become for apple? something like the tv with the box on the side is not that big, but the bigger opportunity here is how they can use their ownership of the operating system whether it's apple tv and the grow with the original content and music subs look at the recent spotify numbers and they grew 40%. by my math, apple paid music subs by 100% and clearly there's an advantage to owning the operating system and you'll find other ways for the company to monetize that. 31% growth and march 18, and 18% growth in december of '17. so you have the step up and it's because of what you just described having this ecosystem of devices and then able to pump different services through that. it's working and i think that there's no reason for it not to continue. >> you buy the apps and it goes into the same. we'll see you in a bit and we'll let you jump on that call and we'll check in with gene munster. let's play the game that melissa likes to play, would you rather. >> she's better than you >> melissa does everyth

apple would. if the estimates are correct and they do not change, you could see the spirit $1 trillion, we like to talk about it. it is a big number. does it have concrete significance? probably not but it is a good marker for sentiment. >> $1 trillion is a lot of money. >> apple is closer than amazon, clearly. a 940 million dollar company and amazon is an $800 million company? so it takes an extraordinary amount of growth from amazon to make it happen. >> we have already seen quite a bit. joe: let's talk a little bit of eco-. we have the latest consumer confidence data. breakdowning at the by age and noticed something interesting. if we go to my terminal, you can see the blue line, confidence of people under 35. that is shooting up with young people feeling good now. the white line is people over 55. that is holding that he nice week. as high but doing good. tois the 35-year-olds 54-year-olds, people the middle, and that is sliding. that is at the lowest level. it is sort of like the consumer con

at least for now, apple seems to be solid. emily: tim cook has not said so allout trade tensions analysts are listening for clues and listening to hear him make any indication about what is going on and whether this will impact apple, especially if president trump delivers on his promise to put tariffs on as $500 billion worth of goods. dan, are you concerned with the political issues surrounding us right now and whether that could hurt apple? dan: some people we're watching very closely. as we know tim cook and the company are reaching out to both sides as they have for many years, we expect that to be certainly part of what they will do. what is important to note here is that the company has created and apple hasa, talked about investing hundreds of billions of dollars over the next several years. they are also creating jobs in china. and, frankly, all over the world. apple is a good corporate citizen helping to invest, build, innovate, and stepping back, if we think about the app the ecosystem, they have paid out $100 billi

, apple services, apple care, making premium user experience. this started out years ago, you remember itunes, you would buy a music sound track. now it evolved into a monthly subscription model we believe that to continue to take on, not only as far as music but content, movies and themes we expect that to continue to grow as part of apple's ecosystem of premium content, that's what we call apple services, apple wood. kind of a play on hollywood. you see the share gains that apple gained a lot of share in apple music. when they put their mind and focus on things and a great customer experience, they typically succeed, and we're seeing the fruits of those efforts now play out. >> i still wonder when they're going to make records with some of the talent on board like dr. dre' but there's a conversation for another day. jim, thanks for joining us >>> boris johnson resigning as foreign secretary in the uk this morning. we breakdown what his exit means for your money and the future of brexit after the show break. imagine traveling hassle-free with y

tim: apple park. david: apple park. and you've moved in recently. tim: steve had the vision the workplace should facilitate people working together, having these common areas that people could work together and run into each other without planning on doing it, and the level of ideas, creativity, and innovation that would come out of that would be phenomenal, and we're seeing that. david: you're convinced that standing up working is better than sitting down? tim: we've given all of our employees, 100%, standing desks. if you can stand for a while, then sit, this is much better. [laughter] tim: yeah, we could stand up for a little while. [applause] david: so, let me ask you about how you came to this position. so you grew up in alabama. tim: a very, very small rural town between pensacola and mobile on the gulf coast. david: ok, and you grew up -- were you a star athlete, star scholar, tech nerd? what were you when you -- tim: i would not say i was a star anything. i worked hard at school and had some reasonably good grades. the benefit i got in my ch

apple as well. i'm looking at the moment at a particular chart shah shows how much has been eroded from that group. a quarter of a trillion dollars worth knocked off their market caps so far since the facebook debacle in terms of their second quarter figures. this is on gtv. bank of america and merrill lynch are saying, this harogbueze of facebook in particular was a sign of a peaking market. they call them consult stocks overall. this is a classic late-stage event according to them. so really when you see monetary tightening start to be debated, when you see slower growth, when starting to see a movement out of these momentum stocks, getting into the safer sectors, getting into travel and an interesting call coming from bank of america, saying get into emerging markets as well when you have dollar weakness going on. this is going to have some naysayers. of course there's always two sides to the market. that's when we see. when you have the likes of a strategist over at oppenheimer saying, maybe thi

the apple apps store, are you an apple customer? for my membership, we are very concerned and basically say well, you are not involved. you're not really the customer of the app. at the end of the day, all of the innovation you see in your smartphone, sure, apple has a couple of phone apps on the come of it all the innovation comes from numbers. we are the driving force that makes your phone and your tablet interesting invaluable, useful. we think of you as our customer. we think of u.s. or customer so much so that we don't really care what platform you are on. if you use an application and provides a service and decide to switch from and write to apple or apple to enter it, you are my customer regardless of what platform you are on. maybe you go back to blackberry. i still want to consider you my customer. it is every visitation of an older case, illinois brick and he was ultimately the customer. that is what the supreme court is looking at. our interest is we think would be devastating to the small business and innovators at the r

remember that includes the app store, apple music, apple pay. the street expects revenue of $9.2 billion in a quarter. >>> i sat down with jp morgan's ceo yesterday and asked him if the tech sector's pull back was a sign of overheating in the equity market. >> not really. some of those things are company specific and obviously companies have very high ips, it's going to dramatically change the stock price. if you think we might have a good economy for a couple years and earnings going to grow 5%, 15% or more, that's a very likely outcome i'm not going to say it's going to happen. i look at the possibilities and probabilities, but the economy looks quite strong >> joining our closing bell exchange for the day to discuss that omar agualler, cnbc steve grasso and rick santelli from the cme group in chicago steve, as far as the tech sector, the fact that we've seen such miserable action leading into apple's earnings, could it turn the tide for the entire market or is that too much emphasis to put on one report? >> no, i look at the reverse the fact

now, the question remains if apple builds them will customers come? >> the common wisdom on the apple retail stores was that it was a stupid idea that would fail. plenty of computer companies had tried it. dell had stores. gateway had stores. nobody went to them. it was just an exercise in vanity. but this concept of open, airy places where they weren't going to try to sell you stuff but instead you could ask questions about your apple products, you could see demonstrations, you could get your hands on them, is just an unbelievably different approach to retail. and once again, steve jobs figured it out. >> what began the process of taking apple from a niche player to a leader that everyone had to race to catch up to, even microsoft, was the ipod. >> boom. that's ipod. i happen to have one right here in my pocket. there it is right there. [ applause ] >> the ipod was a classic apple device. a chrome mirrored back, a pure white acrylic front. that famous click wheel for dialing through lists and stuff. it was the first mp3 player that really worked and

you buy in app to the apple app store, my members customers, or are you apples customers? for my membership the reason this case matters is we have a concern the supreme court were to rule wrong and say you are really not, those apps, you are just apples customer. that's an enormous problem for us. because at the end of the day all of the innovation you see on your smartphone, sure, apple has a couple of fun apps but almost all the innovation using on your phone comes from my members. we are the driving force that makes your phone, your tablet exciting, interesting, valuable, useful. and we think of you as our customer we . we think of you as our customer so much so that we don't really care what platform you are on. if you use an application that provide you with service and you decide to switch from android apple or apple to android, you are my customer regardless of which platform you are on. maybe you go back to blackberry. i want to consider you my customer. the core part of its every visitation of an older case illinois brick and this question of who is old with the

and apple is not really lagging the tech sector 37 in a sense, apple is the tech sector this year performing in line with the technology seconder. apple is still a revenue and sail iz monster. you have a few fellow faang members blowing the doors off the top. >> thank you, bob. our next guest says there may be more trouble ahead for apple >> carter worth is at the plaza, he'll break it all down for us >> we're going to get a lot of good calls and bad ones. my judgment is, that apple is stalling, and doesn't have the upside that other stocks of its type do. so first, here's a well defined chart. it's a chart it has no an notations or drawings by me let's put in some lines, apple has bounced off twrend several times and is responded quite well over and over one could say, what's the issue? it's all about relative performance, if we keep this same chart on top and look at relative performance, what we know is that even as apple has continued it's not keeping up with the s&p, if i were to draw the lines this way, it's basically, again up absolute, but making no real progress to the market as a p

customer, or apple's? for my membership, we are concerned the supreme court would rule wrongly and say, you're not really the customer of the app, your apple's customer. at the end of the day, all of the innovation that you see on your smartphone -- apple has a couple of fun apps, but almost all the innovation comes from my members. we are the driving force that makes your phone, your tablet, exciting, interesting, valuable, useful. we think of you as our customer. so much so that we don't really care what platform you are on. if you use an application that provides you with service and decide to switch from apple to android or android to apple, you are my customer regardless of the platform you're on. i would like to consider you my customer. it is a re-visitation of an older case. this question of who is the customer. our interest is we think it would be devastating to small businesses and innovators if the result would be for the court to, i believe, incorrectly that we are employees or vendors of apple

how many apple products you have. apple watch. apple iphone. the apple tv. this fall we'll have a whole bunch of apple-created content. they pull you into the world. samsung tries to do the same thing. it hasn't quite pulled off the trick. not that they're not doing well worldwide because they are. once you're in apple world you tend to stay and keep more into the services. which is the business. melissa: susan? >> we're getting i guess apple ever closer to the trillion dollars marks. 3 million shares traded hands in after-hours session. that is pretty decent volume for apple buying back on the strong forecast numbers. david: $8 away. $8 to the stock you would be the trillion dollar mark. that is certainly doable. if the numbers keep holding up and people want to buy into it. it depends on the overall market. as lance was saying, i think we need to hear from the chairman what will happen in the future. what kind of products. they will not give any details but just little hints right, lance? >> of course. the analysts will keep asking the questions but he alw

apple for the long-term. it has always struck me as bizarre that there is a fixation on how many units are sold in a 90 day time. we make decisions that are multi-year decisions. we tried to be very clear that we do not run the company for people who want to make a quick buck. we run the company for the long-term. >> one of the shareholders who services having but 75 million additional shares is warren buffett. are you pleased to have him as your shareholder? tim: i am thrilled. warren is focused on the long term. we are in sync. we run the company to why he invests. i could not be happier. >> have you thought about this, warren uses an old flip phone? he has no smart phone. have you thought how much more your stock could go up if you use the product? tim: i am working on him. i told him personally, do tech support. you are now in a building that was designed and expired -- inspired by steve jobs. you have moved in recently. steve had the vision that the workplace should facilitate people working together. ha

>> apple verse pepper at the core it is a question of, when you buy a nap to the apple, app store, or you, my members cost more apples customer? and for my membership, the reason this matters, we are very concerned that they will rule wrongly and say they are really not your dollars per you are not really the customer you are just the customer for them that is an enormous problem for us.at the end of the day, all the innovation that you see on your smart phone, apple has a couple of phone apps on their but almost all of the innovation on your phone right now comes from my members. we are the driving force that makes your phone, your tablet, exciting, interesting, valuable and useful. and we think of you as our customer. we think of you as our customer so much so that we don't really care what platform you're on. if you use an application that provides you with service and you decide to switch from android to apple or apple to android, you are my customer regardless of what platform you're on. maybe you go back to blackberry. i still want to consider you my customer. at the core part i

. >> steve came over to apple, sold next to apple for $400 million. he had no ambitions at apple at all. but steve jobs was watching apple flounder. and he just couldn't help himself and so he remade the company the way he wanted. and there was no one to oppose him because the company was exhausted. >> steve jobs had exactly the abrasive but incisive personality that apple needed at that point. they needed someone to come in and say kill that project, kill that project. that's stupid. consolidate that. and focus the company. >> i'd like to announce one of our first partnerships today, a very, very meaningful one and that is one with microsoft. we're very, very happy about it. we're very, very excited about it. and i happen to have a special guest with me today via satellite downlink. >> i don't think steve jobs has ever experienced you know before or after that just people going boo, no. microsoft represented everything that these hard-core apple fans hated. >> if we want to move forward, see apple healthy and prospering again, we have to let go of a

still waiting for fda approval when entering a crowded field, apple announced the new apple watch with greater connectivity. some are already tapping into it for medical analysis. -- to develop medical devices. here is our reporter who covers health care for bloomberg news. ryan, a crowded space, why is this worth the price? >> when you're looking at buying the watch, and apple watch is a device that tracks steps and this effectively has the ability to save your life. it monitors your heart 2/47. if it sees something out of the ordinary, it will ask if you are ok and engage dispatch. emily: fda approval, how do you plan to get there? >> we are going through now. the focus has been that we have had 53,000 people come to sign up for the waiting list. we see a few of the products like the smart sought for babies sock for babies come to approval. we feel like we can serve the users, help them while going through fda in tandem. emily: how does this fit into the broader space? >> there has been so much interest in tapping into devices that we wear to monitor the heart. what is interesting is

apple does have a platform advantage. it can push apple music to all of the iphone owners, ipad owners in the market. that said, if you look at the global market, apple has a small marketshare share relative to android, relative to other devices. that market share further fragments when you factor in that amazon echo is the dominant speaker. so when you look at what will be the winning factor for streaming business, it device ubiquity. every device on and is starting to build up a data advantage that will be difficult for others to compete with. emily: but amazon also has its own music service they are trying to push on users. justin: it does. it does. they are all trying to push you. it will be a unique situation where amazon, google, and apple are competitive. spotify right now is the market share leader. if i look at each one of those businesses, they do one device well, but not every device well. none of them are really optimized to work on one another's devices. spotify works great on every device in the marketplace.

haidi: let's get back to apple now. strong third-quarter earnings and fourth-quarter outlooks with the stock jumping in late trading. tom, great to have you. were you impressed come were there areas of concern? -- tom: thank you for having me on for starters. i would say the lesson for apple with the iphone x is if you have a smart phone with more than a $1000 selling price, you can sell a lot fewer units and still bear the financial fruit. we are seeing that coupled with the favorable u.s. tax law changes. it has freed up a lot of cash flow to return to shareholders. i was impressed with the performance. i thought the guidance was good. in addition, their services and wearable revenue was also good. everything could change on the comments made prior on tariffs. about 10 minutes into the call, they were talking about potential challenges for apple on the terrace front. -- tariff front. the risk beingk taken by this superpremium expensive has paid off and it means we are going to get further models that are not -- that a

david: can apple save the day? investors will be watching apple bill,bers out after the ending a rocky season for tech. this is bloomberg. ♪ kailey: i am kailey leinz. coming up in the next hour, dean curnutt, macro risk advisors ceo. now to your bloomberg business flash. proctor and gamble is feeling the heat from new competition. they posted quarterly sales that missed estimates. rival products include diapers from amazon. they are also dealing with higher commodity costs. brookfield asset management is close to an agreement to buy for citi real estate trust at about $6.8 billion. that represents a 10% premium. samsung is starting to be hit by the slowdown in the global stock -- smartphone market. shipments of smart are declining after years of rapid growth. samsung's chinese rivals are grabbing market share. alix: for more on tech, we are joined by ramon llamas joining us in boston. the talk will be apple after the bell. what specifically are you looking at? ramon: i really want to see how services will be rol

pressure on apple. stabilize.tocks canada gets left out in the cold, the country is frozen out of nafta talks and the u.s. engages mexico. and the american pot play. seeingnabis stocks are high levels of interest while the canadian rivals drift back down to earth. let's get started with a quick check of the averages. u.s. stocks holding your session highs with a little more optimism on trade tensions easing up on the canada side, or at least with china we are hearing that talks are happening behind the scenes. , although0 up .6% financials are falling, treasury yields are down, large tech companies seeing a small recovery. the nasdaq gaining .7%. , theal banks a key focus whole weeks that meeting and it's also about earnings beating morgan stanley a since the earnings season has begun. you can see that momentum in stocks. amanda: we are watching yield seeing a little bit of softening , but take a look at this. lots of government options this week, billions of dollars of new bonds in today's one-month t-

the other products category overall as well as hartsock apple tv and apple pay -- as well as apple tv. one product that did not perform well was the mac, the worst performance since 2010. customers are not necessarily by. -- not buying. much withnk you so the rapid those apple earnings. , andome analysis outperform rating on apple with the $210 price target. that given the context, what happened and what it means for a tech names, these numbers are fairly impressive. the services business remains secondly, itand suggests expect a good product launch this fall and don't quite see the invocations from terra issues impacting the guidance at this time. haidi: should investors be concerned about the weakness we saw in iphone sales? >> to some degree, yes. june is always a soft quarter and when iphone units are up 1%, they did draw down 3.5 million units of inventory. sellthrough is better than the numbers reported. ramy: i want to hop into the bloomberg terminal and show you and our viewers what were talking about in terms of iphone revenue. 55% is apparently what the iphone revenue is com

>> i point out three most undervalued of the faangs, if you put in apple, it would be apple. facebook with this correction. and also alphabet gets no respect. they had a cloud conference, obviously great earnings and cloud conference and what they're doing with ai, that's an exciting story, the driverless car later this year. google is cheap. facebook is cheap. and apple is the cheapest of them all those are the three i would focus on. >> mark, maybe you want to weigh in is it a matter of ebb and flow of investors appreciating that, starting to worry about that, and that develops into a longer term trend in stocks >> i think it is case by case basis. with google, i think stock will continue to outperform, mid teens year to date, modest correction here. the call is peak opex, with the traffic acquisition cost moderating growth which is what happened in june quarter and will happen going forward, makes chances of negative margin surprise smaller then you've got this autonomous vehicle catalyst, commercial catalyst coming up end of the year google is fine as a stock. it is not a

allies on apple. cheryl: all eyes on apple. lea will be with me the rest of the week. is no ginger and ginger ale? lea: stop the traffic. train to that story little bit later on. president trump renewing a threat to shut down the government over border security. the president treating we must get started finally do what must be done for safety and security of our country. lea: blake berman at the white house with those details. >> president trump tumbling down on his endorsement of a possible government shut down, over winning a spending bill needs to be passed in the president saying he would support a government shut down should his priorities on immigration not be met. we are already approving things and those. i would be willing to consider a shut down if we don't get proper border security. spirit $25 billion for border while funding would constitute a red line. the president making the comments at a news conference with prime minister giuseppe conte. you're dealing to meet with the leadership of iran. >> on it anytime they want. good for the country. good for the

emily: mark, you cover apple. is this worth twice as much as apple? >> if you look at unit sales that apple is selling at, it is unprecedented, but if you go back to what ben was saying in terms of delivering services across the world, that is where the lucrative markets are. we see apple, google, amazon all shifting towards this services strategy. the problem is they are a china-based company and have so much competition in the services world. we have tencent and everyone else trying to get a piece of the pie there. it is a whole different world, in terms of services there, and they are not ahead of the pack. emily: you heard the company make the argument that they are new species. are they really an entirely different new species? >> there is nothing new there. >> i think they are. again, in the i.o.t. space, you had all of these disparate makers, like fitbit, they have wiped all of them out by making a product they can sell at a tenth of a price still at profit. but then they can integrate things into their platform. it is really only the early day

so little by little, we're doing to see how apple pay amongst other things, apple music integrating into all aspects of what we do. >> might with a philosophical issue for tim cook. remember how he was able to stay above the frey with respect to how the other big teches have abused our data and privacy? as they get into the service area, we're going to share more information with them. they can monetize it. they don't have to. they're sitting on $243 billion cash on hand right now. >> globally speaking, these american tech companies trying to do business and do do tons of business overseas, we keep hearing from many in the investing environment that they're concerned about the threat of tariffs and what that will mean for things. it didn't affect apple in terms of this quarter. doesn't seem to be affecting them in terms of the coming quarters given the outlook. so at what point does that matter? or like what we've seen on other things a bunch of posturing from the president? >> they have put out a real good earnings report friday. 159 conference calls. tariffs mentioned 17 times. 19 time

will it be apple music? will it be more information about apple investments and original content, which are relatively small? >> on the print on tuesday night, people are immediately looking at iphone units, iphone asp, and earnings per share. it comes down to the company making money, and that is where people want to make money, when people generate more cash flow. underscoring that money they are generating is gross margins. importantly, gross margins have a lot of puts and takes. we mentioned earlier, the cost of goods sold his important. memory prices have started to decline, and that means on the same given amount of value, apple can generate more profitability. iphone units, iphone asp, earning per share, been gross margins. -- you, he reported talked about the success of the airports, over the ear headphones coming out, are we going to hear any of this? >> they are not going to talk about it, but i think they will play up this other segment,'s other products division, to add to the other guests earlie

emily: mark, you cover apple. is this worth twice as much as apple? >> if you look at unit sales that apple is selling at, it is unprecedented, but if you go in terms of delivering services across the world, that is where the lucrative markets are. amazon all, google, shifting towards this strategy. they are a china-based company and have so much competition in the services world. everyone at to get a peace of the time. it is a whole different world, and it is not ahead of the pack. emily: you heard the company make the argument that they are a new species, are they really an entirely different new species? >> there is nothing new there. >> i think they are. again in the i.o.t. space, you , had these makers, like fitbit, they wiped all of them out by making a product they can sell at a tenth of a price. still at profit. but then they can integrate things into their platform. it is in their early days. things like health care, insurance, finance, all kinds of other apps they can plug you into, it is unprecedented. but when you buy one of their televisi

apple will be reporting its own results later today. >>> as apple is set to post its third quarter earnings, the last of the f.a.n.g.s to report, the consensus expectations is for earnings per share of $2.18. that comes as the tech giant judges closer to atrillion dollar market value. with the stock up over 25% just in the last 12 months. josh lipton filed this report on how investors can expect the stock to react to the report >> reporter: ahead of apple's earnings report what do the last 12 quarters show traders over the last 12 quarters on the day after apple reports it tends to be a coin flip. trading higher 50% of the time, and lower 50% of the time. the absolute swing is 4% a week later does tend to get slightly better trading positive more often than not with an average return of 1.1% that's the data. what do the charts show us about the reports? apple is retreating from minor resistance from june's high, a deeper pullback appears likely ahead of a decisive breakout which would target 2.14. strong support is in the 1.80 to 1.81 area, but a decline of that magnitude appears unlikely h

joining us now, is market he watcher, let's talk apple, will apple's numbers encourage more selling in high-tech or a reversal of the down trend. >> i think bifurcation not to dodge the question. >> you are dodging the question yes, you are. [laughter] >> i think you are starting to see people look at tech stocks differently because you look at apple, apple trading less than 15 times forward multiple look at that amazon netflix over 70 times forward multiple i think people seeing a difference between twitter, apple and facebook starting go into different tech stocks not just biomed, as a whole i this i the numbers are going to be okay the biggest number estimate to come out of earnings is going to be services, come out 9. billion dollars up 25%, out of 51-billion-dollar totaling revenue estimate this quarter i think biggest number we have coming out. >> i am probably wildly out of line but i should point out that if apple's stock goes up 13 dollars from where it is now, then the markets rhymes the company would be worth a trillion dollars. i take it you don't expect apple's numbers to

>> pay for icloud, apple music, apple pay. the subscription model. that's where the money is. one thing to keep in mind in terms of smartphone sales, samsung had a disappointing quarter and it's not the fastest growing market, it's been stagnant in the u.s. and worldwide for sometime. apple maintains a certain percentage. a lot of the growth comes from services and also from china. liz: what about -- speaking of china, the potential trade impact? will they get a waiver? president trump hinted about a possible waiver. i'm wondering how it might affect, they get a lot of thing from taiwan as well. >> people nervous about that. 20% of apple's revenue from china. that's among the highest among the tech companies. that's why cook went to the white house, apple's ceo went to the white house to talk to trump about assurances, nearly every iphone is made in china. apple has more to lose and has more at risk than any company out there. there's been talk of a cooling or negotiable site out there. liz: jon swartz, read his stuff in "barron's." watching the clock here, set to be released

the brand loyalty is nowhere near that of apple the worldwide pervasiveness is fractional versus apple. i know if i were running research of a major wall street confirm as of tonight, i would strip my tech analysts of this stock and place it squarely in the realm of my consumer products group so that's how i could explain how the stock should have a $300 target, not a $200 target, which i think it will eclipse tomorrow how, again, do i get this? let's understand each other. i see apple as a razor-razor blade story, and procter & gamble which is the razor-razor blade story of gillette had a 1% growth and it gets a 20 multiple come on. this is craziness. apple is too cheap how about the other big gainers today? the china stocks right around the opening we heard that treasury secretary steve mnuchin is chatting privately with a high level chinese official about restarting trade talks 100% hearsay we have no idea if anything is going on nor do we know if talks will lead anywhere. however, last week's constructive talk with the europeans made it possible the rumor has credence the up stock,

emily: talk about the competition with apple. we are still waiting for apple to report, but this is a company that has really deep pockets and really long-term relationships with artists that spotify has to compete with. justin: apple does have a platform advantage. it can push apple music to iphone owners, ipad owners in the market. that said, if you look at the global market, apple has a small marketshare share relative to android and other devices. that market share for their --gments wayne you see that when you see that amazon echo is the dominant speaker. device works on every and it is getting a data advantage that will be difficult for others to compete with. they are all china to push here. it is a unit -- they are all trying to push here. it is a unique situation. spotify is the market leader. by looking at each one of those businesses, they do one device well, but not every device well. none of them are optimized to work on one another's devices. spotify works well on every device in the marketplace. that is why it is w

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