Thank you very much for the question, Mr. Housefather.
In fact, our codes of practice language in the amendment is inspired by what happened in the U.K. You rightly note that codes of practice were first introduced in 2005. Within the span of eight years, the capitalization of the U.K. independent production sector tripled. It went from approximately $1.3 billion to $3.1 billion in under a decade.
What it also did, because those companies were able to hold on to their IP and meaningfully invest in their shows, is that it led to one of the golden ages of British content, which we've all been talking about for years now. You also see the benefit in terms of the quality and impact of the content that is ultimately produced, because those local companies have been able to hold on to the IP and meaningfully invest in the development and production of their shows.