Utilize the input text as a context reference, choose the right relationship between higher and Spotify from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

And is it fair to assume the valuation could be higher than €30 billion given where Warner and Spotify are trading currently?

Answer: distributed_by