Thank you to our witnesses for appearing.
I want to focus on radio and in particular on for-profit radio. I don't really want to focus on the not-for-profit community radio stations at this point.
In looking at the research that our analysts have pulled together, it's clear that your revenues are under pressure, both in radio and in television, but the operating margins seem to be holding fairly constant although there is a slight decrease in the operating margin for radio.
A pretty big landmark study by the C.D. Howe Institute about three years ago concluded that the value of the royalties that artists and multinationals and domestic rights holders should be getting is about two and a half times what actually is being paid out. The study concluded that for the year they analyzed, which was 2012, about $178 million was paid out in royalty revenues, but the actual value of the playing of these songs on radio was actually closer to $440 million. It concluded that there has to be a new way of looking at how these royalties are structured.
The author of the report, who is a professor emeritus of economics at the Université de Montréal, concluded that the amount of royalty revenues is not fair. I wonder if you could comment on that study or on the principle behind the study.