Activision Blizzard (ATVI)

 And let me answer the first question, which is you talked about how people are getting market to — for musicians, and is it possible that an artist would have more of their royalties from Guitar Hero than from any other form, or a significant percentage?

Here is our attitude there. When we look at the math of — and this is interesting statistically — you look at the correlation between songs in Guitar Hero III, and their downloads on iTunes. So you pick the artist, but Joan Jett is a good example. The Joan Jett downloads on iTunes after the release of Guitar Hero III were exponentially higher than prior.

And in fact every one of the artist included in Guitar Hero III saw their number one downloaded song on iTunes, within the month after the release of Guitar Hero III, being the Guitar Hero III song. So our attitude is, if we’re breaking bands or its creating this much enthusiasm, and you are creating a whole new group of consumers, six to eleven-year-old consumers, who are being exposed to Aerosmith for the first time or Van Halen for the first time, whatever it might be, we need to capture much more of that upside opportunity.

What we started talking about with Universal Music is, if you want to break bands, we need to participate more fully in all of their exploitations, whether it is touring or merchandising or song publishing, we want a bigger piece of the action. Otherwise we will put somebody else into the game. So I think you can expect — is that going to move the dial in the next two years? No. But is it a model that we will pursue? Absolutely.

David Joseph  — Morgan Stanley - Analyst