Mr. Liam Kavanagh:

The Irish Times is the proud owner of The Irish Times, theIrish Examinerand four regional titles and we also have a share in two radio stations. We have a broad media mix. On the point made on the dependence on advertising revenue and the future model for news publishers, we are particularly tuned into the paid for content model of home delivery and annual paid for subscriptions. The Irish Times has been on this journey for the past four or five years. During the pandemic we have been particularly successful in attracting new subscribers. Our total subscriber base this year increased by 40% and much of this was during the pandemic. We have an interesting contrast with the Irish Examinerwhich does not have a paywall model. We are investing to try to bring one to the market early in the new year. It is significantly more of a challenge than for The Irish Times because of the lack of this. On the point Mr. Crowley made, we need time and space to be able to make this investment and enable a title such as theIrish Examiner to catch up over a period of time.

I want to make a point about mass-goers.

News publishers generally - it is definitely the case for all of our titles - have seen a massive increase in their audience over the course of the pandemic. The relevance of our titles as news publishers in the market at the moment has probably never been higher. They have played a very significant and strong role during the pandemic in producing news and information across the board. I do not subscribe to the mass-goer proposition. I do think we have a very strong and loyal audience. As news publishers, we are doing a very significant job in bringing necessary, relevant information to the general public.