Thank you very much.
To be totally honest, that comes as an overwhelming surprise to me, because for three years I have been talking about the challenges that OMNI faces. We have spoken to every ethnic group. We have spoken to the ethnic council. We've spoken to the Senate committee. We spoke to the Conservatives. We spoke to the Liberal caucus. We spoke to the NDP.
The fact that this comes as a bit of a surprise or somewhat of a shock is really somewhat surprising, quite honestly, and it's very easy, with all due respect, to select a couple of phrases that came out of that hearing. We were pretty clear in the hearing that if in fact we were not able to get licence changes that we requested—and we requested a plethora of them—there would be gargantuan changes coming to OMNI. We made our first changes, and then again we congregated with all the respective groups, but these were going to come.
The industry has changed dramatically. Unfortunately, ethnic programming and audiences have deteriorated significantly, and the ad revenue just cannot match the actual programming costs. In every aspect of OMNI, we are meeting our conditions of licence, and that is very important for you to understand, because under no circumstances are we not in compliance with the licence we have. We are in compliance in every particular way.
At the same time, we do believe that we'll continue to invest in ethnic programming. We continue to invest in OMNI. Very easily, with the continued deterioration of ad revenue, any private business that lost almost $12 million in 2014, cash in, cash out, would be very likely to say that maybe they shouldn't be in this business. Instead, we've congregated as a group. We came up with different strategies and what we thought was more compelling programming for a millennial demographic, which the advertisers are seeking. We developed a very robust strategy. As Colette said, this is the very first time that we have ever done a serial drama in a different language.
With all due respect, sir, I do differ in what we communicated to the CRTC and what we have communicated to the Liberals, to the NDP, and to the Conservatives.