Steve Saretsky

And so that regulated space where there's what they would see as a virtuous circle of broadcasters need some of our content because regulations say they need some of our content.

So they will help fund that content.

We will help make it.

Doesn't matter if it's popular or not.

As long as it's there, they're happy to put that out.

They then pay and we get to make something further and so on and so on.

The issue that's arisen in recent years, of course, is that more and more people are pushing towards streaming.

And so the amount of revenues that broadcasters can contribute has declined.

That then has the effect of saying, well, we are worried that this cycle has diminishing returns.

their goal was to find a new source of revenue.

And in fact, in the CRTC decision, the contribution required of the broadcasters declines.

The CRTC says we're going to lower the percentage they have to put into this.

So it's pretty explicit.

It is about bringing a new source of revenue into this system, reduce the obligations of the traditional broadcasters, and just continue the cycle all over again.

But this is so divorced from...

the world today where the opportunities are enormous, but it's a much more competitive environment.

And it's not just about making things.

It's about making great stuff.

Nobody sets out to make bad stuff.

But if your incentives are primarily driven by this sort of regulated system, as opposed to, well, what have you done lately?