Phil, last time around it took two years to get a new UMG contract - maybe that's why Steve's going, he didn't really negotiate that one very well, either, the incentives never seemed to kick in. A mystery to me is why MPE sends have gone up so dramatically but revenue hasn't - I've been asking for a year if the cost to customers has been going down, but haven't gotten an answer.
We really don't have a good sense of what's out there in terms of MPE competition. It seems like a lock to be renewed, but if its not, we'll all know that stranger things have happened. I like your scenario of UMG buying or leasing the MPE business, outright, I'd be happy with royalty revenue.
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