Economic Infusion Volume 2 Issue #2

Editors' note

Economics and Business serve as fundamental disciplines that enable individuals to comprehend the world around them. Although we may not consciously realize it, we constantly make economic and business decisions, even regarding mundane matters such as what to have for lunch. Once, an economist Milton Friedman said, "There's no such thing as a free lunch," highlighting the economic problem of scarcity and its resultant opportunity cost.

We aim to foster a better understanding of the world's relationship with Economics and Business and their impact on our daily lives. As the current directors of Economic Infusion, we have initiated Volume 2, in which we have been working alongside students who share our passion for Economics and Business.

The articles featured in this magazine are a testament to our collective passion for Economics and Business, through which the students at Economic Infusion express their thoughts and emotions.

By leading the group, working collaboratively, and sharing our perspectives, we can enhance our academic knowledge and gain valuable experiential learning

A message from Anvi Jain and Sieun Yeom (Leaders & Co-editors in Chief)

Appreciation

Thank you to all the contributing writers and editors!

Fuga Nomura

Madhava Nurmawan

Sungwon Park

Buth Khuptanon

Egor Kubyshev

Departmental Managers

Sieun Yeom

Anvi Jain

The Economic Impact of Streaming Platforms and Social Media on the Music Industry

Egor Kubyshev

Over the past several decades the entertainment industry has been changing rapidly. With the rise of technology, internet speeds and mobile devices, it has become as easy to stream your favorite songs as with just a switch of a button on your phone. Streaming platforms such as Spotify or Apple Music have been steadily rising in revenue over the past decade with more and more users joining the platform year bay year. The rise of accessibility of digital streaming has opened doors for different sources of revenue for both independent artists and record labels, which has revolutionized the way we perceive music.

Number of on-demand music streams in billions in the United States of America (Götting, 2022)

The Function of a Record Label in Music Publishing: Then and Now

In the past, it was virtually impossible to grow a large audience as an independent artist, because in order to grow an audience artists needed media through which to publish their material such as vinyl records, radio, cassette tapes and television which were one of the only ways of listening music at the time. As you can imagine, the production and upkeep costs of materials such as vinyls was were immensely high, with an average price per unit between $1.50 to $3.00 depending on the durability of the vinyl and its production size (Richard, 2023) This economical difficulty of distributing music led to a lower supply of artists, as startup costs were extremely high for publishing music. This resulted in less market competition which subsequently led to the development of giant record label companies such as Columbia Records, RCA Records and Warner Bros and many more

Essentially, the function of a record label was to lend money to prospective artists in hopes of them becoming a hit, with in return the record label owning a percentage royalty of a track in hopes of eventually paying back the initial investment

In the modern days, with the rise of digital streaming, the costs of publishing music have dropped practically to zero. Through digital music distribution services such as DistroKid, TuneCore, CD Baby, etc, its has become effortless for anyone to upload their content to stream on- demand digital service providers such as Spotify, an audio streaming company occupying 31% of the audio streaming market share in 2023. (Sucic, 2023)

What does this all mean and why is it important? The answer is that there has been a tremendous spike in independent artists over the past decade An independent artist is a business entity that operates solely, without a record label, and takes on their own responsibilities such as publishing, marketing, and building their own brand, saving production and marketing costs as less human labor is involved. In fact, 87% of Spotify's total streams in 2017 were from the big labels; however, that percentage dropped to 85% in 2018, 82% in 2019, 78% in 2020, 77% in 2021, and 75% in 2022 Over 9.5 million tracks were released by independent music artists around the world in 2020, 8 times more than the 1.1 million tracks released by major labels. (Room, 2023)

With the rise of many famous independent artists such as JVKE through independent social media marketing, it has become easier and easier to become “famous overnight” through the algorithmic growth of different social media platforms such as TikTok, Instagram Reels and YouTube Shorts (Brown, 2022) This shows the significance of how it is now possible for an artist to become successful without a record label deal nowadays. A study by M. Daniels in 2022 investigated 125 viral independent artists that were previously unknown, and indexed them by several factors such as whether they’ve signed a record deal, whether they have 1M+ Spotify monthly listeners, 100K YouTube Subscribers and other demographics These factors were hypothesized to contribute to an artist’s sustainable music career.

“Let’s assume that most musicians use TikTok as a marketing engine to get famous elsewhere I’ve seen countless TikTok influencers push their YouTube channels in order to be YouTube famous, where the perceived legitimacy (and money) is ” said M Daniels The transferability of an artist’s audience does play a large role in advertising on different platforms, as video streams from Tik Tok do not generate revenue, and in order to have a revenue stream, the audience needs to be transferred to another media, such as Spotify or Apple music, which pays artists royalties per stream and conversion happens. That is exactly what independent artists are doing right now, gaining their audience on viral platforms like Tik Tok, and then leading them to a converting platform.

Bibliography

Brown, H (2022, May 31) We tracked what happens after Tiktok Songs Go Viral YouTube https://www.youtube.com/watch?v=S1m-KgEpoow&t Daniels, M. (2022). The unlikely odds of making it big on TikTok The Pudding https://pudding cool/2022/07/tiktok-story/

Picture: JVKE

Picture: One of JVKE's Tik Toks that went viral and made his song "Golden Hour" a hit

Götting, M C (2022, May 10)

U S music streams volume 2021 Statista.

https://www.statista.com/statistics/ 384687/on-demand-music-streamsnumber-usa/

Iqbal, M. (2023, May 2). Music App Report 2023. Business of Apps.

https://www businessofapps com/d ata/music-app-report/ Mulligan, M. (2021, July 9).

Global Music Subscriber Market Shares Q1 2021 MIDiA Research

https://www midiaresearch com/bl og/global-music-subscribermarket-shares-q1-2021

Richard, D (2023, February 19) How much does it cost to make a record?. Top Record Players. https://toprecordplayers.com/howmuch-does-it-cost-to-make-arecord/#:~:text=Price%20estimates %20for%20creating%20a,to%20ma ke%20a%20vinyl%20record.

Room, C (Ed ) (2023, April) The rise of Independent Music Artists (updated 2023). calypsoroom. https://www.calypsoroom.com/The -Rise-of-Independent-MusicArtists html#chapter3

Sucic, P. (2023, February 21). 40+ spotify statistics: Users, revenue, Market Share (2023)

HeadphonesAddict

https://headphonesaddict.com/spot ify-statistics/

South Korea's birth rate & the government's response

Sieun Yeom (Claire)

South Korea recorded the lowest birth rate in the world since 2013, with the current rate being 0.78 (Ahn, 2023). The birth rate, which represents the proportion of births to the total population within a given time, is a critical concern for South Korea due to its ageing population. To address this issue, the South Korean government has implemented various policies to alleviate the problem and increase the birth rate.

The increasing cost of living and individuals prioritizing their careers over starting a family are significant contributors to the declining birth rate in South Korea Raising a child has become increasingly burdensome, particularly with inflation driving prices. Many individuals prioritize their job security and fear the potential consequences, such as losing their job, associated with starting a family

According to statistics released by the Korea Institute for Health and Social Affairs in 2019, a survey of 2,000 adult men and women aged 19-49 revealed that 44 7% of respondents cited financial instability as the primary reason for not having children.

Other reasons included the high cost of raising and educating children (19 3%), the convenience of living without children (12 6%), inadequate childcare facilities and services (7 8%), lack of a suitable environment for child-rearing (7.6%), excessive workload and busyness (6.5%), and personal choice (0.7%) (Jang, 2023)

To address these challenges, the South Korean government has implemented several policies. One such policy involves providing financial support to families Since 2022, mothers with newborn babies have received a cash payment of 2 million won ($1,510). Additionally, families receive a monthly allowance of 700,000 won ($528) for infants up to the age of one and 35,000 won ($264) per month for infants under two These allowances will increase to 1 million won and 500,000 won, respectively, in 2024.

Furthermore, additional monthly payments of 200,000 won ($151) for children until they reach elementary school age, as well as supplementary support for low-income families and single parents. Other benefits include coverage for medical expenses during pregnancy, infertility treatment, babysitting services, and even dating costs (Rashid, 2023) Also, the South Korean government has implemented policies to enhance worklife balance and support parents. The government has extended the duration of parental leave and encouraged companies to adopt flexible work arrangements, such as telecommuting and flexible working hours, to accommodate the needs of working parents (admin, 2023). Additionally, South Korea has expanded its early childhood education and childcare investment The government has increased the number of public daycare centres, improved the quality of childcare services, and expanded the availability of affordable preschool education. These efforts aim to alleviate the burden of childcare and make it easier for parents to balance work and family responsibilities

Despite the government's efforts to increase the birth rate in South Korea through these policies, it remains challenging to predict a significant rise in the birth rate in the near future. To address this issue effectively, it is crucial to tackle the underlying problem by changing people's perception that having a baby will put them at a disadvantage Besides financial incentives, the government can promote a more balanced work-life environment, offering flexible work arrangements, extended parental leave, and support for childcare services. Public awareness campaigns can also play a crucial role in challenging societal norms and fostering a more inclusive perception of family and parenting. Shifting societal attitudes and emphasizing the benefits and support available for families can help encourage a positive shift in the birth rate trend

Bibliography

Ahn, A (2023) South Korea has the world’s lowest fertility rate, a struggle with lessons for us all, NPR. Available at: http://www.npr.org/2023/03/19/1163341684/south-koreafertility-rate (Accessed: 16 May 2023)

https://edu.chosun.com/site/data/html dir/2023/04/21/2023042102011.html#:~:text= (Accessed: 16 May 2023)

Rashid, R. (2023) South Korea has so few babies it is offering new parents $10,500, Business and Economy News | Al Jazeera. Available at: https://www.aljazeera.com/news/2023/4/12/south-korea-splashes-the-cash-in-scrambleto-fix-fertility-crisis (Accessed: 16 May 2023)

admin PR News | Overcoming the PR Career Hurdles That Face Asian Women

A new COLD WAR?

US vs China trade war

Buth Khuptanon

Over the past years, the relationship between China and the US has not been the best, but recently it only seems to have gotten worse. As two countries with the largest economies in the world (wisevoter, 2023), it is expected that both would view each other as a threat and be wary of the other’s fastgrowing economic and military power However, tension has recently escalated to the point where it is starting to affect millions of lives… and it all started in the summer of 2019.

The relationship between China and the US is similar to that of water and oil since it seems unlikely that both would find any peaceful ground between each other, which can be seen from a trade dispute in 2019. Tensions over the past few years have accumulated together to the point where President Trump, the US President at the time, could not take it anymore and imposed an additional 10% tariff on $300 billion of Chinese goods, following the staggering 25% tariff on $200 billion of Chinese goods he imposed a week before that If you expected that China would sit still after that, you are wrong, for they quickly responded by imposing a whopping 25% tariff on $60 billion worth of US goods (Feldman & Richter, 2019) Fights, through politics and propaganda, broke out after that, as both races were to be the ones who conquered the world’s economy. However, who do you think was affected most by this incident? Yes, it is the Chinese and American citizens

As many know, the US has one of the largest automobile industries in the world and is home to many well-known automobile companies like Tesla, Ford and Jeep. Due to the trade tensions, China has increased its tariff on imported USmade automobiles from 15% to 40% -which is a significant amount of increase- and resulted in demand for US-made automobiles dropping drastically in China because of the huge gap in its price when compared to automobiles made locally Even a well-recognised brand like Tesla couldn’t escape the effect of it and had to absorb some of the difference in order to control the price level (Reiff, 2020). Now, a question is raised: what would happen to the workers in these firms if the firms had less profit? A report at the time suggests that because of the trade war between the two nations, 245,000 workers were fired from their jobs (Reuters , 2021),undoubtedly affecting the standard of living and poverty rate inside the US. A similar trend can be seen in the Chinese economy The data at the time estimated that 2.5% of the Chinese population, who were most affected by the trade tension, experienced a 2.52% decrease in their per capita income and a 1.62% decrease in manufacturing employment In other words, there is a decrease in living standards and an increase in the poverty rate, similar to that of the US (Tuck School of Business at Dartmouth, 2021).

Although both may not want to admit it, both economies are indeed linked to each other - if one prospers, the other is likely to be doing well; if one collapses, the other is likely to face hardship. Therefore, it would be difficult to see how the political tension would do any good other than harm each other’s economies and cause their people to face hardship

Bibliography

Largest economies in the world 2023 (2023) Wisevoter. Available at: https://wisevoter.com/countryrankings/largest-economies-in-the-world/ (Accessed: 08 June 2023).

Feldman, S. and Richter, F. (2019) Infographic: The u.s.-china trade war: A brief recap, Statista Infographics Available at: https://www statista com/chart/16280/china-us-trade/?gclid=CjwKCAjwIWkBhBTEiwA2exyO2UgQWN2-dguYcQCATtU0b1pjvymJV2st62Cztu5Cmc9xrm1Xk3shoCoKUQAvD BwE (Accessed: 08 June 2023)

Reiff, N. (2020) What industries are most affected by the trade war with China?, Investopedia. Available at: https://www investopedia com/industries-most-likely-to-be-impacted-by-tradedisputes-with-china-in-2019-

4580508#:~:text=One%20of%20the%20biggest%20areas,U S %20automakers%2C%20like%20Tesla %20Inc. (Accessed: 08 June 2023).

Reuters (2021) U.S.-China trade war has cost up to 245,000 U.S. Jobs: Business Group Study, Reuters. Available at: https://www.reuters.com/article/us-usa-trade-china-jobs-idUSKBN29J2O9 (Accessed: 08 June 2023)

Tuck School of Business at Dartmouth (2021) Has the u s -china trade war hurt the Chinese economy?, Tuck School of Business. Available at: https://www tuck dartmouth edu/news/articles/has-the-u s-china-trade-war-hurt-the-chineseeconomy#:~:text=They%20estimate%20that%20the%20tail,percent%20decrease%20in%20manufact uring%20employment. (Accessed: 09 June 2023).

Fine: 42.1 billion KRW

Sungwon Park (Jenny)

launch mobile game applications only on the Google Play platform (excluding the App Store of Apple) in exchange for providing featuring and supporting overseas expansion. Featuring is a no-cost advertising tactic, which exposes the app on the very first page of Google Play to the customers, so it was a shocking exchange as featuring is free. Google did not provide any support to game companies that did not make an exclusive release on Google Play even if the evaluation of the game was considered positive.

This egoistic behaviour of Google was successful as it accomplished launching Lineage II, Lineage MapleStory M and Mu Origin 2 only on Google. It began in June 2016 and continued for 1 year and 10 months until April 2018. Google’s share increased from around 80 - 85 percent of the market in 2016 to 90 - 95 percent of the market in 2018, while One Store’s share fell from 15 - 20 percent to 5 - 10 percent, which was a significant loss. Game is the category that contributes to over 90 percent of the profit for Google Play and One Store in Korea so Google Play abusing its authority in this way was critical damage to One Store

One Store is an electronic discharge (ESD is the release of static electricity when two objects come into contact. (Kirvan, 2023)) created by the three major telecommunication companies of Korea (SK, LG and KT) It was reported that the domestic firm (One Store) was struggling to secure launching an app and a regular firm organisation was impossible. What has also been discovered was the emails received between the employees of Google. “Power to manage partners” was found and on one of the workers’ notes, it was written that they should make One Store into a minor loser league, signifying that they wanted to eliminate the growth of a domestic firm There was also a document that tracked the situation of One Store along with whether their goal was being reached or not. (맹, 2023)

The amount of from this inciden (KRW) and after the Fair Trade C total fine of 42.1 Google. The Surveillance o Commission (유성 was the first prec exhibited characteristics market (김, 2023

There are advant of monopolies b existence of the other commissio power of mo restrictions or exchange

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Pettinger, T. Monopoly

https://www.econ says/markets/mo Kirvan, P (2023 electrostatic dis TechTarget https://www.tech ition/electrostatic

April https://n.news.na 119/0002701548?

https://n.news.na 001/0013872731?

THE IMPACTS THAT MNC'S HAVE ON THE HOST COUNTRY

Fuga Nomura

An MNC is a company that operates in multiple countries, with a centralised management structure and ownership across national borders. MNCs typically have a significant presence in multiple countries, and they often have subsidiaries or affiliates in different regions of the world, which are used for enhancing their business strategies, including access to new markets, diversification and economic scale But in order for business to succeed, they need to take into account the impacts that the company has on the local community.

Advantages

One of the primary benefits of MNCs is their ability to bring in investment and create jobs This can lead to increased economic growth and development in the Home country For example, a MNC may build a new factory or office, hire local workers, and purchase goods and services from local businesses which therefore leads to increased employment and job opportunities as they use Direct Employment MNCs often establish subsidiaries or branches in different countries where they operate These entities require a local workforce to manage operations, production, sales, and administration. MNCs directly hire employees, thereby creating job opportunities for the local population. This can create a multiplier effect, as the money generated by the MNC and its employees circulates through the local economy.

In addition to the economic benefits, MNCs can have a positive social impact on the local community. They can bring in new technologies, ideas, and practices that can improve the quality of life for local residents For example, an MNC may invest in education or healthcare programs, promote diversity and inclusion, and support social causes such as human rights or environmental conservation

Disadvantages

However, MNCs can also have negative impacts on the local community. For example, they may contribute to environmental degradation, such as pollution or deforestation as MNCs are only considering their profits rather than the impact on the environment They may also cause social disruption, such as displacement of local communities or erosion of traditional cultures and values. In some cases, MNCs may engage in unethical practices, such as exploitation of workers or disregard for human rights.

The impact of MNCs on the local community depends on several factors, including the nature of the industry, the size of the MNC, and the level of government regulation For example, an MNC in the extractive sector (such as mining or oil drilling) may have a more significant impact on the environment than an MNC in the service sector. Similarly, a large MNC may have more resources to invest in social and environmental programs than a smaller one

Governmental interventions to solve negative impacts

To address the negative impacts of MNCs, governments can implement several interventions Here are some examples:

Regulatory Frameworks: Governments can establish and enforce strict regulations and laws to govern the activities of MNCs. These regulations can cover areas such as labor standards, environmental protection, human rights, and corporate social responsibility. By holding MNCs accountable for their actions, governments can mitigate negative impacts.

Labor Standards and Worker Protection: Governments can enforce strict labor standards to protect workers' rights and ensure fair working conditions within MNCs This can involve setting minimum wage laws, regulating working hours, ensuring workplace safety, and prohibiting child labor or forced labor Inspections and penalties for non-compliance can be implemented to enforce these standards

Overall it can be seen that there is both positive and negative feedback towards the local community. Although MNCs have positive economic and social impacts on the local community, they have environmental effects and social disruption consequences.But the level of impact can be altered through the size of the MNC, the nature of the industry and the level of government regulations

Bibliography

Bahar, Dany. “Do Multinational Corporations Play a Role in Entrepreneurship in Developing Countries?” Brookings, 3 Nov 2015, www brookings edu/blog/up-front/2015/11/03/do-multinational-corporationsplay-a-role-in-entrepreneurship-in-developing-countries/.

Chen, James “Multinational Corporation (MNC) ” Investopedia, 29 July 2022, www.investopedia.com/terms/m/multinationalcorporation.asp.

Doz, Yves, and C.K. Prahalad. “How MNCs Cope with Host Government Intervention.” Harvard Business Review, Aug 2014, hbr org/1980/03/how-mncs-cope-with-host-government-intervention

“Impact of Multinational Companies (MNCs) on Their Host Countries.” Www.tutor2u.net, www tutor2u net/business/reference/impact-of-multinational-companies-mncs-on-their-hostcountries#:~:text=Profits%20earned%20by%20MNCs%20may.

Toppr. “Toppr.com.” Toppr-Guides, 8 Aug. 2019, www.toppr.com/guides/business-environment/scales-ofbusiness/multinational-corporations-mnc/

NETFLIX vs BLOCKBUSTER

Madhava nurmawan

Netflix, the world’s largest streaming service, worth almost 150 billion USD Despite the many controversies that could slow its roll, from the ‘Cuties’ scandal to the racial issue surrounding ‘Queen Cleopatra’ that keep arising, Netflix won’t stop growing In fact, despite its absolute turmoil towards May 2022, it kept on growing. For now, Netflix has become an unstoppable beast, scouring for the next horizon to conquer

The reason I believe this ‘David vs Goliath’ esque tale grabbed my attention was the pure irony of one of Netflix’s newest hit shows, that they have been bombarding their viewers with, ‘Blockbuster’ Now, despite the less than stellar reviews and the show being canceled after one season, it is quite notable in my opinion to see how Netflix managed to fully produce a ‘Blockbuster’ show, when they were willing to submit to them in their infancy.

We’ve reached an era of at least 3 generations not knowing what Blockbuster even is or does, so I find it best to explain what was the blueprints to one of the most successful innovations to date. Blockbuster was a franchise of home video rental shops which evolved into a market of videogames, delivery and more. So imagine your local DVD shop but instead, it was a huge franchise worth 8 4 billion USD

Netflix took the idea of a movie rental and put a spin on it. After Reed Hastings received a late fee on a movie rental, he had a thought. His idea was to increase the convenience of renting films by having a system which would allow their customers to go to their website and rent a film without late fees Along with that, they would ship within 1 business day, so needless to say these were hefty promises for a startup.

But these promises were necessary as they had to take down their ‘Goliath’ in Blockbuster. Yet in 2000, with an ever-growing customer base, they were still making net losses of 57.4 million USD. So Netflix took a drastic measure and did the unthinkable, in a last plea to hang on to any form of success, they gave in to Blockbuster. But that September in Dallas, the course of actions taken could have changed the entire face of entertainment and much more

Rural California, Netflix has their first corporate retreat only to be informed that their request has been approved but their meeting with Blockbuster they had waited months for was the next day at 11:30 in a completely different state. While the walls looked to be crumbling in, Reed Hastings realised that both he and Marc Randolph would have to fly at 5 am the very next day due to being currently involved in a retreat This would end up costing around 20000 USD as Reed Hastings threw his last hail mary.

Hastings and Randolph were astonished by the sheer vastness of the headquarters and Randolph was taken aback at Antioco’s footwear It seemed so lavish to him and exclaimed that it looked like it cost more than his own car. When they got to the negotiation, Hastings proposed to “join forces,” only to be met with a response of "The dot-com hysteria is completely overblown " They would then get into a heavy debate on the sustainability of Netflix Ed Stead then asked how much Hastings and Randolph would be willing to sell for When Hastings said “fifty million,” things went quickly downhill. Randolph noticed that Antioco was trying not to laugh. The deal fell through

3 years later Netflix broke even and started making a profit Blockbuster would also try this format a year later upon seeing its success Hastings described the 2004-2007 saga as intense but noted “Really, if they started 2 years earlier they probably would have won”

The reason why the saga ended in 2007 was this very final move, the start of the Netflix we all know today Integrating films through use of streaming was meant to just be a perk for their subscribers, but this model would be exactly what they needed to beat Blockbuster Due to the unproven nature of streaming at the time, Netflix landed a big time contract with Starz for what is relatively cheap in hindsight. They would end up expanding year by year and would reach more and more countries.

Around this time in late 2010, Blockbuster would get delisted from the New York Stock Exchange as they had filed for bankruptcy. They were 1 billion USD in debt and filed a Chapter 11 bankruptcy. Chapter 11 bankruptcy allows the debtor to keep their power and duties along with being able to borrow new money but must propose a plan to change the current organisation.

2011 saw the invention of ‘Netflix Originals’ to combat the loss they had from a fallout with Starz It is obvious that this concept was a rousing success, especially after ‘Squid Games’ with one season alone managed to pull in 900 million USD This continued expansion has reached a point where Netflix is now worth around 150 billion USD.

Now in the modern day, there is one last Blockbuster in Bend, Oregon. It is safe to say who are the true victors of this story, quite the satisfactory ending for the underdogs who got ridiculed to pull through.

Bibliography

Andreeva, N. (2022, December 16). “blockbuster” canceled by Netflix after one season. Deadline. https://deadline.com/2022/12/blockbuster-canceled-netflix-randall-park1235192820/

Zetlin, M (2019, September 20) Blockbuster could have bought Netflix for $50 million, but the CEO thought it was a joke Inc https://www inc com/minda-zetlin/netflix-blockbustermeeting-marc-randolph-reed-hastings-john-antioco.html

Jain, S. (2023, March 31). The history of netflix- founding, model, timeline, milestones (2023 updated) VdoCipher Blog https://www vdocipher com/blog/2017/06/netflix-revolution-part1-

history/#:~:text=Netflix%20was%20founded%20in%201997,now%20has%20millions%20of %20subscribers

Fritz, B (2010, September 23) Blockbuster files for Chapter 11 bankruptcy, sets plan to reorganize Los Angeles Times https://www latimes com/archives/blogs/company-townblog/story/2010-09-23/blockbuster-files-for-chapter-11-bankruptcy-sets-plan-toreorganize#:~:text=After%20struggling%20with%20nearly%20%241,11%20bankruptcy%20p rotection%20on%20Thursday