It simply isn't what's happening.
The reference point is often to the European audiovisual directive, but we should be clear: There are only four member states—Denmark, Germany, Sweden and the U.K.—that have currently transposed the directive. That means there are more than 20 member states that haven't even moved forward with it. If we take a look at the obligations, even of the countries that have implemented this, they're far different from what is being proposed here.
Denmark, for example, has a 2% direct-investment requirement. That's a far cry from the 30% that the minister has been thinking about, and there is no content quota at all in Denmark. In Germany, the levy runs between 1.8% and 2.2%. Spain is thinking about a 5% requirement. The dollars are just dramatically different compared with what the government is thinking about when it talks about its billion dollars in terms of new gains compared with what is being posed in Europe.
It's an inapt comparison more broadly because the requirement is applied across the EU. We're a single, small market. If you have an obligation that can be spread, let's say, 1% across nearly 30 member states, that is very different from the same 30% on one country with 37 million or 38 million people.