Hello diane20-ga,
As you would expect for a product aimed at a very large market, there
are lots of very expensive market research reports that address the
questions you raised about the ringtone marketplace. These reports are
usually discussed in the trade and business press so you can get a
general impression of the trends they report even if you can?t afford
to buy them. I?ve collected a variety of research report summaries and
articles for you.
In addition, I also collected demographic and psychographic
information about the ringtone market. The major point about users of
this technology is the youth orientation, hip-hop culture and
multiculturalism. I?ve found some articles that will give you some
insights along these lines.
Finally, I?ve also included a selection of articles that report on
trends in this industry. This is a very fragmented industry that?s
hard to measure. Some of the articles highlight conflicting viewpoints
about the industry but I?ve provided a good selection of articles so
you can draw your own conclusions.
Please don?t hesitate to ask for clarification if any of this is confused.
Best wishes for your project.
~ czh ~
============================================
RINGTONE INDUSTRY REVIEW AND MARKET RESEARCH
============================================
http://www.consect.com/company_press_wsjspecial.html
Missing You: Music Industry Struggles to Get Cellphone's Number
Ringtones Based on Songs Fall Short of Expectations; Battle for Piece
of Action 'Yeah!' Arrives, Months Late
By ETHAN SMITH
Staff Reporter of THE WALL STREET JOURNAL
September 13, 2004; Page A1
Music companies, hungry for new sources of income, thought they'd hit
the jackpot remaking hit songs as cellphone ringtones. For example, a
recent hit from hip-hop star Usher called "Yeah!" with its distinctive
keyboard riff, would have made an "incredible" ringtone, says Michael
Gallelli, director of content services at cellphone carrier T-Mobile
USA Inc.
But for months, the publisher representing one of the song's seven
co-authors balked, Mr. Gallelli says. Not until mid-August, long after
it had disappeared from the charts, did that company relent and
"Yeah!," quickly started selling as many as 40,000 copies a week,
making it a top-selling ringtone. The delay had cost all concerned
hundreds of thousands of dollars in lost revenue.
That snafu shows how new technology is once again snarling up the
music business. The ringtone market, once seen as the industry's next
cash cow, has become a dizzying free-for-all, stymied by nightmarish
contractual disputes, conflicting technical requirements and the old
specter of piracy. Losing out could be a big blow to an industry that
most recently missed the opportunity to control the sale of music
online.
***** This is an excellent long and detailed article that discusses
the ringtone market and the various forces affecting it.
-------------------------------------------------
http://msnbc.msn.com/id/7080835/site/newsweek/
March 4, 2005, Dial-a-Song
Just when the music industry thought its days were numbered, ringtones
became the hottest way to distribute new music
March 4 - Newaye Daniel was driving across Boston when his phone rang.
Actually, ?sang? might be a better description: the phone started
playing the tune ?U Don?t Know Me? by Southern rapper T.I. The song is
one of 11 ringtones?looped snippets of music that replace default
rings?the 22-year-old has on his cell phone. Like so many of his
peers, Daniel has assigned different rings to different people: when
people he doesn?t know dial, the phone rings with, well, ?U Don?t Know
Me.? If his mother calls from her home in Virginia, the Sarah
McLachlan song ?I Will Remember You? issues forth, usually from his
hip pocket. ?Sometimes the expressions on people?s faces is to die
for,? he says. ?Last night my girlfriend heard the Sarah McLachlan
song when my mom called and she was all ?that?s the cutest thing
ever."
***** This is another long article that gives you an overview of the
ringtone marketplace.
-------------------------------------------------
http://shey.net/
RING MY BELL
Two different takes on New Yorker?s essay on the ringtone market, ?RING MY BELL?.
From Marc Perton for Engadget: ?New Yorker offers up history of ringtones?
?Harmonium, the first program developed to create polyphonic
ringtones, was developed by a Finnish programmer. What may be more
surprising is the size of the ringtone market: a whopping $4 billion
in 2004. In true New Yorker fashion, the article looks at the ringtone
business, tone junkies one guy claims to spend $10 a month on tones,
mostly of Led Zep songs and the evolution of the technology, which is
poised to take the wind out of that $4 billion market, since it s
getting easier to make your own ringtones.
From Mark Frauenfelder for TheFeature.com: ?Polyphonic Ringtone Nostalgia?
?The latest issue of the New Yorker has a fairly lengthy article about
polyphonic ringtones versus MP3 ringtones. The author, Sasha
Frere-Jones argues that the polyphonic tones deliver the pure pop
essence of a song, and are in some ways, superior to the actual songs
they?re based on.
If a song can survive being transposed from live instruments to a
cell-phone microchip, it must have musically hardy DNA. Many recent
hip-hop songs make terrific ringtones because they already sound like
ringtones. The polyphonic and master-tone versions of Goodies, by
Ciara, for example, are nearly identical. Ringtones, it turns out, are
inherently pop: musical expression distilled to one urgent,
representative hook.
-------------------------------------------------
http://www.jupitermedia.com/corporate/releases/05.03.15-newjupresearch.html
http://www.jupiterresearch.com/bin/item.pl/research:vision/81/id=96027,keywords1=wireless%20market%20forecast/
JUPITERRESEARCH PROJECTS RING TONE REVENUES TO REACH $724 MILLION AND
MOBILE GAME REVENUES TO REACH $430 MILLION IN THE U.S. BY 2009
(New York, NY - March 15, 2005) -- JupiterResearch, a division of
Jupitermedia Corporation (Nasdaq: JUPM), today released the results of
its annual wireless forecast. The report, entitled "Wireless Market
Forecast, 2004 to 2009," forecasts mobile phone adoption in the U.S.
through 2009 as well as revenue from consumer messaging applications
and premium content such as ring tones, games and icons, among others.
According to the report, ring tone revenues were $91 million in 2003,
more than doubled to $217 million in 2004 and will reach $724 million
in 2009. Mobile games revenues were $24 million in 2003, tripled to
$72 million in 2004, and should reach $430 million in 2009.
-------------------------------------------------
http://www.mogalime.com/archives/002990.html
The Ringtone Marketplace
According to research firm Consect, 50% of U.S. mobile-phone users
ages 15-30 have downloaded a ringtone. Further, Consect reports, 55%
of ringtone revenues are from hip-hip downloads, which appeal to
youthful fans...
U.S. firms spent $81 million last year on building mobile music
services -- including the marketing of ringtones -- according to
market research firm Frost & Sullivan.
But that's a fraction of the marketing money spent in Europe and
Japan, where companies last year invested $1.15 billion and $720
million, respectively.
Overall U.S. ringtone sales are expected to hit $300 million this
year, according to Consect, a small share of the $4 billion global
market. Some analysts expect the U.S. market to grow to $1 billion by
2008; more conservative estimates see the market topping out between
$330 million and $650 million...
Ringtones already are paying off for companies that market
aggressively. T-Mobile, for example, reports more than 11 million paid
ringtone downloads in first-quarter 2004.
-------------------------------------------------
http://www.itfacts.biz/index.php?id=P2865
Mobile usage
US ringtone market brought $91 mln in 2003, $217 mln in 2004, will
bring $724 mln in 2009
According to JupiterResearch, ring tone revenues were $91 mln in 2003,
more than doubled to $217 mln in 2004 and will reach $724 mln in 2009.
Mobile games revenues were $24 mln in 2003, tripled to $72 mln in
2004, and should reach $430 mln in 2009. Despite this rapid growth,
ring tones and games accounted for just 10% of carriers' non-access
data revenue in 2004, partly because ring tone and game capable
handsets have not yet achieved very high market penetration. During
the next five years, the mix of data services will evolve, but
messaging will still account for 65% of non-voice, non-data access
revenues.
-------------------------------------------------
http://www.kfvs12.com/global/story.asp?s=3104356&ClientType=Printable
Research and Markets: Examine How New Developments in Mobile Music are
Going to Transform the Revenue Earning Potential of the Mobile Sector
DUBLIN, Ireland, March 21 /PRNewswire/ -- Mobile music, in the form of
ringtones, was the key driver that gave birth to the embryonic mobile
entertainment market back in 1998 - when the Finnish operator
Radiolinja launched the first mono-ringtone service over Nokia
handsets. Since then the ringtone market has become a multi-million
dollar industry with new developments in polyphonic sound, real-tones
and ring-back tones - all contributing to ever more expansion.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040820/RESEARCH )
Research and Markets
(http://www.researchandmarkets.com/reports/c14059) has announced the
addition of Mobile Music: Ringtones, Ringbacks and Full Tracks to
their offering.
Report name: Mobile Music: Ringtones, Ringbacks & Full Tracks
Web address: http://www.researchandmarkets.com/reports/245767/
Office code: c14059
Report formats
Hard Copy: EUR? 1,810.00
Electronic: EUR? 1,810.00
***** This is an expensive, 125-page market research report. Even if
you can?t afford it, you might find the table of contents and list of
companies useful.
============================
RINGTONE MARKET DEMOGRAPHICS
============================
http://www.newyorker.com/critics/music/index.ssf?050307crmu_music
RING MY BELL
by SASHA FRERE-JONES
The expensive pleasures of the ringtone.
Issue of 2005-03-07
Consect reports that fifty-six per cent of the ringtones bought in the
United States during the first half of 2004 were hip-hop, and Mark
Freiser, Consect?s C.E.O., says that the vast majority of ringtone
users are under the age of thirty.
Marketers in the mobile-media industry call these purchases
?preferences.? And they are right: ringtones, like the screen savers
and plastic face plates that you can use to customize your phone,
constitute a form of self-expression, though what you choose to tell
the world about yourself is limited by a finite library of images and
sounds.
***** This is another long article that discusses the spread of ringtones.
-------------------------------------------------
http://www.sys-con.com/story/?storyid=46639&DE=1
Ringback Tones
Revenue at our doorstep
October 6, 2004
A ringback tone service has the potential to generate more revenue per
subscriber than a ringtone service. One reason is that with ringtones,
revenue is earned only when a user makes the effort to download one.
Aside from a handful of demographics, such as teens, few users tend to
change their ringtones on a regular basis. Carriers are lacking the
tools to encourage customers to consume additional content.
-------------------------------------------------
http://www.wirelessweek.com/article/CA510500?spacedesc=Special+Section&stt=000
Virgin Mobile: From Doubt to MVNO Leader
Ambitious company proves its focus on the youth segment and
partnership with Sprint is a winning combination.
MARCH 15, 2005
WIRELESS WEEK
The core of Virgin Mobile USA's market is represented by subscribers
between the ages of 12 and 24. It's a market that uses mobile phones
differently than the broad market. About 70 percent of Virgin Mobile
USA's subscribers text message regularly and 60 percent download
ringtones and use other non-voice applications. They are, Schulman
says, just more comfortable using their handset as an extension of
themselves rather than just as a voice device.
Schulman estimates that Virgin Mobile USA has about 8 percent of the
ringtone market in this country, about four times its subscriber
penetration.
***** This article discusses Virgin?s strategies for reaching the youth market.
-------------------------------------------------
http://www.findarticles.com/p/articles/mi_m4021/is_9_26/ai_n6261057
YOUNG, MOBILE, Def
American Demographics, Nov 1, 2004
This month, Simmons and Liles will launch Def Jam Mobile, a wireless
content platform created in partnership with AGmobile, the wireless
services division of greeting card giant American Greetings. The new
venture will target a generation of wireless subscribers for whom
hip-hop is an unequivocal "life soundtrack," such as teens and
twentysomethings raised in the urban sprawl of New York and Chicago,
as well as products of the farms of Nebraska, the swamplands of the
Mississippi Delta and the manicured lawns of Beverly Hills. Def Jam
Mobile will deliver not only traditional content like ringtones and
SMS news alerts, but also Simmons' Laws of Success and even daily
affirmations from his kid brother Joseph, better known as Reverend Run
of the legendary rap group Run-DMC.
"We asked ourselves, 'Do we want to own the ringtone vertical, or do
we want to own a particular market segment and then super-serve that
segment to be the data provider for the Hispanic market and the urban
market?'" Biniak says. "So the strategy was developed based on
historical data and market reality, and what we did then is identify
the number one brands in those verticals."
CELL-BUY TRENDS
Among U.S. wireless subscribers, non-Anglos are more inclined to adopt
new services like photo messaging and ringtones. For example, African
Americans are nearly twice as likely as whites to be enthusiastic
about feature-rich handsets; and Hispanics spend more on wireless
service per month than any other ethnic group.
-------------------------------------------------
http://www.findarticles.com/p/articles/mi_m4021/is_2_25/ai_97818962/pg_3
America Untethered - nearly 29 mil Americans had cell phones as of end-2002
American Demographics, March 1, 2003
But the real story behind mobile phones is the demographic shift that
has occurred as prices for service have fallen and providers have
added more features. Just a few years ago, the average cell phone user
was more likely to be wealthy and white. These days, African Americans
and teens figure far more prominently. In 1999, Knowledge Networks
found 37 percent of African Americans and 32 percent of Hispanics had
cell phones, while 42 percent of whites had them. By the spring of
2002, however, 65 percent of African Americans had cell phones,
compared with 62 percent of whites. Hispanics remained well behind,
with just 54 percent penetration.
***** Although this article is slightly dated, nevertheless it
presents some excellent information about demographic trends in cell
phone adoption.
==============================
RINGTONE MARKET PSYCHOGRAPHICS
==============================
Psychographics and Demographics of Wireless Data Subscribers
Abstract
Wireless data in the US has made it to prime time. 54% of
In-Stat/MDR?s Consumer Mobility Study respondents (1,009 total survey
participants) currently use one or more wireless data services, led by
SMS, but with strong showings by Internet access services, ringtones,
and mobile games.
Mobile data subscribers offer significant value to wireless carriers,
content/application developers, and handset makers. Wireless data
customers use 42% more voice minutes than non-data users, in addition
to spending an average of 19% more on their total wireless bill each
month and 64% more on their current handset.
Psychographic Segment Descriptions. In-depth review, description, and
behavioral analysis for each of the four wireless data psychographic
segments, with point-by-point comparisons to the overall data user
subscriber base.
- Young Texters (40% of data users)
- Content Mavens (17% of data users)
- Mature Mainstreamers (23% of data users)
- Suburban Prosumers (20% of data users)
***** This is another expensive market research report but even the
summary information might be useful.
-------------------------------------------------
http://www.ztango.com/newsevents/mar-22_2nd-04.htm
Ztango and EMI-CMG Team to Provide Wireless Christian Content
Companies' Target Consumers of Christian Music - Over 45 million units
sold in 2003
RESTON, VA and BRENTWOOD, TN - March 22nd, 2004 - Ztango, a leading
wireless messaging and multimedia services provider, today announced a
music licensing agreement with EMI-CMG, the world's largest Christian
music company. In 2003, Christian music accounted for more than 45
million units in sales worldwide. 2004 is already shaping up to be a
significant year.
Ztango's agreement with EMI-CMG is part of its broad content strategy
to provide customized content solutions targeting specific
demographics and psychographics in the U.S. The company currently
offers more than a thousand ringtone titles, and recently announced
its tonoLATINO BREW? application focused on the Latin music space.
-------------------------------------------------
http://www.signonsandiego.com/news/computing/personaltech/20041101-9999-mz1b1niche.html
Electronics being geared toward very specific audiences
November 1, 2004
Nokia, for example, released a custom version of its 3300 music phone
co-branded with hip-hop artist Jay-Z late last year. The phone
included Jay-Z ring tones and a copy of "The Black Album," the
rapper's latest work, on a removable storage card.
The Jay-Z phone, which cost $124 after rebates, was the first Nokia
product targeted at a specific demographic.
Taking advantage of the 3300 phone's ability to play music from
removable memory cards, Nokia tweaked the phone to target another
demographic. The colors were changed on the plastic housing. Music was
added from the hit TV show "American Idol."
=========================================
RINGTONE AND MOBILE MUSIC INDUSTRY TRENDS
=========================================
http://www.textually.org/ringtonia/
ringtonia.com covers the latest news on ringtones and real music on cell phones
***** You can browse the archives by topic or date. Excellent resource
on all issues relating to ringtones.
-------------------------------------------------
http://www.consect.com/company_press.html
Press Mentions
***** This is an excellent collection of articles about the mobile
music industry and includes many articles on the ringtones market.
-------------------------------------------------
http://www.forbes.com/business/commerce/newswire/2004/05/25/rtr1383767.html
Ringtones left out of digital music price wars
Reuters, 05.25.04, 11:03 AM ET
LONDON, May 25 (Reuters) - A recent price war has made Internet song
downloads cheaper while the price tag on a mobile phone ringtone has
barely budged, and in some cases, is creeping up, a new report on
Tuesday said. The price discrepancy between downloads and ringtones --
those ubiquitous tuneful greetings programmed into millions of
handsets -- can be laid squarely at the feet of record companies,
according to London-based consultancy Informa Plc.
The main culprit is the advent of so-called "sample" ringtones, the
latest stereophonic tones pulled from actual studio recordings.
They carry a price tag of as much as four times higher than the
typical Internet download price in Western Europe -- a price gap that
could prematurely stifle a promising ringtone business, Informa said.
Record labels are demanding mobile operators and other ringtone
resellers pay a royalty rate equivalent to between 25 percent and 55
percent of the total retail price for a "sample" ringtone, Informa
said.
-------------------------------------------------
http://www.piperjaffray.com/917
The Silk Road Weekly
The Internet and The New Economy
January 3, 2004 | Volume 6, Number 1
Our 2005 Predictions - 12 Trends to Watch
10. Wireless Services: Ringtone Will Take Over; Games will Gain. We
believe the ringtone market will take off in a major way in 2005, as
the carriers start to push them and the adoption will go beyond the
young demographics. The appeal of the ringtone will be based on viral
marketing phenomenon, as well as promotions by the carriers of bundled
packages, similar to the ones available on the landlines. We note that
the vast majority of users already choose a ringtone from the
available free options on the phone and thus the practice is already
adopted; the next phase is the monetization of this trend which we
believe is already happening and will take off in 2005 as more
true-tone music ringtones become available. The wireless games will
also make significant inroads among the younger subscribers who will
be demanding a new game almost every month, driving the need for a big
library of new titles.
-------------------------------------------------
http://www.toryumon.co.uk/new/modules.php?name=News&file=article&sid=15
The Japanese Ringtone Market (August 2004).
As with other technology-based markets, Japan has led the mobile phone
sector for many years now. Japanese monophonic ringtone-enabled
handsets first started appearing on the shelves around 1997, with
polyphonic becoming an established format at the start of the new
century.
At present, three major phone companies supply the Japanese market:
-------------------------------------------------
http://www.mobileoffice.co.za/news_2004/Jan/011703-two-ringtone-reports.htm
Two Ringtones Market Reports Contradict Each Other
17 Jan 04
Within 24 hours, two reports about ringtones were released that
contradict each other.
Arc Group says ringtones were very strong and are still on the rise,
though they may drop off in the future, while Juniper Research puts a
lower value on the past year's sales and says the market has already
peaked.
They claim the ringtone market was worth $1 billion in 2003, and that
they expect it to decline to about half that by 2008.
Another report from the Arc Group contradicted it, saying that when it
evaluated last year's ringtone sales, it saw sales some three times
that of the Juniper Research report- $3.2 billion.
Although the Arc Group report predicts that ringtones are still on the
rise, they warn that unauthorized ringtones as well as more appealing
downloads such as new games or even video, may thin out the ringtone
industry's earnings over time.
-------------------------------------------------
http://www.mobileoffice.co.za/news_2004/Jan/011704-ringtone_market_declines.htm
Ringtone Market Declines - Juniper Report
17 Jan 04
BASINGSTOKE, U.K. -- A new study from Juniper Research finds that the
market for mobile ringtones has already peaked, and is now showing
signs of saturation and weakness. Worth just over $1bn (worldwide)
last year, the sector is forecast to slowly decline to around $490m by
2008.
In contrast, the analyst firm believes that the digital music sector
(from master recordings) will continue, in part, to adopt the mobile
platform, and generate direct revenues of around $560m by 2008. Whilst
this is a conservative estimate, Juniper believes there are still
significant hurdles yet to be faced by the sector. For instance, users
will continue to download music via their fast home connections and
update their mobile devices locally.
-------------------------------------------------
http://www.mobileoffice.co.za/news_2004/Jan/011804-cell_phone_ringtone_sales_hit.htm
Cell phone ringtone sales hit $3.5B - ARC
17 Jan 04
Sales of mobile phone ring tones, those tinny song recordings
programmed into millions of handsets around the world, jumped 40
percent in the past year to $3.5 billion, according to a study
released by ARC Group
The worldwide sale of ring tones, which started as a marketing gimmick
for music labels and mobile phone companies, is roughly equivalent to
10 percent of the $32.2 billion global music market.
-------------------------------------------------
http://www.thefeature.com/article?articleid=37246&ref=6506457
The ringtone market is still blossoming with innovation, particularly in Japan.
Wed Apr 23 08:00:00 GMT 2003
In the fast moving mobile industry, ringtones are starting to look
like a mature market. The excitement seems to be moving from audio to
video, and the high levels of acquisition and consolidation in the
ringtone market is typical of an industry approaching commoditization.
Yet, the ringtone market remains a surprise to many, and still has a
lot of life in it.
***** This is a somewhat dated article but it provides a good
discussion of the issues involved in evaluating the ringtone market.
-------------------------------------------------
http://www.cellular-news.com/coverage/japan.shtml
Japan Watchdog Warns Companies For Unfair Moves In Ringtone Market (24-03-2005)
TOKYO (AP)--Japan's antimonopoly regulator on Thursday ordered five
major Japanese record label and software companies to stop an illegal
attempt to dominate the domestic market in mobile phone ringtones.
The Fair Trade Commission warned Sony Music Entertainment Inc.
(6758.TO), Avex Network Inc. (7860.TO), Toshiba EMI Ltd. (EMI.LN),
Victor Entertainment Inc. and the Universal Music Group (UMG.XX) about
unfairly blocking new entrants by exclusively selling the rights to
songs to their joint venture, Label Mobile Inc., according to a
statement on the commission's Web site.
-------------------------------------------------
http://www.mobiliser.org/print?id=80
Chaku-uta drive 3G
Mobile music is still the hottest segment in mobile Japan. In 2004,
the Japanese ringtone market (polyphonic ringtones called Chaku-melo)
will be YEN 100 billion (? 750 million) and the ringtune market
(CD-quality 30 second music clips called Chaku-uta) will be at least
YEN 20 billion (? 150 million). Ringback tones - "waiting music"
played to the caller while waiting for the phone to be picked up - are
still small in Japan but will be successful, too. In 2003, a total
amount of YEN 180 billion was spent for mobile premium content and 50%
was music-related business. This is really massive if you compare it
to a still declining CD industry in Japan with a mere value of YEN 400
billion (? 3 billion).
-------------------------------------------------
http://www.raincitystory.com/index.php/weblog/2004/05/P5/
Tuesday, May 25, 2004
Ring Tones, MP3s and the RIAA
T-Mobile sells ringtones to its customers for $1.99. We actually
license the tones from Zingy for about 58 cents per tune. Zingy can
convert an MP3 into a 9 second ringtone for about .09 per song (most
of it licensing related) leaving healthy margins for all those in the
ringtone marketplace.
So why does it cost me to $1.99 to buy a MIDI created inferior
ringtone when I can buy the full 128kbps AAC version on I-tunes for
.99? Who?s the genius at the RIAA that conspired with these companies
to create this pricing scheme? Why are people actually buying
ringtones?
-------------------------------------------------
http://www.gizmag.com/go/3846/
Create-Your-Own-Ringtone System could be a killer app
March 14, 2005 The ringtone marketplace is only seven years of age,
having begun in 1998 when a Finnish operator (Radiolinja) launched the
first mono-ringtone service for Nokia handsets. It took just five
years for the global ringtone market to become a US$BILLION industry
and with new developments in polyphonic sound and ringback tones
contributing to ever more expansion, it?s a massive unforeseen market
yet to be fully tapped or understood. Which is why a new service
offering an easy way to record and create your own ringtones might
just be a killer application.
Until now, ringtones were all prepackaged generic songs or sound
effects but Blue Frog Mobile has developed a personalised service, to
be known as ?Own Tones?, that offers a very easy way to record your
own voice ringtones.
-------------------------------------------------
http://digitalmusic.weblogsinc.com/entry/2882334810155312/
Ringtone Business Strangling Itself
Posted May 25, 2004, 4:43 PM ET by Brad Hill
Talk about artificial scarcity. Talk about self-defeating control
strategies. Talk about inserting friction into the marketplace. The
nascent ringtone business is suffering from inflation, and it?s barely
a legitimate business in the first place. This Reuters article notes
that while whole-song music downloads cost about a dollar in the U.S.,
ringtones (which can be as short as a few seconds) often cost four
times as much. Extortionary royalties are imposed on resellers (mobile
phone vendors, for example) by record labels, keeping prices sky-high.
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