No, Vevo.... Currently—and YouTube will tell you this—98% of everything that's on YouTube is licensed because we're all remunerating it. The days of it all being illegal content are drifting away. That doesn't mean there isn't illegal content there. Vevo is a channel. It's an American entity. I'm not exactly sure who it is, but you go there and stream from there, or you can stream from the regular YouTube.
The real issue with YouTube—and this is the real value gap—is the degree to which artists are so poorly remunerated by those ad-supported services.
We are living in a streaming world now. For the first time, streaming has surpassed physical, surpassed downloads, surpassed everything. It's the dominant method that people use. There are two specific models. One is the paid subscription model—that's Spotify or Deezer—and then you have the ad-supported services, which feature mostly user uploaded content—that's YouTube.
If you look at the digital breakdown, the revenue return from paid subscriptions as a percentage of the digital pie is almost 60%, and the revenue return from YouTube is under 6%. So fewer subscribers to Spotify—because they're paid subscribers and because we negotiated a deal with them—return an enormous amount of money despite the fact there are more YouTube users. It's just so little that comes back.