Thank you.
This has been fascinating. I was at the Future of Music Coalition conference in Washington last year, and T Bone Burnett had a fascinating statement. He said that the value of recorded music dropped some 90% in a five-year period with the introduction of radio. The argument from radio back then was that they were giving them promotion. Until we monetized the stream of radio, the record industry was in a pretty deep hole. Out of the monetizing stream we created one of the greatest entertainment empires in North America and around the world.
Mr. McCarty, my colleagues seem to be hooked on the issue of the digital locks. You're saying that to have a market, we actually need to have a monetizing stream. It's not just about locking the content down. There has to be a monetizing stream so that what the artists are doing they are getting paid for. Is that where we need to be going?