Daniel Kerven
JPMorgan Chase & Co, Research Division

Okay. Good morning. My name is Daniel Kerven. I'm part of JPMorgan's European media research team. We're very pleased to have Universal Music with us in Boston today for the first time and to welcome Matt Ellis, CFO.

Matthew Ellis
Chief Financial Officer

Thank you. Great to be here.

Daniel Kerven
JPMorgan Chase & Co, Research Division

We've got a lot to get through. So we're going to get straight into it. Matt, Q1 streaming growth was only 8% despite the initial benefits of Streaming 2.0 due to a 2% headwind from lower stream share. What gives you the confidence that your share should stabilize across the rest of this year?

Matthew Ellis
Chief Financial Officer

Yes. Yes. So good to be here with everyone today. So as you think about the subscription revenue growth, I think it's worth putting in context over the last couple of years, we've averaged almost 9% growth. So we continue to see very strong growth there. As you say, in the first quarter, we saw about a 2-point headwind from market share. Just to put that in context, over the last 3 years, we've had 9 out of the top 10 artists every year over a 3-year period. And so one of the things that culminated in is our total market share last year was the highest it's been in over a decade. So we come in the year from a very high point there.

We had a lower release schedule than