lly increase the overall cost of delivery. In parallel, value is decreasing including content with presently highly contested acquisition costs, premier league football for example. We should not assume that so-called premium Future Trends, Forecasting, the Age of Adaptation and More Transformative Transforms content maintains that premium over time. As humans we have a finite absorption bandwidth and we must be close to the safe absorption limit, particularly as far as football is concerned. There is an argument that the value is still there but is realised in different ways. O2 Telefonica sponsor events at the Millenium Dome. This includes concerts by artists such as Prince, the Rolling Stones and Led Zeppelin. Some artists, for example Prince, give their music away for free or at a deep discount but the live concert grosses millions. The majority of this value goes to the artists (typically 110% of the ticket costs) and venue owner, the American Anschutz Entertainment Group. These are examples of cost and value transforms. Costs do not necessarily disappear but may reappear in other areas. Value may be realised by third parties who may be the unintended though possibly deserving beneficiaries of the original investment process. And transforms are probably a good place to end this narrative, particularly as it is more or less where we started. When asked to make some closing remarks at a wireless conference held coincidentally at St Johns, my old college in Cambridge it struck me that the college was having its 500th anniversary. The presentations at the college reflected many of the themes that we have explored in this book but also introduced some broader perspectives. Sometimes the obvious can be profound. For example, the fact that most families living in the slums of India have no water or sanitation but own a TV, that the most used function in a mobile phone is often the FM receiver, that India prospers despite its lack infrastructure while China prospers because of it, 7 that SMS used in India to send gr