ ‡šķ †šķ †“ķ ‡ķ …€ķ …Šķ …Œķ ‡ķ „žķ „­ķ „šķ „ģķ „ƒķ ‡‡ī¸ķ …¤ķ ‡§ķ …ķ †“ķ …ąķ †Ļķ „ ķ …ąķ †Ŗķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Žķ †‚ķ „ƒķ †Šķ †Ĩķ ‡§ķ …ƒķ †§ķ †Šķ „ŧķ †ĸķ ††ķ „Ĩī¸Žķ …‡ķ „”ķ „ķ „¸ī¸ķ …Šķ †‘ķ ‡›ķ †Žķ †ˇķ †—ķ „œķ „Ÿķ †¸ķ „‹ķ †…ķ ‡¤ķ …Žķ „šķ ‡ ķ …ĸī¸ˆķ ‡Šķ „ĸķ …–ķ ‡Ēķ ‡ķ „’ī¸ƒķ ‡†ī¸ˆķ ‡•ķ †ŗķ †Ĩī¸‚ķ „Ąī¸€ķ †Šķ …›ķ …Ÿķ …Ŧķ ‡Žķ …ĸķ †‘ī¸ī¸ķ „žķ ‡Žķ †ķ †‰ķ †Œķ ‡…ķ „ąķ „Ŗķ ‡Ÿķ ‡„ī¸‚ķ …Ēķ „ķ …°ķ ‡¤ķ †ŋķ †­ķ „ŗķ ‡Ÿī¸‚ķ †—ķ †œķ …’ķ „‘ķ „œķ …€ķ …™ī¸‚ī¸‹ķ …žķ †¯ķ „ķ †ĸķ †œī¸ķ „ŗī¸‡ķ „‘ķ „Ŋķ …‰ī¸„ķ „žķ †•ķ …šķ …™ķ …žķ …Ŗķ …¤ķ …‘ķ …žķ …“ķ …•ķ „šķ „´ķ …¨ķ „ķ …Ĩķ …ĸķ …žķ „Ēķ …Ĩķ …Ĩķ …™ķ …”ķ „Ēķ „Šķ „Šķ „¨ķ …–ķ …“ķ …‘ķ …”ķ …‘ķ „ķ „Ąķ „Ĩķ …–ķ „Ļķ „ķ „¤ķ …’ķ …’ķ „Ąķ „ķ …‘ķ …”ķ „§ķ „Ŗķ „ķ „§ķ …‘ķ „ ķ „ ķ …’ķ „Ąķ „Ļķ …’ķ …‘ķ …’ķ „§ķ „Šķ …¤ķ …“ķ …œķ …‘ķ …™ķ …ķ …ķ …—ķ …•ķ …žķ …•ķ …ĸķ …‘ķ …¤ķ …Ÿķ …ĸķ …ķ …™ķ …žķ …–ķ …Ÿķ †“ķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ĸķ „žķ „ ķ …—ķ …Ļķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „Ąķ „žķ „ ķ …›ķ …Ŗķ … ķ …•ķ …“ķ …†ķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „ĸķ „žķ „ĸķ …™ķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …¨ķ „ˇķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …•ķ …–ķ …“ķ …’ķ „ĸķ …”ķ …”ķ …“ķ „ķ …’ķ „Ļķ „Šķ „§ķ „ķ „¤ķ „Ŗķ …•ķ …“ķ „ķ „Šķ „Ŗķ …’ķ „Šķ „ķ „Ļķ …’ķ …•ķ „ĸķ …’ķ „ĸķ „¤ķ …–ķ „¤ķ …‘ķ „ĸķ …“ķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …ĸķ …“ķ …ĸķ …•ķ …‘ķ …¤ķ …•ķ …”ķ …ķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …¸ķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „šķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …´ķ ‡œķ †­ķ †ķ †¨ķ †™ķ †ļķ †•ķ „§ķ ‡Ĩķ †Žķ †Ŗī¸„ī¸‹ķ ‡Ēķ ‡ĸķ †™ķ …—ī¸‡ķ ‡„ķ …Šķ …‰ķ …¤ķ ‡‡ķ ‡“ķ ‡žķ „ˇķ ‡§ķ ‡Ļķ …Ģķ ‡Šķ …†ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „˜ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡ķ ‡„ķ ‡žķ …°ķ „Žķ „–ķ ‡›ķ ‡Ļī¸‰ķ †œķ …­ķ …ķ …Šķ ‡Ļī¸‰ķ „˜ķ …žķ †Ŋķ …´ķ ‡Ļķ ‡Ģķ †Ÿķ …™ķ ‡…ķ …ŋķ †ŋķ „˜ķ …‹ķ ‡œķ †–ķ „Šķ „˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡Žķ ‡žķ ‡Ĩķ †›ķ „ˆķ †Ģī¸Šķ †›ķ „†ķ ‡˜ķ ‡ķ ‡—ķ …´ķ „ķ „’ķ ‡Žķ …˛ī¸ˆī¸‰ķ †§ķ …§ķ …¸ķ …ļķ „’ķ ‡Žķ †œķ „ŧķ †ƒī¸‹ķ ‡ķ „ŋķ †ĩķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ąķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „”ķ ‡Žķ …‘ķ †˛ķ ‡Žķ „šķ †„ķ †”ķ †’ķ ‡ķ „—ķ †Ļī¸ķ † ķ ‡šķ „ĩķ „ƒķ „ŧķ †¤ķ …•ķ †ģķ …Ŧķ …Ŗķ „ķ …”ī¸ķ †ĩķ ‡Šķ „ĸķ „œķ †‡ķ †Ģķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …™ķ …—ķ …žķ …•ķ …ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ž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