Thank you for bearing with me. I guess I misunderstood your initial response. I thought you were arguing that fragmentation couldn't happen because services like Spotify have exclusivity contracts, not that it already happened!

Sure things are fragmented today, but that doesn't mean it cant be much worse. Today, most of the big catalogs have a ton of overlap. Exclusivity isn't the norm. If artists and services start drawing up into political camps, this overlap could significantly decrease.