As platforms evolve and there’s more information about how they’ve achieved over the past several years and more clarity into their product and expansion plans for the go-forward term, we will build all of that into our negotiation and attempt to get the best economics that we can out of that deal. Obviously, as I said before, we also seek to move our emerging streaming deals from fixed to variable deals as best as we can. That requires they have the systems. That requires that we’re able to resolve the negotiation in a favorable variable form. But these are all things that come into the equation and we work hard to make sure each deal for every single partner is right-sized and structured to help them succeed, to fully value music, and continue to build and expand our partnership.
Hope that helps, Stephen.
Stephen Laszczyk: Got it. Thank you very much.
Operator: Thank you. Our last question comes from the line of Vijay Jayant with Evercore ISI. Your line is no open.
Unidentified Analyst: Thanks. This is Ashton for Vijay. I just had a quick question on some of these DSP price increases. Is there sort of any dynamics with the price increases in sort of changes in payment terms versus what you were getting before the price increase? Or is that a negotiation that comes up when DSPs increased price?
Eric Levin: Ashton, I think – sorry, it was a little faded, but I think your question is about price increases and how that affects our economics, if I have that right. And so, what we have said and will continue to remind folks is that our – certainly our major DSP partners are generally all on similar economic terms in a very tight band, and are generally variable deals. So, as price increases roll through the market, we generally expect to share in the upside that that generates. So, as the average ARPU per consumer increases, that’s positive and favorable for our economics. What I would say is that each affiliate is a complex mix of how they generate their revenue. They operate across both developed and emerging markets.
Subscribers are growing in both developed and emerging markets. Each affiliate has a different mix for what their growth is, the different percentage from developed and emerging markets. ARPUs are different in developed markets and lower in emerging markets. But price increases obviously raise the whole boat and are favorable for us and the industry. And we’re thrilled to see that price increases are starting to roll through. It’s something we’ve been advocating for years and years, and it’s really nice to see that distributors are starting to recognize that as well. Thank you, Ashton.
Operator: Thank you. This concludes the question-and-answer session. I would now like to hand the conference back over to Steve Cooper for closing remarks.
Steve Cooper: Thank you. Just a couple last points. I want to thank my Warner colleagues, our artists, songwriters, partners, board of directors, and shareholders, for allowing me to lead the company over the last 11 years. It’s honestly been just an enormous amount of fun, incredibly interesting, and one of the greatest experiences of my working life, and I’m really honored to have been a small part of the incredible Warner Music Group journey. Number two, thanks again for joining us today, and I hope that everyone has a very happy Thanksgiving, and a wonderful holiday season. So, goodbye for now.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
