i'm lucia rackley, i i'm mckinsey'stor and i am so grateful to be together with you today to speak withhe leaders of some of the biggest anmostpublishing housese bu as you know, like many other industries, is in the throes of rapidhange in technology innovation. and we'll look to oble and our panelists today to illuminate what's new, what's now and what's next. in other words, how they're navigating this potentially disruptive interval and hownd te culture and the leade■ahip vital to continuing to thrive in the to let'siocontext on the dyname industry. how do you see the state of book publishing right now? is itis it contracting? and how sanguine are you on the ■8tradjme sector? and peter, why don't we start with you? okay. thank you. well, i think i think the industry at the moment of pret, actually. i mean, perhaps more rapid than for for some time. and in the short term, there's a certain amount of cyclicality. and i think we're in a bit of a down cycle at the moment because of we've been in quite an upcycle and then immediately immediately afterwards. i feel i feel pretty i look at