We are raising our 2016 global music growth forecasts to 5% (was 4%,already top of consensus range). New streaming services just launched(e.g. Amazon Music Unlimited, Pandora Plus) should stimulate consumerdemand further, while the introduction of lower price points/advancedfunctionalities (e.g. Amazon Echo, Google Home) will also increase free-topayconversion. Our top picks for global music investing are Vivendi,Sony, Amazon and Loen Entertainment.
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