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Alrighty, welcome back. 
Finally, had time to record a 

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video for today, so it's not go 
away have some time to record a 

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video and I wanted to do one 
that covers a few different 

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things. 
First of all, I created some 

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social media created a email 
address specifically for this 

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YouTube channel, as well as a 
Twitter handle. 

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Specifically for this Channel 
and the reasons why I'm going to

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be gone most of next week. 
So I won't have a video out 

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midweek, like, I typically have.
And I was thinking, man, I wish 

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there was a way that if nothing 
comes up and I'm not able to 

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record a video. 
I could like tweet it out to 

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everyone and let them know. 
And YouTube doesn't really have 

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a good way of doing this. 
Especially if you have a low 

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amount of subscribers. 
Like I do, you can't even use 

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the community features to launch
questions and things in your 

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YouTube stream. 
So I'm going to throw up the 

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Twitter and the Gmail there. 
The Gmail. 

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You can use that to ask me 
different questions that are 

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more long form. 
That you don't really want to 

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have public in the YouTube 
comments or whatever you can. 

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Tell me for any reason, they're 
the Twitter as well. 

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You can follow me there. 
I don't plan on doing way too 

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many tweets. 
It's mostly going to be just 

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about this YouTube channel, 
anything that I find relevant to

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it. 
So any announcements are changes

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to it or anything like that. 
If you're interested in 

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following it there, other than 
that, I wanted to go over a few 

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different things in this video. 
So the first thing I wanted to 

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do was give you an update. 
I just a short update for what's

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happened this week. 
I know I had a video out last 

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Wednesday, so I'll just be 
talking about what's happening 

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between then and then I wanted 
to To go over the title of this 

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video. 
Why dividend growth investing 

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now. 
This is what I want to cover. 

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A lot of the reasons that I 
choose dividend growth investing

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over traditional investing, 
which traditional, I believe is 

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just growth investing. 
So I'm going to go over that and

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talk about that. 
And then the last thing is, I 

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wanted to go over the Spotify 
and apple debacle that's going 

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on right now. 
So if you haven't heard Spotify 

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launched a big complaint against
Apple of what They believe are 

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unfair business practices that 
are making it so that they can't

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compete with apple. 
And they launched that 

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complained to European 
Regulators in hopes that Europe 

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will help Spotify out. 
And I'm going to be talking 

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about that just giving my 
opinion on it. 

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And yeah. 
So first thing I wanted to do 

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the update, so I'll go ahead and
do that now. 

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So, if I go and the week view 
here, Rep $567 1.83 percent. 

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That's a little bit lower than 
S&P 500 but this portfolio again

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is I think considerably less 
risky 20% of it is in treasury 

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bonds so it's quite a bit less 
risk but if we look at earn 

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dividends in my last video on 
Wednesday it was at like three 

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dollars. 
Now it's at $29 so pretty. 

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Good amount of dividends earned 
their for a one-week period. 

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Then if I go to the one-month 
period, look at that earn 

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dividends still over 100 bucks. 
So So I'm happy to see that the 

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earn dividends right here for 
the one-month period is 

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constantly hovering over a 
hundred dollars. 

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So the more I can continually 
keep that above 100 bucks. 

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The more, my pay dividends are 
going to be over $100 when I go 

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to here. 
So I need to get this over the 

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hundred dollar, Mark, and 
continually grow. 

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This, this amount, this is a big
indicator here. 

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So other than that, if I look at
activity here, we had right 

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here, some of these dividend 
payments were paid on. 

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A but it was only like nine 
dollars. 

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Then what happened was a few 
more companies paid Thursday, 

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and Friday and it bumped it up 
to Fifteen dollars and forty one

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cents, which made it go and do 
the trading algorithm and that 

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purchased Boeing and a few 
treasury ETFs, which is pretty 

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cool to see because I didn't do 
anything with this. 

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There's no interaction from me. 
This is just my portfolio paying

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me money. 
And then that money being used 

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to purchase underweight 
Securities, which Boeing became 

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underweight one. 
It dropped. 

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Fifteen percent this week this 
week so that's, you know, it's a

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little amount of money, but I 
still think it's awesome to see 

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this cycle happen over and over 
constantly, especially without 

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me having to do anything for it 
to happen. 

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And I prefer this way where this
money can be allocated to 

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different companies, more than I
prefer a traditional drip system

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where it has to be reinvested 
into the same Holdings of pay 

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it. 
So I really like the way that 

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this works to keep your 
portfolio in Balance, but that's

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pretty much it for this week. 
I wanted to jump in to the 

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bigger. 
Jacked. 

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And that is traditional 
investing, which is the most 

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popular style of investing, 
which is putting your money into

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passive index, funds verse 
dividend growth. 

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Investing to preface this. 
Here's a huge preface, big 

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disclaimer if you're doing 
investing at all, you're way 

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ahead of most people, so don't 
get too strung up on the 

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details. 
What I'm doing is just giving 

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you my opinion of why, I'm 
choosing a dividend portfolio, 

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that is a dividend growth 
portfolio, specifically over the

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passive Index Fund. 
Because if you go most places 

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online, all you're going to be 
hearing is one side. 

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You're going to be hearing the 
opinion that passive index 

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investing is the only way to 
invest and there's really no 

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other realistic way to do it, 
which I don't agree with. 

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So I'm going to just be giving 
you my opinion. 

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So to just take a step back, I 
wanted to go over and just do a 

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quick recap of each type of 
investing. 

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So you know what? 
I'm actually comparing first 

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traditional growth investing and
I'm going to call it traditional

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growth, because when I say 
dividend growth that can Get 

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confusing. 
So I'm instead of just calling 

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it growth investing, I'm going 
to call it traditional growth, 

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so traditional growth, investing
is a type of investing that 

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focuses on capital appreciation.
Capital appreciation is when the

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share price of a company 
increases so you go to any 

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company. 
I can take, I'll take Netflix. 

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They have their market cap and 
with capital appreciation with 

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growth investing, you're looking
to buy it at this market cap and

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hope that that increases right 
that is the goal of traditional 

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growth investing and it has this
has been the most popular type 

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of investing for at least the 
past decade. 

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So, since the recession most 
people have been putting their 

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money in index, funds, and 
watching that grow, and it's 

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done very well. 
This type of investing is done 

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very well. 
The only concern I have about it

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is that we haven't really seen 
how this amount of massive 

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amounts of money. 
And index funds will perform in 

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a bear Market or in another 
recession because it's largely 

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been done post the 2009 
recession. 

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Now compare this type of 
investing where you look for 

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capital appreciation to Dividend
growth. 

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Dividend growth is different 
because instead of looking at 

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the, the price of the share, 
you're looking at the payment of

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the dividend. 
So the growth in Dividend growth

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investing, let me give dominion 
energy. 

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This is one that I just 
highlighted as one of my three 

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conviction picks I guess was 
that name of it. 

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But Dominion Energy has has a 
long-standing dividend history 

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so this is our total dividend 
history since what they started 

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paying them and you can see this
is the dividend growth different

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than capital appreciation. 
If I go over here This is their 

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capital appreciation, right? 
All over the place. 

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Sometimes it dips down like it 
did in during the recession. 

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Dips down. 
Right here, dips down. 

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Right here. 
Capital appreciation. 

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This is what you'd be looking 
for with that dividend growth. 

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This is what you'd be looking 
for right here. 

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Now, that is the primary 
differences. 

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Essentially the goal with 
traditional growth is looking 

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for capital appreciation. 
The goal with dividend growth is

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looking for an Ever growing. 
Income stream. 

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This is income right here. 
You can see that it's growing. 

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That's what you look for. 
In all of your Holdings. 

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You want to buy Holdings that 
they continue to grow your 

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income stream. 
So huge differences there. 

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Now, once you say, if you ever 
say that you're doing focusing 

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on dividends or doing dividend 
growth investing, you're going 

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to hear a lot of the same things
you're going to hear that. 

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You should only focus on total 
return, nothing else really 

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matters. 
Beyond that dividends aren't 

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tax-efficient, you know, it's 
basic index. 

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Investing Thing, you know, 
dividend investing, they can 

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come, they can cut their 
dividends, right? 

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You'll hear that stock prices 
lowered when a dividends paid. 

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So, what's even the point of it 
and you're missing out on great 

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growth companies, when you only 
focus on giving one's right? 

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So that is what you're going to 
be hearing over and over again. 

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I'm going to instead of go 
through line by line and address

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all of those. 
What I want to do is just point 

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out the reasons I like dividend 
growth and and I just think that

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they, for me, they have a bigger
weight. 

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They the reasons that I like 
dividend growth outweigh, all 

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those little objections. 
So the first one is cash flow. 

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Passive income is the name of 
the game. 

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It's a literally, the title of 
my portfolio. 

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What I'm building this 
portfolio, centered around is 

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creating a never grown. 
Extreme of passive income. 

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And why is income important? 
I believe it's extremely 

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important. 
I don't like, buying something 

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that doesn't provide income 
because I believe it's similar 

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to just like, buying gold, it's 
like buying buying something 

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that can go up in value. 
But in the meantime, it's not 

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doing much for you and then when
it does go up in value to get 

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anything from it, you have to 
start chipping away little 

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pieces of that gold and selling 
it. 

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And that's what I believe it's 
similar to. 

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When you're investing in index 
funds, they do pay summon, they 

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do, pay some income. 
But very, very little basically 

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what you're looking for is a 
thing that you're buying. 

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Now to, hopefully be worth more 
later. 

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I do not prefer that at all 
compared to having a constant 

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and ever-growing stream of 
income. 

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So, take a look at this graph. 
When I look at this, this is the

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most important thing to me every
single month that my passive 

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income goes up. 
It's less that I'm dependent on 

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my active income. 
It means more freedom. 

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It means more. 
It means less dependency on. 

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Living in the rat race. 
Now, I can look at this and I 

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can start averaging these out. 
Like I have quarterly here when 

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I look and say and, you know, on
a three-month basis, I'm earning

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this much. 
I can actually literally start 

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to say, Hey, My My Portfolio is 
generating enough income. 

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Now, the I don't I can have my 
Comcast bill covered for the 

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rest of my life. 
That's less dependency on me, 

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having to pay for that. 
Then it gets to the point where 

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I can say, hey, my utilities can
be covered for the rest of my 

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life. 
I want to get to the point where

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all of my basic necessities Are 
completely covered for the rest 

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of my life. 
And I can do that through 

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passive income. 
If you're investing in just 

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index funds, your you don't have
any kind of indicator for that. 

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It's very difficult to tell how 
much you're actually. 

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How much progress you're 
actually making becoming less 

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dependent on your primary 
income. 

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So passive income is extremely 
important to me. 

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I like the compounding aspect of
it, I like the idea of having an

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ever-growing stream of income 
that's different from what I'm 

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constantly working. 
Or during the day, there's 

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mathematical reasons, there's 
psychological reasons. 

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There's a lot of different 
reasons, I prefer cash flow 

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over. 
I do the more speculative way of

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investing where you just hope 
that something increases in 

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value, later down the road. 
So cash flow is a reason number 

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one that I prefer my dividend 
growth portfolio. 

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Over a basic index investing 
strategy, a basic traditional 

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growth investing strategy. 
The second reason is the 

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Simplicity of the framework 
again. 

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A lot of this is psychological. 
So even if you're arguing for 

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Total return argument, people 
are emotional. 

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And if you can invest in a way 
that helps you keep your 

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00:11:35,200 --> 00:11:38,700
emotions bridled so that you 
make better decisions that is a 

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good way to invest the 
Simplicity of a dividend growth.

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Investing framework helps me 
keep my emotions out of it and 

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keep keeps logic. 
And a planned strategy is what's

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in control. 
So if I look at all my 

233
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companies, I have specific 
logical reasons for buying them 

234
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and I have specific rules for 
selling them. 

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The reasons that I buy them is 
if they have long dividend 

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growth histories can look at 
that right here for a Dominion 

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history. 
Long dividend growth histories. 

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If they have a good starting 
yield, does it have to be great.

239
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But a decent starting yield, if 
their companies have products 

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that are going to be relevant in
5 to 10 years, that's the actual

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quantitative or qualitative 
research, you have to do on it. 

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And so there's a Couple of 
different aspects. 

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I look at when buying them, 
which is all pretty simple. 

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It's basically all about the 
dividend and then, you look at 

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some other things that make sure
that it is not ruled out for 

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other reasons, the reasons that 
you sell them are even more 

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simple. 
You sell companies if they cut 

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or slash their dividend that's 
it. 

249
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That's when you sell a company. 
So the Simplicity of this 

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00:12:44,400 --> 00:12:48,600
framework makes it so that you 
can easily create a pretty 

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decent portfolio. 
But more importantly you can 

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keep your head on straight. 
When the markets going nuts 

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because you can actually have a 
good indicator of which 

254
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companies are actually 
struggling or not. 

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If you look at the S&P 500, 
there was a time when many 

256
00:13:04,200 --> 00:13:06,800
companies were struggling in 
many worked. 

257
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But people sold all of them 
because they couldn't, they had 

258
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no way to differentiate between 
which ones are actually 

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struggling. 
Or not. 

260
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And that's when emotions come 
into play. 

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They sold companies like a Visa.
That weren't even struggling 

262
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during 09, but they sold them 
just out of concerns. 

263
00:13:20,900 --> 00:13:24,200
If you're investing in capital 
appreciation, you don't have the

264
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same framework of that, of mind,
the research on reading, 10ks, 

265
00:13:28,400 --> 00:13:32,400
on reading, all these income 
reports on doing all this due, 

266
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diligence on every single stock 
that you're buying and the Ever 

267
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Changing market conditions is 
extremely tiring. 

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00:13:38,700 --> 00:13:42,000
It's extremely complex. 
I love the simplicity. 

269
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Of this portfolio. 
And the, what the indicators 

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that I look, I believe are far 
more simple. 

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And simple things are easier to 
wrap your head around and they 

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make it so that I believe you'll
and be a less emotional investor

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00:13:55,300 --> 00:13:57,100
in the market, which I think is 
a good thing. 

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The last reason that I'll 
highlight is predictability. 

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Now this top number of market 
gains is totally unpredictable, 

276
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I put my money in and we could 
have had a recession, right? 

277
00:14:10,800 --> 00:14:14,500
We could have had some War with 
another country or something 

278
00:14:14,500 --> 00:14:19,000
gone really bad and this number 
instead of being plus 2500 could

279
00:14:19,000 --> 00:14:24,200
be - 2500 I have no idea what I 
do know is if the companies are 

280
00:14:24,200 --> 00:14:27,400
doing okay this number below is 
always going to go up. 

281
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The earn dividends will 
continually go up and it will go

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00:14:31,000 --> 00:14:34,100
up at an accelerated rate. 
That is what I like about it. 

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This this predictability of it. 
Capital appreciation, in my mind

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is far less predictable than 
dividend income. 

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It encompasses is an as a actual
thing that you can look at. 

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00:14:45,500 --> 00:14:48,600
And in my mind it's far more far
more predictable. 

287
00:14:48,800 --> 00:14:52,000
Let's take an example of that, 
what looks more predictable to 

288
00:14:52,000 --> 00:14:56,600
you, this graph. 
Or this one right below. 

289
00:15:00,000 --> 00:15:02,900
This one still has a pretty 
good, so it's followed this 

290
00:15:02,900 --> 00:15:05,200
graph which is exactly what it 
should do. 

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00:15:05,200 --> 00:15:08,000
If your Dividends are constantly
going up, that yields constantly

292
00:15:08,000 --> 00:15:11,100
going to go up which people buy 
which brings a yield back down, 

293
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so on and so forth. 
So as this graph goes up this 

294
00:15:15,800 --> 00:15:19,100
one should follow but you can 
see there's times where this one

295
00:15:19,100 --> 00:15:22,400
has been just predictable as can
be just no problems right here. 

296
00:15:22,400 --> 00:15:26,200
Look at this right through 2009,
not a single issue just as 

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00:15:26,200 --> 00:15:29,100
predictable and steady is could 
be where this one went down. 

298
00:15:29,300 --> 00:15:32,900
If Cut off this last half of the
graph right here from 2009 

299
00:15:32,900 --> 00:15:35,400
onwards you would say, wow, this
really isn't all that 

300
00:15:35,400 --> 00:15:37,000
predictable. 
Why don't know which way it's 

301
00:15:37,000 --> 00:15:38,300
going to go? 
It could go up or down. 

302
00:15:38,700 --> 00:15:40,900
If you looked at this graph, you
would say there's no point in 

303
00:15:40,900 --> 00:15:42,400
this, where it was 
unpredictable. 

304
00:15:42,900 --> 00:15:45,900
I love the predictability of a 
dividend growth investing 

305
00:15:45,900 --> 00:15:48,700
strategy. 
I think it, I think it makes it 

306
00:15:48,700 --> 00:15:51,700
much easier for you to wrap your
head around, what's going to 

307
00:15:51,700 --> 00:15:55,300
happen in the future and all of 
these things combined, I think 

308
00:15:55,300 --> 00:15:58,500
make for an easier portfolio for
me to maintain for me to 

309
00:15:58,500 --> 00:16:02,000
actually make money with with 
and for me to stay cool on the 

310
00:16:02,000 --> 00:16:04,800
market turns bad and it's 
eventually going to turn bad. 

311
00:16:04,800 --> 00:16:06,800
It's not going to go up like 
this forever like it has for the

312
00:16:06,800 --> 00:16:10,200
past 10 years. 
So to summarize we have the 

313
00:16:10,200 --> 00:16:14,200
three reasons why, first of all 
cash flow, which is actual 

314
00:16:14,200 --> 00:16:17,700
passive income index, investing 
is not passive income. 

315
00:16:17,800 --> 00:16:20,500
It's passive investing but 
there's no income part of it. 

316
00:16:20,700 --> 00:16:24,100
I like the income part of it. 
The second reason, why is the 

317
00:16:24,100 --> 00:16:26,700
Simplicity of the framework 
knowing exactly what I'm going 

318
00:16:26,700 --> 00:16:29,100
to buy a company, exactly what 
I'm going to sell it. 

319
00:16:29,100 --> 00:16:32,900
Very People easy, indicators to 
wrap your head around and then 

320
00:16:32,900 --> 00:16:35,300
the third reason is the 
predictability of it. 

321
00:16:35,400 --> 00:16:38,900
I have I have charts that bring 
me some kind of predictability 

322
00:16:38,900 --> 00:16:41,900
with it. 
I can see actual trends that I 

323
00:16:41,900 --> 00:16:44,600
can follow and I can see actual 
dividend histories that I can 

324
00:16:44,600 --> 00:16:47,900
follow. 
So those are three of my biggest

325
00:16:47,900 --> 00:16:50,800
reasons why I prefer this over 
index investing. 

326
00:16:51,000 --> 00:16:54,000
I know the index investing is 
very popular, I'm not bashing on

327
00:16:54,000 --> 00:16:57,000
that strategy. 
People will have just just like 

328
00:16:57,000 --> 00:16:59,100
I have these reasons why I 
prefer a dividend growth. 

329
00:16:59,700 --> 00:17:01,700
Buddy has their reasons why they
prefer their strategy. 

330
00:17:01,700 --> 00:17:05,400
So I'm sure the people that 
prefer index investing they have

331
00:17:05,400 --> 00:17:08,200
all of their reasons as well. 
So, I'm not seeing that, they're

332
00:17:08,200 --> 00:17:09,599
bad. 
And like I said, the preface 

333
00:17:09,599 --> 00:17:12,300
this. 
Not, it's not like if you're 

334
00:17:12,300 --> 00:17:15,599
doing one of these over the 
other, that one is necessarily 

335
00:17:15,599 --> 00:17:18,200
better than the other. 
I think what One's best? 

336
00:17:18,200 --> 00:17:20,099
It's, which one is going to make
you. 

337
00:17:20,200 --> 00:17:23,599
Keep your cool and keep invested
and follow the rules that you 

338
00:17:23,599 --> 00:17:26,400
laid out before, that's going to
be the best strategy for you. 

339
00:17:26,599 --> 00:17:29,600
So if that's passive index 
investing, then go ahead. 

340
00:17:29,700 --> 00:17:33,300
Do that strategy if its dividend
income investing then, then go 

341
00:17:33,300 --> 00:17:38,100
ahead and do that strategy. 
Now, moving on from that, I 

342
00:17:38,100 --> 00:17:41,700
wanted to go over and address 
some of the news that happened 

343
00:17:41,700 --> 00:17:44,600
this week. 
So, well, let me go to first of 

344
00:17:44,600 --> 00:17:46,500
all, let me go to spotify's 
complaint. 

345
00:17:46,500 --> 00:17:50,700
Here they have this like for the
record, for the record page here

346
00:17:51,500 --> 00:17:53,400
and then there's the CEO of 
Spotify. 

347
00:17:53,800 --> 00:17:56,600
So before I'll say that I'm a, 
I'm American. 

348
00:17:56,600 --> 00:17:58,500
So I'm coming at this, from an 
American perspective, I know 

349
00:17:58,500 --> 00:18:00,000
Spotify as a Swedish. 
Company. 

350
00:18:00,000 --> 00:18:05,100
So having that said it might 
have some innate bias is here, 

351
00:18:05,100 --> 00:18:06,900
but I wanted to give my opinion 
on this. 

352
00:18:06,900 --> 00:18:12,600
I read through both his 
complaint and apples and I think

353
00:18:12,600 --> 00:18:15,300
this ties in a lot to what 
Elizabeth Warren was trying to 

354
00:18:15,300 --> 00:18:18,600
do and one of the major points. 
I said that, I that I don't like

355
00:18:18,600 --> 00:18:21,700
about what Elizabeth Warren is 
trying to do by making it. 

356
00:18:21,700 --> 00:18:24,600
So that a company that creates a
platform can't be a participant 

357
00:18:24,600 --> 00:18:27,400
in that platform. 
I think a huge problem with that

358
00:18:27,400 --> 00:18:31,600
is that it is going to hamper 
our Companies, tremendously 

359
00:18:31,900 --> 00:18:34,300
because some of the companies 
that have created that platform 

360
00:18:34,500 --> 00:18:37,300
are amazing companies with some 
of our smartest people. 

361
00:18:37,500 --> 00:18:40,500
So them not being able to even 
participate on it is like 

362
00:18:40,500 --> 00:18:44,200
preventing our brightest and 
smartest people from creating 

363
00:18:44,200 --> 00:18:46,100
other services. 
And I don't think that's a good 

364
00:18:46,100 --> 00:18:47,900
thing. 
And I said that I think it would

365
00:18:47,900 --> 00:18:51,100
make it harder for us to compete
with other people like Europe 

366
00:18:51,200 --> 00:18:53,300
like India and China. 
So I don't like the idea of 

367
00:18:53,300 --> 00:18:58,300
hampering our own companies. 
Now the CEO Daniel hair, the CEO

368
00:18:58,300 --> 00:19:00,300
of Spotify. 
See Seems to agree with 

369
00:19:00,300 --> 00:19:02,700
Elizabeth Warren and this is 
exactly the type of thing that I

370
00:19:02,708 --> 00:19:05,100
was highlighting. 
Other places are going to use 

371
00:19:05,100 --> 00:19:08,700
this type of regulations to try 
to inhibit our ability to 

372
00:19:08,700 --> 00:19:10,400
compete. 
So if you look at their 

373
00:19:10,400 --> 00:19:14,900
complaint, it's pretty simple. 
They say first apps should be 

374
00:19:14,900 --> 00:19:18,100
able to compete fairly on their 
merits and not based on who owns

375
00:19:18,100 --> 00:19:20,500
the App Store. 
We should all be subject to the 

376
00:19:20,500 --> 00:19:22,900
same, a set of rules and 
restrictions including Apple 

377
00:19:22,900 --> 00:19:25,200
music. 
Second consumers should have a 

378
00:19:25,200 --> 00:19:28,900
real choice of payment systems 
and not be locked in or forced 

379
00:19:28,900 --> 00:19:30,500
to use systems. 
As with discrimination, 

380
00:19:30,500 --> 00:19:33,900
discriminatory terrorists, such 
as Apple's finally. 

381
00:19:34,400 --> 00:19:37,300
App stores should not be allowed
to control the communications 

382
00:19:37,300 --> 00:19:40,400
between services and users, 
including placing unfair 

383
00:19:40,400 --> 00:19:42,600
restrictions on marketing 
promotions that benefit 

384
00:19:42,600 --> 00:19:47,300
customers. 
So obviously he goes into more 

385
00:19:47,300 --> 00:19:50,600
detail on this but it's the same
basic idea that Apple since they

386
00:19:50,600 --> 00:19:53,300
own the App Store, they 
shouldn't be able to really 

387
00:19:53,300 --> 00:19:55,400
write any rules. 
They want for the App Store, 

388
00:19:55,500 --> 00:19:58,700
he's not trying to just say that
they can't be a participant, but

389
00:19:58,700 --> 00:20:02,200
he's wanting to literally write 
the rules of Apple's App Store. 

390
00:20:02,400 --> 00:20:06,800
Saying we want to communicate 
with your customers, your your 

391
00:20:06,800 --> 00:20:09,300
customer base your iPhone, users
how we want to communicate with 

392
00:20:09,300 --> 00:20:12,400
them, we want to be able to use 
whatever Payment Solutions we 

393
00:20:12,400 --> 00:20:13,400
want. 
Not yours. 

394
00:20:13,500 --> 00:20:16,000
That you've tested and vetted 
and said that's approved for 

395
00:20:16,000 --> 00:20:18,600
this platform, we want to use 
our own alternative payment 

396
00:20:18,600 --> 00:20:21,700
solution. 
So, those are rule changes to 

397
00:20:21,700 --> 00:20:24,600
Apple's own app store. 
I don't agree with that at all 

398
00:20:24,700 --> 00:20:28,000
at the reason app, the app store
is so popular. 

399
00:20:28,200 --> 00:20:30,800
And the reason honestly, the 
reason that a lot of people buy 

400
00:20:30,800 --> 00:20:35,600
iPhones is because of how well 
Apple has controlled and vetted 

401
00:20:35,600 --> 00:20:37,100
the apps that get onto their App
Store. 

402
00:20:37,500 --> 00:20:39,400
So I work a lot with technology 
now. 

403
00:20:39,400 --> 00:20:43,500
I've pushed apps to the App 
Store hundreds of times I had 

404
00:20:43,600 --> 00:20:47,700
One app, just get denied three 
times this week because of tiny 

405
00:20:47,700 --> 00:20:51,200
little things. 
The Apple that broke some kind 

406
00:20:51,200 --> 00:20:54,900
of rule of Apple. 
They're extremely thorough in 

407
00:20:54,900 --> 00:20:57,200
their vetting process. 
If of what goes on the app store

408
00:20:57,900 --> 00:21:00,600
that's a huge pain for 
developers and Spotify has even 

409
00:21:00,600 --> 00:21:02,700
complained about that saying 
that Apple has like 

410
00:21:02,700 --> 00:21:05,700
intentionally delayed their app.
I don't buy that at all. 

411
00:21:05,700 --> 00:21:08,300
I've had my app. 
I have had apps that I've 

412
00:21:08,300 --> 00:21:12,100
created get delayed so many 
times and I'm completely, you 

413
00:21:12,108 --> 00:21:13,400
know, nothing compared to 
Spotify. 

414
00:21:13,500 --> 00:21:15,200
Why? 
So the company I work for in the

415
00:21:15,208 --> 00:21:17,200
apps that we push are nothing 
compared to Spotify. 

416
00:21:17,300 --> 00:21:21,200
So they they are slow and 
deliberate and thorough with 

417
00:21:21,200 --> 00:21:24,700
every single app that goes on 
that app store on in contrast, 

418
00:21:24,700 --> 00:21:27,700
if you look at Google's App 
Store, I can push things too 

419
00:21:27,708 --> 00:21:30,300
that all day long. 
It's I don't think I've ever had

420
00:21:30,300 --> 00:21:32,100
an app denied from it literally 
ever. 

421
00:21:32,100 --> 00:21:38,300
So anyway, I think that a lot of
this, the idea of changing the 

422
00:21:38,600 --> 00:21:41,500
having being able to, legislate 
and say, apple, you can't run 

423
00:21:41,500 --> 00:21:43,400
your app store the way that you 
want it. 

424
00:21:43,600 --> 00:21:46,800
Terrible thing to do the quality
of their app store is part of 

425
00:21:46,808 --> 00:21:50,200
the reason why people buy into 
the iPhone ecosystem, they don't

426
00:21:50,200 --> 00:21:53,300
want to deal with faulty apps. 
They don't want to deal with 

427
00:21:53,300 --> 00:21:56,200
spammy Communications. 
They buy into the app store 

428
00:21:56,200 --> 00:21:58,900
because they like the way the 
Apple vets the apps. 

429
00:21:58,900 --> 00:22:02,800
So, I think, I think it's part 
of the whole value of Apple is 

430
00:22:02,800 --> 00:22:04,000
the way that they've had their 
App Store. 

431
00:22:04,000 --> 00:22:09,400
So I don't like this complaint 
to begin with apple went through

432
00:22:09,400 --> 00:22:11,400
and addressed a lot of the 
complaints they have. 

433
00:22:11,500 --> 00:22:15,000
So so Apple requires a I defy 
and other Digital Services pay a

434
00:22:15,000 --> 00:22:17,700
30 percent tax on purchases, 
made three apples payment 

435
00:22:17,700 --> 00:22:20,400
system. 
It's more of just a fee. 

436
00:22:20,400 --> 00:22:23,900
I mean, they charge 30 percent 
because you're benefiting from 

437
00:22:23,900 --> 00:22:28,300
using their App Store. 
So this is kind of, I think it's

438
00:22:28,300 --> 00:22:31,700
kind of ridiculous to me if you 
really go through and look at 

439
00:22:31,700 --> 00:22:35,300
all of spotify's complaints from
my perspective, they're pretty 

440
00:22:35,300 --> 00:22:39,700
much saying that they want to 
have access to Apple's App 

441
00:22:39,700 --> 00:22:42,500
Store. 
That Apple has spent billions of

442
00:22:42,500 --> 00:22:45,900
dollars investing And creating 
over the decades that I put 

443
00:22:45,900 --> 00:22:48,200
tremendous effort and validating
and mating making. 

444
00:22:48,200 --> 00:22:51,200
It, I believe is literally the 
highest quality App Store 

445
00:22:51,400 --> 00:22:55,000
anywhere in existence and they 
want to have access to the 

446
00:22:55,000 --> 00:22:58,600
distribution. 
The validation all of that from 

447
00:22:58,600 --> 00:23:02,200
Apple and they don't want to 
have to pay the 30 percent fee. 

448
00:23:02,200 --> 00:23:05,700
That Apple charges to do it 
through digital goods and then 

449
00:23:05,700 --> 00:23:08,200
when Apple says, well you don't 
have to pay that fee. 

450
00:23:08,400 --> 00:23:11,200
You can have people sign up on 
your website and they can still 

451
00:23:11,200 --> 00:23:13,200
use the app and it's just dust 
login. 

452
00:23:13,500 --> 00:23:15,800
I actually looked at this and 
that's exactly what Netflix is 

453
00:23:15,800 --> 00:23:17,700
doing. 
They're having people sign up on

454
00:23:17,700 --> 00:23:20,600
their website and then there are
logging in and I actually went 

455
00:23:20,600 --> 00:23:24,000
ahead and I downloaded the 
Netflix app just to ensure this 

456
00:23:24,000 --> 00:23:26,900
because their complaint seems 
very similar to the process of 

457
00:23:26,900 --> 00:23:30,000
what Netflix is doing and 
Netflix is a direct competitor 

458
00:23:30,000 --> 00:23:31,500
with apple. 
Apple's coming out with a 

459
00:23:31,500 --> 00:23:34,600
streaming service, so Netflix is
fine. 

460
00:23:34,600 --> 00:23:38,000
Working with the rules. 
Apple has laid out, Spotify 

461
00:23:38,000 --> 00:23:40,000
wants to change the rules to 
Apple is laid out. 

462
00:23:40,000 --> 00:23:44,300
They don't want to pay the 30 
percent fee and when Apple says,

463
00:23:44,300 --> 00:23:45,800
well, there's another way to do 
it. 

464
00:23:45,900 --> 00:23:47,300
They don't want to do that 
either. 

465
00:23:47,400 --> 00:23:51,100
They want to be able to allow 
for people to sign up using 

466
00:23:51,100 --> 00:23:55,100
Apple's platform in their store 
and not have to pay Apple a dime

467
00:23:55,100 --> 00:23:58,500
to do it. 
And I think that that is is a 

468
00:23:58,500 --> 00:24:02,400
pretty a pretty ridiculous thing
to ask now. 

469
00:24:03,400 --> 00:24:08,100
Apple issued their own response 
and it was pretty fiery. 

470
00:24:08,100 --> 00:24:12,500
I mean Apple is is usually 
tempered as a company even when 

471
00:24:12,500 --> 00:24:15,800
they have things kind of blow up
or things happen or large 

472
00:24:15,800 --> 00:24:19,900
criticisms to them, they always 
issued this kind of this very 

473
00:24:19,900 --> 00:24:23,600
corporate response. 
This one was not not like that. 

474
00:24:23,900 --> 00:24:27,700
So one of the complaints that 
Spotify brought up was that 

475
00:24:28,000 --> 00:24:31,400
their laws are anti-competitive 
and harmful to other businesses.

476
00:24:31,400 --> 00:24:33,300
Right there. 
Keeping the small guy down 

477
00:24:33,300 --> 00:24:35,900
apples using their big platform 
to keep the small dot guy down 

478
00:24:36,300 --> 00:24:39,500
in this paragraph. 
Apple illustrates their counter 

479
00:24:39,500 --> 00:24:42,200
are good argument to that 11 
years ago. 

480
00:24:42,600 --> 00:24:46,000
Apple Store The same passionate 
for creativity to mobile apps. 

481
00:24:46,000 --> 00:24:49,700
In the decade since the app 
store has helped create many 

482
00:24:49,700 --> 00:24:54,400
millions of jobs generated more 
than 120 billion for developers 

483
00:24:54,400 --> 00:24:57,200
and created new Industries 
through businesses started and 

484
00:24:57,200 --> 00:24:59,800
grown entirely in the App Store 
ecosystem. 

485
00:25:00,500 --> 00:25:03,500
So, it's hard to argue that 
they're a job killer when they 

486
00:25:03,500 --> 00:25:06,400
can cite all these sources of 
how many hundreds of millions of

487
00:25:06,408 --> 00:25:09,600
dollars or hundreds of millions 
of jobs have been created and 

488
00:25:09,800 --> 00:25:14,200
people work entirely based off 
of their store and No 120 

489
00:25:14,200 --> 00:25:17,000
billion dollars for developers 
have been paid out so far, so 

490
00:25:17,000 --> 00:25:20,100
that's Apple addressing that at 
its core. 

491
00:25:20,100 --> 00:25:24,000
The App Store is safe secure 
platform where users can have 

492
00:25:24,000 --> 00:25:26,500
faith in the apps, they 
discover, and transactions. 

493
00:25:26,500 --> 00:25:28,800
They make? 
I think this is absolutely key. 

494
00:25:29,000 --> 00:25:31,300
So, that's this is the biggest 
problem I have with what 

495
00:25:31,300 --> 00:25:35,100
spotify's asking Spotify saying,
you can't be restrictive with 

496
00:25:35,100 --> 00:25:38,400
your platform apples. 
All about restriction, that's 

497
00:25:38,400 --> 00:25:41,400
openly what they do. 
They restrict they restrict 

498
00:25:41,400 --> 00:25:44,700
everything that they do because 
When they have control over it, 

499
00:25:44,700 --> 00:25:46,700
they can control the quality of 
it. 

500
00:25:46,700 --> 00:25:49,300
So a lot of people find that 
frustrating and they go to 

501
00:25:49,800 --> 00:25:51,700
Google products, which is 
totally fine. 

502
00:25:52,000 --> 00:25:54,600
But a lot of people are just the
opposite and they like saying 

503
00:25:54,700 --> 00:25:57,100
I'd rather have apple restrict 
all of this restrict all these 

504
00:25:57,100 --> 00:25:59,400
third-party developers so they 
can't do weird things with my 

505
00:25:59,400 --> 00:26:01,000
phone. 
But instead they can only 

506
00:26:01,000 --> 00:26:03,700
develop apps in the way that 
Apple wants them to interact 

507
00:26:03,700 --> 00:26:06,800
with your phone. 
So this is the biggest thing is 

508
00:26:07,000 --> 00:26:11,800
Apple's reputation, is based off
of making their store secure and

509
00:26:11,800 --> 00:26:14,100
safe. 
And if you go and Erase all the 

510
00:26:14,100 --> 00:26:16,000
rules that can do that. 
I don't believe that they'll be 

511
00:26:16,008 --> 00:26:19,300
able to continue doing that. 
They say, that's how it should 

512
00:26:19,300 --> 00:26:20,800
be. 
We want more businesses to 

513
00:26:20,800 --> 00:26:23,500
thrive including ones that 
compete with some aspects of our

514
00:26:23,500 --> 00:26:25,200
business because they drive us 
to do better. 

515
00:26:25,800 --> 00:26:28,600
Right? 
What Spotify is demanding is 

516
00:26:28,600 --> 00:26:31,900
something very different after 
using the app store for years to

517
00:26:31,900 --> 00:26:35,000
dramatically grow their 
business, sot Spotify seeks to 

518
00:26:35,000 --> 00:26:38,100
keep all the benefits of the App
Store ecosystem, including 

519
00:26:38,100 --> 00:26:40,600
substantial Revenue that they 
draw from the app store's 

520
00:26:40,600 --> 00:26:44,600
customers without making any 
contributions to the To place at

521
00:26:44,600 --> 00:26:47,500
the same time they distribute 
they distribute music. 

522
00:26:47,600 --> 00:26:49,900
You love while making 
ever-smaller Confucian 

523
00:26:50,300 --> 00:26:53,400
contributions to the artists 
musicians and songwriters who 

524
00:26:53,400 --> 00:26:57,400
created even going so far as to 
take these creators to court. 

525
00:26:57,600 --> 00:27:00,500
So apples thrown out some shade 
there. 

526
00:27:00,900 --> 00:27:04,000
They pretty much said that 
Spotify has come put their app 

527
00:27:04,000 --> 00:27:08,900
onto their App Store, apples and
distributed using Apple's entire

528
00:27:08,900 --> 00:27:11,400
Marketplace. 
There they're huge, networks of 

529
00:27:11,400 --> 00:27:14,300
hundreds of millions of 
customers and And Spotify has 

530
00:27:14,308 --> 00:27:17,000
been a huge beneficiary of that 
and they don't want to pay a 

531
00:27:17,000 --> 00:27:21,200
dime for it, which is true, then
applicants so far to bring out 

532
00:27:21,200 --> 00:27:24,200
the criticism their own of how 
spotify's running your business 

533
00:27:24,200 --> 00:27:27,200
saying that they're underpaying 
songwriters and they're going so

534
00:27:27,200 --> 00:27:29,800
far to take these creators to 
court, which I can see. 

535
00:27:29,800 --> 00:27:32,200
Some people are saying that 
that's not really relevant at 

536
00:27:32,200 --> 00:27:34,200
all. 
I think it is pretty relevant 

537
00:27:34,200 --> 00:27:37,100
because spotify's in the same 
situation that they're arguing 

538
00:27:37,100 --> 00:27:40,900
against, they run their own 
platform a music platform that 

539
00:27:40,900 --> 00:27:44,800
artists have to get onto if Want
their music distributed to a 

540
00:27:44,800 --> 00:27:48,500
huge portion of consumers and 
Spotify does everything they can

541
00:27:48,500 --> 00:27:51,400
to pay those artists as low as 
possible, right? 

542
00:27:51,400 --> 00:27:53,800
And Spotify, has their own 
rules, and Spotify has her own 

543
00:27:53,800 --> 00:27:55,400
things, that compete with those 
artists. 

544
00:27:55,600 --> 00:27:58,900
So, they're in this weird 
situation where they're asking 

545
00:27:58,900 --> 00:28:02,000
for things that they can bring 
up criticisms against himself. 

546
00:28:02,300 --> 00:28:05,800
So they go on and say Spotify 
can determine their own business

547
00:28:05,800 --> 00:28:08,700
model but they left out all 
these different things. 

548
00:28:09,100 --> 00:28:12,000
And apple pretty much lays out 
everything that they've done to 

549
00:28:12,000 --> 00:28:14,100
help Spotify. 
So as far Spotify part of the 

550
00:28:14,100 --> 00:28:16,600
claim was that like apples 
really, you know, they have it 

551
00:28:16,600 --> 00:28:19,100
out for us or against us, 
they're not helping us, Apple 

552
00:28:19,100 --> 00:28:20,500
points out. 
That they've helped him with 

553
00:28:20,800 --> 00:28:23,800
carplay helping with a chapel 
wop, watch app. 

554
00:28:23,800 --> 00:28:27,300
That's one of the number one, 
Apple watch music category. 

555
00:28:28,400 --> 00:28:32,600
They go on and they say, you 
know, Spotify seeing the apple 

556
00:28:32,600 --> 00:28:35,700
is being mean and charging. 
All these developers and all 

557
00:28:35,700 --> 00:28:37,700
these people tons of money and 
their app store. 

558
00:28:38,300 --> 00:28:40,700
Apple says, the 84% of the apps 
in the App Store. 

559
00:28:40,700 --> 00:28:43,200
Paid nothing to Apple when 
they're downloaded to use that. 

560
00:28:43,400 --> 00:28:47,800
Discrimination apps that are 
free to, you aren't charged by 

561
00:28:47,800 --> 00:28:50,100
Apple apps. 
To earn Revenue exclusively 

562
00:28:50,100 --> 00:28:51,600
through advertising. 
Like some of, your favorite. 

563
00:28:51,600 --> 00:28:53,000
Free games, aren't charged by 
Apple. 

564
00:28:53,000 --> 00:28:56,400
Apple business transit or app 
business transactions, where 

565
00:28:56,400 --> 00:28:58,800
users sign in up or purchase 
digital Goods. 

566
00:28:58,800 --> 00:29:02,800
Outside apps, aren't charged by 
Apple selling physical Goods, 

567
00:29:02,800 --> 00:29:05,100
including ride. 
Oh, this is one of the things 

568
00:29:05,100 --> 00:29:08,100
that Spotify also brought up. 
They said it was unfair that 

569
00:29:08,100 --> 00:29:11,300
they're getting charged, but 
Uber and GrubHub, and all these 

570
00:29:11,300 --> 00:29:12,600
different companies aren't 
getting charged. 

571
00:29:13,400 --> 00:29:17,200
And apple says selling physical 
Goods, including ride-hailing 

572
00:29:17,200 --> 00:29:19,500
and food delivery services to 
name a few aren't charged by 

573
00:29:19,500 --> 00:29:23,500
Apple. 
So the only thing the Apple 

574
00:29:23,500 --> 00:29:26,500
requires with digital goods and 
services purchased inside the 

575
00:29:26,500 --> 00:29:29,700
app, using the secure, in-app 
purchase system as Spotify 

576
00:29:29,700 --> 00:29:32,500
points out. 
That Revenue share is 30% for 

577
00:29:32,508 --> 00:29:35,500
the first year for the analyst 
with annual subscription but 

578
00:29:35,500 --> 00:29:38,500
they left out that it drops to 
15 percent in the Years After 

579
00:29:39,400 --> 00:29:43,100
So, this again is how they 
charge every company. 

580
00:29:43,100 --> 00:29:46,100
So Apple has been doing this 
with Netflix and Netflix did the

581
00:29:46,100 --> 00:29:48,900
same thing where they made it, 
so you can't sign up through iOS

582
00:29:48,900 --> 00:29:50,900
devices. 
You have to sign up on their 

583
00:29:50,900 --> 00:29:53,500
website. 
They do it to Amazon and Amazon 

584
00:29:53,500 --> 00:29:55,000
makes it. 
So, when you buy Kindle books, 

585
00:29:55,000 --> 00:29:57,300
you have to do it online rather 
than, through there through 

586
00:29:57,300 --> 00:30:00,000
their App Store. 
So, apples, fine hosting this 

587
00:30:00,000 --> 00:30:02,400
platform but they're seeing, if 
you're going to do this, one 

588
00:30:02,400 --> 00:30:05,400
type of digital purchase on our 
platform, we want to cut of it 

589
00:30:05,400 --> 00:30:07,000
right? 
To be able to, that's the 

590
00:30:07,000 --> 00:30:08,600
investment. 
They created the platform and 

591
00:30:08,608 --> 00:30:10,300
they want it. 
Turn on their investment. 

592
00:30:10,800 --> 00:30:15,100
So they go on with it and and 
they describe their love for 

593
00:30:15,100 --> 00:30:16,500
music and all this type of 
thing. 

594
00:30:17,100 --> 00:30:20,800
Now, there's arguments on both 
sides, I can see from Spotify 

595
00:30:20,800 --> 00:30:22,900
how they believe that. 
It's unfair, I mean they have 

596
00:30:22,900 --> 00:30:26,800
this Behemoth of a competitor 
Apple that is deciding that 

597
00:30:26,800 --> 00:30:28,800
they're really wanting to get 
into streaming game. 

598
00:30:28,800 --> 00:30:32,000
Like Spotify has been doing, but
Apple has, they have the 

599
00:30:32,000 --> 00:30:35,900
resources, they have the talent,
they have an incredible amount 

600
00:30:35,900 --> 00:30:38,400
of money and in leverage and 
power. 

601
00:30:38,700 --> 00:30:41,200
And that's Got to be extremely 
intimidating for Spotify. 

602
00:30:41,400 --> 00:30:45,800
So when Spotify talks about 
having them having a competitive

603
00:30:45,800 --> 00:30:49,600
Advantage Apple, certainly does,
the difference that I agree with

604
00:30:49,600 --> 00:30:53,600
is that that competitive 
Advantage is a legal illegal 

605
00:30:53,600 --> 00:30:57,000
thing to have companies have 
competitive advantages to each 

606
00:30:57,000 --> 00:30:59,100
other? 
It's not the government's role 

607
00:30:59,200 --> 00:31:03,300
to say this company has a 
competitive Advantage so we need

608
00:31:03,300 --> 00:31:06,600
to get rid of that competitive 
Advantage every company tries. 

609
00:31:06,600 --> 00:31:09,500
That's what ammo is every 
company tries to create a Out. 

610
00:31:09,500 --> 00:31:11,500
So they have something that 
helps them compete in the 

611
00:31:11,500 --> 00:31:14,100
marketplace. 
If you look at Coca-Cola, try 

612
00:31:14,100 --> 00:31:16,700
competing against Coca-Cola. 
Good luck with that. 

613
00:31:16,800 --> 00:31:18,800
You could go to the government 
asked for help with that. 

614
00:31:19,100 --> 00:31:23,400
But Coca-Cola has contracts with
like over half the major food. 

615
00:31:23,400 --> 00:31:26,700
Chains half that the restaurants
exclusive contracts. 

616
00:31:26,700 --> 00:31:29,400
You can only sell their drinks 
in them with movie Chains and 

617
00:31:29,400 --> 00:31:32,000
with everything else to can they
try their hardest to make it so 

618
00:31:32,000 --> 00:31:33,600
nobody can get into that 
industry. 

619
00:31:34,300 --> 00:31:37,500
Nothing about that is illegal. 
That's just that's just 

620
00:31:37,500 --> 00:31:38,300
business. 
That how? 

621
00:31:38,300 --> 00:31:40,700
That's how it works. 
X, and regardless of this type 

622
00:31:40,700 --> 00:31:43,900
of thing happening forever, 
other companies have been able 

623
00:31:43,900 --> 00:31:46,800
to compete. 
So even with these big temp, 

624
00:31:46,800 --> 00:31:48,200
these big American tech 
companies. 

625
00:31:48,200 --> 00:31:51,200
There have been companies. 
Like I said, the lifespan is 

626
00:31:51,200 --> 00:31:53,100
shorter than most people think 
and there have been new 

627
00:31:53,100 --> 00:31:54,700
companies coming up. 
Coming up. 

628
00:31:55,100 --> 00:31:58,800
I think it would be a very sad 
thing to make it. 

629
00:31:58,800 --> 00:32:01,900
So the Apple cannot compete with
music because they own the app 

630
00:32:01,900 --> 00:32:04,100
store or that they have to 
choose between the two. 

631
00:32:04,800 --> 00:32:08,200
Apple was the inventor of the 
iPod, they've literally been 

632
00:32:08,300 --> 00:32:11,000
music and Is yes for four 
decades. 

633
00:32:11,500 --> 00:32:14,700
So saying this company, the 
obviously has an interest in 

634
00:32:14,700 --> 00:32:18,100
music and had an interest in 
music even before Spotify that 

635
00:32:18,100 --> 00:32:20,500
they can't get in the streaming 
game or they can't advertise it 

636
00:32:20,500 --> 00:32:22,800
because they would be a 
participant in their own 

637
00:32:22,800 --> 00:32:25,200
Marketplace. 
I think would be a very, very 

638
00:32:25,200 --> 00:32:28,500
sad thing. 
So I'm hoping the EU Regulators 

639
00:32:28,500 --> 00:32:33,000
don't don't, don't just say 
apple, you can't sell your own 

640
00:32:33,000 --> 00:32:36,100
music on it or you have to give 
Spotify this exemption where 

641
00:32:36,100 --> 00:32:39,000
they don't pay a fee. 
Spotify has been doing just 

642
00:32:39,100 --> 00:32:41,300
Define. 
I think Apple will take a lot of

643
00:32:41,800 --> 00:32:45,100
customers, but that's going to 
happen regardless of what they 

644
00:32:45,100 --> 00:32:47,900
do. 
So anyway, I want to hear your 

645
00:32:47,900 --> 00:32:50,800
guys thoughts on that. 
I think this all ties back into 

646
00:32:50,800 --> 00:32:54,300
what Elizabeth Warren is doing. 
It's a, that's a tricky 

647
00:32:54,300 --> 00:32:56,500
situation. 
There's opinions on both sides. 

648
00:32:56,700 --> 00:32:59,600
I definitely think the Apple 
should be able to compete and 

649
00:32:59,800 --> 00:33:02,700
create their own music service 
and it should be judged on their

650
00:33:02,700 --> 00:33:04,600
merits. 
So, as far as I can tell, 

651
00:33:04,600 --> 00:33:07,900
they're not doing anything to 
specifically damage Spotify, 

652
00:33:08,100 --> 00:33:10,400
they're just treating modify 
with the same rules that they 

653
00:33:10,400 --> 00:33:13,500
treat everybody else. 
So anyway, well, I'll leave you 

654
00:33:13,508 --> 00:33:14,700
guys with that. 
I hope you guys have a good 

655
00:33:14,700 --> 00:33:16,900
weekend. 
Remember to follow me on the 

656
00:33:16,900 --> 00:33:19,800
Twitter, subscribe to me on 
YouTube and I'll let you guys 

657
00:33:19,800 --> 00:33:21,600
know what's going on. 
I'll see you guys later.