Mr. John Phelan:

Yes. The next point was to consider looking at the likes of RTE. Again, it does a great job but if one looks at the independent productions spend it has, which is about €30 million, less than 3% of that goes on creating new animated productions. We would like to see that increase throughout the island. Considering there is a 30% spend throughout Ireland, between animation, high-end TV and film, of the total spend in Ireland, 30% of that is through animation, we think the spend from RTE should be more reflective if possible. We understand the constraints within which RTE works and are quite happy to discuss how that could happen.

The question of investors is a bit more difficult. In respect of most of the investors we get through the seed fund, the fund is a technology fund, so the limited partners do not allow it to invest in content, which is fine.

It is very different with regard to the angel investors, which have a broader brief regarding what they can invest in. I have struggled to get private investors to invest in content and the creative industries. It is considered to be very high-risk, which is why the mandates of the Irish Film Board and the likes of RTE are really important and that they are able to develop early-stage funds for the likes of early-stage shows. The Irish Film Board will contribute towards and invest in the development of content, which is then developed into a much larger show with financing done overseas and the production done in Ireland, so one is bringing overseas investment into the country and employing people here.

Content is capital-intensive at the front-end so, again, it is more high-risk. The perception is that it is high-risk, which it is. On the technology side, much of the front-end, capital costs have come down but it is still a high-risk investment.

They are merging.