I'll take your answer for a yes.
In Quebec, traditional media lost $850 million of advertising revenue between 2012 and 2020. I didn't even make the effort of calculating it right up to 2023, but you could use the rule of thirds and probably get those numbers. We're talking about $850 million less in advertising revenue for traditional media, while advertisers invested $150 million more in advertising during that period. Clearly, digital media got the lion's share of that amount.
You spoke earlier about 3.6 billion referrals to news content, and you estimated that this represented about $250 million for the media. At the same time, you said that news content isn't worth anything to you, that it's a fraction of your income and a fraction of the clicks on your platform. If it's worth nothing to Google, but it's also lucrative and worth so much to news media, why is it a problem?