WEBVTT - Why Europe Sees Opportunity as Hollywood Struggles 0:00:00.200 --> 0:00:04.960 Welcome to Strictly Business, Variety's weekly podcasts featuring conversations with 0:00:05.080 --> 0:00:09.080 industry leaders about the business of media and entertainment. I'm 0:00:09.119 --> 0:00:12.880 Cynthia Littleton, co editor in chief of Variety. Well, this 0:00:13.039 --> 0:00:16.560 is a very special episode of Strictly Business. Indeed, I 0:00:16.600 --> 0:00:21.360 am coming to you live on tape while hurtling through 0:00:21.680 --> 0:00:25.840 the French countryside heading north to Charles de Gaul Airport 0:00:25.920 --> 0:00:34.400 in Paris. I am just left Marseille about ten minutes ago. 0:00:36.320 --> 0:00:39.760 Dear listeners, thanks for writing with me on a special 0:00:39.800 --> 0:00:43.720 episode of this podcast. It combines my love for trains 0:00:44.040 --> 0:00:46.640 and my love for yaking about the media business and 0:00:46.680 --> 0:00:50.880 how it's changing. I captured some thoughts while locomotoring through 0:00:50.880 --> 0:00:55.040 the French countryside after covering the MIPCOM market and conference 0:00:55.120 --> 0:00:58.959 in can during the week of October sixteenth. As always, 0:00:59.320 --> 0:01:02.640 it's so i opening to travel overseas and see how 0:01:02.760 --> 0:01:05.959 vast the media world is beyond the confines of the US. 0:01:06.840 --> 0:01:10.759 I pick up insights just walking around the crosset and environs. 0:01:11.680 --> 0:01:14.600 I also picked up a head cold somewhere along the way, 0:01:15.080 --> 0:01:18.959 but armed with throat lozenges, I soldiered on. I was 0:01:19.040 --> 0:01:22.600 fortunate to be asked by MIPCOM organizers to conduct sit 0:01:22.680 --> 0:01:27.280 down interviews with three high profile subjects. Paramount Global CEO 0:01:27.440 --> 0:01:32.559 Bob Bakish was named mipcom's Personality of the Year. Maxim Seda, 0:01:33.000 --> 0:01:39.000 CEO of Canal Pluse, was Variety's Vanguard Award recipient, recognizing 0:01:39.000 --> 0:01:43.440 his contributions to the global TV business. And Eva Longoria 0:01:43.560 --> 0:01:46.959 and Chris Abrego traveled to the French Riviera to announce 0:01:47.000 --> 0:01:52.600 their new production and talent development venture, Hyphenate. Also during 0:01:52.600 --> 0:01:55.880 my rounds at the Palais, I had an emotional interview 0:01:56.160 --> 0:02:01.880 with Nadav Palti, CEO of Israel's Door Media. That's all 0:02:01.920 --> 0:02:13.280 coming up after this break and we're back with observations 0:02:13.320 --> 0:02:17.680 on the global content marketplace. I would say that McComb 0:02:17.840 --> 0:02:20.880 was a busy market, if not a buoyant market. There 0:02:20.919 --> 0:02:24.520 was lots of activity, lots of talk about deals. There 0:02:24.520 --> 0:02:28.000 were some deals that were signed there in the Palais 0:02:28.080 --> 0:02:30.240 and in the coas said, but a lot. As always 0:02:30.240 --> 0:02:33.519 with these kind of conferences, there's a lot of conversations 0:02:33.520 --> 0:02:36.359 that initiate and then a lot of paperwork and lawyer 0:02:36.440 --> 0:02:40.079 work that has to ensue. But definitely everyone all the 0:02:40.080 --> 0:02:44.840 big and small, established and relatively new. Everybody was having meetings. 0:02:44.880 --> 0:02:47.919 There was a lot of activity and that all seemed 0:02:47.919 --> 0:02:53.800 to reflect the other cross currents, which is unmistakably the 0:02:53.919 --> 0:02:59.079 large European players sense opportunity out there. They are very 0:02:59.160 --> 0:03:02.959 much watching the turmoil in the US at the US majors, 0:03:03.200 --> 0:03:07.080 between the labor strikes that have handicapped production this year, 0:03:07.480 --> 0:03:10.919 to all of their restructuring, the streaming losses that the 0:03:10.960 --> 0:03:13.960 old Guard studios have incurred as they try to make 0:03:14.000 --> 0:03:17.360 the transition from linear to streaming. All of that is 0:03:17.360 --> 0:03:21.919 being watched very carefully by very savvy European players. Every 0:03:21.960 --> 0:03:25.240 single person I spoke with mentioned to me, you know 0:03:25.320 --> 0:03:28.800 that there's such a lower price point for production in Europe. 0:03:29.000 --> 0:03:30.720 You can just sense that there's going to be a 0:03:30.720 --> 0:03:35.440 push to bring more production to Europe, arguing that there 0:03:35.640 --> 0:03:39.680 is a ready talent pool that has become very skilled 0:03:39.720 --> 0:03:42.200 with the streaming boom, there is so much production all 0:03:42.240 --> 0:03:46.200 over Western Europe, Eastern Europe, and that ensues and with 0:03:46.360 --> 0:03:50.840 that comes a skilled talent pool that is looking for work. 0:03:51.120 --> 0:03:53.720 Of course, they're watching to see the great contraction if 0:03:53.760 --> 0:03:57.080 the streamers have less appetite than they have had in 0:03:57.120 --> 0:03:59.880 the last couple of years. But the kind of europe 0:04:00.120 --> 0:04:02.840 and co production projects that are really kind of humming 0:04:03.240 --> 0:04:07.000 are the kind of lower price point things that streamers want. 0:04:07.280 --> 0:04:10.160 They may only appeal to a niche audience, but that 0:04:10.320 --> 0:04:13.320 niche audience is going to love that costume drama from 0:04:13.400 --> 0:04:18.960 Sweden or a ry satirical comedy coming out of Brazil 0:04:19.240 --> 0:04:23.000 with subtitles. All of the producers I spoke with mentioned 0:04:23.080 --> 0:04:26.159 that the tyranny of dealing with subtitles and dubbing is 0:04:26.400 --> 0:04:29.800 over audiences in the US and other markets that had 0:04:29.839 --> 0:04:33.240 been thought to be totally resistant to either subtitles or 0:04:33.320 --> 0:04:37.000 dubbing is absolutely lifting, and certainly subtitles is winning for 0:04:37.040 --> 0:04:39.840 many reasons. The US was a big holdout for that, 0:04:39.920 --> 0:04:43.440 but all the much evidence shows that those fears are 0:04:43.480 --> 0:04:48.760 definitely lifting, and that raises the hopes of many many producers, 0:04:49.200 --> 0:04:52.320 and especially the labor strife, which is something Hollywood hasn't 0:04:52.360 --> 0:04:55.120 had in a long time, and especially to this degree. 0:04:55.320 --> 0:04:58.159 Europe is very well aware of general strikes in the 0:04:58.240 --> 0:05:01.920 general sense of when there is a period of labor unrest, 0:05:01.960 --> 0:05:05.960 and there is definite efforts to emphasize the appeal of 0:05:06.000 --> 0:05:09.279 working with European talent in many ways. I took a 0:05:09.279 --> 0:05:11.960 lot of meetings during my three days at Mipcom. I 0:05:12.040 --> 0:05:15.520 was very excited to meet a couple of compelling female CEOs, 0:05:16.000 --> 0:05:22.000 including Telepool CEO Yoko Haguchi Zitzman. And it's funny that 0:05:22.040 --> 0:05:23.960 I had to travel all the way to cann to 0:05:24.080 --> 0:05:27.640 learn that that company based out of Munich is owned 0:05:27.640 --> 0:05:31.480 by Will Smith's Westbrook Company. I knew it on paper, 0:05:31.600 --> 0:05:34.359 but the significance of it and the interesting parts of 0:05:34.360 --> 0:05:36.720 it didn't sink in till I was sitting talking with 0:05:36.800 --> 0:05:39.719 them in their booth in the Palais. Yoko brought with 0:05:39.760 --> 0:05:42.440 her to Mipcom a very big swing for their company, 0:05:42.760 --> 0:05:48.400 Davos nineteen seventeen, a big, sudzy soapy limited series that 0:05:48.680 --> 0:05:52.920 has romance, espionage, intrigue. It seems like the kind of 0:05:52.960 --> 0:05:56.840 costume drama that is going to be catniped for some streamer, 0:05:56.920 --> 0:05:59.400 and it's already set up well in Europe with a 0:05:59.480 --> 0:06:03.479 couple of broadcasters, and she's excited about the potential for 0:06:03.520 --> 0:06:05.680 that project. I could stand here and talk about the 0:06:05.720 --> 0:06:08.840 media business and watch the French countryside go by for 0:06:08.880 --> 0:06:11.760 a few more hours, but I can tell I'm wearing thin. 0:06:11.920 --> 0:06:15.320 The patients of my fellow passengers some more to come. 0:06:16.520 --> 0:06:20.000 Paramount Global CEO Bob b Akish first came to mipcom 0:06:20.240 --> 0:06:25.600 years ago as head of Viacom's International TV Channels group. Today, 0:06:25.640 --> 0:06:29.159 he's leading the entire company through a difficult period of transition, 0:06:29.560 --> 0:06:32.440 but his confidence that better days are ahead comes through 0:06:32.520 --> 0:06:36.440 loud and clear in our conversation. As you said here today, 0:06:36.720 --> 0:06:40.120 how do you feel you articulated the Paramount had sort 0:06:40.160 --> 0:06:43.240 of taken its third way? How do you feel about 0:06:43.279 --> 0:06:47.560 the health of Paramount streaming business and that sort of that. 0:06:48.320 --> 0:06:52.520 How do you feel about Hollywood's long term decision made 0:06:52.520 --> 0:06:55.560 about five years ago to really go forward into direct 0:06:55.560 --> 0:06:58.200 to consumer? Do you think that the business maybe went 0:06:58.240 --> 0:07:00.920 a little too headlong into direct to consumer? 0:07:01.200 --> 0:07:02.520 Yeah, So I'd say a couple things. 0:07:03.120 --> 0:07:06.520 First, I'd reiterate what you said, which is two years 0:07:06.560 --> 0:07:09.160 ago we said twenty twenty three was our peak investment 0:07:09.200 --> 0:07:12.520 year in streaming. Today we're still saying that it's our 0:07:12.560 --> 0:07:16.600 peak investment year in streaming. And we've also said publicly 0:07:16.720 --> 0:07:20.320 that twenty twenty four will be a year of significant 0:07:20.360 --> 0:07:24.400 earnings growth for the company, driven by significant reduction in 0:07:24.560 --> 0:07:28.160 streaming losses. So we said that two years ago, we 0:07:28.480 --> 0:07:30.760 had a plan that reflected that, and we continue to 0:07:30.760 --> 0:07:33.920 believe that today point one point two is really zooming 0:07:33.960 --> 0:07:39.320 out a little. Yes, there has been a continued discussion 0:07:39.360 --> 0:07:44.800 about streaming and the robustness of that business and profitability 0:07:44.840 --> 0:07:48.560 and all of that. And at the same time, I 0:07:48.600 --> 0:07:52.200 would say, sitting here today, it's more true than even 0:07:52.240 --> 0:07:54.320 two years ago that it's going to be important that 0:07:54.400 --> 0:07:58.760 you have a significant exposure, exposure in a positive way 0:07:58.840 --> 0:08:03.080 to streaming because consumers continue to move that direction. The 0:08:03.120 --> 0:08:06.840 linear ecosystem remains, but it is you know, continues to 0:08:06.880 --> 0:08:10.680 be in a gradual decline and streaming continues to get bigger. 0:08:11.240 --> 0:08:13.000 You only have to look at the numbers to know that. 0:08:13.160 --> 0:08:17.440 So it's vitally important that we build a streaming business. 0:08:18.200 --> 0:08:20.240 The other point I'd make, and it really goes back 0:08:20.280 --> 0:08:24.600 to the licensing one, is you know, people like simple answers, 0:08:25.000 --> 0:08:28.360 and what was in vogue as a simple answer was 0:08:28.440 --> 0:08:30.720 the way to be in streaming was one hundred percent 0:08:30.840 --> 0:08:33.440 owned and operated D two C in every market around 0:08:33.480 --> 0:08:36.840 the world. And I think the reality is, frankly, I 0:08:36.880 --> 0:08:40.560 know the reality is not that simple that we believe 0:08:40.720 --> 0:08:44.560 and are beginning to demonstrate that a more multifaceted approach 0:08:44.600 --> 0:08:49.160 to streaming, which among other things, embraces partnerships, is the 0:08:49.240 --> 0:08:54.280 more fiscally responsible and ultimately more financially powerful way to 0:08:54.440 --> 0:08:59.720 unlock the if you will, streaming tam total addressable market. So, yeah, 0:08:59.800 --> 0:09:03.240 there's a lot of discussion about streaming, and certainly call it. 0:09:03.280 --> 0:09:08.000 The street's view on valuation of streaming has moved adversely 0:09:08.080 --> 0:09:10.959 in the last two years. But the importance of having 0:09:10.960 --> 0:09:15.360 a scale streaming asset again in a multifaceted way, it's 0:09:15.400 --> 0:09:19.480 never been more important. And again I think once again 0:09:20.000 --> 0:09:23.960 we are leading, as we did in ADS supported streaming 0:09:24.000 --> 0:09:26.440 with Pluto. We're the first major media company to get 0:09:26.440 --> 0:09:29.640 into that. People said what is that? And they turned 0:09:29.640 --> 0:09:31.760 around three years later and we took a seventy million 0:09:31.800 --> 0:09:34.160 dollar business and took it over a billion, and people 0:09:34.160 --> 0:09:35.960 are like, oh, you're right, that's the real business. 0:09:37.160 --> 0:09:38.840 Just like Paramount Plus. 0:09:38.920 --> 0:09:42.079 When we launched it, we said lower priced tier with ads, 0:09:42.559 --> 0:09:44.839 higher priced tier without ads, because we want to give 0:09:44.840 --> 0:09:45.920 consumer optionality. 0:09:46.320 --> 0:09:47.200 People question that. 0:09:47.440 --> 0:09:50.840 Now fast forward today, pretty much the whole marketplace is there. 0:09:51.400 --> 0:09:55.679 This is another one where streaming is a multifaceted business. Sure, 0:09:55.760 --> 0:09:57.880 we're going to be O and O, D two C 0:09:58.440 --> 0:10:02.000 in major markets in the world, we're in others. But 0:10:02.120 --> 0:10:05.120 there's going to be an additional part of that business 0:10:05.120 --> 0:10:08.800 that's going to have different models, and that's okay. In fact, 0:10:08.840 --> 0:10:11.800 that is more attractive, and what we need is the 0:10:11.840 --> 0:10:14.880 street to really understand that. And I do think the 0:10:14.960 --> 0:10:17.840 earnings turn, if you will, from twenty three to twenty four, 0:10:18.400 --> 0:10:21.079 which is really the macro headwind people are looking for, 0:10:21.360 --> 0:10:24.280 call it clarity on Once they see that and then 0:10:24.360 --> 0:10:28.320 start to see these things are incrementally valuable, I think 0:10:28.360 --> 0:10:31.520 the evaluation picture gets much better. So, yeah, we're in 0:10:31.559 --> 0:10:33.760 the trough, so be it. We play through. 0:10:34.360 --> 0:10:38.600 Kennell Blue CEO maxim Seta was remarkably candid during our 0:10:38.640 --> 0:10:43.360 conversation after he received the Variety Vanguard Award. I certainly 0:10:43.400 --> 0:10:46.240 didn't expect him to start by detailing the number of 0:10:46.280 --> 0:10:51.160 times the company almost died. He certainly grabbed the audience's attention. 0:10:51.960 --> 0:10:53.920 If you want to talk about the last seven or 0:10:53.960 --> 0:10:55.920 eight years, you have to think about the history of 0:10:55.960 --> 0:10:58.600 Kennel Plus, because it has driven a lot of our 0:10:58.640 --> 0:11:02.400 actions and one of the key elements regarding an Lplus 0:11:02.920 --> 0:11:07.160 is that it's a company that has almost died several times, 0:11:07.400 --> 0:11:11.520 disappeared right after it was launched in eighty four. It 0:11:11.640 --> 0:11:13.880 was the first believed it was a hit, but then 0:11:13.880 --> 0:11:16.560 a gigantic failure, and for a while it was on 0:11:16.600 --> 0:11:19.280 the brink of disaster, and then it happened several times 0:11:19.280 --> 0:11:22.679 over its history, and I joined in two thousand and 0:11:22.679 --> 0:11:24.720 four and two thousand and two, two thousand and three 0:11:25.160 --> 0:11:27.440 again can Lplus was on the brink of disaster, and 0:11:27.480 --> 0:11:29.360 then we had a very difficult time when I was 0:11:29.400 --> 0:11:33.720 appointed CEO as well. So you start to develop, first 0:11:33.720 --> 0:11:37.079 of all, a survivors syndrome like should should this company 0:11:37.120 --> 0:11:41.240 be existing? Is there is there a sense to us 0:11:41.240 --> 0:11:44.640 continuing in this environment? And then you once you think 0:11:44.640 --> 0:11:48.640 that yes, you should be existing, you developed some kind 0:11:48.640 --> 0:11:51.880 of survivors instincts, and so a lot of our actions 0:11:51.880 --> 0:11:54.280 have been driven by and my actions have been driven 0:11:54.320 --> 0:11:58.640 by my obsession for the company to survive. Actually, it's 0:11:58.640 --> 0:12:01.800 a very different state of mind than when you're on 0:12:01.880 --> 0:12:04.839 the offensive and you want to be a global player 0:12:04.880 --> 0:12:07.599 that Netflix and you have the resources, the financial resources 0:12:07.679 --> 0:12:08.679 to do that. 0:12:09.360 --> 0:12:13.839 And totally different from the history of European broadcasting being 0:12:14.200 --> 0:12:17.560 you know, state run and a few small independents that 0:12:17.679 --> 0:12:20.480 still had that state support can help plue. You are 0:12:20.480 --> 0:12:23.640 in the you are in the marketplace, you rise and fall. 0:12:23.840 --> 0:12:27.160 Yeah, I think I can really clearly states that we 0:12:27.240 --> 0:12:33.680 have no support, no support than your viewers. Well, we 0:12:33.720 --> 0:12:36.000 have support from the talent and the environment, and we 0:12:36.080 --> 0:12:38.720 have a lot of support from the actors in the industry. 0:12:38.720 --> 0:12:41.960 But from the regulatory standpoint, it's a very complicated market. 0:12:41.960 --> 0:12:44.840 Fronds and Europe in general is a very highly regulated 0:12:44.880 --> 0:12:49.800 market and so very complicated to survive. Again, but based 0:12:49.840 --> 0:12:52.079 on what I said and the fact that the company 0:12:52.120 --> 0:12:54.079 was in a tough situation and was losing a lot 0:12:54.080 --> 0:12:57.560 of money in France, your home market, so you're trying 0:12:57.559 --> 0:12:59.800 to think about how do we expand, but maybe the 0:12:59.840 --> 0:13:02.680 first thing to do is to you know, solve your 0:13:02.840 --> 0:13:06.200 French domestic situation. We it was a very tough times 0:13:06.200 --> 0:13:07.960 for can Helplus when I was appointed, because we had 0:13:08.000 --> 0:13:12.120 to do very significant cost reductions close to twenty percent 0:13:12.160 --> 0:13:14.680 of our cost base. We did something that you never 0:13:14.720 --> 0:13:17.000 recommend in business school to do, which is to lower 0:13:17.040 --> 0:13:19.760 the price. So we lowered the price to find some 0:13:19.800 --> 0:13:23.760 growth again, and and generally at the same time we 0:13:23.800 --> 0:13:28.880 decided to expand overseas, so again very risky, but when again, 0:13:28.920 --> 0:13:31.760 when you have survival, the instinct you think your really 0:13:31.840 --> 0:13:35.319 best one year at the you know, in the toughest situation. 0:13:35.400 --> 0:13:37.840 And I think that's and distribute and thank you again 0:13:37.880 --> 0:13:39.920 for Distribute and the can words. And I really appreciate 0:13:39.960 --> 0:13:43.480 what what Michelle and Lucy said. This for me is 0:13:43.480 --> 0:13:45.920 a tribute to the teams, to the canaplus teams. And 0:13:45.960 --> 0:13:50.199 I'm not you know, being it's not it's it's it's true. 0:13:50.280 --> 0:13:53.000 I mean, the teams at ken Helplus are super committed 0:13:53.440 --> 0:13:56.760 and they're never better, never stronger than when the situation 0:13:56.960 --> 0:14:00.000 is is very tough. So when you look at Kennel, 0:14:00.240 --> 0:14:03.680 it was a very French company, very dependent on a 0:14:03.760 --> 0:14:07.679 few rights. One of them is actually happening today. There's 0:14:07.720 --> 0:14:11.960 the tender for the French soccer domestic rights today and 0:14:12.080 --> 0:14:15.640 I announced publicly that we were not participating. And in 0:14:15.679 --> 0:14:18.560 twenty eighteen we lost that right. And at the time, 0:14:19.800 --> 0:14:22.239 our studies were telling us that half of our subscribers 0:14:22.280 --> 0:14:24.400 would probably leave if we do not have that right. 0:14:24.440 --> 0:14:27.480 We're so dependent on that right that and you know, 0:14:27.560 --> 0:14:29.160 it's a fixed caust base, so if you lose half 0:14:29.200 --> 0:14:35.200 of your subscribers again, you're dead. So again, the obsession 0:14:35.240 --> 0:14:37.880 of the team and my personal obsession was to reduce 0:14:37.920 --> 0:14:40.720 all our dependencies. We were too dependent on the French market. 0:14:41.080 --> 0:14:44.800 How do we go overseas and reduce that dependency. We're 0:14:44.800 --> 0:14:47.960 too dependent on French domestic soccer, you know, So we 0:14:48.040 --> 0:14:50.680 expanding it to motorsports, you know, FROMULA one, Motor GP, 0:14:50.960 --> 0:14:53.720 Rugby Champions League, and then how do you expand from that? 0:14:54.000 --> 0:14:56.680 And we signed output deals with all Hollywood majors, and 0:14:56.720 --> 0:15:00.320 then we signed a very significant, the most significant deal 0:15:00.360 --> 0:15:03.320 with French cinema. And then you say, okay, how do 0:15:03.360 --> 0:15:05.800 we use again dependency? And that's when I went to 0:15:05.800 --> 0:15:10.080 see readerstings in Los Ghettos. I think it was now 0:15:10.360 --> 0:15:12.080 maybe five years ago or six year I think I'm 0:15:12.120 --> 0:15:14.440 the only European who actually went to Lose Ghettos and 0:15:14.520 --> 0:15:17.520 claimed that. And I went to see Read and I 0:15:17.560 --> 0:15:19.520 had a very long conversation with him and tried to 0:15:19.560 --> 0:15:23.640 convince him that we were not necessarily competitors, that he 0:15:23.800 --> 0:15:25.800 was on the same side as can help us, because 0:15:25.840 --> 0:15:28.280 he was trying to convince people to actually pay for content, 0:15:28.880 --> 0:15:32.880 and we started integrating the platforms into our offers Netflix 0:15:32.920 --> 0:15:37.880 and then Disney Plus and then Lionsgate and then Paramoun 0:15:37.880 --> 0:15:39.880 Plus and finally Apple TV Plus. 0:15:40.160 --> 0:15:42.680 And would you say, I mean, it seems like the 0:15:42.720 --> 0:15:46.800 timing of and I appreciate your candor about where you 0:15:46.880 --> 0:15:50.280 were at that time. It seems like the timing of 0:15:51.680 --> 0:15:54.760 what I said about Netflix and the focus of the 0:15:54.840 --> 0:15:58.080 idea that content companies can be more than just their 0:15:58.120 --> 0:16:02.480 geographical boundaries is like a perfect timing for what you 0:16:02.560 --> 0:16:04.600 needed to do for your own business. 0:16:05.080 --> 0:16:07.160 I think what you said is completely true on Netflix, 0:16:07.160 --> 0:16:09.000 and we owe so much to Netflix, to be honest, 0:16:09.040 --> 0:16:11.840 we owe so much because they showed the way they 0:16:11.840 --> 0:16:14.880 showed it was possible to have shows and movies travel 0:16:15.440 --> 0:16:19.400 to build scale like they did. And then you know, 0:16:19.760 --> 0:16:22.080 before the launch in Friends, they were already very strong 0:16:22.120 --> 0:16:24.240 in the US, so I had a head start. And 0:16:24.720 --> 0:16:26.640 just one example is I went, we had we were 0:16:26.680 --> 0:16:29.560 co producing a show with Ski at that time called Tunnel, 0:16:30.160 --> 0:16:33.800 and I thought, we need to launch Binge because if 0:16:33.800 --> 0:16:37.440 we don't, then they'll launch in Friends and say, Canalplus 0:16:37.480 --> 0:16:40.320 is the old television. We're the new player, and we're 0:16:40.360 --> 0:16:43.600 launching Binge. So I wanted to launch Binch before they did. 0:16:43.600 --> 0:16:45.760 I had the head start, but they need to convince Sky. 0:16:45.840 --> 0:16:48.640 So I came to London. I went to London and 0:16:48.720 --> 0:16:50.960 convinced our partners from Sky to launch Binge. So we 0:16:50.960 --> 0:16:53.560 were able to take advantage of the fact that we 0:16:53.600 --> 0:16:55.520 had some kind of time before the launch in Friends 0:16:55.720 --> 0:16:58.840 and so we could appreciate the extent to which really 0:16:58.920 --> 0:17:01.520 they made, you know, a number of new innovations that 0:17:01.600 --> 0:17:06.840 we could some of them we could launch before them. 0:17:07.160 --> 0:17:10.800 Don't go anywhere. We'll be right back with Eva Longoria 0:17:10.920 --> 0:17:22.880 and Chris Abrego and Doriy Media's Nadov Palti. And we're 0:17:22.920 --> 0:17:27.879 back with observations on the international marketplace from Eva Longoria, 0:17:28.040 --> 0:17:33.439 Chris Abrego and Dori Media's Nadov Palti. Chris Abrego and 0:17:33.520 --> 0:17:36.160 Eva Longoria came to can with big news of their 0:17:36.200 --> 0:17:41.000 new partnership backed by one of Europe's most dynamic media companies, Banajet. 0:17:41.359 --> 0:17:44.160 What's more, Chris gets to keep his day job as 0:17:44.200 --> 0:17:48.840 Banajet's Chairman of the Americas. Here the partners explain the 0:17:48.960 --> 0:17:50.880 meaning behind the hyphenate Moniker. 0:17:51.880 --> 0:17:55.159 We are really excited about this Chris and I've known 0:17:55.200 --> 0:17:57.600 each other twenty twenty five years. I think my first 0:17:57.600 --> 0:18:01.800 producing credit was with Chris, and I remember when you 0:18:01.920 --> 0:18:06.679 Spot Talent, Yeah you can spot talent, and Chris was, 0:18:07.600 --> 0:18:10.920 you know, at a robust production company of his own, 0:18:10.960 --> 0:18:15.040 and I remember him taking the leap into an executive. 0:18:15.080 --> 0:18:16.840 Actually made fun of him the first time he wore 0:18:16.840 --> 0:18:20.760 a suit because he didn't known any suits. And what 0:18:20.840 --> 0:18:24.600 I liked most about partnering with Banajey as well was 0:18:24.960 --> 0:18:28.160 all of them are producers at heart. They're very entrepreneurial 0:18:28.200 --> 0:18:32.200 and very producer minded, which you don't find in our industry. 0:18:32.480 --> 0:18:36.159 You have the executive you know that gives notes and 0:18:36.800 --> 0:18:38.840 you know, tells you how to do the production who's 0:18:38.880 --> 0:18:42.359 never produced before, so that's frustrating. We've voiced a lot 0:18:42.400 --> 0:18:45.000 of these frustrations. But as a hyphen it, you know, 0:18:45.080 --> 0:18:47.679 I'm an actor, producer director. People think I'm an actor 0:18:47.720 --> 0:18:51.840 turned producer director. I've always been a producer director that 0:18:52.000 --> 0:18:55.080 fell into acting, So I've always been very interested and 0:18:55.119 --> 0:18:59.440 more curious about being behind the camera. But I kept 0:18:59.440 --> 0:19:03.520 getting into these overhead deals that could not service my ambition. 0:19:04.320 --> 0:19:07.920 And by definition a multi hyphen it is somebody who 0:19:07.920 --> 0:19:11.399 does more. You know, I want to do more, and 0:19:12.840 --> 0:19:17.200 that multi hyphen it isn't surviving in Hollywood because it's 0:19:17.240 --> 0:19:19.600 an industry that really wants you to stay in your lane. 0:19:19.680 --> 0:19:21.720 They really want you to stay in your box, and 0:19:21.760 --> 0:19:24.280 specifically if you're a person of color or a woman. 0:19:24.880 --> 0:19:27.280 And so when Chris and I started talking about this 0:19:27.640 --> 0:19:31.280 couple of years ago, it was my frustration and his 0:19:31.400 --> 0:19:34.480 ambition that kind of met and we said, oh my gosh, 0:19:34.520 --> 0:19:36.440 you know, it's not just me that feels this way. 0:19:36.480 --> 0:19:41.320 I know so many amazing, incomparable creators who are being 0:19:41.400 --> 0:19:44.639 suffocated by the system, and so hyphen It is going 0:19:44.720 --> 0:19:47.600 to provide an alternate model, and we really have a 0:19:47.640 --> 0:19:51.320 modern approach to how to create visionary content that is 0:19:51.760 --> 0:19:55.680 culture defining for the most diverse generation we are ever facing. 0:19:56.480 --> 0:19:58.880 Yeah, that's perfectly thing I said about added that it's 0:19:58.920 --> 0:20:01.000 just when you think of if you think about the 0:20:01.040 --> 0:20:05.320 actual hyphen is a punctuation market that puts two words 0:20:05.359 --> 0:20:08.480 together in our world. As even said, the multi hyphen 0:20:08.480 --> 0:20:10.920 it is a world builder and they really are because 0:20:11.119 --> 0:20:13.520 both Eve and I have been outsiders in this industry, right, 0:20:13.560 --> 0:20:15.480 I mean that we met. I don't think anybody would 0:20:15.480 --> 0:20:17.400 have bet on us, you know, while over twenty years ago, 0:20:17.800 --> 0:20:20.480 and so we have to build it ourselves. Mainly, it's 0:20:20.520 --> 0:20:23.080 always and nothing's ever been handed to us in a sense. 0:20:23.560 --> 0:20:26.480 And so now we're in this position with Hyphenite Media 0:20:26.480 --> 0:20:30.560 Group to bet on people who've been underestimated. 0:20:31.040 --> 0:20:32.000 Or underinvested in. 0:20:32.359 --> 0:20:33.800 We're more importantly underinvested in. 0:20:34.280 --> 0:20:37.360 The outbreak of war between Israel and Hamas has been 0:20:37.359 --> 0:20:40.480 a dark cloud hanging over the world, and it certainly 0:20:40.600 --> 0:20:45.880 was felt at Mipcom. Nadov Palti, CEO of Israeli production 0:20:46.000 --> 0:20:50.720 distribution firm Doriy Media, made a very considered decision to 0:20:50.880 --> 0:20:54.159 stick with his plan to attend Mipcom despite all that 0:20:54.320 --> 0:20:58.439 was happening in his native country. Here, Nadov offers a 0:20:58.480 --> 0:21:02.240 profound explanation for why it was important to keep Doory 0:21:02.320 --> 0:21:06.600 Media's business plans on track, and he also offers powerful 0:21:06.640 --> 0:21:12.360 examples of how storytelling can build vital cultural bridges. Let's 0:21:12.400 --> 0:21:17.000 start at the beginning. Obviously, you come to Mipcom with 0:21:17.119 --> 0:21:20.639 Doriy Media, busy producer, distributor. You have a lot of 0:21:20.680 --> 0:21:26.320 business going on, and less than two weeks ago war 0:21:26.720 --> 0:21:31.800 breaks out brutal cruel senseless war breaks out, how does 0:21:31.840 --> 0:21:37.800 that affect you as a business Dory Media, what do 0:21:37.880 --> 0:21:41.439 you think that the impact of this senseless violence is 0:21:41.480 --> 0:21:46.400 going to be. I know the emotional costs cannot be valued, 0:21:46.480 --> 0:21:51.639 they are beyond valuation. But from the business sense for 0:21:51.720 --> 0:21:55.879 Dory Media, what do you think this situation in Israel 0:21:56.000 --> 0:21:59.000 is going to mean for Israeli media, which is so 0:21:59.280 --> 0:22:00.320 big and away. 0:22:02.400 --> 0:22:05.640 For first, we have to say that it's really one 0:22:05.640 --> 0:22:12.720 of the sadnests, toughest and how period and maybe in 0:22:12.720 --> 0:22:16.119 the history of as well. And everybody in Israel is 0:22:16.240 --> 0:22:20.160 very as you describe said worry. 0:22:20.320 --> 0:22:20.480 And. 0:22:23.080 --> 0:22:26.040 Not only there is already even think or know how 0:22:26.080 --> 0:22:29.280 it's going to end or what's going to happen, how 0:22:29.320 --> 0:22:33.520 it's going to develop. But I want to say that 0:22:33.560 --> 0:22:37.000 I saw what I saw in Israel that we were 0:22:37.200 --> 0:22:43.320 very I would say, we have a huge debate before, 0:22:43.640 --> 0:22:48.920 like ten months before, a lot of demonstrations like very 0:22:49.400 --> 0:22:50.680 not together. 0:22:50.640 --> 0:22:57.959 Right against I know that Yaho's policies. 0:22:55.560 --> 0:22:59.680 And this was very said also this was very sad. 0:23:00.280 --> 0:23:04.840 Now what's happened here that we are now in one second, 0:23:05.520 --> 0:23:10.240 when it's happened, all the Israelis units get United Back 0:23:11.280 --> 0:23:14.840 and everybody is volunteer who people can go to the army, 0:23:14.840 --> 0:23:15.520 go to the army. 0:23:15.520 --> 0:23:16.880 All the rest is volunteers. 0:23:17.000 --> 0:23:20.560 Is doing the best I can say to support all 0:23:20.640 --> 0:23:27.560 the people around. So it's a very problematic time for 0:23:27.720 --> 0:23:28.080 as well. 0:23:28.480 --> 0:23:30.000 It's not now. 0:23:30.040 --> 0:23:36.280 What's happened is undescribable, okay, unspeakable, but it's it's a 0:23:36.320 --> 0:23:40.320 long period that we are not in a in a 0:23:40.440 --> 0:23:45.160 very good shape in Israela and maybe this will somehow 0:23:45.320 --> 0:23:53.440 will rebuild our society and our country again. Anyway business 0:23:53.760 --> 0:24:03.040 business wise, short term is very tough. Midterm and long 0:24:03.160 --> 0:24:07.240 term I think we will recover. It will not influence 0:24:07.560 --> 0:24:12.560 because unfortunately, also we had situations in the past, not 0:24:12.640 --> 0:24:16.640 like this, but we had a situations from time to time, 0:24:18.560 --> 0:24:22.000