I think it very much depends. For instance, Citigroup did a study that discovered that only 12% of overall remuneration flowing to the music industry was actually flowing back to the individual artists. This is the supply chain matter that I mentioned. While that's obviously not a great figure and we need to find ways to improve it, the other point they made was that back in 2000 it was 7%, so in terms of the share that's going to the artists, they're actually seeing more than they were I guess 20 years ago.
The principal reason is that now there are so many opportunities through digital platforms like YouTube and others that they can actually self-release. They can control their own future through us, and they can do the same thing through Spotify and Google Play Music and so forth. When they manage it themselves, they see a greater share of the revenue, because of course they're taking on all those additional responsibilities. When you add additional players into the value chain, that when's everyone takes their piece. That's where the cut comes in. Back in the days of the CD, the only way you could have a record released was to go through a label. That's how it was, but that's not the case now.