I can maybe start with that and then let Luc pick it up.
It is a challenging environment right now. Obviously, change is upon us, and I think a lot of the challenges faced by independent broadcasters stem from the structure of the Canadian industry itself, not just the international environment.
As you know, Canada has a consolidated and vertically integrated communications environment, and the regulatory environment has been changed over the last decade or so. It said it favours competition, and that's fair, but what has been the outcome of that competition? At IBG, we've conducted studies that have shown that by and large, in our environment, the smaller independent players tend to do less well than the larger vertically integrated players. It naturally follows: If you own the means of distribution, there are more opportunities to provide advantages to your own services.
That's the domestic environment in which we operate, and that has a big impact on how we're faring. We're concerned about some of those disadvantages in our domestic environment now being compounded by similar phenomena in the global online environment, where we're also dealing with players who own the means of distribution. They own platforms. They have some of their own content services. We're quite worried about replicating that environment and then bringing it into Canada without sufficient support for independent services.