Thank you, Mr. Chairman, and thank you to our witnesses today.
I had a number of different questions that I wanted to ask, but I'm going to pick up on this, because it's really important.
There have been a number of things said today that by the way are not entirely accurate about what radio contributes to the music system, so I want to make this clear. To begin with, radio stations right now buy music, but the record companies don't sell it in the format in which they use it. So then they have to buy the music a second time. This is called “ephemeral rights”. Ephemeral rights didn't exist until about 2006, when they started charging for it. Since that time, they've gone up in price—you can correct me if I'm wrong, Mr. Conway—about 300% since they were originally brought in.