Thank you both for your analysis and sharing your viewpoint. The points you have raised are correct but it looks like the picture you have shared is not complete.
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Inflation in Europe- Europe has a Per capita income of 3000-5000 euros per month, its more than what we make in India per year. So cost of spotify may be 10 times more in Europe but it is less than India as a % of monthly income.
And while it is true that Energy bill has increased (I am paying these higher bills personally), but the increase in Energy bill is in hundreds of Euros per month. 7-10 Euros per month for a music service is not first thing that comes in mind to save money. -
Carvaan phone is definitely a misallocation, but so is Carvaan in its current radio avtaar. So nothing new unless management starts spending a lot of money & time on it. Going by Vikram’s earlier statements, I suspect mgmt will spend too much bandwidth on it. But yes, need to wait on this one for more clarity.
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Gaana going off of free- We are talking about one player in the whole industry, it is too early to call it buyer side consolidation.
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Views on channels- While the views have reduced on some channels, several other channels are showing very good increase as well.
At the end of it, I see that sector may go through a patch of consolidation, but I won’t call them headwinds. We may have to decide that whether we want to wait out the consolidation phase or get out now and come in later when the tailwinds come back. For some savvy investors like @sahil_vi I believe the opportunity costs are too high to wait it out 
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