 Very recently, there was a new study on the value of open source. And as I was on the team of the European Commission study on the value of open source, this is very exciting because it's fresh of the press and it's quite some numbers. So please, I will present you a presentation from Manuel Hofmann from the Harvard Business School, very shortly talking about this latest study. Hello, everyone. I'm glad to be here and talk to you about the value that arises from open source software. My name is Manuel Hofmann and this joint work together with Frank Nager from Harvard Business School and Jan Odo from the University of Toronto. All right, I'm likely going to preach to the choir here, but I want to still give you a number. 96% of commercial code contains open source code according to the software composition analysis from Synopsys. So we can ask the question, how much would we lose if open source software doesn't exist? So to calculate the value, we could simply state that it's the price times quantity. And to quote Warren Buffett, price is what you pay for value is what you get. The problem with open source software that the price is zero and the quantity is difficult to determine because packages are indefinitely replicable. So how do we address those issues? We're going to use what is called the labor replacement value approach where we estimate the time cost that would take an average coder within a firm receiving an average global wage to recreate each line of code of open source packages. And then we leverage two firm-related data sources, the open source sensors, which is inward-facing information of package usages from programs around the world and build with, which gives us externally-facing information of package usage around the world. And we're going to combine them. While the literature is scarce, there is some great work that has been done by Blint and colleagues to estimate the value of open source software for the European Union and Robins and her colleagues for the United States. So what we're going to do a little bit differently is we're estimating the value across the globe and we are going to focus on most widely used packages. So you can really think of our estimate as an underestimate of the value. All right, so let's talk about our headline figures. For the supply side, let's engage in the following sort experiment. How much would it cost to replicate widely used open source code? Well, according to our estimates, it would be $4.15 billion. Now, on the demand side, we can account for usage and we can ask a slightly different question. What would happen if the concept of open source software completely disappears? Well, we calculate a value of $8.8 trillion. Or to state that a little bit differently, without open source software firms would spend 3.5 times more on software than they currently do. And of course, there is some heterogeneity in the value creation process across programming languages and developers. So let's take a look into the developer side. Well, we find that the value creation of open source is highly skewed. So here you can see the supply and demand side figures that look very similar on the horizontal. You can see the cumulative share of programmers that are creating the value on the left y-axis and contribute to a certain number of repositories on the right y-axis. And what we would expect is that if programmers contribute evenly to packages, that we would directly trace out the 45 degree line. However, what we actually observe is that our blue line is very far away from the 45 degree line, implying that a small fraction of programmers contribute substantially. And indeed, 5% of developers create 93% of the supply side and 96% of the demand side value. And those programmers, those few programmers contribute not only to few repositories, but to a wide swath of repositories. Well, to conclude, the value of open source software on the supply side is 4.15 billion US dollars. And accounting for usage, we get even to 8.8 trillion US dollars. Without open source, there would be a large loss in value, firms would need to spend 3.5 times more on software than they currently do. And we find some hatred to GNAT in how the value is created with 5% of developers creating 96% of the demand side value. All right, thank you so much.