Question

Read the passage below and determine which of the following statements can be correctly inferred from the text. Passage: Spotify transformed the music industry by pioneering the transition from physical media and digital downloads to on-demand music streaming, introducing algorithmic playlists and ad-supported free tiers to global audiences. Its rapid expansion forced traditional record labels and radio broadcasters to restructure their revenue models while paving the way for streaming competitors like Apple Music and Amazon Music. However, as it scaled globally, Spotify faced escalating royalty liabilities to record labels alongside widespread public backlash regarding its lower royalty payouts to independent artists and recurring subscription price hikes. Although Spotify maintains a dominant market share, rising content licensing fees and intensifying market competition have led industry analysts to debate its long-term financial stability. Statements:
I. Spotify's transition to streaming fundamentally reshaped user consumption habits and the overall structure of the music industry.
II. Spotify experienced financial and public relations challenges as a consequence of its expansion strategies and business decisions.
III. Spotify's leadership position in the digital music market is guaranteed to endure permanently because of its first-mover advantage.

A Only I and II
B Only II and III
C Only I and III
D All I, II, and III
E Only I
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