Mr. Nantel, when new digital services pay royalties, rates will clearly have an impact on rights holders' revenues.
With regard to online services, everyone knows that the Copyright Board of Canada last year issued a decision that we found very disappointing. So we're stepping up our efforts and are working with those online services to negotiate agreements that we feel are more reasonable.
We often hear it said that rates can't exceed a certain level and that revenues must be higher than the royalties paid. However, no one talks about what happens when a service like Spotify becomes a public company. When it debuted on the stock exchange a few months ago, it generated $16 billion.