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First, unlike XM which will host advertising on all channels...

Yes, XM has advertising, but not on ALL channels. There are thirty-some commercial free music channels, and those that have commercials only have about 1-2 minutes per hour. You really don't even notice them. The biggest advertiser thus far appears to be "rich, chocolately Ovaltine".

The rest of your logic seems sound on this. I'll have to look more closely at my investments in this area...

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