streaming rates 2014 logo (1)

8/19/2019 Streaming Rates 2014 Logo (1)

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January-14 February-14 March-14 April-14 May-14 June-14 July-14 August-14 September-14 October-14 November-14 December-14 2014 Totals 2014 Growth

MONTHLY GROSS REVENUE $45,118,026.44 $45,000,924.65 $49,252,771.14 $48,632,610.00 $52,612,402.90 $55,028,295.94 $56,219,451.01 $58,875,445.14 $58,143,595.22 $61,831,127.43 $61,574,614.84 $67,808,801.81 $660,098,066.52 50.29%The % Change From Last Month In The Gross Revenue - -0.26% 9.45% -1.26% 8.18% 4.59% 2.16% 4.72% -1.24% 6.34% -0.41% 10.12%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 13,235,427 13,779,826 14,289,530 14,965,881 16,014,634 16,444,973 17,572,720 18,477,191 19,137,251 20,207,059 20,958,396 21,891,156 65.40%The % Change From Last Month In The Average Number Of Subscribers - 4.11% 3.70% 4.73% 7.01% 2.69% 6.86% 5.15% 3.57% 5.59% 3.72% 4.45%

TOTAL NUMBER OF STREAMS FOR ALL SONGS IN THIS ONE

MONTH 4 ,6 63 ,3 39 ,2 90 2 ,5 89 ,8 37 ,0 98 5 ,4 69 ,2 83 ,3 68 5 ,7 87 ,3 49 ,7 52 6 ,0 41 ,8 46 ,6 06 5 ,6 82 ,9 21 ,0 10 6 ,4 31 ,1 21 ,6 38 6 ,7 96 ,1 33 ,7 40 7 ,0 31 ,5 87 ,9 78 7 ,6 80 ,5 94 ,1 06 7 ,5 21 ,0 68 ,2 41 8 ,4 26 ,9 21 ,4 11 7 4, 12 2, 00 4, 23 8 8 0. 71 %The % Change From Last Month In The Number Of Monthly Streams - -44.46% 111.18% 5.82% 4.40% -5.94% 13.17% 5.68% 3.46% 9.23% -2.08% 12.04%

THE TOTAL AMOUNT OF MONEY EARNED BY MUSIC RIGHTSHOLDER (SOUND RECORDING + COMPOSITION)

$29,904,394.27 $30,217,922.37 $32,029,098.52 $32,860,709.98 $34,742,695.63 $36,527,184.06 $37,899,236.16 $40,086,045.39 $39,977,374.56 $42,252,621.66 $42,868,989.58 $46,023,119.51 $445,389,391.70 53.90%

The % of Gross Revenue that is paid to Music Rights Holders 66.28% 67.15% 65.03% 67.57% 66.04% 66.38% 67.41% 68.09% 68.76% 68.34% 69.62% 67.87% 67.47%The % Change From Last Month In The Money Earned By Music Rights Holders - 1.05% 5.99% 2.60% 5.73% 5.14% 3.76% 5.77% -0.27% 5.69% 1.46% 7.36%

THE NET EARNED BY THE MUSIC SERVICE $15,213,632.17 $14,783,002.28 $17,223,672.62 $15,771,900.02 $17,869,707.27 $18,501,111.88 $18,320,214.85 $18,789,399.75 $18,166,220.66 $19,578,505.77 $18,705,625.26 $21,785,682.30 $214,708,674.83 43.20%The % of Gross Revenue that is paid to the Music Service 33.72% 32.85% 34.97% 32.43% 33.96% 33.62% 32.59% 31.91% 31.24% 31.66% 30.38% 32.13% 32.53%

The % Change From Last Month In The Money Earned By The Music Service - -2.83% 16.51% -8.43% 13.30% 3.53% -0.98% 2.56% -3.32% 7.77% -4.46% 16.47%

HOW THE MONEY OWED TO MUSIC RIGHTS

HOLDERS IS SPLIT

THE TOTAL AMOUNT OF MONEY EARNED FOR THE

COMPOSITION (MECHANICAL ROYALTY + PUBLIC

PERFORMANCE) $ 5, 36 9, 70 8. 57 $ 5, 41 5, 81 5. 72 $ 5, 73 9, 91 1. 35 $ 5, 84 6, 08 0. 41 $ 6, 27 6, 10 3. 01 $ 6, 52 9, 11 1. 58 $ 6, 75 4, 88 0. 69 $ 7, 07 9, 55 9. 61 $ 6, 77 9, 02 3. 75 $ 7, 17 1, 96 8. 43 $ 7, 25 6, 15 3. 30 $ 8, 03 9, 17 5. 06 $ 78 ,2 57 ,4 91 .4 8 4 9. 71 %The % of Gross Revenue that is paid for the composition 11.90% 12.03% 11.65% 12.02% 11.93% 11.87% 12.02% 12.02% 11.66% 11.60% 11.78% 11.86% 11.86%

COMPOSITION MECHANICAL ROYALTIES (PART 1)Of the Total Amount Od Money Earned For the Composition, How Much is For

Mechanical Royalties $ 2, 82 1, 82 8. 76 $ 2, 87 2, 75 3. 91 $ 2, 96 9, 95 7. 43 $ 3, 08 5, 77 9. 44 $ 3, 29 0, 65 5. 82 $ 3, 37 8, 83 0. 03 $ 3, 49 4, 95 9. 87 $ 3, 64 2, 22 5. 76 $ 3, 77 2, 24 2. 42 $ 3, 84 4, 01 6. 15 $ 3, 95 4, 02 9. 46 $ 4, 37 4, 63 9. 11 $ 41 ,5 01 ,9 18 .1 5 5 5. 03 %How Much Is Earned By The Songwriter/Publisher as a Mechanical RoyaltyEach Time a Recording of Their Song Is Streamed 0.000605109 0.001109241 0.000543025 0.000533194 0.000544644 0.000594559 0.000543445 0.000535926 0.000536471 0.000500484 0.000525727 0.000519127 0.000559914 -14.21%

What % of the Gross Revenue is For Mechanical Royalties 6.25% 6.38% 6.03% 6.35% 6.25% 6.14% 6.22% 6.19% 6.49% 6.22% 6.42% 6.45% 6.29%What % of the Composition Money is for Mechanicals 52.55% 53.04% 51.74% 52.78% 52.43% 51.75% 51.74% 51.45% 55.65% 53.60% 54.49% 54.42% 53.03%

The %Change From Last Month In The Mechanical Royalty Pool - 1.80% 3.38% 3.90% 6.64% 2.68% 3.44% 4.21% 3.57% 1.90% 2.86% 10.64%

COMPOSITION: PUBLIC PERFORMANCE (PART 2)Of the Total Amount Of Money Earned For the Composition, How Much is For

Public Performance $ 2, 54 7, 87 9. 81 $ 2, 54 3, 06 1. 82 $ 2, 76 9, 95 3. 92 $ 2, 76 0, 30 0. 97 $ 2, 98 5, 44 7. 19 $ 3, 15 0, 28 1. 56 $ 3, 25 9, 92 0. 82 $ 3, 43 7, 33 3. 85 $ 3, 00 6, 78 1. 32 $ 3, 32 7, 95 2. 28 $ 3, 30 2, 12 3. 85 $ 3, 66 4, 53 5. 95 $ 36 ,7 55 ,5 73 .3 4 4 3. 83 %How Much Is Generated By The Songwriter/Publisher as a Public Performance

Royalty Each Time a Recording of Their Song Is Streamed 0.000546364 0.000981939 0.000506456 0.000476954 0.000494128 0.000554342 0.000506898 0.000505778 0.000427611 0.000433294 0.00043905 0.000434861 0.000495879 -20.41%What % of the Gross Revenue is For Public Performance 5.65% 5.65% 5.62% 5.68% 5.67% 5.72% 5.80% 5.84% 5.17% 5.38% 5.36% 5.40% 5.57%

What % of the Composition Money is for Public Performance 47.45% 46.96% 48.26% 47.22% 47.57% 48.25% 48.26% 48.55% 44.35% 46.40% 45.51% 45.58% 46.97%The %Change From Last Month In The Public Performance Royalty Pool

- -0.19% 8.92% -0.35% 8.16% 5.52% 3.48% 5.44% -12.53% 10.68% -0.78% 10.98%

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $24,534,685.71 $24,802,106.65 $26,289,187.17 $27,014,629.57 $28,466,592.62 $29,998,072.48 $31,144,355.47 $33,006,485.78 $33,198,350.81 $35,080,653.23 $35,612,836.28 $37,983,944.45 $367,131,900.22 54.82%

How Much Is Generated For The Sound Recording Each Time It Is Streamed

0.005261184 0.009576705 0.004806697 0.004667876 0.004711572 0.005278636 0.004842756 0.004856656 0.004721316 0.00456744 0.004735077 0.004507452 0.004953076What % Of The Gross Revenue is for Sound Recordings 54.38% 55.11% 53.38% 55.55% 54.11% 54.51% 55.40% 56.06% 57.10% 56.74% 57.84% 56.02% 55.62%

The % Change From Last Month In The Sound Recording Royalty Pool - 1.09% 6.00% 2.76% 5.37% 5.38% 3.82% 5.98% 0.58% 5.67% 1.52% 6.66%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $310,401.16 $316,002.93 $326,695.32 $339,435.74 $361,972.14 $371,671.30 $384,445.59 $400,644.83 $414,946.67 $422,841.78 $434,943.24 $481,210.30 $4,565,211.00

MONEY NOT BEING PAID

Assumption Amount not being paid $225,746.30 $229,820.31 $237,596.59 $246,862.36 $263,252.47 $270,306.40 $279,596.79 $291,378.06 $301,779.39 $307,521.29 $316,322.36 $349,971.13 $3,320,153.45

8%

MONEY BEING PAID TO WRONG ENTITY OR WITH WRONG

SPLITS

Money being paid erroneously $84,654.86 $86,182.62 $89,098.72 $92,573.38 $98,719.67 $101,364.90 $104,848.80 $109,266.77 $113,167.27 $115,320.48 $118,620.88 $131,239.17 $1,245,057.543%

ANALYSIS OF MUSIC STREAMING SERVICES FOR 2014 (GOOGLE PLAY, RDIO, SPOTIFY US, SLACKER, RHAPSODY, BEATS US)


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January-14 February-14 March-14 April-14 May-14 June-14 July-14 August-14 September-14 October-14 November-14 December-14

GOOGLE PLAY

MONTHLY GROSS REVENUE $4,543,001.55 $4,810,262.46 $5,207,918.77 $5,285,891.86 $5,794,711.51 $5,621,456.44 $5,651,169.49 $5,805,719.33 $5,951,206.61 $6,259,199.92 $6,799,607.19 $7,275,746.08The % Change From Last Month In The Gross Revenue - 5.88% 8.27% 1.50% 9.63% -2.99% 0.53% 2.73% 2.51% 5.18% 8.63% 7.00%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 503,847 527,806 564,381 656,121 620,043 597,897 608,121 652,424 663,178 722,884 732,122 815,171The % Change From Last Month In The Average Number Of Subscribers - 4.76% 6.93% 16.25% -5.50% -3.57% 1.71% 7.29% 1.65% 9.00% 1.28% 11.34%


MONTH 163,005,496 166,514,122 205, 721, 491 227,766,662 244,687,901 234,353,174 252,213,524 269,800,873 271,527,527 304,930,345 316,333,385 357,875,561The % Change From Last Month In The Number Of Monthly Streams - 2.15% 23.55% 10.72% 7.43% -4.22% 7.62% 6.97% 0.64% 12.30% 3.74% 13.13%

THE TOTAL AMOUNT OF MONEY EARNED BY MUSIC

RIGHTS HOLDER (SOUND RECORDING + COMPOSITION)

$ 3,29 2,45 4.51 $ 3,45 4,47 4.90 $ 3,70 0,24 6.67 $ 4,22 1,30 9.11 $ 4,07 3,44 7.97 $ 3,93 2,22 3.14 $ 3,99 0,03 2.65 $ 4,25 7,13 6.04 $ 4,33 1,19 3.28 $ 4,69 6,35 0.61 $ 4,80 4,93 7.74 $ 5,31 8,74 3.49

The % of Gross Revenue that is paid to Music Rights Holders 72.47% 71.81% 71.05% 79.86% 70.30% 69.95% 70.61% 73.33% 72.78% 75.03% 70.66% 73.10%The % Change From Last Month In The Money Earned By Music Rights

Holders- 4.92% 7.11% 14.08% -3.50% -3.47% 1.47% 6.69% 1.74% 8.43% 2.31% 10.69%

THE NET EARNED BY THE MUSIC SERVICE $ 1,25 0,54 7.04 $ 1,35 5,78 7.56 $ 1,50 7,67 2.10 $ 1,06 4,58 2.75 $ 1,72 1,26 3.54 $ 1,68 9,23 3.30 $ 1,66 1,13 6.84 $ 1,54 8,58 3.29 $ 1,62 0,01 3.33 $ 1,56 2,84 9.31 $ 1,99 4,66 9.45 $ 1,95 7,00 2.59The % of Gross Revenue that is paid to the Music Service 27.53% 28.19% 28.95% 20.14% 29.70% 30.05% 29.39% 26.67% 27.22% 24.97% 29.34% 26.90%

The % Change From Last Month In The Money Earned By The Music Service - 8.42% 11.20% -29.39% 61.68% -1.86% -1.66% -6.78% 4.61% -3.53% 27.63% -1.89%


HOLDERS IS SPLIT



PERFORMANCE) $477,015.16 $505, 077. 56 $546,831.47 $555,018.65 $608,444. 71 $590,252.93 $593,372.80 $609,600.53 $624,876. 69 $657, 215.99 $713,958.75 $763,953.34The % of Gross Revenue that is paid for the composition

10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50%

COMPOSITION MECHANICAL ROYALTIES (PART 1)Of the Total Amount Od Money Earned For the Composition, How Much is

For Mechanical Royalties $422,306.78 $446, 487. 23 $470,326.81 $475,419.35 $520,411.34 $506, 757. 62 $505,576.56 $521,748.10 $529,411.46 $554,786.86 $590,720. 31 $637, 816. 64How Much Is Earned By The Songwriter/Publisher as a Mechanical Royalty

Each Time a Recording of Their Song Is Streamed 0.002590752 0. 002681378 0.002286231 0.002087309 0. 002126837 0.002162367 0.002004558 0.001933827 0. 001949752 0.001819389 0.001867398 0.00178223What % of the Gross Revenue is For Mechanical Royalties 9.30% 9.28% 9.03% 8.99% 8.98% 9.01% 8.95% 8.99% 8.90% 8.86% 8.69% 8.77%

What % of the Composition Money is for Mechanicals 88.53% 88.40% 86.01% 85.66% 85.53% 85.85% 85.20% 85.59% 84.72% 84.41% 82.74% 83.49%The %Change From Last Month In The Mechanical Royalty Pool - 5.88% 8.27% 1.50% 9.63% -2.99% 0.53% 2.73% 2.51% 5.18% 8.63% 7.00%

COMPOSITION: PUBLIC PERFORMANCE (PART 2)Of the Total Amount Of Money Earned For the Composition, How Much is

For Public Performance $54,708.38 $58,590.33 $76,504.66 $79,599.30 $88,033.37 $83,495.31 $87,796.24 $87,852.43 $95,465.23 $102,429.13 $123,238.45 $126,136.70How Much Is Generated By The Songwriter/Publisher as a Public

Performance Royalty Each Time a Recording of Their Song Is Streamed

0.000335623 0. 000351864 0.000371885 0.000349477 0. 000359778 0.00035628 0.000348103 0. 00032562 0. 000351586 0.00033591 0.000389584 0.00035246What % of the Gross Revenue is For Public Performance 1.20% 1.22% 1.47% 1.51% 1.52% 1.49% 1.55% 1.51% 1.60% 1.64% 1.81% 1.73%

What % of the Composition Money is for Public Performance 11.47% 11.60% 13.99% 14.34% 14.47% 14.15% 14.80% 14.41% 15.28% 15.59% 17.26% 16.51%The %Change From Last Month In The Public Performance Royalty Pool

- 7.10% 30.58% 4.05% 10.60% -5.15% 5.15% 0.06% 8.67% 7.29% 20.32% 2.35%

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $ 2,81 5,43 9.35 $ 2,94 9,39 7.34 $ 3,15 3,41 5.20 $ 3,66 6,29 0.46 $ 3,46 5,00 3.26 $ 3,34 1,97 0.21 $ 3,39 6,65 9.85 $ 3,64 7,53 5.51 $ 3,70 6,31 6.59 $ 4,03 9,13 4.62 $ 4,09 0,97 8.99 $ 4,55 4,79 0.15


0.017272052 0. 017712596 0.015328565 0.016096695 0. 01416091 0.014260401 0.013467398 0.013519361 0. 013649874 0.013246089 0.012932492 0.012727301What % Of The Gross Revenue is for Sound Recordings 61.97% 61.31% 60.55% 69.36% 59.80% 59.45% 60.11% 62.83% 62.28% 64.53% 60.16% 62.60%

The % Change From Last Month In The Sound Recording Royalty Pool - 4.76% 6.92% 16.26% -5.49% -3.55% 1.64% 7.39% 1.61% 8.98% 1.28% 11.34%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $46,453.75 $49,113.60 $51,735.95 $52,296.13 $57,245.25 $55,743.34 $55,613.42 $57,392.29 $58,235.26 $61,026.55 $64,979.23 $70,159.83


Assumption Amount not being paid $33,784.54 $35,718.98 $37,626.14 $38,033.55 $41,632.91 $40,540.61 $40,446.12 $41,739.85 $42,352.92 $44,382.95 $47,257.62 $51,025.33

8%


SPLITS

Money being paid erroneously $12,669.20 $13,394.62 $14,109.80 $14,262.58 $15,612.34 $15,202.73 $15,167.30 $15,652.44 $15,882.34 $16,643.61 $17,721.61 $19,134.503%


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RDIO Stand-Alone Non-Portable Subscriptions - Streaming

Only

MONTHLY GROSS REVENUE $48, 226. 61 $47,967.36 $48,277.19 $47,045.76 $46,525.00 $45,891.83 $44,418.93 $43,332.55 $42,554.12 $44,160.90 $38,461.81 $37,414.76The % Change From Last Month In The Gross Revenue - -0.54% 0.65% -2.55% -1.11% -1.36% -3.21% -2.45% -1.80% 3.78% -12.91% -2.72%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 9,665 9,613 9,675 9,428 9,324 9,197 8,902 8,684 8,528 8,850 7,708 7,498The % Change From Last Month In The Average Number Of Subscribers - -0.54% 0.64% -2.55% -1.10% -1.36% -3.21% -2.45% -1.80% 3.78% -12.90% -2.72%


MONTH 4,573,847 4,598,790 5,192,261 5,135,922 5,045,606 4,868,373 4,943,529 4,963,656 4,739,836 5,053,453 4,486,242 4,662,287

The % Change From Last Month In The Number Of Monthly Streams - 0.55% 12.90% -1.09% -1.76% -3.51% 1.54% 0.41% -4.51% 6.62% -11.22% 3.92%



$33,299.19 $33,044.83 $33,222.67 $32,952.24 $32,522.67 $32,142.71 $31,119.58 $30,439.31 $29,989.95 $31,388.42 $28,015.54 $27,187.79


Holders- -0.76% 0.54% -0.81% -1.30% -1.17% -3.18% -2.19% -1.48% 4.66% -10.75% -2.95%

THE NET EARNED BY THE MUSIC SERVICE $14,927.42 $14,922.53 $15,054.52 $14,093.52 $14,002.34 $13,749.12 $13,299.35 $12,893.24 $12,564.17 $12,772.48 $10,446.27 $10,226.97The % of Gross Revenue that is paid to the Music Service 30.95% 31.11% 31.18% 29.96% 30.10% 29.96% 29.94% 29.75% 29.53% 28.92% 27.16% 27.33%

The % Change From Last Month In The Money Earned By The Music Service - -0.03% 0.88% -6.38% -0.65% -1.81% -3.27% -3.05% -2.55% 1.66% -18.21% -2.10%


HOLDERS IS SPLIT



PERFORMANCE) $5,063.79 $5,036.57 $5,069.10 $4,939.80 $4,885.13 $4,818.64 $4,663.99 $4,549.92 $4,468.18 $4,636.89 $4,038.49 $3,928.55The % of Gross Revenue that is paid for the composition 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50%


For Mechanical Royalties $1,919.62 $1,906.67 $1,922.15 $2,352.28 $2,326.25 $2,294.59 $2,220.95 $2,166.63 $2,127.70 $2,208.04 $1,923.09 $1,870.74How Much Is Earned By The Songwriter/Publisher as a Mechanical Royalty


What % of the Composition Money is for Mechanicals 37.91% 37.86% 37.92% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62%The %Change From Last Month In The Mechanical Royalty Pool - -0.67% 0.81% 22.38% -1.11% -1.36% -3.21% -2.45% -1.80% 3.78% -12.91% -2.72%




0.000687424 0. 000680592 0.000606085 0.000503808 0. 00050715 0.000518459 0.000494189 0.000480148 0. 000493789 0.000480632 0.000471531 0.000441374What % of the Gross Revenue is For Public Performance 6.52% 6.53% 6.52% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%


- -0.45% 0.54% -17.78% -1.11% -1.36% -3.21% -2.45% -1.80% 3.78% -12.91% -2.72%

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $28,235.40 $28,008.26 $28,153.57 $28,012.44 $27,637.54 $27,324.07 $26,455.59 $25,889.39 $25,521.77 $26,751.53 $23,977.05 $23,259.24


0.006173228 0. 006090354 0.005422218 0.005454219 0. 005477546 0.005612567 0.005351559 0. 00521579 0. 005384526 0.005293713 0.005344574 0.004988805What % Of The Gross Revenue is for Sound Recordings 58.55% 58.39% 58.32% 59.54% 59.40% 59.54% 59.56% 59.75% 59.97% 60.58% 62.34% 62.17%

The % Change From Last Month In The Sound Recording Royalty Pool - -0.80% 0.52% -0.50% -1.34% -1.13% -3.18% -2.14% -1.42% 4.82% -10.37% -2.99%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $211.16 $209.73 $211.44 $258.75 $255.89 $252.41 $244.30 $238.33 $234.05 $242.88 $211.54 $205.78


Assumption Amount not being paid $153.57 $152.53 $153.77 $188.18 $186.10 $183.57 $177.68 $173.33 $170.22 $176.64 $153.85 $149.66

8%


SPLITS

Money being paid erroneously $57.59 $57.20 $57.66 $70.57 $69.79 $68.84 $66.63 $65.00 $63.83 $66.24 $57.69 $56.123%


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RDIO Stand-Alone Portable Subscriptions

MONTHLY GROSS REVENUE $1,096,612.97 $1,073,902.01 $1,132,674.75 $1,109,256.37 $1,126,415.06 $1,100,219.30 $1,120,912.77 $1,114,615.73 $1,057,089.85 $1,066,489.58 $1,017,274.61 $1,023,365.69The % Change From Last Month In The Gross Revenue - -2.07% 5.47% -2.07% 1.55% -2.33% 1.88% -0.56% -5.16% 0.89% -4.61% 0.60%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 102,138 100,279 105,956 103,721 105,340 102,818 104,809 104,304 98,407 99,654 96,338 97,542The % Change From Last Month In The Average Number Of Subscribers - -1.82% 5.66% -2.11% 1.56% -2.39% 1.94% -0.48% -5.65% 1.27% -3.33% 1.25%


MONTH 73,869,302 70,246,235 80,144,567 78,443,404 81,818,816 77,777,108 80,443,991 79,648,682 75,250,382 73,842,923 68,781,769 73,978,339The % Change From Last Month In The Number Of Monthly Streams - -4.90% 14.09% -2.12% 4.30% -4.94% 3.43% -0.99% -5.52% -1.87% -6.85% 7.56%



$750,312.74 $734, 307. 64 $779,498.73 $769,770.73 $781,228. 19 $762,227.01 $776,520.19 $766,239.12 $731,821. 17 $738, 752.98 $703,380.42 $713,649.34


Holders- -2.13% 6.15% -1.25% 1.49% -2.43% 1.88% -1.32% -4.49% 0.95% -4.79% 1.46%

THE NET EARNED BY THE MUSIC SERVICE $346,300.23 $339, 594. 37 $353,176.02 $339,485.64 $345,186. 87 $337,992.29 $344,392.58 $348,376.61 $325,268. 68 $327, 736.60 $313,894.19 $309,716.35The % of Gross Revenue that is paid to the Music Service 31.58% 31.62% 31.18% 30.60% 30.64% 30.72% 30.72% 31.26% 30.77% 30.73% 30.86% 30.26%

The % Change From Last Month In The Money Earned By The Music Service - -1.94% 4.00% -3.88% 1.68% -2.08% 1.89% 1.16% -6.63% 0.76% -4.22% -1.33%


HOLDERS IS SPLIT




10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50%




What % of the Composition Money is for Mechanicals 47.19% 47.18% 47.21% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62% 47.62%The %Change From Last Month In The Mechanical Royalty Pool - -2.09% 5.52% -1.21% 1.55% -2.33% 1.88% -0.56% -5.16% 0.89% -4.61% 0.60%




0.000823149 0. 000847822 0.000783444 0.000777747 0. 000757195 0.000778019 0.000766374 0.000769678 0.00077262 0.000794347 0.000813444 0.000760832What % of the Gross Revenue is For Public Performance 5.54% 5.55% 5.54% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%


- -2.05% 5.43% -2.83% 1.55% -2.33% 1.88% -0.56% -5.16% 0.89% -4.61% 0.60%

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $635,168.38 $621, 547. 93 $660,567.88 $653,298.81 $662,954. 61 $646,703.98 $658,824.35 $649,204.47 $620,826. 74 $626, 771.57 $596,566.59 $606,195.94


0.008598543 0. 008848132 0.008242204 0.008328282 0. 008102716 0.008314837 0.008189852 0. 00815085 0. 008250147 0.008487903 0.008673324 0.008194236What % Of The Gross Revenue is for Sound Recordings 57.92% 57.88% 58.32% 58.90% 58.86% 58.78% 58.78% 58.24% 58.73% 58.77% 58.64% 59.24%

The % Change From Last Month In The Sound Recording Royalty Pool - -2.14% 6.28% -1.10% 1.48% -2.45% 1.87% -1.46% -4.37% 0.96% -4.82% 1.61%




8%


SPLITS



5/20


SLACKER ON-DEMAND

MONTHLY GROSS REVENUE $1,566,177.00 $1,523,806.94 $1,556,410.05 $1,534,630.76 $1,555,631.94 $1,552,830.97 $1,552,582.58 $1,542,693.80 $1,491,455.66 $1,504,257.29 $1,471,369.50 $1,442,300.95The % Change From Last Month In The Gross Revenue - -2.71% 2.14% -1.40% 1.37% -0.18% -0.02% -0.64% -3.32% 0.86% -2.19% -1.98%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 107,852 106,367 108,267 108,087 109,241 107,360 107,098 106,244 102,863 101,734 99,189 99,729The % Change From Last Month In The Average Number Of Subscribers - -1.38% 1.79% -0.17% 1.07% -1.72% -0.24% -0.80% -3.18% -1.10% -2.50% 0.54%


MONTH 18,002,168 16,707,343 18,931,451 19,020,648 19,132,801 17,586,267 18,548,554 18,616,339 16,827,875 17,523,484 16,260,413 17,495,161The % Change From Last Month In The Number Of Monthly Streams - -7.19% 13.31% 0.47% 0.59% -8.08% 5.47% 0.37% -9.61% 4.13% -7.21% 7.59%



$885,596.94 $875, 260. 83 $878,004.81 $837,496.89 $843,183. 50 $849,226.66 $841,840.54 $843,269.28 $821,738. 28 $827, 507.00 $799,702.97 $774,316.25


Holders- -1.17% 0.31% -4.61% 0.68% 0.72% -0.87% 0.17% -2.55% 0.70% -3.36% -3.17%

THE NET EARNED BY THE MUSIC SERVICE $680,580.07 $648, 546. 11 $678,405.24 $697,133.87 $712,448. 44 $703,604.31 $710,742.04 $699,424.52 $669,717. 38 $676, 750.29 $671,666.53 $667,984.70The % of Gross Revenue that is paid to the Music Service 43.45% 42.56% 43.59% 45.43% 45.80% 45.31% 45.78% 45.34% 44.90% 44.99% 45.65% 46.31%

The % Change From Last Month In The Money Earned By The Music Service - -4.71% 4.60% 2.76% 2.20% -1.24% 1.01% -1.59% -4.25% 1.05% -0.75% -0.55%


HOLDERS IS SPLIT




10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50%



Each Time a Recording of Their Song Is Streamed 0.003479974 0. 003648233 0.003288517 0.003227294 0. 003252282 0.003531917 0.003348148 0.003314709 0. 003545202 0.003433695 0.003619513 0. 0032976What % of the Gross Revenue is For Mechanical Royalties 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

What % of the Composition Money is for Mechanicals 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10%The %Change From Last Month In The Mechanical Royalty Pool - -2.71% 2.14% -1.40% 1.37% -0.18% -0.02% -0.64% -3.32% 0.86% -2.19% -1.98%






- -2.71% 2.14% -1.40% 1.37% -0.18% -0.02% -0.64% -3.32% 0.86% -2.19% -1.98%




The % Change From Last Month In The Sound Recording Royalty Pool - -0.82% -0.09% -5.35% 0.51% 0.93% -1.07% 0.36% -2.37% 0.67% -3.64% -3.46%




8%


SPLITS



6/20


SLACKER BUNDLED

MONTHLY GROSS REVENUE $1,525,815.33 $1,486,208.15 $1,491,667.84 $1,471,576.38 $1,487,004.10 $1,490,179.40 $1,479,785.53 $1,465,205.21 $1,424,768.69 $1,431,984.29 $1,411,384.58 $1,373,864.94The % Change From Last Month In The Gross Revenue - -2.60% 0.37% -1.35% 1.05% 0.21% -0.70% -0.99% -2.76% 0.51% -1.44% -2.66%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 160,714 155,370 157,071 154,612 155,592 153,863 152,585 150,479 147,524 360,386 356,678 346,974The % Change From Last Month In The Average Number Of Subscribers - -3.33% 1.09% -1.57% 0.63% -1.11% -0.83% -1.38% -1.96% 144.29% -1.03% -2.72%


MONTH 59,088,119 54,544,989 62,215,891 61,748,330 65,105,870 62,409,732 64,279,628 63,082,511 58,649,214 61,155,324 54,624,723 59,388,923The % Change From Last Month In The Number Of Monthly Streams - -7.69% 14.06% -0.75% 5.44% -4.14% 3.00% -1.86% -7.03% 4.27% -10.68% 8.72%



$488,946.26 $477, 658. 26 $484,085.58 $477,524.42 $477,092. 59 $492,699.77 $487,560.81 $489,933.21 $478,195. 68 $483, 880.01 $506,687.96 $496,222.54


Holders- -2.31% 1.35% -1.36% -0.09% 3.27% -1.04% 0.49% -2.40% 1.19% 4.71% -2.07%

THE NET EARNED BY THE MUSIC SERVICE $ 1, 03 6, 86 9. 07 $1 ,0 08 ,5 49 .8 9 $ 1, 00 7, 58 2. 26 $ 99 4, 05 1. 96 $ 1, 009 ,9 11 .5 1 $ 997 ,4 79 .6 3 $ 99 2, 22 4. 72 $9 75, 27 2. 00 $9 46, 57 3. 01 $ 94 8, 10 4. 28 $ 90 4, 69 6. 62 $ 877 ,6 42 .4 0The % of Gross Revenue that is paid to the Music Service 67.96% 67.86% 67.55% 67.55% 67.92% 66.94% 67.05% 66.56% 66.44% 66.21% 64.10% 63.88%

The % Change From Last Month In The Money Earned By The Music Service - -2.73% -0.10% -1.34% 1.60% -1.23% -0.53% -1.71% -2.94% 0.16% -4.58% -2.99%


HOLDERS IS SPLIT




10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50%




What % of the Composition Money is for Mechanicals 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10% 38.10%The %Change From Last Month In The Mechanical Royalty Pool - -2.60% 0.37% -1.35% 1.05% 0.21% -0.70% -0.99% -2.76% 0.51% -1.44% -2.66%




0.001678476 0.00177108 0.001558419 0.00154907 0. 001484586 0.001552028 0.001496369 0.001509742 0. 001579049 0.001522009 0.001679459 0.001503668What % of the Gross Revenue is For Public Performance 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%


- -2.60% 0.37% -1.35% 1.05% 0.21% -0.70% -0.99% -2.76% 0.51% -1.44% -2.66%




The % Change From Last Month In The Sound Recording Royalty Pool - -2.17% 1.82% -1.36% -0.64% 4.76% -1.20% 1.18% -2.23% 1.50% 7.49% -1.82%




8%


SPLITS



7/20

January-14 February-14 March-14 April-14 May-14 June-14 July-14 August-14 September-14 October-14 November-14 December-14 2014 Totals 2014 Growth January-15 February-15 March-15

MONTHLY GROSS REVENUE $27,558,331.58 $27,406,285.95 $30,874,024.41 $30,164,703.15 $32,917,141.80 $34,756,887.92 $35,688,283.46 $37,718,877.83 $37,290,054.74 $40,567,168.86 $39,911,530.12 $45,513,205.21 $420,366,495.03 65.15% $43,007,476.76 $42,929,406.15 $53,300,504.93The%ChangeFromLastMonthInTheGross Revenue - -0.55% 12.65% -2.30% 9.12% 5.59% 2.68% 5.69% -1.14% 8.79% -1.62% 14.04% -5.51% -0.18% 24.16%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 1 1, 47 2, 68 6 1 2, 02 1, 39 1 1 2, 39 4, 04 3 1 2, 89 9, 07 4 1 3, 93 0, 46 0 1 4, 36 3, 13 1 1 5, 44 2, 16 5 1 6, 29 1, 30 6 1 6, 97 7, 17 8 1 7, 80 7, 03 8 1 8, 56 4, 16 1 1 9, 40 3, 98 3 6 9. 13 % 2 0, 56 1, 33 7 2 1, 00 7, 48 4 2 2, 61 2, 76 7The%ChangeFromLastMonthInTheAverageNumberOfSubscribers - 4.78% 3.10% 4.07% 8.00% 3.11% 7.51% 5.50% 4.21% 4.89% 4.25% 4.52% 5.96% 2.17% 7.64%


MONTH 3,867,152,882 1,829,082,211 4,536,389,375 4,755,591,426 4,970,355,175 4,773,691,111 5,321,384,497 5,670,832,066 5,959,858,508 6,573,829,117 6,401,455,518 7,199,706,233 61,859,328,120 86.18% 7,644,118,902 10,670,860,100 8,596,640,052The%ChangeFromLastMonthInTheNumberOfMonthlyStreams - -52.70% 148.01% 4.83% 4.52% -3.96% 11.47% 6.57% 5.10% 10.30% -2.62% 12.47% 6.17% 39.60% -19.44%



$19,451,998.52 $19,727,183.84 $20,885,418.44 $21,122,348.16 $22,624,348.75 $23,759,094.11 $24,852,545.04 $26,428,337.15 $26,519,641.93 $28,375,945.38 $28,938,082.62 $31,596,741.43 $294,281,685.36 62.43% $33,282,426.09 $35,968,673.11 $40,705,532.48

The%of Gross Revenuethatis paidtoMusicRights Holders 70.58% 71.98% 67.65% 70.02% 68.73% 68.36% 69.64% 70.07% 71.12% 69.95% 72.51% 69.42% 70.01% 77.39% 83.79% 76.37%The%ChangeFromLastMonthInTheMoneyEarnedByMusicRights Holders - 1.41% 5.87% 1.13% 7.11% 5.02% 4.60% 6.34% 0.35% 7.00% 1.98% 9.19% 5.33% 8.07% 13.17%

THE NET EARNED BY THE MUSIC SERVICE $8,106,333.06 $7,679,102.11 $9,988,605.97 $9,042,354.99 $10,292,793.05 $10,997,793.81 $10,835,738.42 $11,290,540.68 $10,770,412.81 $12,191,223.48 $10,973,447.50 $13,916,463.78 $126,084,809.67 71.67% $10,421,832.28 $6,960,733.04 $12,594,972.45The%of Gross Revenuethatis paidto theMusicService 29.42% 28.02% 32.35% 29.98% 31.27% 31.64% 30.36% 29.93% 28.88% 30.05% 27.49% 30.58% 29.99% 24.23% 16.21% 23.63%

The%ChangeFromLastMonthInTheMoneyEarnedByThe MusicService - -5.27% 30.08% -9.47% 13.83% 6.85% -1.47% 4.20% -4.61% 13.19% -9.99% 26.82% -25.11% -33.21% 80.94%


HOLDERS IS SPLIT



PERFORMANCE) $3,522,282.17 $3,563,805.16 $3,770,675.26 $3,826,984.77 $4,135,518.60 $4,354,972.07 $4,555,790.09 $4,835,316.62 $4,569,404.10 $4,921,776.89 $4,963,293.38 $5,678,666.22 $52,698,485.32 61.22% $6,014,096.78 $6,341,886.33 $6,947,288.35The%of Gross Revenuethatis paidforthecomposition 12.78% 13.00% 12.21% 12.69% 12.56% 12.53% 12.77% 12.82% 12.25% 12.13% 12.44% 12.48% 12.54% 13.98% 14.77% 13.03%

COMPOSITION MECHANICAL ROYALTIES (PART 1)OftheTotalAmountOfMoneyEarnedFortheComposition,HowMuchis For

MechanicalRoyalties $1,548,354.13 $1,580,670.85 $1,604,975.95 $1,675,177.59 $1,811,408.19 $1,908,344.92 $2,020,308.84 $2,146,221.82 $2,310,062.62 $2,353,082.43 $2,440,102.00 $2,810,008.41 $24,208,717.74 81.48% $3,175,880.69 $3,571,039.65 $3,605,485.60HowMuch Is EarnedBy TheSongwriter/Publisher as a MechanicalRoyalty

EachTimea RecordingofTheirSongIs Streamed 0 .000400386 0.000864188 0.0003538 0.000352254 0.000364442 0.000399763 0.000379658 0.000378467 0.000387604 0.000357947 0.000381179 0.000390295 0.000391351 -2.52% 0.000415467 0.000334653 0.000419406What%ChangeFromLastMonth's MechanicalRoyaltyRate - 115.84% -59.06% -0.44% 3.46% 9.69% -5.03% -0.31% 2.41% -7.65% 6.49% 2.39% 6.45% -19.45% 25.33%

What%oftheGross Revenueis ForMechanicalRoyalties 5.62% 5.77% 5.20% 5.55% 5.50% 5.49% 5.66% 5.69% 6.19% 5.80% 6.11% 6.17% 5.76% 7.38% 8.32% 6.76%What%oftheCompositionMoneyis forMechanicals 43.96% 44.35% 42.56% 43.77% 43.80% 43.82% 44.35% 44.39% 50.56% 47.81% 49.16% 49.48% 45.94% 52.81% 56.31% 51.90%

The% Change FromLastMonthInTheMechanicalRoyaltyPool - 2.09% 1.54% 4.37% 8.13% 5.35% 5.87% 6.23% 7.63% 1.86% 3.70% 15.16% 13.02% 12.44% 0.96%

COMPOSITION: PUBLIC PERFORMANCE (PART 2)OftheTotalAmountOfMoneyEarnedFortheComposition,HowMuchis For

Public Performance $1,973,928.04 $1,983,134.31 $2,165,699.31 $2,151,807.18 $2,324,110.41 $2,446,627.15 $2,535,481.25 $2,689,094.80 $2,259,341.48 $2,568,694.46 $2,523,191.38 $2,868,657.81 $28,489,767.58 45.33% $2,838,216.09 $2,770,846.68 $3,341,802.75HowMuch Is GeneratedByThe Songwriter/Publisheras a PublicPerformance

RoyaltyEachTimea RecordingofTheirSongIs Streamed 0 .000510434 0.001084224 0.000477406 0.000452479 0.000467594 0.000512523 0.00047647 0.000474198 0.000379093 0.000390746 0.000394159 0.000398441 0.000460557 -21.94% 0.000371294 0.000259665 0.000388734What%oftheGross Revenueis ForPublicPerformance 7.16% 7.24% 7.01% 7.13% 7.06% 7.04% 7.10% 7.13% 6.06% 6.33% 6.32% 6.30% 6.78% 6.60% 6.45% 6.27%

What%oftheCompositionMoneyis forPublicPerformance 56.04% 55.65% 57.44% 56.23% 56.20% 56.18% 55.65% 55.61% 49.44% 52.19% 50.84% 50.52% 54.06% 47.19% 43.69% 48.10%The% Change FromLastMonthInThePublicPerformanceRoyaltyPool

- 0.47% 9.21% -0.64% 8.01% 5.27% 3.63% 6.06% -15.98% 13.69% -1.77% 13.69% -1.06% -2.37% 20.61%

SOUND RECORDINGTheTotalAmountOfMoneyEarnedFortheSoundRecording $15,929,716.35 $16,163,378.68 $17,114,743.18 $17,295,363.39 $18,488,830.15 $19,404,122.04 $20,296,754.95 $21,593,020.53 $21,950,237.83 $23,454,168.49 $23,974,789.24 $25,918,075.21 $241,583,200.04 62.70% $27,268,329.31 $29,626,786.78 $33,758,244.13

HowMuchIs GeneratedForTheSoundRecordingEachTimeItIs Streamed

0.004119236 0.008836879 0.003772768 0.003636848 0.003719821 0.004064805 0.003814187 0.003807734 0.003683013 0.003567809 0.003745209 0.00359988 0.003905364 0.00356723 0.00277642 0.003926911What%OfThe Gross Revenueis forSoundRecordings 57.80% 58.98% 55.43% 57.34% 56.17% 55.83% 56.87% 57.25% 58.86% 57.82% 60.07% 56.95% 57.47% 63.40% 69.01% 63.34%

The%ChangeFromLastMonthInTheSoundRecordingRoyaltyPool - 1.47% 5.89% 1.06% 6.90% 4.95% 4.60% 6.39% 1.65% 6.85% 2.22% 8.11% 5.21% 8.65% 13.95%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $ 17 0,31 8.95 $ 17 3,87 3.79 $ 17 6,54 7.35 $ 18 4,26 9.54 $ 19 9,25 4.90 $ 20 9,91 7.94 $ 22 2,23 3.97 $ 23 6,08 4.40 $ 25 4,10 6.89 $ 25 8,83 9.07 $ 26 8,41 1.22 $ 30 9,10 0.93 $ 2,66 2,95 8.95 $ 34 9,34 6.88 $ 39 2,81 4.36 $ 39 6,60 3.42


AssumptionAmountnotbeingpaid $ 12 3,86 8.33 $ 12 6,45 3.67 $ 12 8,39 8.08 $ 13 4,01 4.21 $ 14 4,91 2.66 $ 15 2,66 7.59 $ 16 1,62 4.71 $ 17 1,69 7.75 $ 18 4,80 5.01 $ 18 8,24 6.59 $ 19 5,20 8.16 $ 22 4,80 0.67 $ 1,93 6,69 7.42 $ 25 4,07 0.46 $ 28 5,68 3.17 $ 28 8,43 8.85

8%


SPLITS

Moneybeing paiderroneously $ 46 ,4 50 .6 2 $ 47 ,4 20 .1 3 $ 48 ,1 49 .2 8 $ 50 ,2 55 .3 3 $ 54 ,3 42 .2 5 $ 57 ,2 50 .3 5 $ 60 ,6 09 .2 7 $ 64 ,3 86 .6 5 $ 69 ,3 01 .8 8 $ 70 ,5 92 .4 7 $ 73 ,2 03 .0 6 $ 84 ,3 00 .2 5 $ 72 6,26 1.53 $ 95 ,2 76 .4 2 $ 10 7,13 1.19 $ 10 8,16 4.573%

ANALYSIS OF MUSIC STREAMING SERVICES FOR 2014 - 1Q2015(SPOTIFY US)


8/20


SPOTIFY DESKTOP

MONTHLY GROSS REVENUE $ 308 ,9 51 .5 4 $ 29 1, 78 4. 72 $295,802.25 $273,961.82 $269,444. 38 $254,544.58 $239,443.59 $223,597.65 $211,459. 39 $207, 176.08 $182,221.57 $172,540.67The % Change From Last Month In The Gross Revenue - -5.56% 1.38% -7.38% -1.65% -5.53% -5.93% -6.62% -5.43% -2.03% -12.05% -5.31%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 63,005 61,714 59,420 56,842 54,498 51,728 48,805 46,368 44,745 42,875 39,184 35,774The % Change From Last Month In The Average Number Of Subscribers - -2.05% -3.72% -4.34% -4.12% -5.08% -5.65% -4.99% -3.50% -4.18% -8.61% -8.70%


MONTH 38,243,888 34,812,149 38,255,530 36,015,196 33,494,757 28,999,586 29,077,055 28,027,391 27,541,503 28,382,912 23,687,769 22,229,316The % Change From Last Month In The Number Of Monthly Streams - -8.97% 9.89% -5.86% -7.00% -13.42% 0.27% -3.61% -1.73% 3.06% -16.54% -6.16%



$199,967.45 $193, 848. 82 $190,255.21 $180,029.34 $174,169. 42 $165,040.36 $155,810.89 $147,462.96 $141,468. 06 $135, 774.48 $123,677.88 $113,940.57


Holders- -3.06% -1.85% -5.37% -3.25% -5.24% -5.59% -5.36% -4.07% -4.02% -8.91% -7.87%

THE NET EARNED BY THE MUSIC SERVICE $108,984.09 $97,935.90 $105,547.04 $93,932.48 $95,274.96 $89,504.22 $83,632.70 $76,134.69 $69,991.33 $71,401.60 $58,543.69 $58,600.10The % of Gross Revenue that is paid to the Music Service 35.28% 33.56% 35.68% 34.29% 35.36% 35.16% 34.93% 34.05% 33.10% 34.46% 32.13% 33.96%

The % Change From Last Month In The Money Earned By The Music Service - -10.14% 7.77% -11.00% 1.43% -6.06% -6.56% -8.97% -8.07% 2.01% -18.01% 0.10%


HOLDERS IS SPLIT



PERFORMANCE) $32,439.91 $30,857.00 $31,059.24 $28,765.99 $28,291.66 $26,727.18 $25,141.58 $23,477.75 $22,372.50 $21,753.49 $19,592.00 $18,116.77The % of Gross Revenue that is paid for the composition 10.50% 10.58% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.58% 10.50% 10.75% 10.50%



Each Time a Recording of Their Song Is Streamed 0.00028768 0.00040021 0.00027733 0.00026659 0.00028707 0.00031207 0.0002917 0.00027831 0.00034781 0.00032336 0.00036015 0.00034385What % of the Gross Revenue is For Mechanical Royalties 3.56% 4.77% 3.59% 3.50% 3.57% 3.56% 3.54% 3.49% 4.53% 4.43% 4.68% 4.43%

What % of the Composition Money is for Mechanicals 33.92% 45.15% 34.16% 33.38% 33.99% 33.86% 33.74% 33.22% 42.82% 42.19% 43.54% 42.19%The %Change From Last Month In The Mechanical Royalty Pool - 26.63% -23.85% -9.50% 0.15% -5.88% -6.28% -8.03% 22.81% -4.19% -7.05% -10.40%




0.000560558 0. 000486176 0.000534559 0.000532128 0. 000557589 0.00060957 0.000572953 0.000559362 0.00046451 0.000443069 0.000466944 0.000471144What % of the Gross Revenue is For Public Performance 6.94% 5.80% 6.91% 7.00% 6.93% 6.94% 6.96% 7.01% 6.05% 6.07% 6.07% 6.07%


- -21.05% 20.83% -6.28% -2.55% -5.35% -5.76% -5.90% -18.40% -1.70% -12.05% -5.31%

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $167,527.54 $162,991.82 $159,195.97 $151,263.35 $145,877.76 $138,313.18 $130,669.31 $123,985.21 $119,095.56 $114,020.99 $104,085.88 $95,823.80



The % Change From Last Month In The Sound Recording Royalty Pool - -2.71% -2.33% -4.98% -3.56% -5.19% -5.53% -5.12% -3.94% -4.26% -8.71% -7.94%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $1,210.22 $1,532.54 $1,167.03 $1,056.14 $1,057.69 $995.49 $933.00 $858.03 $1,053.71 $1,009.57 $938.43 $840.79


Assumption Amount not being paid $880.16 $1,114.57 $848.75 $768.10 $769.23 $723.99 $678.54 $624.02 $766.34 $734.23 $682.49 $611.48

8%


SPLITS

Money being paid erroneously $330.06 $417.97 $318.28 $288.04 $288.46 $271.50 $254.45 $234.01 $287.38 $275.34 $255.93 $229.313%


9/20

January-14 February-14 March-14 April-14 May-14 June-14 July-14 August-14 September-14 October-14 November-14 December-14 January-15 February-15 March-15

SPOTIFY DESKTOP

MONTHLY GROSS REVENUE $ 30 8, 95 1. 54 $ 29 1, 78 4. 72 $ 29 5, 80 2. 25 $ 27 3, 96 1. 82 $ 26 9, 44 4. 38 $ 25 4, 54 4. 58 $ 23 9, 44 3. 59 $ 22 3, 59 7. 65 $ 21 1, 45 9. 39 $ 20 7, 17 6. 08 $ 18 2, 22 1. 57 $ 17 2, 54 0. 67 $ 15 7, 66 0. 89 $ 14 0, 50 1. 12 $ 13 2, 92 2. 10The%ChangeFromLastMonthInTheGrossRevenue - -5.56% 1.38% -7.38% -1.65% -5.53% -5.93% -6.62% -5.43% -2.03% -12.05% -5.31% -8.62% -10.88% -5.39%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 63,005 61,714 59,420 56,842 54,498 51,728 48,805 46,368 44,745 42,875 39,184 35,774 32,857 30,967 29,135The%ChangeFromLastMonthInTheAverageNumberOfSubscribers - -2.05% -3.72% -4.34% -4.12% -5.08% -5.65% -4.99% -3.50% -4.18% -8.61% -8.70% -8.15% -5.75% -5.92%

TOTAL NUMBER OF STREAMS FOR ALL SONGS IN THIS

ONE MONTH 38,243,888 34,812,149 38,255,530 36,015,196 33,494,757 28,999,586 29,077,055 28,027,391 27,541,503 28,382,912 23,687,769 22,229,316 19,791,357 17,476,832 18,082,271The%ChangeFromLastMonthInTheNumberOfMonthlyStreams - -8.97% 9.89% -5.86% -7.00% -13.42% 0.27% -3.61% -1.73% 3.06% -16.54% -6.16% -10.97% -11.69% 3.46%



$199 ,967.45 $19 3,848.8 2 $ 190,25 5.21 $180 ,029.34 $1 74,169.4 2 $165,04 0.36 $155 ,810.89 $1 47,462 .96 $141 ,468.06 $ 135,77 4.48 $12 3,677.8 8 $113,94 0.57 $104,6 36.27 $98 ,014.00 $ 92,355. 98

The%of GrossRevenuethatispaidtoMusicRightsHolders 64.72% 66.44% 64.32% 65.71% 64.64% 64.84% 65.07% 65.95% 66.90% 65.54% 67.87% 66.04% 66.37% 69.76% 69.48%The%ChangeFromLastMonthInTheMoneyEarnedByMusicRights

Holders- -3.06% -1.85% -5.37% -3.25% -5.24% -5.59% -5.36% -4.07% -4.02% -8.91% -7.87% -8.17% -6.33% -5.77%

THE NET EARNED BY THE MUSIC SERVICE $108,984.09 $97,935.90 $105,547.04 $93,932.48 $95,274.96 $89,504.22 $83,632.70 $76,134.69 $69,991.33 $71,401.60 $58,543.69 $58,600.10 $53,024.62 $42,487.12 $40,566.12The%of GrossRevenuethatispaidtotheMusicService 35.28% 33.56% 35.68% 34.29% 35.36% 35.16% 34.93% 34.05% 33.10% 34.46% 32.13% 33.96% 33.63% 30.24% 30.52%

The%ChangeFromLastMonthInTheMoneyEarnedByTheMusicService - -10.14% 7.77% -11.00% 1.43% -6.06% -6.56% -8.97% -8.07% 2.01% -18.01% 0.10% -9.51% -19.87% -4.52%


HOLDERS IS SPLIT

THE TOTAL AMOUNT OF MONEY EARNED FOR

THE COMPOSITION (MECHANICAL ROYALTY +

PUBLIC PERFORMANCE) $32,439.91 $30,857.00 $31,059.24 $28,765.99 $28,291.66 $26,727.18 $25,141.58 $23,477.75 $22,372.50 $21,753.49 $19,592.00 $18,116.77 $16,554.39 $15,483.50 $14,567.50The%of GrossRevenuethatispaidforthecomposition 10.50% 10.58% 10.50% 10.50% 10.50% 10.50% 10.50% 10.50% 10.58% 10.50% 10.75% 10.50% 10.50% 11.02% 10.96%

COMPOSITION MECHANICAL ROYALTIES (PART 1)OftheTotalAmountOf MoneyEarnedFortheComposition,HowMuchis

ForMechanicalRoyalties $11,002.00 $13,932.17 $10,609.41 $9,601.29 $9,615.34 $9,049.90 $8,481.78 $7,800.30 $9,579.21 $9,177.90 $8,531.15 $7,643.55 $6,984.37 $6,955.08 $6,499.13HowMuch IsEarned ByThe Songwriter/Publisheras aMechanicalRoyalty

EachTimeaRecordingofTheirSongIsStreamed 0.00028768 0.00040021 0.00027733 0.00026659 0.00028707 0.00031207 0.0002917 0.00027831 0.00034781 0.00032336 0.00036015 0.00034385 0.0003529 0.00039796 0.00035942

What% ChangeFromLast Month'sMechanicalRoyaltyRate - 39.12% -30.70% -3.87% 7.68% 8.71% -6.53% -4.59% 24.97% -7.03% 11.38% -4.53% 2.63% 12.77% -9.68%What%oftheGrossRevenueisForMechanicalRoyalties 3.56% 4.77% 3.59% 3.50% 3.57% 3.56% 3.54% 3.49% 4.53% 4.43% 4.68% 4.43% 4.43% 4.95% 4.89%

What%oftheCompositionMoneyisforMechanicals 33.92% 45.15% 34.16% 33.38% 33.99% 33.86% 33.74% 33.22% 42.82% 42.19% 43.54% 42.19% 42.19% 44.92% 44.61%The%ChangeFromLastMonthInTheMechanicalRoyaltyPool - 26.63% -23.85% -9.50% 0.15% -5.88% -6.28% -8.03% 22.81% -4.19% -7.05% -10.40% -8.62% -0.42% -6.56%

COMPOSITION: PUBLIC PERFORMANCE (PART 2)OftheTotalAmountOf MoneyEarnedFortheComposition,HowMuchis

ForPublic Performance $21,437.91 $16,924.83 $20,449.83 $19,164.70 $18,676.32 $17,677.28 $16,659.80 $15,677.45 $12,793.29 $12,575.59 $11,060.85 $10,473.22 $9,570.02 $8,528.42 $8,068.37HowMuch IsGenerated ByThe Songwriter/Publisheras aPublic

PerformanceRoyaltyEachTimea RecordingofTheirSongIsStreamed0 .0 00 56 05 58 0 .0 00 48 61 76 0 .0 00 53 45 59 0 .0 00 53 21 28 0 .0 00 55 75 89 0 .0 00 60 95 7 0 .0 00 57 29 53 0 .0 00 55 93 62 0 .0 00 46 45 1 0 .0 00 44 30 69 0 .0 00 46 69 44 0 .0 00 47 11 44 0 .0 00 48 35 45 0 .0 00 48 79 84 0 .0 00 44 62 03

What% ChangeFromLast Month'sPublicPerformanceRoyalty Rate - -13.27% 9.95% -0.45% 4.78% 9.32% -6.01% -2.37% -16.96% -4.62% 5.39% 0.90% 2.63% 0.92% -8.56%What%oftheGrossRevenueisForPublicPerformance 6.94% 5.80% 6.91% 7.00% 6.93% 6.94% 6.96% 7.01% 6.05% 6.07% 6.07% 6.07% 6.07% 6.07% 6.07%

What%oftheCompositionMoneyis forPublicPerformance 66.08% 54.85% 65.84% 66.62% 66.01% 66.14% 66.26% 66.78% 57.18% 57.81% 56.46% 57.81% 57.81% 55.08% 55.39%The%ChangeFromLastMonthInThePublicPerformanceRoyaltyPool

- -21.05% 20.83% -6.28% -2.55% -5.35% -5.76% -5.90% -18.40% -1.70% -12.05% -5.31% -8.62% -10.88% -5.39%

SOUND RECORDINGTheTotalAmountOfMoneyEarnedFortheSoundRecording $167 ,527.54 $16 2,991.8 2 $ 159,19 5.97 $151 ,263.35 $1 45,877.7 6 $138,31 3.18 $130 ,669.31 $1 23,985 .21 $119 ,095.56 $ 114,02 0.99 $10 4,085.8 8 $95 ,823.80 $88,081 .88 $82 ,530.50 $ 77,788. 48

HowMuchIsGeneratedForTheSoundRecordingEachTimeIt IsStreamed0 .0 04 38 05 05 0 .0 04 68 20 38 0 .0 04 16 13 84 0 .0 04 19 99 87 0 .0 04 35 52 42 0 .0 04 76 94 88 0 .0 04 49 38 98 0 .0 04 42 37 16 0 .0 04 32 42 22 0 .0 04 01 72 41 0 .0 04 39 40 77 0 .0 04 31 06 95 0 .0 04 45 05 22 0 .0 04 72 22 8 0 .0 04 30 19 2

What%OfTheGrossRevenueisforSoundRecordings 54.22% 55.86% 53.82% 55.21% 54.14% 54.34% 54.57% 55.45% 56.32% 55.04% 57.12% 55.54% 55.87% 58.74% 58.52%The%ChangeFromLastMonthInTheSoundRecordingRoyaltyPool - -2.71% -2.33% -4.98% -3.56% -5.19% -5.53% -5.12% -3.94% -4.26% -8.71% -7.94% -8.08% -6.30% -5.75%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $1,210.22 $1,532.54 $1,167.03 $1,056.14 $1,057.69 $995.49 $933.00 $858.03 $1,053.71 $1,009.57 $938.43 $840.79 $768.28 $765.06 $714.90


AssumptionAmountnotbeing paid $880.16 $1,114.57 $848.75 $768.10 $769.23 $723.99 $678.54 $624.02 $766.34 $734.23 $682.49 $611.48 $558.75 $556.41 $519.93

8%

MONEY BEING PAID TO WRONG ENTITY OR WITH

WRONG SPLITS

Moneybeingpaid erroneously $330.06 $417.97 $318.28 $288.04 $288.46 $271.50 $254.45 $234.01 $287.38 $275.34 $255.93 $229.31 $209.53 $208.65 $194.973%


10/20


SPOTIFY PREMIUM

MONTHLY GROSS REVENUE $24,139,899.49 $23,391,964.82 $25,295,837.11 $25,479,561.03 $27,026,630.58 $28,164,223.49 $29,621,850.46 $30,732,291.28 $31,840,910.46 $33,556,161.59 $33,689,264.47 $36,988,138.40The % Change From Last Month In The Gross Revenue - -3.10% 8.14% 0.73% 6.07% 4.21% 5.18% 3.75% 3.61% 5.39% 0.40% 9.79%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 2,675,478 2,688,123 2,640,119 2,801,285 2,960,846 3,174,912 3,379,948 3,554,730 3,708,283 3,866,204 4,051,384 4,686,138The % Change From Last Month In The Average Number Of Subscribers - 0.47% -1.79% 6.10% 5.70% 7.23% 6.46% 5.17% 4.32% 4.26% 4.79% 15.67%


MONTH 1 ,8 58 ,9 77 ,7 80 1 ,7 94 ,2 70 ,0 63 2 ,0 63 ,5 28 ,0 05 2 ,1 72 ,3 80 ,7 68 2 ,2 26 ,9 36 ,7 31 2 ,1 75 ,7 89 ,4 74 2 ,4 29 ,1 00 ,7 88 2 ,5 51 ,3 02 ,6 63 2 ,6 00 ,6 61 ,3 37 2 ,8 53 ,8 34 ,6 84 2 ,8 08 ,9 74 ,5 55 3 ,4 40 ,6 29 ,9 56The % Change From Last Month In The Number Of Monthly Streams - -3.48% 15.01% 5.28% 2.51% -2.30% 11.64% 5.03% 1.93% 9.73% -1.57% 22.49%



$16,850,230.48 $16,214,883.05 $17,115,939.99 $17,666,967.48 $18,404,845.90 $19,428,205.50 $20,586,413.08 $21,605,997.43 $22,145,761.78 $23,131,151.55 $24,073,193.67 $25,709,269.08


Holders- -3.77% 5.56% 3.22% 4.18% 5.56% 5.96% 4.95% 2.50% 4.45% 4.07% 6.80%

THE NET EARNED BY THE MUSIC SERVICE $ 7,28 9,66 9.01 $ 7,17 7,08 1.77 $ 8,17 9,89 7.12 $ 7,81 2,59 3.55 $ 8,62 1,78 4.68 $ 8,73 6,01 7.99 $ 9,03 5,43 7.38 $ 9,12 6,29 3.85 $ 9,69 5,14 8.68 $ 10 ,4 25 ,0 10 .0 4 $ 9,61 6,07 0.80 $ 11 ,2 78 ,8 69 .3 2The % of Gross Revenue that is paid to the Music Service 30.20% 30.68% 32.34% 30.66% 31.90% 31.02% 30.50% 29.70% 30.45% 31.07% 28.54% 30.49%

The % Change From Last Month In The Money Earned By The Music Service - -1.54% 13.97% -4.49% 10.36% 1.32% 3.43% 1.01% 6.23% 7.53% -7.76% 17.29%


HOLDERS IS SPLIT



PERFORMANCE) $ 3,05 6,73 0.68 $ 2,45 6,15 6.31 $ 3,09 4,18 2.32 $ 3,20 7,58 1.65 $ 3,37 7,74 0.58 $ 3,57 7,02 6.35 $ 3,78 9,44 3.07 $ 3,96 8,82 8.31 $ 3,78 3,80 9.75 $ 3,97 8,72 4.83 $ 4,08 8,72 8.89 $ 4,61 9,42 0.77The % of Gross Revenue that is paid for the composition 12.66% 10.50% 12.23% 12.59% 12.50% 12.70% 12.79% 12.91% 11.88% 11.86% 12.14% 12.49%


For Mechanical Royalties $ 1,33 7,73 9.00 $ 1,56 6,73 8.68 $ 1,32 0,05 9.50 $ 1,40 0,64 2.50 $ 1,48 0,42 3.00 $ 1,58 7,45 6.00 $ 1,68 9,97 4.00 $ 1,77 7,36 5.00 $ 1,85 4,14 1.50 $ 1,93 3,10 2.00 $ 2,02 5,69 2.00 $ 2,34 3,06 9.00How Much Is Earned By The Songwriter/Publisher as a Mechanical Royalty

Each Time a Recording of Their Song Is Streamed 0.00071961 0.00087319 0.00063971 0.00064475 0.00066478 0.0007296 0.00069572 0.00069665 0.00071295 0.00067737 0.00072115 0.000681What % of the Gross Revenue is For Mechanical Royalties 5.54% 6.70% 5.22% 5.50% 5.48% 5.64% 5.71% 5.78% 5.82% 5.76% 6.01% 6.33%

What % of the Composition Money is for Mechanicals 43.76% 63.79% 42.66% 43.67% 43.83% 44.38% 44.60% 44.78% 49.00% 48.59% 49.54% 50.72%The %Change From Last Month In The Mechanical Royalty Pool - 17.12% -15.74% 6.10% 5.70% 7.23% 6.46% 5.17% 4.32% 4.26% 4.79% 15.67%


For Public Performance $ 1,71 8,99 1.68 $ 88 9,41 7.63 $ 1,77 4,12 2.82 $ 1,80 6,93 9.15 $ 1,89 7,31 7.58 $ 1,98 9,57 0.35 $ 2,09 9,46 9.07 $ 2,19 1,46 3.31 $ 1,92 9,66 8.25 $ 2,04 5,62 2.83 $ 2,06 3,03 6.89 $ 2,27 6,35 1.77How Much Is Generated By The Songwriter/Publisher as a Public




- -48.26% 99.47% 1.85% 5.00% 4.86% 5.52% 4.38% -11.95% 6.01% 0.85% 10.34%

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $13,793,499.80 $13,758,726.74 $14,021,757.67 $14,459,385.83 $15,027,105.32 $15,851,179.15 $16,796,970.01 $17,637,169.12 $18,361,952.03 $19,152,426.72 $19,984,464.78 $21,089,848.31



The % Change From Last Month In The Sound Recording Royalty Pool - -0.25% 1.91% 3.12% 3.93% 5.48% 5.97% 5.00% 4.11% 4.30% 4.34% 5.53%




8%


SPLITS



11/20


SPOTIFY PREMIUM

MONTHLY GROSS REVENUE $24,139,899.49 $23,391,964.82 $25,295,837.11 $25,479,561.03 $27,026,630.58 $28,164,223.49 $29,621,850.46 $30,732,291.28 $31,840,910.46 $33,556,161.59 $33,689,264.47 $36,988,138.40 $37,684,667.20 $36,942,679.50 $42,559,077.44The%ChangeFromLastMonthInTheGross Revenue - -3.10% 8.14% 0.73% 6.07% 4.21% 5.18% 3.75% 3.61% 5.39% 0.40% 9.79% 1.88% -1.97% 15.20%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 2 ,6 75 ,4 78 2 ,6 88 ,1 23 2 ,6 40 ,1 19 2 ,8 01 ,2 85 2 ,9 60 ,8 46 3 ,1 74 ,9 12 3 ,3 79 ,9 48 3 ,5 54 ,7 30 3 ,7 08 ,2 83 3 ,8 66 ,2 04 4 ,0 51 ,3 84 4 ,6 86 ,1 38 5 ,4 76 ,8 95 5 ,6 39 ,0 92 5 ,8 99 ,6 38The%ChangeFromLastMonthInTheAverageNumberOfSubscribers - 0.47% -1.79% 6.10% 5.70% 7.23% 6.46% 5.17% 4.32% 4.26% 4.79% 15.67% 16.87% 2.96% 4.62%

TOTAL NUMBER OF STREAMS FOR ALL SONGS IN THIS

ONE MONTH 1,858,977,780 1,794,270,063 2,063,528,005 2,172,380,768 2,226,936,731 2,175,789,474 2,429,100,788 2,551,302,663 2,600,661,337 2,853,834,684 2,808,974,555 3,440,629,956 3,880,194,828 3,689,442,831 4,314,366,992The%ChangeFromLastMonthInTheNumberOfMonthlyStreams - -3.48% 15.01% 5.28% 2.51% -2.30% 11.64% 5.03% 1.93% 9.73% -1.57% 22.49% 12.78% -4.92% 16.94%



$16,850,230.48 $16,214,883.05 $17,115,939.99 $17,666,967.48 $18,404,845.90 $19,428,205.50 $20,586,413.08 $21,605,997.43 $22,145,761.78 $23,131,151.55 $24,073,193.67 $25,709,269.08 $28,116,423.49 $30,546,653.79 $33,258,923.39

The%of Gross Revenuethatis paidtoMusicRights Holders 69.80% 69.32% 67.66% 69.34% 68.10% 68.98% 69.50% 70.30% 69.55% 68.93% 71.46% 69.51% 74.61% 82.69% 78.15%The%ChangeFromLastMonthInTheMoneyEarnedByMusicRights

Holders- -3.77% 5.56% 3.22% 4.18% 5.56% 5.96% 4.95% 2.50% 4.45% 4.07% 6.80% 9.36% 8.64% 8.88%

THE NET EARNED BY THE MUSIC SERVICE $7,289,669.01 $7,177,081.77 $8,179,897.12 $7,812,593.55 $8,621,784.68 $8,736,017.99 $9,035,437.38 $9,126,293.85 $9,695,148.68 $10,425,010.04 $9,616,070.80 $11,278,869.32 $9,568,243.71 $6,396,025.71 $9,300,154.05The%of Gross Revenuethatis paidtotheMusicService 30.20% 30.68% 32.34% 30.66% 31.90% 31.02% 30.50% 29.70% 30.45% 31.07% 28.54% 30.49% 25.39% 17.31% 21.85%

The%ChangeFromLastMonthInTheMoneyEarnedByThe MusicService - -1.54% 13.97% -4.49% 10.36% 1.32% 3.43% 1.01% 6.23% 7.53% -7.76% 17.29% -15.17% -33.15% 45.41%


HOLDERS IS SPLIT



PERFORMANCE) $3,056,730.68 $2,456,156.31 $3,094,182.32 $3,207,581.65 $3,377,740.58 $3,577,026.35 $3,789,443.07 $3,968,828.31 $3,783,809.75 $3,978,724.83 $4,088,728.89 $4,619,420.77 $5,068,201.44 $5,110,780.97 $5,594,234.57The%of Gross Revenuethatis paidforthecomposition 12.66% 10.50% 12.23% 12.59% 12.50% 12.70% 12.79% 12.91% 11.88% 11.86% 12.14% 12.49% 13.45% 13.83% 13.14%

COMPOSITION MECHANICAL ROYALTIES (PART 1)OftheTotalAmountOfMoneyEarnedFortheComposition,HowMuchis

ForMechanical Royalties $1,337,739.00 $1,566,738.68 $1,320,059.50 $1,400,642.50 $1,480,423.00 $1,587,456.00 $1,689,974.00 $1,777,365.00 $1,854,141.50 $1,933,102.00 $2,025,692.00 $2,343,069.00 $2,738,447.50 $2,819,546.00 $2,949,819.00HowMuch Is EarnedBy TheSongwriter/Publisher as a MechanicalRoyalty

EachTimea RecordingofTheirSongIs Streamed 0 .0 00 71 96 1 0 .0 00 87 31 9 0 .0 00 63 97 1 0 .0 00 64 47 5 0 .0 00 66 47 8 0 .0 00 72 96 0 .0 00 69 57 2 0 .0 00 69 66 5 0 .0 00 71 29 5 0 .0 00 67 73 7 0 .0 00 72 11 5 0 .0 00 68 1 0 .0 00 70 57 5 0 .0 00 76 42 2 0 .0 00 68 37 2What%ChangeFromLastMonth's MechanicalRoyaltyRate - 21.34% -26.74% 0.79% 3.11% 9.75% -4.64% 0.13% 2.34% -4.99% 6.46% -5.57% 3.63% 8.28% -10.53%

What% ofthe Gross Revenueis ForMechanical Royalties 5.54% 6.70% 5.22% 5.50% 5.48% 5.64% 5.71% 5.78% 5.82% 5.76% 6.01% 6.33% 7.27% 7.63% 6.93%What%ofthe CompositionMoneyis forMechanicals 43.76% 63.79% 42.66% 43.67% 43.83% 44.38% 44.60% 44.78% 49.00% 48.59% 49.54% 50.72% 54.03% 55.17% 52.73%

The% Change FromLastMonthInTheMechanicalRoyaltyPool - 17.12% -15.74% 6.10% 5.70% 7.23% 6.46% 5.17% 4.32% 4.26% 4.79% 15.67% 16.87% 2.96% 4.62%

COMPOSITION: PUBLIC PERFORMANCE (PART 2)OftheTotalAmountOfMoneyEarnedFortheComposition,HowMuchis

ForPublic Performance $1,718,991.68 $889,417.63 $1,774,122.82 $1,806,939.15 $1,897,317.58 $1,989,570.35 $2,099,469.07 $2,191,463.31 $1,929,668.25 $2,045,622.83 $2,063,036.89 $2,276,351.77 $2,329,753.94 $2,291,234.97 $2,644,415.57HowMuch Is GeneratedByT heSongwriter/Publisheras a Public

PerformanceRoyaltyEach Timea Recordingof TheirSong Is Streamed

0.000924697 0.000495699 0.000859752 0.000831778 0.000851985 0.000914413 0.000864299 0.000858959 0.000741991 0.000716798 0.000734445 0.000661609 0.000600422 0.000621025 0.000612932What% ChangeFrom LastMonth's PublicPerformance RoyaltyRate - -46.39% 73.44% -3.25% 2.43% 7.33% -5.48% -0.62% -13.62% -3.40% 2.46% -9.92% -9.25% 3.43% -1.30%

What%oftheGross Revenueis ForPublicPerformance 7.12% 3.80% 7.01% 7.09% 7.02% 7.06% 7.09% 7.13% 6.06% 6.10% 6.12% 6.15% 6.18% 6.20% 6.21%What%oftheCompositionMoneyis forPublicPerformance 56.24% 36.21% 57.34% 56.33% 56.17% 55.62% 55.40% 55.22% 51.00% 51.41% 50.46% 49.28% 45.97% 44.83% 47.27%

The% Change FromLastMonthInThePublicPerformanceRoyaltyPool

- -48.26% 99.47% 1.85% 5.00% 4.86% 5.52% 4.38% -11.95% 6.01% 0.85% 10.34% 2.35% -1.65% 15.41%

SOUND RECORDINGTheTotalAmountOfMoneyEarnedFortheSoundRecording $13,793,499.80 $13,758,726.74 $14,021,757.67 $14,459,385.83 $15,027,105.32 $15,851,179.15 $16,796,970.01 $17,637,169.12 $18,361,952.03 $19,152,426.72 $19,984,464.78 $21,089,848.31 $23,048,222.05 $25,435,872.82 $27,664,688.82

HowMuchIs GeneratedForTheSoundRecordingEachTimeItIs Streamed

0.007419938 0.007668147 0.006795041 0.006656009 0.006747882 0.007285254 0.006914892 0.006913005 0.007060493 0.00671112 0.007114505 0.006129647 0.005939965 0.006894231 0.006412224What%OfThe Gross Revenueis forSoundRecordings 57.14% 58.82% 55.43% 56.75% 55.60% 56.28% 56.70% 57.39% 57.67% 57.08% 59.32% 57.02% 61.16% 68.85% 65.00%

The%ChangeFromLastMonthInTheSoundRecordingRoyaltyPool - -0.25% 1.91% 3.12% 3.93% 5.48% 5.97% 5.00% 4.11% 4.30% 4.34% 5.53% 9.29% 10.36% 8.76%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $147,151.29 $172,341.25 $145,206.55 $154,070.68 $162,846.53 $174,620.16 $185,897.14 $195,510.15 $203,955.57 $212,641.22 $222,826.12 $257,737.59 $301,229.23 $310,150.06 $324,480.09


AssumptionAmountnotbeingpaid $107,019.12 $125,339.09 $105,604.76 $112,051.40 $118,433.84 $126,996.48 $135,197.92 $142,189.20 $148,331.32 $154,648.16 $162,055.36 $187,445.52 $219,075.80 $225,563.68 $235,985.52

8%

MONEY BEING PAID TO WRONG ENTITY OR WITH

WRONG SPLITS

Moneybeing paiderroneously $ 40 ,1 32 .1 7 $ 47 ,0 02 .1 6 $ 39 ,6 01 .7 9 $ 42 ,0 19 .2 8 $ 44 ,4 12 .6 9 $ 47 ,6 23 .6 8 $ 50 ,6 99 .2 2 $ 53 ,3 20 .9 5 $ 55 ,6 24 .2 5 $ 57 ,9 93 .0 6 $ 60 ,7 70 .7 6 $ 70 ,2 92 .0 7 $ 82 ,1 53 .4 3 $ 84 ,5 86 .3 8 $ 88 ,4 94 .5 73%


12/20


SPOTIFY FREE

MONTHLY GROSS REVENUE $3,109,480.55 $3,722,536.41 $ 5,28 2,38 5.05 $ 4,41 1,18 0.30 $ 5,62 1,06 6.84 $ 6,33 8,11 9.85 $ 5,82 6,98 9.41 $ 6,76 2,98 8.90 $ 5,23 7,68 4.89 $ 6,80 3,83 1.19 $ 6,04 0,04 4.08 $ 8,35 2,52 6.14The % Change From Last Month In The Gross Revenue - 19.72% 41.90% -16.49% 27.43% 12.76% -8.06% 16.06% -22.55% 29.90% -11.23% 38.29%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 8,734,203 9,271,554 9,694,504 10,040,947 10,915,116 11,136,491 12,013,412 12,690,208 13,224,150 13,897,959 14,473,593 14,682,071The % Change From Last Month In The Average Number Of Subscribers - 6.15% 4.56% 3.57% 8.71% 2.03% 7.87% 5.63% 4.21% 5.10% 4.14% 1.44%


MONTH 1,969,931,215 - 2,434,605,840 2, 547, 195,462 2,709,923,687 2,568,902,051 2, 863, 206, 654 3,091,502,012 3,331,655,669 3,691,611,520 3,568,793,194 3,736,846,961The % Change From Last Month In The Number Of Monthly Streams - - #VALUE! 4.62% 6.39% -5.20% 11.46% 7.97% 7.77% 10.80% -3.33% 4.71%



$ 2,40 1,80 0.59 $ 3,31 8,45 1.97 $ 3,57 9,22 3.24 $ 3,27 5,35 1.34 $ 4,04 5,33 3.43 $ 4,16 5,84 8.25 $ 4,11 0,32 1.07 $ 4,67 4,87 6.76 $ 4,23 2,41 2.09 $ 5,10 9,01 9.35 $ 4,74 1,21 1.07 $ 5,77 3,53 1.78


Holders- 38.17% 7.86% -8.49% 23.51% 2.98% -1.33% 13.74% -9.46% 20.71% -7.20% 21.77%

THE NET EARNED BY THE MUSIC SERVICE $ 70 7,67 9.96 $ 40 4,08 4.44 $ 1,70 3,16 1.81 $ 1,13 5,82 8.96 $ 1,57 5,73 3.41 $ 2,17 2,27 1.60 $ 1,71 6,66 8.34 $ 2,08 8,11 2.14 $ 1,00 5,27 2.80 $ 1,69 4,81 1.84 $ 1,29 8,83 3.01 $ 2,57 8,99 4.36The % of Gross Revenue that is paid to the Music Service 22.76% 10.86% 32.24% 25.75% 28.03% 34.27% 29.46% 30.88% 19.19% 24.91% 21.50% 30.88%

The % Change From Last Month In The Money Earned By The Music Service - -42.90% 321.49% -33.31% 38.73% 37.86% -20.97% 21.64% -51.86% 68.59% -23.36% 98.56%


HOLDERS IS SPLIT



PERFORMANCE) $433,111.58 $1,076,791.85 $645,433.70 $590,637.13 $729,486. 36 $751,218.54 $741,205.44 $843,010.56 $763,221. 85 $921,298.57 $854,972.49 $1,041,128. 68The % of Gross Revenue that is paid for the composition 13.93% 28.93% 12.22% 13.39% 12.98% 11.85% 12.72% 12.47% 14.57% 13.54% 14.16% 12.46%


For Mechanical Royalties $199,613.13 $0.00 $274,307.04 $264,933.80 $321,369.85 $311,839.02 $321,853.06 $361,056.52 $446,341.91 $410,802.53 $405,878.85 $459,295.86How Much Is Earned By The Songwriter/Publisher as a Mechanical Royalty

Each Time a Recording of Their Song Is Streamed 0.00010133 #VALUE! 0.00011267 0.00010401 0.00011859 0.00012139 0.00011241 0.00011679 0.00013397 0.00011128 0.00011373 0.00012291What % of the Gross Revenue is For Mechanical Royalties 6.42% 0.00% 5.19% 6.01% 5.72% 4.92% 5.52% 5.34% 8.52% 6.04% 6.72% 5.50%

What % of the Composition Money is for Mechanicals 46.09% 0.00% 42.50% 44.86% 44.05% 41.51% 43.42% 42.83% 58.48% 44.59% 47.47% 44.12%The %Change From Last Month In The Mechanical Royalty Pool - -100.00% #DIV/0! -3.42% 21.30% -2.97% 3.21% 12.18% 23.62% -7.96% -1.20% 13.16%


For Public Performance $233,498.45 $1,076,791.85 $371,126.66 $325,703.33 $408,116. 51 $439,379.52 $419,352.38 $481,954.04 $316,879. 94 $510,496.04 $449,093.64 $581,832.82How Much Is Generated By The Songwriter/Publisher as a Public


0.000118531 #VALUE! 0.000152438 0.000127867 0.000150601 0.000171038 0.000146462 0.000155896 9.51119E-05 0.000138285 0.000125839 0.000155702What % of the Gross Revenue is For Public Performance 7.51% 28.93% 7.03% 7.38% 7.26% 6.93% 7.20% 7.13% 6.05% 7.50% 7.44% 6.97%


- 361.16% -65.53% -12.24% 25.30% 7.66% -4.56% 14.93% -34.25% 61.10% -12.03% 29.56%

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $ 1,96 8,68 9.01 $ 2,24 1,66 0.12 $ 2,93 3,78 9.54 $ 2,68 4,71 4.21 $ 3,31 5,84 7.07 $ 3,41 4,62 9.71 $ 3,36 9,11 5.63 $ 3,83 1,86 6.20 $ 3,46 9,19 0.24 $ 4,18 7,72 0.78 $ 3,88 6,23 8.58 $ 4,73 2,40 3.10


0.000999369 #VALUE! 0.001205037 0.001053988 0.001223594 0.001329218 0.001176693 0.001239484 0.001041281 0.001134388 0.00108895 0.001266416What % Of The Gross Revenue is for Sound Recordings 63.31% 60.22% 55.54% 60.86% 58.99% 53.87% 57.82% 56.66% 66.24% 61.55% 64.34% 56.66%

The % Change From Last Month In The Sound Recording Royalty Pool - 13.87% 30.88% -8.49% 23.51% 2.98% -1.33% 13.74% -9.46% 20.71% -7.20% 21.77%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $21,957.44 $0.00 $30,173.77 $29,142.72 $35,350.68 $34,302.29 $35,403.84 $39,716.22 $49,097.61 $45,188.28 $44,646.67 $50,522.54


Assumption Amount not being paid $15,969.05 $0.00 $21,944.56 $21,194.70 $25,709.59 $24,947.12 $25,748.24 $28,884.52 $35,707.35 $32,864.20 $32,470.31 $36,743.67

8%


SPLITS

Money being paid erroneously $5,988.39 $0.00 $8,229.21 $7,948.01 $9,641.10 $9,355.17 $9,655.59 $10,831.70 $13,390.26 $12,324.08 $12,176.37 $13,778.883%


13/20


SPOTIFY FREE

MONTHLY GROSS REVENUE $3,109,480.55 $3,722,536.41 $5,282,385.05 $4,411,180.30 $5,621,066.84 $6,338,119.85 $5,826,989.41 $6,762,988.90 $5,237,684.89 $6,803,831.19 $6,040,044.08 $8,352,526.14 $5,165,148.67 $5,042,035.69 $9,602,252.23The%ChangeFromLastMonthIn TheGross Revenue - 19.72% 41.90% -16.49% 27.43% 12.76% -8.06% 16.06% -22.55% 29.90% -11.23% 38.29% -38.16% -2.38% 90.44%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 8 ,7 34 ,2 03 9 ,2 71 ,5 54 9 ,6 94 ,5 04 1 0, 04 0, 94 7 1 0, 91 5, 11 6 1 1, 13 6, 49 1 1 2, 01 3, 41 2 1 2, 69 0, 20 8 1 3, 22 4, 15 0 1 3, 89 7, 95 9 1 4, 47 3, 59 3 1 4, 68 2, 07 1 1 4, 78 9, 25 0 1 5, 06 8, 59 7 1 6, 40 5, 40 9The%ChangeFromLastMonthIn TheAverageNumberOfSubscribers - 6.15% 4.56% 3.57% 8.71% 2.03% 7.87% 5.63% 4.21% 5.10% 4.14% 1.44% 0.73% 1.89% 8.87%


MONTH 1,969,931,215 - 2,434,605,840 2,547,195,462 2,709,923,687 2,568,902,051 2,863,206,654 3,091,502,012 3,331,655,669 3,691,611,520 3,568,793,194 3,736,846,961 3,628,532,008 6,853,022,240 4,129,879,880The%ChangeFromLastMonthIn TheNumberOfMonthlyStreams - - #VALUE! 4.62% 6.39% -5.20% 11.46% 7.97% 7.77% 10.80% -3.33% 4.71% -2.90% 88.86% -39.74%



$2,401,800.59 $3,318,451.97 $3,579,223.24 $3,275,351.34 $4,045,333.43 $4,165,848.25 $4,110,321.07 $4,674,876.76 $4,232,412.09 $5,109,019.35 $4,741,211.07 $5,773,531.78 $4,426,234.60 $4,672,686.22 $6,650,074.59

The%of Gross Revenuethatis paid toMusicRights Holders 77.24% 89.14% 67.76% 74.25% 71.97% 65.73% 70.54% 69.12% 80.81% 75.09% 78.50% 69.12% 85.69% 92.67% 69.26%The%ChangeFromLastMonthIn TheMoneyEarnedByMusicRights Holders - 38.17% 7.86% -8.49% 23.51% 2.98% -1.33% 13.74% -9.46% 20.71% -7.20% 21.77% -23.34% 5.57% 42.32%

THE NET EARNED BY THE MUSIC SERVICE $707,679.96 $404,084.44 $1,703,161.81 $1,135,828.96 $1,575,733.41 $2,172,271.60 $1,716,668.34 $2,088,112.14 $1,005,272.80 $1,694,811.84 $1,298,833.01 $2,578,994.36 $738,914.07 $369,349.47 $2,952,177.64The%of Gross Revenuethatis paidto theMusicService 22.76% 10.86% 32.24% 25.75% 28.03% 34.27% 29.46% 30.88% 19.19% 24.91% 21.50% 30.88% 14.31% 7.33% 30.74%

The%ChangeFromLastMonthIn TheMoneyEarnedByTheMusicService - -42.90% 321.49% -33.31% 38.73% 37.86% -20.97% 21.64% -51.86% 68.59% -23.36% 98.56% -71.35% -50.01% 699.29%


HOLDERS IS SPLIT



PERFORMANCE) $433,111.58 $1,076,791.85 $645,433.70 $590,637.13 $729,486.36 $751,218.54 $741,205.44 $843,010.56 $763,221.85 $921,298.57 $854,972.49 $1,041,128.68 $798,173.45 $1,081,207.86 $1,199,193.78The%of Gross Revenuethatis paidforthecomposition 13.93% 28.93% 12.22% 13.39% 12.98% 11.85% 12.72% 12.47% 14.57% 13.54% 14.16% 12.46% 15.45% 21.44% 12.49%

COMPOSITION MECHANICAL ROYALTIES (PART 1)OftheTotalAmountOfMoneyEarnedFortheComposition,HowMuchis For

MechanicalRoyalties $199,613.13 $0.00 $274,307.04 $264,933.80 $321,369.85 $311,839.02 $321,853.06 $361,056.52 $446,341.91 $410,802.53 $405,878.85 $459,295.86 $299,281.32 $610,124.57 $509,874.97HowMuch Is EarnedBy TheSongwriter/Publisher as a MechanicalRoyalty

EachTimea RecordingofTheirSongIs Streamed 0 .0 00 10 13 3 # VA LU E! 0 .0 00 11 26 7 0 .0 00 10 40 1 0 .0 00 11 85 9 0 .0 00 12 13 9 0 .0 00 11 24 1 0 .0 00 11 67 9 0 .0 00 13 39 7 0 .0 00 11 12 8 0 .0 00 11 37 3 0 .0 00 12 29 1 0 .0 00 08 24 8 0 .0 00 08 90 3 0 .0 00 12 34 6

- #VALUE! #VALUE! -7.69% 14.02% 2.36% -7.40% 3.90% 14.71% -16.94% 2.20% 8.07% -32.89% 7.94% 38.67%

What%of theGross Revenueis ForMechanicalRoyalties 6.42% 0.00% 5.19% 6.01% 5.72% 4.92% 5.52% 5.34% 8.52% 6.04% 6.72% 5.50% 5.79% 12.10% 5.31%What%of theCompositionMoneyis forMechanicals 46.09% 0.00% 42.50% 44.86% 44.05% 41.51% 43.42% 42.83% 58.48% 44.59% 47.47% 44.12% 37.50% 56.43% 42.52%

The%Change FromLastMonthInTheMechanicalRoyaltyPool - -100.00% #DIV/0! -3.42% 21.30% -2.97% 3.21% 12.18% 23.62% -7.96% -1.20% 13.16% -34.84% 103.86% -16.43%

COMPOSITION: PUBLIC PERFORMANCE (PART 2)OftheTotalAmountOfMoneyEarnedFortheComposition,HowMuchis For

PublicPerformance $233,498.45 $1,076,791.85 $371,126.66 $325,703.33 $408,116.51 $439,379.52 $419,352.38 $481,954.04 $316,879.94 $510,496.04 $449,093.64 $581,832.82 $498,892.13 $471,083.29 $689,318.81HowMuch Is GeneratedBy TheSongwriter/Publisher as a PublicPerformance

RoyaltyEachTimea RecordingofTheirSongIs Streamed

0.000118531 #VALUE! 0.000152438 0.000127867 0.000150601 0.000171038 0.000146462 0.000155896 9.51119E- 05 0.000138285 0.000125839 0.000155702 0.000137491 0.000068741 0.00016691

- #VALUE! #VALUE! -16.12% 17.78% 13.57% -14.37% 6.44% -38.99% 45.39% -9.00% 23.73% -11.70% -50.00% 142.81%What%of theGross Revenueis For PublicPerformance 7.51% 28.93% 7.03% 7.38% 7.26% 6.93% 7.20% 7.13% 6.05% 7.50% 7.44% 6.97% 9.66% 9.34% 7.18%

What%of theCompositionMoneyis forPublicPerformance 53.91% 100.00% 57.50% 55.14% 55.95% 58.49% 56.58% 57.17% 41.52% 55.41% 52.53% 55.88% 62.50% 43.57% 57.48%The%Change FromLastMonthInThePublicPerformanceRoyaltyPool

- 361.16% -65.53% -12.24% 25.30% 7.66% -4.56% 14.93% -34.25% 61.10% -12.03% 29.56% -14.26% -5.57% 46.33%

SOUND RECORDINGTheTotalAmountOfMoneyEarnedFortheSoundRecording $1,968,689.01 $2,241,660.12 $2,933,789.54 $2,684,714.21 $3,315,847.07 $3,414,629.71 $3,369,115.63 $3,831,866.20 $3,469,190.24 $4,187,720.78 $3,886,238.58 $4,732,403.10 $3,628,061.15 $3,591,478.36 $5,450,880.81

HowMuchIs GeneratedForTheSoundRecordingEachTimeIt Is Streamed

0.000999369 #VALUE! 0.001205037 0.001053988 0.001223594 0.001329218 0.001176693 0.001239484 0.001041281 0.001134388 0.00108895 0.001266416 0.00099987 0.000524072 0.001319864What%Of TheGross Revenueis forSoundRecordings 63.31% 60.22% 55.54% 60.86% 58.99% 53.87% 57.82% 56.66% 66.24% 61.55% 64.34% 56.66% 70.24% 71.23% 56.77%

The%ChangeFromLastMonthIn TheSoundRecordingRoyaltyPool - 13.87% 30.88% -8.49% 23.51% 2.98% -1.33% 13.74% -9.46% 20.71% -7.20% 21.77% 640340017.96% -1.01% 51.77%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $ 21 ,9 57 .4 4 $ 0. 00 $ 30 ,1 73 .7 7 $ 29 ,1 42 .7 2 $ 35 ,3 50 .6 8 $ 34 ,3 02 .2 9 $ 35 ,4 03 .8 4 $ 39 ,7 16 .2 2 $ 49 ,0 97 .6 1 $ 45 ,1 88 .2 8 $ 44 ,6 46 .6 7 $ 50 ,5 22 .5 4 $ 32 ,9 20 .9 5 $ 67 ,1 13 .7 0 $ 56 ,0 86 .2 5


AssumptionAmountnotbeingpaid $ 15 ,9 69 .0 5 $ 0. 00 $ 21 ,9 44 .5 6 $ 21 ,1 94 .7 0 $ 25 ,7 09 .5 9 $ 24 ,9 47 .1 2 $ 25 ,7 48 .2 4 $ 28 ,8 84 .5 2 $ 35 ,7 07 .3 5 $ 32 ,8 64 .2 0 $ 32 ,4 70 .3 1 $ 36 ,7 43 .6 7 $ 23 ,9 42 .5 1 $ 48 ,8 09 .9 7 $ 40 ,7 90 .0 08%


SPLITS

Moneybeing paiderroneously $5 ,9 88 .3 9 $ 0. 00 $ 8, 22 9. 21 $ 7, 94 8. 01 $ 9,6 41 .1 0 $ 9, 355 .1 7 $9 ,6 55 .5 9 $ 10 ,8 31 .7 0 $ 13 ,39 0. 26 $ 12, 32 4. 08 $ 12 ,1 76 .3 7 $ 13, 77 8. 88 $ 8, 97 8. 44 $ 18 ,3 03 .7 4 $ 15 ,2 96 .2 53%


14/20

January-15 February-15 March-15

SPOTIFY BUNDLED

MONTHLY GROSS REVENUE $ 69 6, 78 1. 61 $ 80 4, 18 9. 84 $ 1, 00 6, 25 3. 16The % Change From Last Month In The Gross Revenue - 15.41% 25.13%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 262,335 268,828 278,585The % Change From Last Month In The Average Number Of Subscribers - 2.48% 3.63%


MONTH 115,600, 709 110,918,198 134,310,908The % Change From Last Month In The Number Of Monthly Streams - -4.05% 21.09%

THE TOTAL AMOUNT OF MONEY EARNED BY MUSIC RIGHTS

HOLDER (SOUND RECORDING + COMPOSITION)

$635,131. 73 $651,319.10 $704,178.52

The % of Gross Revenue that is paid to Music Rights Holders 91.15% 80.99% 69.98%The % Change From Last Month In The Money Earned By Music Rights Holders - 2.55% 8.12%

THE NET EARNED BY THE MUSIC SERVICE $61,649.88 $152,870.74 $302,074.64The % of Gross Revenue that is paid to the Music Service 8.85% 19.01% 30.02%

The % Change From Last Month In The Money Earned By The Music Service - 147.97% 97.60%


HOLDERS IS SPLIT



PERFORMANCE) $131,167. 50 $134,414.00 $139,292.50The % of Gross Revenue that is paid for the composition 18.82% 16.71% 13.84%

COMPOSITION MECHANICAL ROYALTIES (PART 1)Of the Total Amount Of Money Earned For the Composition, How Much is For

Mechanical Royalties $131,167.50 $134, 414.00 $139,292. 50How Much Is Earned By The Songwriter/Publisher as a Mechanical Royalty

Each Time a Recording of Their Song Is Streamed 0.00113466 0.00121183 0.00103709What % Change From Last Month's Mechanical Royalty Rate - 6.80% -14.42%

What % of the Gross Revenue is For Mechanical Royalties 18.82% 16.71% 13.84%What % of the Composition Money is for Mechanicals 100.00% 100.00% 100.00%

The %Change From Last Month In The Mechanical Royalty Pool - 2.48% 3.63%

COMPOSITION: PUBLIC PERFORMANCE (PART 2)Of the Total Amount Of Money Earned For the Composition, How Much is For

Public Performance $0.00 $0.00 $0.00How Much Is Generated By The Songwriter/Publisher as a Public Performance

Royalty Each Time a Recording of Their Song Is Streamed0 0 0

What % Change From Last Month's Public Performance Royalty Rate - #DIV/0! #DIV/0!What % of the Gross Revenue is For Public Performance 0.00% 0.00% 0.00%

What % of the Composition Money is for Public Performance 0.00% 0.00% 0.00%

The %Change From Last Month In The Public Performance Royalty Pool- #DIV/0! #DIV/0!

SOUND RECORDINGThe Total Amount Of Money Earned For the Sound Recording $503,964. 23 $516,905.10 $564,886.02


0. 004359525 0. 004660237 0.004205809What % Of The Gross Revenue is for Sound Recordings 72.33% 64.28% 56.14%

The % Change From Last Month In The Sound Recording Royalty Pool - 2.57% 9.28%

MONEY NOT BEING PAID OR PAID TO WRONG ENTITY $14,428.43 $14,785.54 $15,322.18


Assumption Amount not being paid $10,493.40 $10,753.12 $11,143.408%


SPLITS

Money being paid erroneously $3,935.03 $4,032.42 $4,178.783%


15/20


RHAPSODY DESKTOP

MONTHLY GROSS REVENUE $64, 867. 24 $64,866.62 $63,040.50 $61,837.92 $61,127.90 $66,657.71 $63,955.48 $61,179.49 $59,111.33 $56,689.17 $54,336.85 $52,634.28The % Change From Last Month In The Gross Revenue - 0.00% -2.82% -1.91% -1.15% 9.05% -4.05% -4.34% -3.38% -4.10% -4.15% -3.13%

AVERAGE # OF SUBSCRIBERS IN THE MONTH 20,939 22,769 22,553 22,442 20,392 16,365 15,566 15,632 20,678 21,000 20,267 19,043The % Change From Last Month In The Average Number Of Subscribers - 8.74% -0.95% -0.49% -9.13% -19.75% -4.88% 0.42% 32.28% 1.56% -3.49% -6

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