 So my presentation today was about the effects of digitization on the copyright protected industries, books, music, movies. And the idea is that digitization has taken a couple of different forms. On the one hand, the first big manifestation of digitization was Napster in 1999, which made it possible for consumers to get access to music without paying for it. And really as the dust has settled in the research community, that's been shown to have a devastating effect on revenue to recorded music. Now if that were the only impact, one would expect a big reduction in revenue to have really negative impact on the quality and quantity of creative output. But it turns out that that's not the only aspect of digitization. There have also been reductions in the costs of bringing products to market. And as a result, it's not clear, a priori, whether there would be a reduction in new products. Instead, you really just have to look at data to see what's happened. And it turns out that on balance, there's been a great increase in the number of products created in the music industry. And moreover, they seem to be very useful to consumers. Surprisingly, even though revenue has collapsed since Napster, there's been an increase in the service flow from music products created since 1999. In books, the changes have been pretty astounding. First, there's been an enormous increase in the number of new books coming to market. Many of these books are self-published electronic books, and many of them are not of much interest to anyone. But what's interesting is that a rising and actually now substantial share of books that end up being best sellers in the US are books that originally came to market as self-published works. It's interesting because those are books many of which would never have made it past traditional gatekeepers, so it's really revolutionary. In movies, the nature of the evidence is a little bit different. But in movies, it's also true that there's been a very large increase in production, the number of movies produced and related. There's a big increase in the number of movies available to consumers from any point in time. So it used to be people watch movies in theaters and there's a pretty limited number of movies that get released into theaters each year. But now the digital distribution is not only possible, but increasingly popular, a lot of movies can be distributed to consumers. So twice or three times as many movies as are distributed through theaters end up being available to consumers through digital distribution channels. On the one hand, it's tempting to conclude that copyright's not important. I think that's not the conclusion at all. I mean, I think in other contexts if one just has bad news on the revenue side and costs don't change, one does see reductions in output. Copyright matters, revenue matters for bringing products to market. But I think what's really important in this context as we think about policy changes, we should remember that there have been changes on the cost side and on the demand side. And so before we make any, provide regulatory relief or policy reform, we should think about what's really happening in the industry on both sides of the market. Well, there's of course the usual caveat that more research is needed. And it's not just a throwaway line in this context. Data are fairly hard to come by in this context. They're either expensive or proprietary. And so there's the caveat that not all the right data are necessarily brought to bear. But I would hope that those who have data and have concerns about the results would share their data so that we can examine them and find the truth.