Do you watch TV often? What do you think is the most popular and most widely used form of mass media today? You may think it is TV, but YouTube has in fact far outpaced TV and is now ranked at the top. It is definitely something I could never have imagined after living in a world where TV had previously always been the most watched platform for over 50 years. YouTube viewing has already surpassed the major terrestrial TV networks among all age groups and is set to continue to grow even in the 40–50 age group, the traditional TV audience.

 Are you familiar with the expression "Generation X"? I think most of you here at this monthly meeting must be Gen Xers and if you have been with AP, you are probably familiar with our male cosmetic brand, TWINX, which came along with the emergence of Generation X. Lee Byung-hun, who is now a top Korean actor, starred in the brand's commercials and come to think of it, time sure has gone by since then. Millennials were and are still thought of as young, but now a new generation called "Generation Z" is beginning to come into their own. A new day is dawning and if we fail to respond and adapt to these new changes once again, we will not be able to survive. In other words, we must keep pushing our boundaries and make new products and new brands for the new age.

 Here is one more question. What do you think is the most important form of data? I had always thought of data simply as numbers. However, with new technology, the world has changed and now data is all about video. Most technologies of the Fourth Industrial Revolution, including facial recognition and AI, process data in the form of video. Visual forms, for example, images, figures and graphs, are being favored over numbers and text. Plus, advertising has changed as well. In the past, 15-second ads were the standard commercial length in a sense that the audience had a 13-second attention span. In contrast, most commercials being aired online today are less than five seconds as the average attention span has shrunk down to three seconds. People today desire newness in a world where every day everything changes rapidly. People get bored easily with anything that's not interesting enough—regardless of whether it comes in the form of media or content. The world is changing and customers are changing as well. It is time for us to change too. If we do not change, we will lose ground.

 The year 2018 has not been good, as many people have said, even without mentioning the poor state of the economy. In general, a decrease in the number of orthopedic surgery patients is a telltale sign of a bad economy, and in recent years, the number of orthopedic surgery patients has dropped. People cannot go to hospital despite having bone or muscle injuries for economic reasons. How then should we overcome this difficult situation? The answer can be found in customer centricity. With customers on our side and with their power, nothing can bring us down. Customers are always the most important factor in any business, and as such, I believe that staying close to customers is the best way to do business. The success of a business depends on how we engage with new customers and turn them into loyal lifelong customers, and the key to achieving this is customer centricity. We may seem to do a lot of different types of work, but everything we do really is directed toward one thing: customer centricity. In other words, we make innovative products, continue with groundbreaking research, enhance the customer experience, manage customers and control every step of the manufacturing process to achieve true customer centricity.

 Our business went great when we put customers at the center, but in recent times, we have become neglectful of them. We have in some ways run up against a rock. Most of you work away from the stores and therefore don't get many chances to see customers in person, which in many ways reflects the old saying—out of sight, out of mind. As a result, achieving customer centricity requires a combined effort. It is a task for all of us. It includes making our Beauty Point system more convenient for customers and communicating through new forms of media and content. YouTube can be our new channel of communication as well as the major terrestrial TV networks which are gradually becoming obsolete, like I said earlier. In particular, there is a growing trend toward sharing information about health foods via YouTube, but our response to this is currently inadequate. It is one of several examples that shows how we are not yet fully customer-centric. We must all adapt to meet these changes, one by one. The cosmetics market is becoming increasingly polarized into two segments: luxury and reasonably priced products offering good quality and psychological satisfaction. It means we must make a product that is both appealing and satisfactory on every level. At the same time, we must change the way we communicate the use of ingredients. We need to explain how they are collected and how customers can make the best of them instead of putting up an abstract concept like naturalism. We need to communicate more clearly how we can help customers lead happier and better lives. All these together will enhance the customer experience.

 Earlier, members from the Customer Service Team came up on the stage and kindly shared the details of Digital CGAP Fair 2018 with us. CGAP (Customer Gift for Amorepacific) is our unique customer complaint management system that was implemented to receive and quickly deal with customer complaints and take corrective actions. Customer complaints are an expression of dissatisfaction from customers, but because we believe that their complaints help us better ourselves, we use the word "gift" instead of "complaint." Handling customer complaints and improving to ensure the safety of products and prevent further complaints are also part of our customer-centric efforts. Most customer complaints over the past ten years or even 40 years since we opened the Customer Service Center were about products and brands. This, however, is changing. Customers now ask questions about how to use Beauty Point, shipping of products along with the rise of e-commerce and the ingredients used in our products. Changes in the shopping environment have likewise led to changes in shopping behavior, customer perception and interest. CGAP Fair has previously been held offline, but this year it takes place online for two weeks to increase accessibility. I'd like all of you to take this great opportunity to receive valuable gifts from our customers.

 There is another innovation project being conducted at the corporate level. That is what we refer to as the Columbus Project. It is about asking ourselves new questions and searching for ways to innovate in this ever-changing world. Through this project, we examine how our budgets and investments are being allocated and determine how they can be better spent. Cost saving is one thing, but adequate budgeting is another. I'd like to ask all of you to take up a more active part in this project.

 An economic crisis can often present an opportunity. Everyone suffers equally during such a crisis, and because of that opportunities to get ahead can be found. A crisis is in some ways like being submerged in rising water and the only way out of it is to secure the area between the upper lip and the nose. Without it, we cannot breathe, so for us to keep on breathing in this ever-changing world we must embrace change and push our boundaries for the better.

 Small actions can lead to big changes. I believe that our small but practical actions including CGAP, the Columbus Project and the Beauty Point system upgrade will lead to such big changes. Do not ask others to bring these changes though. It is the job of each and every one of us to make a change. Opportunity comes to those who take up the challenge. Keep challenging yourself. Embrace the changes and finish the year well. Thank you.