Of course. The splitting of the audience as a result of the various platforms is one factor. At the same time, advertising revenues are dropping. Those revenues are the very bread and butter of the business model used by conventional broadcasters.
I was going to draw your attention to quite an astonishing agreement announced a few weeks ago at the recent MIPTV in Cannes. This is an agreement between two European broadcasters and one American one: TFI, RTL in Germany, and NBC. They announced the production of three big-budget fiction series for which they are going to share the responsibility, the costs and the financing.
I have been working in the television and audiovisual business for more than 30 years and this is the first time that I have seen strategies like those. Our discussions with partners we have identified in the United States tell us that, even the Americans, who are in a stronger position than we are as a result of their demographics, their history and their experience in the international market, say that they are not going to get through this without consolidating and sharing with partners elsewhere in the world.