Eric Levin: Yes. Let me add a few things. One is — and again, consistent with what Robert said and how our philosophy is, having services that compete with each other that our monetization is in line so that we’re not incented to support one service versus another, but to provide the best content we can across all services and let their competition in the market determine where audiences go. So we’re achieving our objective as we do these deals. TikTok is an example of that. It also opens up new growth drivers as they roll out subscription services and then other products that they want to. What I will say is we have been saying for quite some time that we’ve had emerging streaming deals that were concluded in 2021 that we expected renewals in ’23 and ’24.
This obviously is a substantive one of them. What we will say is that this is happening pretty much when we expected and in line with where we would have expected this to. So this is really consistent with our model and our forecast. And we’re really pleased this deal concluded, and Robert said in good partnerships. So we move forward.
Operator: Our next question comes from the line of Batya Levi with UBS.
Batya Levi: Great. Can you provide a little bit more color on the emerging platform revenue mix now and your expectations for growth over the next couple of quarters? And maybe just one question on the advertising trends. Did you start to see some improvement in the base, excluding the emerging platform? And how should we think about that going forward?
Eric Levin: So a few — so the first thing is, this is the first quarter — and hopefully, this simplifies things for folks out there. We know that it’s been something we’ve had to explain in components in the past. We’re now combining the emerging streaming category and the traditional ad-supported streaming category combined, which is how we know others report this as well. We have seen improvement in the — in that category sequentially as the market improves, specifically for ad-supported services. You see that in the reporting — of public reporting of some of the services that we have licenses with. So we’re seeing this as a continued category of improvement quarter-to-quarter. We see the emerging subset, more the social gaming subset that’s continuing to show upside and opportunity and growth.
And the traditional ad side, which was declining for the past year or so, really starting to come back into a positive growth environment. So across the board, we’ve been pleased. And again, as we’ve said, as I said before, we had a series of renewals that are coming up in ’23 and ’24. TikTok being one that we talked about publicly that was just done, noting that, that didn’t affect our Q3 results, but that deal was done in our fiscal Q4 and we’ll see that in our fiscal Q4.
Operator: Our next question comes from the line of Kutgun Maral with Evercore ISI.
Kutgun Maral: I was hoping to follow up on the streaming revenue discussion. When I think of the DSP price increases, TikTok deal and improved ad-supported trends, at this moment, there seems to be more tailwinds to growth then maybe there has been at any other point over the last few years. I know you called out that momentum has carried into Q4. But is there any more color you can provide on if we should see another acceleration in the year-over-year growth and how high that could get to? And specifically, I realize you don’t provide guidance, but are we entering a period for the next year or so when Recorded Music subscription streaming revenue growth could get closer to a low teens range compared to the double-digits in Q3?
