This document discusses the factors that contribute to Spotify's success in Latin America, including the young population, middle class growth, and easy licensing facilities. It explores the impact of demand side factors and cross price elasticity of demand. The document also examines how popular music and celebrity endorsements influence Spotify's demand. Additionally, it analyzes Adidas' market competition and the effects of investment on aggregate demand. Finally, it discusses the relationship between real personal income and gross domestic product in the US.