Latin music is - I think can be defined as music that, first and foremost, Hispanics can relate and identify with culturally, of course musically, and culturally with the different messages and the idiosyncrasies of each culture and the language and so on. But Latin music has great rhythms and great sounds that transcend that and is able to appeal to non-Hispanics around the world, including in this country.

We have a Hip Hop artist, which is pretty big Mexican - regional Mexican urban, Akwid, they're pretty huge - we were just in Japan. They were showing me the B-Role. And you have - they're playing these clubs and they have all these Japanese people going nuts. I don’t think they understand one word about what they're singing, but the rhythms and the sounds and the whole vibe is very infectious. It's very cool. I think Latin music is about that as well. I think all music are about that, but especially Latin music.

But for us first and foremost, it's about appealing to people who wake up everyday and what they do is Spanish is their first language. I mean, that's our primary target. That’s what has enabled us to build in the U.S. alone a company that last year did about 210 million dollars. Is catering to those people.

Then if the crossover thing comes along, we’re there we want to be there. We’re looking at Spain right now opening up Univision Music Group Spain. We’re certainly still in growth mode. We have a long ways to go. But today, we certainly have a pretty good position in the U.S. and in Mexico, which are two of the three biggest Latin markets in the world. The number one market is U.S., number two is Spain, and number three is Mexico. Mexico would have really been number two, but the piracy is so rampant; 80 percent of regional Mexican sales in Mexico are pirate. Sixty percent of the total market, because the Pop consumer tends to buy more in the stores than on the streets. But nevertheless, that’s still 60 percent. So Mexico is now the number three Latin market in the world.

But I think the obvious place to go would be Spain and try to be in the top three markets. Latin America is very important, but unfortunately for our business - markets like Venezuela and Columbia - piracy is rampant and sales, I think the entire market of, I think, Columbia, I think, is like five million dollars. It's just meaningless from our standpoint.

But Chile and Argentina continue to be very important markets and again, Brazil. We’ll continue to work those markets when it merits it for a given artist. Again, because we want to make sure that those artists are able to visit those markets and do their thing, because that’s important to them.

But really I think the growth opportunity is in Spain. We hope to be there before the year ends.

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