I'd like to thank all of our witnesses for taking the time to lend us their expertise here today.
I'd like to start with Ms. Dorval.
Ms. Dorval, you mentioned that many radio stations offer a lot of local content, particularly news, and I just want to reiterate how important that is in many parts of my riding. However, I will tell you that many newspaper editors tell me that they swear that they actually hear the pages of their newspapers turning, oftentimes, in some of those reports. I think that's just an old joke.
I would like to ask a couple of questions along the same lines as MP Lloyd.
The exemption, when it comes to royalties, has existed pretty much as it was first created in 1997. I know that there have been some witnesses who have said that it was meant to be temporary. I understand that your industry has said, “no, this was meant to be permanent”, but even in looking at it when it was put in place in 1997, I don't believe that there's any kind of inflationary clause that goes along with it. At the very least, to get to a proper parity today with purchasing power, it would be about $148.20—that's probably an imprecise calculation. At the very least, would you not agree that there should be an elevation so that this amount is honoured in purchasing power of 1997 with today?