I'll go first.
The reality is that this marketplace has existed for decades. This is not something that was proliferated at that time. We have seen two categories of resellers out there, and again these have existed since the beginning of the concert industry. You have the professional resellers and you have the individuals who can't use their ticket, for whatever reason, and are trying to get rid of it because the industry generally has a no-refund policy. Sometimes those are people, these days, who will buy four tickets knowing they will only use two, and hope that by selling two they will cover off most of the expense of the first pair. It happens. But I don't think we've seen a proliferation of the secondary market. We've just seen it come to the surface, because it's been democratized in a way that wasn't really the case before. It used to be the guy in the trench coat standing on the corner, yelling at you as you went by. Those people used to circumvent systems by doing things like engaging homeless people to line up for them outside the record store before the on sale.... The technology and the practices have evolved. Instead of those people in line outside the record store, we have bots, and there are all kinds of other things that are trying to circumvent the control that our industry is trying to put in place.
I don't think it's a new problem. When you take a look at it with that larger lens, looking at a longer stretch of history, you recognize that there have been countless legislated interventions over the years. In this province, Ontario, up until a few years ago it was entirely illegal to sell a ticket above face value. As we all know, that did nothing to stop the secondary market, because of the lack of enforcement.
The marketplace is evolving, but I don't think the arrival of StubHub necessarily changed it that much.