Ann: Big Review TV to Launch TV Shows on Apple TV, page-186

Most payments have been upfront, so any recurring revenue will be from subscribers paying for another 12 months. Therefore you need to look at what sort of revenue they were doing a year ago to determine what may be recurring, & in December quarter last year that was $4m.. So if we assume 100% retention rate + some up-selling + some recurring revenues from the US, then we may get $10m. So to get to your figure of $22.5m we would still need to sell another $12.5m to new customers..

Of course recurring revenues will eventually go exponential (just like cash receipts q on q have), but there is still a chance for a dip in quarterly cash receipts at some stage.. The longer that doesn't happen though, the less chance of it happening at all..