Warner Music Group offers a rare mix of irreplaceable music IP, recurring streaming royalties, margin expansion, and undervalued long-term compounding potential—tempered by leverage, DSP concentration, and AI disruption risk.
Warner Music Group Corp (WMG) operates as a leading global music entertainment conglomerate, representing one of the "Big Three" major music labels that dominate the global music landscape.[1, 2] The company's business model is organized into two primary operating segments: Recorded Music and Music Publishing.[3, 4] Recorded Music is the larger segment, generating approximately 81% of total consolidated revenues, while Music Publishing accounts for the remaining 19%.[4] Through these divisions, WMG monetizes a vast catalog of intellectual property across physical, digital, and synchronized licensing channels.[4, 5, 6]
The company generates its revenue by licensing its extensive portfolio of copyrighted musical works to various downstream distributors and platforms.[1, 4] In Recorded Music, revenues are derived from digital subscription streaming, ad-supported streaming, physical sales (vinyl and compact discs), artist services (concert promotions, tour merchandising, and brand management), and synchronization licensing for film, television, video games, and advertisements.[6, 7] In Music Publishing, administered under the Warner Chappell Music brand, revenues are generated through mechanical, performance, digital, and synchronization royalties collected on behalf of songwriters.[4, 6, 7]
Warner Music Group Corp. - Consolidated Revenue by Segment (Fiscal Year 2025)
+------------------+--------------------------+----------------------------+
| Segment | Revenue (USD Millions) | Percentage of Total (%) |
+------------------+--------------------------+----------------------------+
| Recorded Music | $5,433 | 81.0% |
| Music Publishing | $1,274 | 19.0% |
| Total Revenue | $6,707 | 100.0% |
+------------------+--------------------------+----------------------------+
Note: Segment values are derived from the 2025 10-K filing disclosures.[4]
Geographically, WMG has a highly diversified international footprint, with more than half of its annual recorded music revenues generated outside of the United States.[4] While North America represents the foundational market, European and Asia-Pacific countries represent critical structural growth regions.[5, 8, 9] WMG’s primary customers are major digital service providers (DSPs), such as Spotify, Apple Music, Amazon Music, and Google/YouTube, which collectively represented approximately 43% of the company's total revenue in fiscal year 2025.[4] Other customer groups include physical retailers, touring venues, advertisers, and entertainment production companies.[5, 7, 10]
Primary distribution partners choose WMG because its massive, catalog-heavy library is an absolute necessity for any competitive audio streaming platform.[1] Artists and songwriters choose WMG over independent pathways or alternative labels because of the company's deep global distribution network, substantial upfront capital resources for marketing advances, specialized brand management services, and sophisticated technological tools designed to maximize downstream royalties.[1, 4, 5]
Warner Music Group operates essentially as an intellectual property compounding machine.[1, 4] The company acquires exclusive long-term master recording rights from recording artists and composition copyrights from songwriters.[2] It then packages, promotes, and licenses these rights globally.[4, 5] In Recorded Music, WMG licenses high-fidelity audio masters to global DSPs under complex multi-year agreements.[11, 12] Physical product offerings have evolved to focus on premium, higher-margin vinyl records, which continue to enjoy structural demand among collectors.[5, 7, 10] Artist services expand the traditional label relationship by coordinating live concert promotions, primarily in Europe, and manufacturing local merchandise.[5, 6, 7]
In Music Publishing, Warner Chappell Music administers the copyrights of the underlying musical composition (melodies and lyrics) rather than the physical or digital master recording.[4, 7] The division collects performance royalties when a song is broadcast or performed live, mechanical royalties when a composition is physically or digitally reproduced, and synchronization royalties when the music is integrated into television, films, or digital video content.[6, 7]
The competitive advantage of Warner Music Group is structurally wide and defended by several economic moats:
* Immutable Intellectual Property and Catalog Scale: WMG manages a catalog of more than two million compositions and a vast library of historical master recordings.[4] Catalog releases (defined as music older than 18 months) generate approximately 65% of WMG's recorded music streaming revenues.[5] These catalog assets are non-substitutable; an alternative track cannot replace a classic recording by Led Zeppelin, Prince, or Madonna.[1, 5] This creates a highly stable, recurring royalty baseline.[1, 10]
* Bargaining Power and Distribution Scale: As one of only three major record companies, WMG holds critical mass in negotiations with major technology platforms.[1, 4] Platforms like Spotify or YouTube cannot risk losing WMG’s catalog without suffering material subscriber churn.[1] This structural bargaining power allows WMG to secure favorable contractual terms, including Per Subscriber Month (PSM) pricing minimums and artist-centric payout rules that insulate WMG from DSP-level price discounting.[5, 12]
* High Switching Costs: The operational, administrative, and legal friction of transferring an established artist's historical catalog to another major label or attempting self-administration is incredibly high.
* Ecosystem and Governance Advantage: Under its dual-class capital structure, Class A shares carry one vote per share, whereas Class B shares, held by Access Industries (Len Blavatnik), carry 20 votes per share.[2, 13] Access Industries controls approximately 72% of the economic interest and 98% of the voting power.[2, 14, 15] While this limits public shareholder voting influence, it provides a unique operational buffer.[2] It insulates management from short-term public market pressures, allowing the company to prioritize multi-year catalog acquisitions and deep technological infrastructure investments.[2]
According to Goldman Sachs "Music in the Air" 2025 research, the global music market reached $40.5 billion in 2024 and is projected to expand to $110.8 billion by 2030, representing a compound annual growth rate (CAGR) of 7.2% to 7.6%.[10, 16, 17]
Goldman Sachs "Music in the Air" Global Music Industry Forecasts ($ Billions)
+-----------------------+-------------+-------------+-------------+-------------+
| Sector Segment | 2023 Actual | 2024 Actual | 2025 Proj | 2030 Proj |
+-----------------------+-------------+-------------+-------------+-------------+
| Recorded Music | $28.6 | $29.6 | $31.4 | $43.4 |
| Music Publishing | $8.3 | $9.9 | $10.9 | $14.9 |
| Live Music | $20.0+ | $34.6 | $38.2 | $52.6 |
| Total Industry size | $98.3** | $40.5* | $43.6* | $110.8* |
+-----------------------+-------------+-------------+-------------+-------------+
*Note: Figures exclude certain third-party fees and focus strictly on net rights valuation.[10]
**Note: Comprehensive global figures including all gross ticketing revenues.[17]
The primary long-term growth driver of the market is paid digital streaming subscriptions.[10] Global paid music streaming subscribers are expected to reach 827 million in 2025, up 10% year-on-year.[18] Long-term projections suggest the global subscriber base will expand to 1.5 billion by 2035, driven by conversion in emerging markets such as China, Brazil, Mexico, and India.[10, 12] In these regions, paid subscription penetration is currently only 8% of the internet-active population, compared to 38% in developed markets.[18]
Beyond traditional streaming, new monetization channels are expanding the market:
* Superfan Monetization: Goldman Sachs projects that targeted monetization of highly engaged consumers could generate an additional $4.3 billion in annual revenue by 2026.[18] US superfans spend twice as much on physical formats and 66% more on live concert activities than the average listener.[18]
* Generative AI Licensing: Direct licensing revenues from commercial generative AI platforms are estimated to reach $2.1 billion globally by 2030.[10] WMG has moved quickly to capture this market, establishing a licensing deal with platforms like Suno, which generates approximately $300 million in annualized revenue from its 2 million subscribers.[5] These structural partnerships are positioned to begin contributing materially to WMG's financial performance from fiscal year 2027 onward.[5]
WMG competes primarily within a global oligopoly alongside Universal Music Group (UMG) and Sony Music Entertainment (SME).[1] While UMG and SME are larger by absolute volume, WMG has demonstrated strong execution in capturing market share.[5] In the fiscal second quarter of 2026, WMG grew its U.S. streaming market share by 1.1 percentage points and expanded its U.S. new release share by 2.7 percentage points, driven by creative successes with artists such as Bruno Mars, Zach Bryan, and Charli XCX.[5, 12]
The company is strategically positioned to compete for catalog assets without overextending its own capital structure through its $1.2 billion to $1.65 billion joint venture with Bain Capital.[5, 19] This joint venture has deployed $650 million to acquire high-margin, catalog assets, achieving a targeted return hurdle rate averaging 20%.[5] Additionally, WMG is investing in distribution infrastructure to support the independent music sector, recently acquiring Revelator and partnering with TwoStream to accelerate high-margin independent distribution revenues.[5]
Warner Music Group reported its fiscal second-quarter results for the period ended March 31, 2026, on May 7, 2026.[3] The results demonstrated double-digit top-line growth and significant margin expansion, driven by strong streaming performance and cost savings from organizational restructuring.[3]
Warner Music Group Corp. - Financial Performance Summary
(For the Three Months Ended March 31, 2026, and March 31, 2025)
+---------------------------------+----------------+----------------+-------------+
| Consolidated Metric | Q2 FY2026 | Q2 FY2025 | Change (%) |
+---------------------------------+----------------+----------------+-------------+
| Total Revenue | $1,732M | $1,484M | +16.7% |
| Operating Income | $264M | $168M | +57.1% |
| Net Income | $181M | $36M | +402.8% |
| GAAP Diluted EPS (USD) | $0.34 | $0.07 | +385.7% |
| Adjusted Diluted EPS (USD) | $0.44 | $0.32 | +37.5% |
| Adjusted OIBDA | $397M | $303M | +31.0% |
| Adjusted OIBDA Margin | 22.9% | 20.4% | +2.50 pp |
| Operating Cash Flow | $126M | $69M | +82.6% |
| Free Cash Flow | $99M | $33M | +200.0% |
+---------------------------------+----------------+----------------+-------------+
Note: Table values compiled from the Q2 FY2026 earnings release and financial files.[3, 6]
Total consolidated revenue of $1.732 billion rose 16.7% on a reported basis, or 12.0% in constant currency.[3] This performance beat consensus analyst revenue expectations of $1.61 billion to $1.62 billion by over 7.0%.[20, 21] Operating income expanded 57.1% to $264 million.[3] Adjusted Net Income rose 41.0%, delivering Adjusted Diluted EPS of $0.44, which beat Wall Street consensus expectations of $0.27 to $0.33 by a wide margin.[5, 20, 21]
Adjusted Operating Income Before Depreciation and Amortization (Adjusted OIBDA) rose 31.0% (24.0% in constant currency) to $397 million, with the corresponding margin expanding by 230 basis points to 22.9%.[3, 5] This expansion reflects the impact of WMG's ongoing operational redesign, which yielded solid operational savings.[5, 7]
Recorded Music and Music Publishing Revenue Disclosures (Q2 FY2026 vs. Q2 FY2025)
+------------------------------------+----------------+----------------+-------------+
| Segments and Revenue Sources | Q2 FY2026 (M) | Q2 FY2025 (M) | Change (%) |
+------------------------------------+----------------+----------------+-------------+
| RECORDED MUSIC | | | |
| Subscription Streaming | $734 | $622 | +18.0% |
| Ad-Supported Streaming | $227 | $203 | +11.8% |
| Total Streaming Revenue | $961 | $825 | +16.5% |
| Physical Revenue | $137 | $112 | +22.3% |
| Artist Services & Expanded Rights | $164 | $117 | +40.2% |
| Licensing Revenue | $104 | $105 | -1.0% |
| Total Recorded Music Revenue | $1,380 | $1,175 | +17.4% |
+------------------------------------+----------------+----------------+-------------+
| MUSIC PUBLISHING | | | |
| Music Publishing Streaming | $222 | $185 | +20.0% |
| Performance, Sync, and Mechanical | $131 | $125 | +4.8% |
| Total Music Publishing Revenue | $353 | $310 | +13.9% |
+------------------------------------+----------------+----------------+-------------+
Note: Data extracted from detailed segment reporting and constant currency schedules.[3, 6]
In Recorded Music, subscription streaming grew 18.0% (15.0% on an adjusted basis), driven by volume increases and contractual PSM hikes.[5, 6] Artist services and expanded rights revenue grew 40.2% to $164 million, fueled by strong concert promotions in France and higher merchandise collections.[6] Physical revenue expanded 22.3% to $137 million, reflecting sustained momentum in high-margin vinyl sales.[5, 6]
In Music Publishing, digital streaming mechanical and performance royalties grew 20.0% to $222 million.[6] This segment benefited from structural growth across platforms and favorable pricing on renewal agreements.[6]
To understand WMG's core underlying growth, several normalizing items must be analyzed:
* BMG Termination: The termination of the BMG distribution agreement resulted in a downward impact of $6 million on Recorded Music streaming revenues in Q2 FY2026, compared to a $14 million impact in Q3 FY2025 and a total impact of $34 million across fiscal year 2025.[6, 22, 23]
* DSP True-Up and Settlement Payments: Revenue comparisons were impacted by an $11 million digital revenue settlement in the prior-year quarter (Q2 FY2025).[6]
* Excluding these items, organic constant-currency Recorded Music streaming revenue grew 18.9% (or 14.4% in constant currency), illustrating a strong acceleration in underlying consumer demand.[6]
As of March 31, 2026, WMG reported a cash balance of $741 million against total outstanding debt of $4.719 billion, resulting in a net debt position of $3.978 billion.[6, 24] WMG's long-term obligations are structured to limit direct balance sheet liabilities:
* Acquisition Corp. Long-term Debt: $4,046 million represents corporate-level debt.[3]
* Tempo Music Subsidiary Debt: $303 million represents debt from the acquisition of Tempo Music Holdings, LLC, which is secured only by specific catalog assets and remains nonrecourse to the parent company.[6, 24]
* Beethoven JV Debt: $370 million in loans outstanding under the joint venture with Bain Capital is secured only by the JV’s catalog assets and is nonrecourse to the parent company.[6, 24]
* Maturity Profile: Corporate debt obligations are highly manageable, with $311 million due in late 2026 and $372 million due in fiscal year 2027.[25] Corporate credit is rated investment-grade at 'BBB-' with a Stable Outlook by Fitch Ratings.[1]
During the earnings call, management updated its fiscal outlook.[3] Due to strong cost control and the successful delivery of restructuring savings, the company now expects to hit the high end of its full-year guidance for 150 to 200 basis points of OIBDA margin expansion.[3] They reiterated their mid-term targets, which include sustaining high single-digit revenue growth, double-digit adjusted EPS growth, and achieving an OIBDA-to-operating cash conversion ratio of 50% to 60%.[5] Stated OIBDA margins are targeted to reach the mid-20s% range in the near term, with a long-term goal in the high-20s% range.[5] Additionally, CFO Armin Zerza assumed the role of COO, centralizing corporate development, marketing, and business intelligence to drive operational efficiency.[5]
The market reacted favorably to the earnings announcement, with the stock initially gaining 2.27% to 9.92% in volatile after-hours trading.[20, 25, 26] Following the release, several major research desks maintained or upgraded their targets [21]:
* Evercore ISI: Reiterated its "Buy" recommendation with a $43.00 price target.[21]
* UBS: Maintained its "Buy" rating with a $42.00 target.[21]
* Morgan Stanley: Maintained its "Buy" rating with a $39.00 target.[21]
* TD Cowen: Maintained its "Buy" rating with a high target of $46.00.[21]
* Consensus Target: The average 12-month analyst consensus target settled at $38.61 to $38.90.[21, 27] At the current trading price of $27.93 USD as of July 2, 2026, the stock appears structurally undervalued.[27, 28, 29]
The successful implementation of the 2025 Restructuring Plan represents WMG's primary operational hurdle.[4] While the plan is designed to deliver annualized cost savings of $300 million by the end of fiscal year 2027, the program entails upfront cash charges of approximately $200 million, with $170 million allocated to fiscal year 2026.[1, 4] These cash restructuring outflows are expected to compress free cash flow margins through the end of fiscal year 2026.[1]
WMG operates in an intensely competitive market for creative talent.[4] Major labels must consistently deploy heavy capital advances to sign and retain artists.[1, 11] The risk of artist attrition is highlighted by the departure of superstar Ed Sheeran in May 2026, demonstrating the continuous need to fund and discover replacement talent.[30]
WMG’s distribution is highly concentrated, with its top three DSP partners (Spotify, Apple, and Google/YouTube) representing 43% of total revenue in fiscal year 2025.[4] Any changes in platform pricing, revenue-sharing ratios, or payout calculations by these digital distributors could reduce corporate cash flow.[4]
The rapid commercialization of generative artificial intelligence presents legal challenges to traditional music copyright protections.[17] While licensing structures are emerging, platforms face risks from unauthorized deepfakes and mass uploads of AI-generated content.[18] For example, Sony Music reported removing over 75,000 AI deepfakes, while platforms like Deezer disclosed that daily AI uploads reached 20,000 tracks (representing 18% of all uploads).[18] If legal structures fail to defend historical copyright works against open-source AI training models, long-term catalog valuations could face structural impairment.[10, 17]
With total debt of $4.719 billion against cash of $741 million, WMG operates with high financial leverage.[3] This is reflected in an Altman Z-score of 1.48, which sits below the 1.81 structural distress threshold.[31] While $673 million of this debt is structured as nonrecourse subsidiary liabilities [6, 24], any failure of acquired music catalogs under the Bain Capital joint venture to generate expected cash returns could limit future strategic capital flexibility.[1, 5]
While consumer music streaming subscriptions have shown high resilience during historical economic downturns, elevated inflation or persistent macro pressures could impact high-margin physical vinyl purchases, tour attendance, artist merchandising spend, and corporate advertising synchronization budgets.[7, 26, 32]
The following valuation model projects the total return trajectory of WMG Class A shares over a five-year horizon (ending in Fiscal Year 2031), starting from the current share price of $27.93 USD as of July 2, 2026.[28] The company has 522 million total outstanding shares (comprising both Class A and Class B common stock).[34, 35, 36]
The Base Case assumes WMG grows revenue at a 6.2% CAGR, in line with its historical 5-year CAGR of 6.7% and supported by moderate pricing hikes by DSPs.[31] Operating leverage from the 2025 restructuring program drives OIBDA margins up to 25.0% by Year 5.[4, 5]
* Year 5 Revenue: Projected at $9.83 billion.[4]
* Margin & Earnings: Adjusted OIBDA margin reaches 25.0% [5], and Adjusted Net Income margin scales to 13.0%.[6, 7] Net Income is estimated at $1.278 billion.
* Share Count: Assumed at 510 million due to modest share repurchases offsetting option dilution.[31]
* Earnings Per Share (EPS):
$\text{EPS} = \frac{\$1,278\text{M}}{510\text{M shares}} = \$2.51\text{ USD}$
$\text{Share Price} = \$2.51 \times 18 = \$45.18\text{ USD}$
The High Case assumes rapid monetization of ethical commercial AI licensing (e.g., Suno) [5], successful execution of premium superfan pricing models [18], and accelerated growth in emerging markets.[10] WMG captures market share, driving an 8.5% revenue CAGR.[25]
* Year 5 Revenue: Projected at $10.95 billion.[4]
* Margin & Earnings: OIBDA margins reach 28.0%.[5] Adjusted Net Income margin climbs to 15.5% [6, 7], yielding Net Income of $1.697 billion.
* Share Count: Reduced to 495 million due to aggressive share buybacks using robust free cash flow.[31]
* EPS:
$\text{EPS} = \frac{\$1,697\text{M}}{495\text{M shares}} = \$3.43\text{ USD}$
$\text{Share Price} = \$3.43 \times 22 = \$75.46\text{ USD}$
The Low Case assumes a sharp deceleration in paid streaming subscriber growth, pressure from unauthorized generative AI tools [17, 18], and loss of market share.[26] Restructuring benefits fail to offset rising artist advances, leading to a 3.5% revenue CAGR.
* Year 5 Revenue: Projected at $8.24 billion.[4]
* Margin & Earnings: OIBDA margins contract to 19.0% [5], and Net Income margin drops to 10.0%.[6, 7] Net Income is estimated at $783 million.
* Share Count: Increases to 535 million due to dilution from stock-based compensation and lack of share repurchases.
* EPS:
$\text{EPS} = \frac{\$783\text{M}}{535\text{M shares}} = \$1.46\text{ USD}$
$\text{Share Price} = \$1.46 \times 12 = \$17.52\text{ USD}$
Warner Music Group Corp. - 5-Year Share Price Trajectory Assumptions (USD)
+----------+------------+------------+------------+------------+------------+------------+
| Scenario | Current Y0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
+----------+------------+------------+------------+------------+------------+------------+
| High | $27.93 | $34.00 | $41.50 | $50.50 | $61.50 | $75.46 |
| Base | $27.93 | $30.60 | $33.60 | $37.00 | $40.80 | $45.18 |
| Low | $27.93 | $25.50 | $23.20 | $21.10 | $19.20 | $17.52 |
+----------+------------+------------+------------+------------+------------+------------+
Note: Projections are model-driven based on fundamental assumptions and are in USD.[28]
Warner Music Group Corp. - 5-Year Scenario Analysis Matrix (FY2031 Projections)
+----------+-----------------+-----------------------+------------------+---------------------+-------------------------+---------------------+-------------------+-------------+
| Scenario | Year 5 Revenue | Margin/Earnings | Target Multiple | Current Share Price | Implied Year 5 Price | 5-Year Total Return | Annualized Return | Probability |
| | (USD Billions) | Assumption | Assumption (P/E) | (USD) | (USD) | (%) | (%) | (%) |
+----------+-----------------+-----------------------+------------------+---------------------+-------------------------+---------------------+-------------------+-------------+
| High | $10.95 | 15.5% Net / $3.43 EPS | 22.0x | $27.93 | $75.46 | +170.2% | +22.0% | 25.0% |
| Base | $9.83 | 13.0% Net / $2.51 EPS | 18.0x | $27.93 | $45.18 | +61.8% | +10.1% | 55.0% |
| Low | $8.24 | 9.5% Net / $1.46 EPS | 12.0x | $27.93 | $17.52 | -37.3% | -8.9% | 20.0% |
+----------+-----------------+-----------------------+------------------+---------------------+-------------------------+---------------------+-------------------+-------------+
Using the subjective weights of 25% for the High Case, 55% for the Base Case, and 20% for the Low Case, the probability-weighted 5-year target price is calculated as:
$\text{Probability-Weighted Share Price} = (0.25 \times \$75.46) + (0.55 \times \$45.18) + (0.20 \times \$17.52) = \$47.22\text{ USD}$
This probability-weighted model indicates a potential long-term annualized return of approximately 11.1% over the next five years, supporting a resilient valuation framework for long-term compounding assets.
ASYMMETRIC RISK-REWARD
Warner Music Group Corp. - Comprehensive Qualitative Analysis Scorecard
+------------------------+-------------+---------------------------------------+
| Strategic Metric | Score (1-10)| Key Operational Driver |
+------------------------+-------------+---------------------------------------+
| Management Alignment | 8 / 10 | Equity heavy comp, dual class voting |
| Revenue Quality | 9 / 10 | Highly recurring catalog royalties |
| Market Position | 8 / 10 | Solid oligopoly share retention |
| Growth Outlook | 8 / 10 | DSP price increases, AI monetization |
| Financial Health | 5 / 10 | High debt load, Z-score under 1.81 |
| Business Viability | 9 / 10 | High IP durability, non-substitutable |
| Capital Allocation | 7 / 10 | Bain Capital JV buffers leverage |
| Analyst Sentiment | 8 / 10 | High post-earnings upgrade frequency |
| Profitability | 7 / 10 | Margins improving post-restructuring |
| Track Record | 7 / 10 | Solid transition to streaming era |
+------------------------+-------------+---------------------------------------+
| Blended Score | 7.6 / 10 | Robust structural compounding profile |
+------------------------+-------------+---------------------------------------+
Note: Scores are assigned by the analyst based on current filings and market disclosures.[1, 3, 37]
STRONG SECULAR MOAT
Warner Music Group Corp. represents a highly resilient, cash-compounding intellectual property business operating within a structurally consolidated global industry.[1, 10] The company’s long-term business model is supported by structural market drivers, including the transition of streaming from volume to volume-and-price growth, and expansion in high-growth emerging economies.[10, 12, 18]
Overall, the probability-weighted 5-year valuation target suggests that WMG's current share price of $27.93 USD represents an attractive valuation relative to its long-term cash-compounding capabilities.[28]
STRUCTURAL VALUE PLAY
From a technical perspective, WMG’s 50-day moving average crossed above its 200-day moving average on June 9, 2026, establishing a bullish golden cross formation that historically signals a long-term upward trend transition.[43] The stock traded at $27.93 USD as of July 2, 2026, consolidating within its 52-week trading range of $23.34 to $35.42.[28] This current price sits slightly below the 200-day moving average of $29.89 and the 50-day moving average of $30.29.[44] This consolidation near key technical levels suggests the stock is building a stable base, with immediate support expected in the $26.50 to $27.00 range as the market digests the strong Q2 earnings results.[45]
CONSOLIDATING BULLISH BASE
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