I'll start more generally and then move to some of the specific discussion on streaming.
I think the representatives from CIRAA in the previous panel summed it up with a beautiful phrase, which is “the artist entrepreneur”.
One thing you will find general consensus about is that the paradigm is shifting, the ecosystem has changed fairly dramatically. There are many reasons for that, but basically all of them are online related.
We're also finding ourselves in a situation where the skill set that is required to be successful has also evolved. The cases that I always see, the stories of the artists who seem to do extremely well in the ecosystem, are the artist entrepreneurs. Anyone who wants to engage in a business online has to not only be producing an amazing product that people love and then they can distribute to global audiences, which all of the online platforms are there to help with, but also have to be skilled at how to engage with their audience, understand who their audience or community is, and have the skills to build those communities. These are marketing skills.
The most successful stories that you hear time and time again are about the ones who have a natural gift for it, or, if they don't, are able to link with those people who do, whether they're working in-house at services, or whether this is label 2.0 where it's essentially the people who know how to leverage social media platforms to drive audience engagement.
Also, it's an understanding that the entire mix of income that's going to be flowing to artists is evolving as a consequence. The amount of income in the pie that you're going to see from purely recorded music, I think will not be as significant as it used to be for the majority of artists, not the least of which is because there are a lot more artists, amateur and professional, creating a lot more content than there used to be on a global basis. This has a natural inflationary impact.
The line between the professional and the amateur, the established and the emerging, is extremely blurry. Essentially it's just a matter of whether or not you're trying to do it professionally or not, and whether or not you can hack that. Certainly there are plenty of artists historically who would—