1 00:00:08,440 --> 00:00:11,760 Speaker 1: Welcome to another episode of Strictly Business, the podcast where 2 00:00:11,760 --> 00:00:14,600 Speaker 1: we talk with some of the brightest minds working in media. Today. 3 00:00:15,120 --> 00:00:19,200 Speaker 1: I'm Andrew Wallenstein with Variety. The two point seven billion 4 00:00:19,200 --> 00:00:23,080 Speaker 1: dollars sail last week of Meredith Corporation's top shelf magazines 5 00:00:23,120 --> 00:00:26,439 Speaker 1: like People and Entertainment Weekly was a reminder that for 6 00:00:26,520 --> 00:00:29,560 Speaker 1: all its struggles, there's still a lot of life left 7 00:00:29,640 --> 00:00:32,519 Speaker 1: in the publishing business. You don't need to tell our 8 00:00:32,520 --> 00:00:36,320 Speaker 1: next guest that Pam drucker Man is chief revenue Officer 9 00:00:36,360 --> 00:00:40,240 Speaker 1: of Conde Nast, where she oversees the global advertising business 10 00:00:40,240 --> 00:00:43,800 Speaker 1: for blue chip brands like Vanity Fair Vogue in New Yorker. 11 00:00:44,479 --> 00:00:47,120 Speaker 1: We talked about everything going on at the company, from 12 00:00:47,159 --> 00:00:49,640 Speaker 1: how it plans to build on its live stream business 13 00:00:49,720 --> 00:00:52,640 Speaker 1: after its success at the met Gala in September, to 14 00:00:52,800 --> 00:00:56,520 Speaker 1: e commerce, paywalls, and a whole lot more to stick around. 15 00:01:00,600 --> 00:01:03,240 Speaker 1: Welcome back to Strictly Business, where we're talking with Pam 16 00:01:03,320 --> 00:01:06,520 Speaker 1: drucker Man, chief revenue officer at Conde Nast, where she 17 00:01:06,600 --> 00:01:10,880 Speaker 1: oversees the global advertising business. Thanks for joining me today, Pam, 18 00:01:10,920 --> 00:01:14,720 Speaker 1: Thanks for having me. As the US economy continues to 19 00:01:14,760 --> 00:01:17,400 Speaker 1: shake off the effects of COVID. We're seeing a big 20 00:01:17,440 --> 00:01:21,120 Speaker 1: rebound and ad spend, So how much publishing is participating 21 00:01:21,160 --> 00:01:23,440 Speaker 1: in that. That's something I want to get your perspective on. 22 00:01:23,760 --> 00:01:26,679 Speaker 1: There was a recent forecast from ad buying giant Magna 23 00:01:26,800 --> 00:01:30,280 Speaker 1: estimating the newspaper and magazine business was flat in the 24 00:01:30,280 --> 00:01:33,119 Speaker 1: first half of the year, versus obviously a very banged up. 25 00:01:34,160 --> 00:01:36,880 Speaker 1: So how has Conde Nast been doing, how is its 26 00:01:37,720 --> 00:01:41,520 Speaker 1: one been shaping up compared to Yeah, I mean we're 27 00:01:41,560 --> 00:01:44,080 Speaker 1: having a great year, um, which is not something we 28 00:01:44,120 --> 00:01:47,640 Speaker 1: anticipated in and all of us were kind of sitting 29 00:01:48,000 --> 00:01:50,600 Speaker 1: at home in our holes, uh and trying to think 30 00:01:50,640 --> 00:01:55,280 Speaker 1: about I remember doing the forecasting for uh, you know, 31 00:01:55,640 --> 00:01:57,120 Speaker 1: and I was like, I don't even know what's happening 32 00:01:57,120 --> 00:02:00,800 Speaker 1: like next week. UM. Really hard to to guess what 33 00:02:00,960 --> 00:02:02,680 Speaker 1: next year is gonna look like. And it's interesting even 34 00:02:02,720 --> 00:02:07,000 Speaker 1: at that time, you know, all the futurist conversations or 35 00:02:07,040 --> 00:02:08,920 Speaker 1: the magnas or the e marketers that we're trying to 36 00:02:08,919 --> 00:02:10,920 Speaker 1: make estimates, that's like no one had any clue what 37 00:02:10,960 --> 00:02:13,680 Speaker 1: was really going on. UM. But I will say that 38 00:02:13,680 --> 00:02:17,399 Speaker 1: we've been pleasantly surprised. We're experiencing double digit growth this year, 39 00:02:17,720 --> 00:02:21,520 Speaker 1: which is not something we anticipated. UM. And what do 40 00:02:21,520 --> 00:02:23,920 Speaker 1: you attribute that to. What's going on that's driving this 41 00:02:24,080 --> 00:02:26,760 Speaker 1: unexpected growth? Yeah, I mean, I think a couple of things. 42 00:02:26,760 --> 00:02:29,640 Speaker 1: I don't think anyone realized that the economy would rebound 43 00:02:29,760 --> 00:02:32,160 Speaker 1: as quickly as it did. So, like, consumers are spending, 44 00:02:32,200 --> 00:02:34,600 Speaker 1: they're out of their houses, so let's just be honest, 45 00:02:34,639 --> 00:02:37,720 Speaker 1: like that was a big indicator to marketers that was 46 00:02:37,760 --> 00:02:41,000 Speaker 1: time to get back out there UM and start engaging 47 00:02:41,040 --> 00:02:43,000 Speaker 1: with them in in in the ways that they had, 48 00:02:43,040 --> 00:02:45,440 Speaker 1: but also in new ways, obviously with the growth of 49 00:02:45,440 --> 00:02:49,560 Speaker 1: e commerce UM. And then I would say from our 50 00:02:49,680 --> 00:02:52,840 Speaker 1: perspective or from you know, from where we sit, you know, 51 00:02:52,919 --> 00:02:55,400 Speaker 1: we had one of the biggest silver linings for us 52 00:02:55,400 --> 00:03:01,119 Speaker 1: in twenty was just unbelievable audience attention UM in terms 53 00:03:01,160 --> 00:03:03,440 Speaker 1: of our content. So we experienced a lot of audience 54 00:03:03,480 --> 00:03:06,440 Speaker 1: growth and we've been able to capitalize on that with 55 00:03:06,520 --> 00:03:09,760 Speaker 1: advertisers this year we've never had I mean, it's it's 56 00:03:09,800 --> 00:03:13,079 Speaker 1: incredible the amount of inbound that we have UM in 57 00:03:13,200 --> 00:03:16,440 Speaker 1: terms of you know, audience, in terms of growth, in 58 00:03:16,520 --> 00:03:19,200 Speaker 1: terms of engagement, in terms of purchase. I think all 59 00:03:19,200 --> 00:03:21,600 Speaker 1: of that is lining up well for advertisers. And then 60 00:03:21,600 --> 00:03:23,760 Speaker 1: I'd say the third reason, for whatever it's worth, is 61 00:03:23,800 --> 00:03:29,600 Speaker 1: this really big industry shift around UM, privacy and you know, 62 00:03:30,040 --> 00:03:34,240 Speaker 1: audience targeting and some of the challenges for marketers in 63 00:03:34,240 --> 00:03:36,960 Speaker 1: a in a cookie list world. UM, and the role 64 00:03:37,000 --> 00:03:39,720 Speaker 1: that we play as you know, a contextual partner. So 65 00:03:39,720 --> 00:03:41,960 Speaker 1: i'd say those are the three you know, probably main 66 00:03:42,040 --> 00:03:45,720 Speaker 1: factors right now. And I'm curious how big a driver 67 00:03:45,920 --> 00:03:49,440 Speaker 1: the digital add piece of this is. I mean, the 68 00:03:49,520 --> 00:03:53,480 Speaker 1: central challenge of a business like yourself is that print 69 00:03:53,800 --> 00:03:57,280 Speaker 1: core business or maybe was core business for so long. 70 00:03:57,320 --> 00:03:59,600 Speaker 1: You've got to move past that. So how are you 71 00:03:59,640 --> 00:04:02,560 Speaker 1: doing on that at I mean, that's our entire story. 72 00:04:02,600 --> 00:04:07,400 Speaker 1: I mean, we've just had an unbelievable acceleration. Let's start 73 00:04:07,480 --> 00:04:10,200 Speaker 1: with the focus in terms of innovation on our content 74 00:04:10,240 --> 00:04:13,560 Speaker 1: on these new platforms. We now produce content on eight 75 00:04:13,640 --> 00:04:18,320 Speaker 1: platforms worldwide. Um, we've crossed that threshold now in which 76 00:04:18,600 --> 00:04:24,320 Speaker 1: you know, uh, almost three corter revenue is digital versus print. 77 00:04:24,640 --> 00:04:27,839 Speaker 1: When you have less print headwinds at your face, it 78 00:04:27,880 --> 00:04:31,640 Speaker 1: makes it a lot easier to be successful. So um, yeah, 79 00:04:31,640 --> 00:04:34,440 Speaker 1: I mean we're having an amazing I would say moment 80 00:04:34,520 --> 00:04:37,640 Speaker 1: in time in terms of like this acceleration of digital 81 00:04:37,640 --> 00:04:40,080 Speaker 1: content in terms of our influence in front of consumers. 82 00:04:40,120 --> 00:04:43,359 Speaker 1: And I know you and I've talked about some of 83 00:04:43,400 --> 00:04:45,880 Speaker 1: the success we've had even in some of these new 84 00:04:45,960 --> 00:04:50,080 Speaker 1: places like live format UM for us in which correct 85 00:04:50,120 --> 00:04:52,719 Speaker 1: in which we're engaging with consumers a new way, new 86 00:04:52,720 --> 00:04:56,159 Speaker 1: ways that just gives us so many new ways to 87 00:04:56,240 --> 00:04:58,880 Speaker 1: engage with advertisers. It just gives us so much more range. 88 00:04:59,000 --> 00:05:02,000 Speaker 1: So the more in vative we are around digital content 89 00:05:02,040 --> 00:05:05,120 Speaker 1: digital content strategies, the more range we have to provide 90 00:05:05,120 --> 00:05:08,000 Speaker 1: the advertisers. And it's been a tremendous year. So what 91 00:05:08,120 --> 00:05:12,080 Speaker 1: was this? How big a breakthrough was the live stream 92 00:05:12,120 --> 00:05:14,880 Speaker 1: you did with Vogue at the Met Gala. I've seen 93 00:05:14,920 --> 00:05:19,360 Speaker 1: the numbers, you know, astonishing number of live streams. Um, 94 00:05:19,400 --> 00:05:21,559 Speaker 1: what was because but you've been at the Met Gala before? 95 00:05:21,600 --> 00:05:24,680 Speaker 1: What was different this year? Why was it a breakthrough? Well? 96 00:05:24,720 --> 00:05:28,680 Speaker 1: I mean I think, first of all, Um, people were 97 00:05:28,680 --> 00:05:31,400 Speaker 1: excited that the Met was back, and so I think 98 00:05:31,440 --> 00:05:34,760 Speaker 1: you definitely have this like fomo moment for consumers of 99 00:05:34,839 --> 00:05:37,719 Speaker 1: like wow, Like you know, I think all of last 100 00:05:37,800 --> 00:05:42,360 Speaker 1: year there was no live experiences are very few, if 101 00:05:42,440 --> 00:05:45,080 Speaker 1: you will, Um, the MAT has been gaining traction for 102 00:05:45,120 --> 00:05:48,680 Speaker 1: the for the past few years. UM, and you know, 103 00:05:48,720 --> 00:05:52,240 Speaker 1: we kinda we took a test. You know. One of 104 00:05:52,279 --> 00:05:54,240 Speaker 1: the other great things about twenty was just to have 105 00:05:54,400 --> 00:05:58,160 Speaker 1: more time to really focus on our directed consumer strategy 106 00:05:58,800 --> 00:06:03,279 Speaker 1: and just to think about you know, our own you know, 107 00:06:03,320 --> 00:06:06,760 Speaker 1: our own I P and how and when we want 108 00:06:06,760 --> 00:06:10,480 Speaker 1: to UM, how we want to connect with our consumer 109 00:06:10,520 --> 00:06:14,240 Speaker 1: in these new places. And as it turns out, you know, 110 00:06:14,320 --> 00:06:17,599 Speaker 1: for all the years that we've you know, been partnering 111 00:06:17,680 --> 00:06:22,000 Speaker 1: with the MET, UM, we never owned any of the 112 00:06:22,120 --> 00:06:25,600 Speaker 1: content UM in terms of the live format, and this 113 00:06:25,640 --> 00:06:27,000 Speaker 1: was a year in which we were like, no, if 114 00:06:27,000 --> 00:06:28,720 Speaker 1: this is the vogue met Gala, we want to own. 115 00:06:29,080 --> 00:06:31,000 Speaker 1: We want to own the format, we want to own 116 00:06:31,440 --> 00:06:34,840 Speaker 1: the relationship between the consumer and UM. You know, there 117 00:06:34,880 --> 00:06:37,240 Speaker 1: was this was definitely a risk because you know, we're 118 00:06:37,240 --> 00:06:40,080 Speaker 1: not a broadcast company. UM. But in a way that 119 00:06:40,120 --> 00:06:41,840 Speaker 1: was a great thing because we were able to take 120 00:06:41,880 --> 00:06:44,920 Speaker 1: a totally new and fresh approach to just a live 121 00:06:44,960 --> 00:06:48,280 Speaker 1: experience in and of itself. UM. And we you know 122 00:06:48,320 --> 00:06:51,080 Speaker 1: created almost like UM, you know, the met itself is exclusive, 123 00:06:51,120 --> 00:06:54,000 Speaker 1: but we wanted to give our our audience, UM. You know, 124 00:06:54,040 --> 00:06:57,880 Speaker 1: a real a real lens on how we see the 125 00:06:57,920 --> 00:07:01,440 Speaker 1: Vogue met Gala through through you know, our creator's perspective. 126 00:07:02,040 --> 00:07:04,000 Speaker 1: And it was tremendous for us. I mean we had, 127 00:07:05,120 --> 00:07:06,799 Speaker 1: first of all, again I'll say this, like, we didn't 128 00:07:06,800 --> 00:07:10,560 Speaker 1: expect to have this much growth, let alone this much attention. 129 00:07:10,640 --> 00:07:14,040 Speaker 1: But like sixteen point five total live stream views, fifty 130 00:07:14,080 --> 00:07:17,360 Speaker 1: four million total minutes watched. I mean that isn't that 131 00:07:17,480 --> 00:07:20,440 Speaker 1: is an insane amount of success. I think what we're 132 00:07:20,520 --> 00:07:23,239 Speaker 1: most proud of is that not only the people came 133 00:07:23,440 --> 00:07:27,040 Speaker 1: to watch, but they stayed. Um. We had eleven global 134 00:07:27,120 --> 00:07:30,680 Speaker 1: vogues and six US titles. UM. That actually that actually 135 00:07:30,680 --> 00:07:34,560 Speaker 1: distributed the live stream. UM. But you know what, I 136 00:07:34,600 --> 00:07:36,600 Speaker 1: also think it's just interesting because I think and I 137 00:07:36,640 --> 00:07:38,240 Speaker 1: talked about this at the New Front last year, I 138 00:07:38,280 --> 00:07:40,400 Speaker 1: think everyone is trying to figure out, like, what is 139 00:07:40,440 --> 00:07:43,320 Speaker 1: the future of live? You know, how should we be 140 00:07:43,360 --> 00:07:46,600 Speaker 1: thinking about it differently? UM? I think the concept that 141 00:07:46,640 --> 00:07:48,760 Speaker 1: people are just sitting in their living room and not moving, 142 00:07:49,400 --> 00:07:51,600 Speaker 1: um for four and a half hours is just not 143 00:07:51,720 --> 00:07:53,120 Speaker 1: the right way to think about it. And so I 144 00:07:53,160 --> 00:07:55,840 Speaker 1: think our strategy, UM, which has really been more of 145 00:07:55,840 --> 00:07:59,040 Speaker 1: a social strategy around live is really what was so compelling, 146 00:07:59,720 --> 00:08:02,720 Speaker 1: UM is almost when you make the broadcast comparison, as 147 00:08:02,800 --> 00:08:05,560 Speaker 1: if you guys are thinking of yourselves almost more like 148 00:08:05,720 --> 00:08:09,480 Speaker 1: E than we would have thought as traditionally Conde Nast. Well, 149 00:08:09,480 --> 00:08:11,280 Speaker 1: it's ironic that you say that because he was the 150 00:08:11,320 --> 00:08:15,360 Speaker 1: original UM team that it was actually uh, you know, 151 00:08:16,000 --> 00:08:20,200 Speaker 1: providing that that live for that live format for consumers 152 00:08:20,200 --> 00:08:22,600 Speaker 1: and so not that we're thinking the the irnea is like, 153 00:08:22,600 --> 00:08:25,240 Speaker 1: we're not really thinking like anyone else. We're just trying 154 00:08:25,280 --> 00:08:27,520 Speaker 1: to look at this from our own perspective, like, you know, 155 00:08:27,560 --> 00:08:29,800 Speaker 1: what experience do we want to provide to our consumer? 156 00:08:29,960 --> 00:08:32,319 Speaker 1: We have a totally different level of access just because 157 00:08:32,360 --> 00:08:34,880 Speaker 1: it's the Vogue met Gala UM and so I think 158 00:08:34,880 --> 00:08:36,840 Speaker 1: we were able to provide a totally different type of 159 00:08:36,880 --> 00:08:39,520 Speaker 1: content experience number one. And then the format in which 160 00:08:39,559 --> 00:08:41,960 Speaker 1: we did that on our own and operate in addition 161 00:08:41,960 --> 00:08:44,120 Speaker 1: to our partner Twitter, I think just created a totally 162 00:08:44,120 --> 00:08:48,480 Speaker 1: different experience. UM. And how does the monetization work here? Right? 163 00:08:48,679 --> 00:08:51,640 Speaker 1: I forgive me, I'm not the biggest Anna Wintour fan. 164 00:08:51,760 --> 00:08:54,360 Speaker 1: I didn't see it, but are there commercial breaks? I 165 00:08:54,400 --> 00:08:56,120 Speaker 1: just want to understand how you make money off all 166 00:08:56,120 --> 00:08:59,040 Speaker 1: these eyeballs. So a couple of things. So one is 167 00:08:59,559 --> 00:09:03,640 Speaker 1: more of uh authentic integration strategy, So the way that 168 00:09:03,679 --> 00:09:07,000 Speaker 1: we you know, interact with our consumer in all the 169 00:09:07,000 --> 00:09:09,320 Speaker 1: ways that we create content around them. That's number one. 170 00:09:09,360 --> 00:09:12,800 Speaker 1: Two definitely more of a you know, traditional CPM model 171 00:09:12,840 --> 00:09:15,480 Speaker 1: where you can were actually like you know, inserting mid 172 00:09:15,600 --> 00:09:18,360 Speaker 1: role and pre role like you would expect in any 173 00:09:18,400 --> 00:09:22,000 Speaker 1: other bigger kind of digital video moment um. You know, 174 00:09:22,040 --> 00:09:25,240 Speaker 1: for all intensive purposes, it's you know commercials, right, but um, 175 00:09:25,320 --> 00:09:27,840 Speaker 1: you don't have to leave the you know, the commercial 176 00:09:27,920 --> 00:09:30,319 Speaker 1: isn't taking over the experience and taking you away from 177 00:09:30,320 --> 00:09:33,880 Speaker 1: the content is actually happening at the same time. Um. 178 00:09:33,960 --> 00:09:36,400 Speaker 1: I also just think that like when we think about 179 00:09:37,400 --> 00:09:40,120 Speaker 1: live experiences, people still think about it as like a 180 00:09:40,240 --> 00:09:44,600 Speaker 1: TV experience, like literally the physical television. Um. And we 181 00:09:44,760 --> 00:09:47,240 Speaker 1: just think about it as a content experience. And like 182 00:09:47,280 --> 00:09:50,880 Speaker 1: how you view that content in mobile versus how you 183 00:09:50,920 --> 00:09:53,440 Speaker 1: may want to watch it, you know, once you get 184 00:09:53,440 --> 00:09:57,040 Speaker 1: home on your big screen is you know, it's it's 185 00:09:57,120 --> 00:10:01,080 Speaker 1: it's so much more fluid. Um. And And the other 186 00:10:01,120 --> 00:10:03,760 Speaker 1: thing I'll just add is that it's when when we 187 00:10:03,800 --> 00:10:06,840 Speaker 1: think about live it isn't like a one way content 188 00:10:06,880 --> 00:10:09,320 Speaker 1: experience where we're just like showing you something and you're 189 00:10:09,320 --> 00:10:11,800 Speaker 1: receiving it. You know, when when you think about the 190 00:10:11,800 --> 00:10:14,800 Speaker 1: way that we're you know, the mechanism in which we 191 00:10:14,800 --> 00:10:18,640 Speaker 1: should we we shared our our content even with Twitter 192 00:10:19,160 --> 00:10:21,480 Speaker 1: and on our own and operated or consumers telling us 193 00:10:21,480 --> 00:10:23,679 Speaker 1: in real time, like what they're liking, what they're not, 194 00:10:23,720 --> 00:10:26,640 Speaker 1: they're commenting, and so it's it's really a give and take. 195 00:10:26,720 --> 00:10:28,559 Speaker 1: And I actually do think that's the that's the future 196 00:10:28,600 --> 00:10:30,480 Speaker 1: of live experiences. It has to be more of a 197 00:10:30,559 --> 00:10:34,680 Speaker 1: multidimensional relationship with the audience that's watching. So are we 198 00:10:34,720 --> 00:10:38,160 Speaker 1: going to see you guys do this to other big 199 00:10:38,160 --> 00:10:42,360 Speaker 1: events in the year, because if you guys repeat that, yeah, 200 00:10:42,360 --> 00:10:44,679 Speaker 1: I mean, here's the here's the interesting thing. There's one 201 00:10:44,720 --> 00:10:47,040 Speaker 1: other kind of p s A stat. I mean, we 202 00:10:47,080 --> 00:10:50,000 Speaker 1: had more viewers of the Met Gala red carpet than 203 00:10:50,120 --> 00:10:53,680 Speaker 1: ABC had for the Oscars last year. Um. And so 204 00:10:54,120 --> 00:10:55,720 Speaker 1: first of all, what that should be telling you is 205 00:10:55,720 --> 00:10:58,960 Speaker 1: that audiences want something different, right um. And that all 206 00:10:59,000 --> 00:11:01,800 Speaker 1: should should tell you that we we kind of hit 207 00:11:01,840 --> 00:11:03,760 Speaker 1: the nail on the head for this particular moment in 208 00:11:03,760 --> 00:11:06,280 Speaker 1: time around the Met. We have another Met coming up 209 00:11:06,600 --> 00:11:08,680 Speaker 1: in six months, which by the way, doesn't usually happen. 210 00:11:08,720 --> 00:11:11,120 Speaker 1: We usually have one MET a year, first Monday in May, 211 00:11:11,200 --> 00:11:13,800 Speaker 1: don't forget UM. So this was a unique moment in 212 00:11:13,840 --> 00:11:16,240 Speaker 1: time that we had it in September. So we have 213 00:11:16,240 --> 00:11:18,720 Speaker 1: another MET coming up, UM, and so you can you 214 00:11:18,720 --> 00:11:20,520 Speaker 1: can be sure that you know, this is kind of 215 00:11:20,559 --> 00:11:23,400 Speaker 1: like our new Super Bowl UM, and that starts now. 216 00:11:23,600 --> 00:11:26,800 Speaker 1: So we had a ton of advertisers who were who 217 00:11:26,880 --> 00:11:29,760 Speaker 1: partnered with us on this experience that are definitely UM 218 00:11:29,840 --> 00:11:31,439 Speaker 1: kind of clamoring to be part of the next one. 219 00:11:31,480 --> 00:11:35,680 Speaker 1: One would imagine why with that type of performance. Vanity 220 00:11:35,720 --> 00:11:38,880 Speaker 1: Fair Red Carpet UM. You know, Vanity Fair Oscar Party 221 00:11:38,920 --> 00:11:40,480 Speaker 1: is a big event that we've been hosting for the 222 00:11:40,760 --> 00:11:44,000 Speaker 1: you know for several years now. We also had announced 223 00:11:44,000 --> 00:11:47,160 Speaker 1: on the new front stage back in in May, uh 224 00:11:47,200 --> 00:11:49,720 Speaker 1: that we would be launching a live format for the 225 00:11:49,760 --> 00:11:52,600 Speaker 1: red Carpet experience as well. And so UM a lot 226 00:11:52,600 --> 00:11:55,440 Speaker 1: of learnings from the MET and we will be applying 227 00:11:55,520 --> 00:11:57,680 Speaker 1: many of those learnings to the Red Carpet experience for 228 00:11:57,679 --> 00:11:59,400 Speaker 1: the oscars. So it will be really interesting to see 229 00:11:59,400 --> 00:12:02,440 Speaker 1: how that all play that. But I'm excited and it 230 00:12:02,480 --> 00:12:04,600 Speaker 1: sounds great. I mean we should point out sort of 231 00:12:04,640 --> 00:12:07,360 Speaker 1: sort of, you know, with pan back for a second 232 00:12:07,360 --> 00:12:12,120 Speaker 1: on the Conde Entertainment division and the video business that's 233 00:12:12,120 --> 00:12:14,920 Speaker 1: been around for ten years. You're discussing one piece of 234 00:12:14,920 --> 00:12:17,400 Speaker 1: it that I think is part of what has otherwise 235 00:12:17,480 --> 00:12:20,000 Speaker 1: been known as a more short form strategy, all your 236 00:12:20,040 --> 00:12:23,880 Speaker 1: brands putting out all sorts of interesting short form series. 237 00:12:24,240 --> 00:12:26,600 Speaker 1: And then there's this whole other piece of it, which 238 00:12:26,760 --> 00:12:31,319 Speaker 1: is licensing of movies and TV shows two players like Netflix. 239 00:12:32,000 --> 00:12:36,480 Speaker 1: Uh So I'm just curious from I mean, certainly from 240 00:12:36,520 --> 00:12:40,880 Speaker 1: your advertising perspective, it's all about the short form game 241 00:12:41,000 --> 00:12:45,160 Speaker 1: and this live stream stuff. How valuable is that relative 242 00:12:45,240 --> 00:12:47,080 Speaker 1: to the licensing business. I'm just trying to get a 243 00:12:47,120 --> 00:12:50,400 Speaker 1: sense of the scale of what you've got going in video. Yeah, 244 00:12:50,440 --> 00:12:51,959 Speaker 1: I mean, I think the way that I would look 245 00:12:51,960 --> 00:12:53,760 Speaker 1: at it is and you know, we have a new 246 00:12:53,800 --> 00:12:57,240 Speaker 1: president of Conyas Entertainment, Agnes Chew, who came over from Disney. 247 00:12:57,320 --> 00:13:03,040 Speaker 1: She's awesome, um and I think that number one, you know, 248 00:13:03,120 --> 00:13:07,000 Speaker 1: as as she's shared many times, is that our focus 249 00:13:07,080 --> 00:13:12,800 Speaker 1: is to create a premium quality um to create premium 250 00:13:12,840 --> 00:13:16,679 Speaker 1: quality content period and whether that is in film and television, 251 00:13:17,360 --> 00:13:19,720 Speaker 1: or you know, through a partnership with Netflix, like we 252 00:13:19,760 --> 00:13:23,160 Speaker 1: want to bring on the best of the best UM 253 00:13:23,640 --> 00:13:29,800 Speaker 1: two engage with our audiences UM in ways that we think, uh, 254 00:13:29,920 --> 00:13:32,680 Speaker 1: only we can. And we've had a lot of success 255 00:13:32,800 --> 00:13:34,800 Speaker 1: there in film and television, and I think that, you know, 256 00:13:34,840 --> 00:13:38,840 Speaker 1: Agnes brings a totally new and fresh um line of 257 00:13:38,880 --> 00:13:41,760 Speaker 1: thinking to that. And that's kind of like the Halo 258 00:13:41,800 --> 00:13:45,440 Speaker 1: and the magic and so it's it almost immediately, you know, 259 00:13:45,840 --> 00:13:48,840 Speaker 1: lends itself to how we think about digital video or 260 00:13:48,880 --> 00:13:52,120 Speaker 1: as you said, short form UM because we have this 261 00:13:52,320 --> 00:13:56,000 Speaker 1: you know, the mechanism in which we're approaching film and television. 262 00:13:56,000 --> 00:13:58,280 Speaker 1: And and I would compare, you know, I look at 263 00:13:58,320 --> 00:14:02,079 Speaker 1: a company like who Lou right, and and they're kind 264 00:14:02,120 --> 00:14:05,079 Speaker 1: of they're a company that kind of does all from 265 00:14:05,080 --> 00:14:07,320 Speaker 1: a from from that perspective. You know, they're making movies now, 266 00:14:07,400 --> 00:14:10,240 Speaker 1: they're making TV shows now, and you know, obviously it's 267 00:14:10,240 --> 00:14:13,760 Speaker 1: a it's a different type of company because um of 268 00:14:13,760 --> 00:14:15,840 Speaker 1: of the way that they think about format and the 269 00:14:15,840 --> 00:14:18,000 Speaker 1: way that they produce their content. But it isn't in 270 00:14:18,080 --> 00:14:21,880 Speaker 1: terms of just the the value prop in the content itself. 271 00:14:22,360 --> 00:14:25,280 Speaker 1: And so for us, you know, kind of started in 272 00:14:25,280 --> 00:14:27,320 Speaker 1: the reverse, we have a pretty robust kind of like 273 00:14:27,400 --> 00:14:30,120 Speaker 1: digital video business. Now we also have like you know, 274 00:14:30,280 --> 00:14:33,480 Speaker 1: brands that kind of bring this content to the consumer 275 00:14:34,160 --> 00:14:36,200 Speaker 1: UM and there's a different relationship that I think some 276 00:14:36,240 --> 00:14:38,560 Speaker 1: of our brands have with our consumers in that space 277 00:14:38,600 --> 00:14:40,960 Speaker 1: that is is pretty divine. But yeah, I mean I 278 00:14:40,960 --> 00:14:43,760 Speaker 1: would just say that, like how do they kind of 279 00:14:43,840 --> 00:14:45,960 Speaker 1: come together? As you know there there it's a different 280 00:14:45,960 --> 00:14:48,920 Speaker 1: business model. Obviously, one is more a direct to consumer 281 00:14:49,000 --> 00:14:50,920 Speaker 1: model and the other is more of a of an 282 00:14:50,920 --> 00:14:54,600 Speaker 1: advertising model. But it starts with making the best possible 283 00:14:54,680 --> 00:14:58,240 Speaker 1: content and and building it for the consumer UM and 284 00:14:58,320 --> 00:15:00,840 Speaker 1: ultimately if consumers really like it, and there's an opportunity 285 00:15:00,920 --> 00:15:05,120 Speaker 1: to provide an opportunity for advertisers. So you know, I 286 00:15:05,120 --> 00:15:09,479 Speaker 1: think our digital video platform UM enables advertisers to participate, 287 00:15:09,800 --> 00:15:14,080 Speaker 1: right and uh, you know film and television allows um, 288 00:15:14,120 --> 00:15:16,600 Speaker 1: you know, consumers to enjoy and and ultimately I think 289 00:15:16,600 --> 00:15:18,520 Speaker 1: it's it's a huge part of our future. I mean, 290 00:15:18,560 --> 00:15:20,920 Speaker 1: this is when we think about the future of content, 291 00:15:21,800 --> 00:15:24,920 Speaker 1: you know, site, sound and motion. You know, imagine people 292 00:15:24,920 --> 00:15:28,040 Speaker 1: love to talk about Conde Nasa magazine company, but ultimately 293 00:15:28,760 --> 00:15:30,840 Speaker 1: this is how the majority of our consumers are engaging 294 00:15:30,880 --> 00:15:34,120 Speaker 1: with our content today, but we should point out that 295 00:15:34,240 --> 00:15:37,680 Speaker 1: on the licensing side that that part of what Agnes 296 00:15:37,800 --> 00:15:42,720 Speaker 1: choose running it's ideas that could be generated from magazine 297 00:15:42,840 --> 00:15:45,760 Speaker 1: stories that turn into movies. I know, for instance, I 298 00:15:45,760 --> 00:15:49,160 Speaker 1: think there's a movie coming to Netflix maybe later this year, 299 00:15:49,720 --> 00:15:53,520 Speaker 1: Escaped from Spiderhead, which is based on an article that 300 00:15:53,560 --> 00:15:58,680 Speaker 1: appeared in a Conde nas publication. So I guess you know. 301 00:15:59,080 --> 00:16:00,880 Speaker 1: The thing is, though, when I look over the past 302 00:16:00,880 --> 00:16:03,960 Speaker 1: ten years, I can't think of that many examples of 303 00:16:04,160 --> 00:16:07,080 Speaker 1: Conde Nask material that has sort of broken out onto 304 00:16:07,120 --> 00:16:10,920 Speaker 1: screens big and small as TV shows and films. Are 305 00:16:10,920 --> 00:16:13,760 Speaker 1: you happy with the progress you got? There? Is Agnes, 306 00:16:13,960 --> 00:16:16,960 Speaker 1: you know, accelerating this. I'm just curious to get a 307 00:16:17,000 --> 00:16:20,240 Speaker 1: sense of progress. Yeah, I mean she definitely brings different chops. 308 00:16:20,240 --> 00:16:23,640 Speaker 1: I mean, Agnes is she's a Disney plus. Yeah, I mean, 309 00:16:23,640 --> 00:16:26,640 Speaker 1: she's a baller. There's a reason why she's here, um am. 310 00:16:26,640 --> 00:16:29,280 Speaker 1: I first of all, I'm super excited about our future 311 00:16:29,280 --> 00:16:31,400 Speaker 1: and film and television. I think there's a huge opportunity 312 00:16:31,440 --> 00:16:32,920 Speaker 1: there and I think we have the right person to 313 00:16:33,000 --> 00:16:36,120 Speaker 1: make that happen. And I think, uh so that kind 314 00:16:36,120 --> 00:16:38,760 Speaker 1: of you know speaks for itself. But we're we're we're building. 315 00:16:38,800 --> 00:16:41,760 Speaker 1: We're in building mode, um, and I'm really proud of that. 316 00:16:41,840 --> 00:16:44,880 Speaker 1: I think, you know, I think to your question about 317 00:16:45,280 --> 00:16:49,520 Speaker 1: where some of our I P comes from, or when 318 00:16:49,520 --> 00:16:52,040 Speaker 1: we think about like ideas for movies that may come 319 00:16:52,040 --> 00:16:54,920 Speaker 1: from magazine articles. I think the way that we think 320 00:16:54,920 --> 00:16:57,080 Speaker 1: about it now, and I've had this conversation with Anna 321 00:16:57,160 --> 00:16:59,080 Speaker 1: several times is you know, we used to be a 322 00:16:59,080 --> 00:17:01,760 Speaker 1: magazine company. So all of the stories that we wrote, 323 00:17:01,800 --> 00:17:05,200 Speaker 1: like the format was physical media, it was magazines. Now 324 00:17:05,280 --> 00:17:10,040 Speaker 1: the format is is um Our content doesn't come from 325 00:17:10,080 --> 00:17:13,239 Speaker 1: magazines anymore. Like we create content and we decide like 326 00:17:13,320 --> 00:17:15,479 Speaker 1: what format we think that content is going to make 327 00:17:15,520 --> 00:17:18,480 Speaker 1: the most sense. Right. So, in many cases, you know, 328 00:17:18,960 --> 00:17:20,840 Speaker 1: there is a physical media approach to it, but in 329 00:17:20,880 --> 00:17:22,879 Speaker 1: other cases, a lot of our content is sitting in 330 00:17:22,920 --> 00:17:25,840 Speaker 1: digital video that you wouldn't find in our magazines. If 331 00:17:25,840 --> 00:17:27,800 Speaker 1: you think about the partnership we have with YouTube as 332 00:17:27,800 --> 00:17:30,919 Speaker 1: an example, UM, you know, the content we create for 333 00:17:30,960 --> 00:17:35,360 Speaker 1: Netflix is is not content you would find in any 334 00:17:35,359 --> 00:17:37,840 Speaker 1: of the pages of our magazines. Right. So I think 335 00:17:37,840 --> 00:17:40,600 Speaker 1: that the opportunity for us is that Listen, we have 336 00:17:41,080 --> 00:17:45,919 Speaker 1: the most We are a creative company, and we're probably 337 00:17:45,920 --> 00:17:49,719 Speaker 1: one of the most influential i P companies in the world. 338 00:17:50,520 --> 00:17:53,160 Speaker 1: The majority of the years that we've been in business, 339 00:17:53,720 --> 00:17:58,080 Speaker 1: we focus that influence and that creative precitions in magazines. 340 00:17:58,840 --> 00:18:02,000 Speaker 1: But in the last five years we've extended that influence 341 00:18:02,080 --> 00:18:05,680 Speaker 1: and that creativity and that talent to all of these 342 00:18:05,680 --> 00:18:08,520 Speaker 1: new platforms. We produced content on eighty platforms worldwide. Now 343 00:18:08,960 --> 00:18:12,320 Speaker 1: the majority of our audiences are digital. We have one 344 00:18:12,400 --> 00:18:16,720 Speaker 1: billion I think it is digital views per month UM globally. 345 00:18:17,200 --> 00:18:20,080 Speaker 1: You know, when you talk about the range of audience 346 00:18:20,080 --> 00:18:22,720 Speaker 1: consumption digitally, but it's not like a competition, it's not like, 347 00:18:22,800 --> 00:18:24,240 Speaker 1: well one as bad as one is good. It's just 348 00:18:24,280 --> 00:18:26,639 Speaker 1: it's different. You know, print is a is a totally 349 00:18:26,680 --> 00:18:29,800 Speaker 1: different experience, and so UM, I guess my point is 350 00:18:30,680 --> 00:18:33,040 Speaker 1: when we think about i P and where it belongs, 351 00:18:33,040 --> 00:18:36,639 Speaker 1: whether that's in a movie or you know, in some 352 00:18:36,760 --> 00:18:38,840 Speaker 1: in some sort of like you know, in through a 353 00:18:38,960 --> 00:18:42,840 Speaker 1: video format experience UM, or even if it's it's something 354 00:18:42,880 --> 00:18:45,960 Speaker 1: we're producing for social you know, in partnership with Instagram, 355 00:18:46,040 --> 00:18:47,440 Speaker 1: or maybe it's something that's gonna live on our own 356 00:18:47,480 --> 00:18:49,440 Speaker 1: and operate. It starts with like what story do we 357 00:18:49,480 --> 00:18:50,960 Speaker 1: want to tell and then where do we want to 358 00:18:51,000 --> 00:18:53,159 Speaker 1: tell it? And then how do we want to monetize that? 359 00:18:53,400 --> 00:18:55,959 Speaker 1: And and you know today we have the ability now 360 00:18:56,000 --> 00:18:58,800 Speaker 1: to monetize that two ways, via the consumer and via 361 00:18:58,800 --> 00:19:02,680 Speaker 1: the advertiser. We're talking to Pam drucker Man, Chief revenue 362 00:19:02,680 --> 00:19:05,440 Speaker 1: Officer at Conde Nast, and we'll be right back in 363 00:19:05,520 --> 00:19:11,720 Speaker 1: a moment. Welcome back, talking with Pam Drucker Man of 364 00:19:11,800 --> 00:19:16,439 Speaker 1: Conde Nast about all things at the company. Another area 365 00:19:16,560 --> 00:19:19,640 Speaker 1: that Conde Nast Entertainment is in that I would assume, 366 00:19:20,240 --> 00:19:22,680 Speaker 1: with your role in the advertising side of the business, 367 00:19:22,720 --> 00:19:26,120 Speaker 1: will be of increasing importance is podcasts. You just did 368 00:19:26,160 --> 00:19:31,160 Speaker 1: a hire of Chris Bannon from Stitchard to oversee that business. Uh, 369 00:19:31,320 --> 00:19:33,879 Speaker 1: it's something where it's not like you're starting from scratch. 370 00:19:33,960 --> 00:19:36,840 Speaker 1: You guys are already in this game. What is sort 371 00:19:36,840 --> 00:19:38,480 Speaker 1: of the next level you're trying to get at with 372 00:19:38,520 --> 00:19:42,640 Speaker 1: this new hire. I mean, I think it says a lot, 373 00:19:43,200 --> 00:19:46,760 Speaker 1: you know, I think Chris is highly reputable. Um, it's 374 00:19:46,840 --> 00:19:50,520 Speaker 1: just like, I mean the amount of emails that I've received, like, oh, 375 00:19:50,520 --> 00:19:52,600 Speaker 1: like you guys are really getting into audio. You guys 376 00:19:52,640 --> 00:19:56,159 Speaker 1: hired Chris, it's like, Um, you know, I think he's uh, 377 00:19:56,840 --> 00:19:59,320 Speaker 1: he's obviously a really talented guy. I mean, look, these 378 00:19:59,320 --> 00:20:01,800 Speaker 1: are early days is for Condom. I mean we've we've 379 00:20:01,840 --> 00:20:04,119 Speaker 1: we've been in the digital video space and even in 380 00:20:04,160 --> 00:20:07,000 Speaker 1: the TV film space for much longer, and we've been 381 00:20:07,000 --> 00:20:10,240 Speaker 1: in the you know, audio space, and we've we've we've, 382 00:20:10,320 --> 00:20:14,439 Speaker 1: we've dabbled, we've had some success, UM, but I think 383 00:20:14,520 --> 00:20:17,240 Speaker 1: we we recognize that again going back to what I 384 00:20:17,240 --> 00:20:19,320 Speaker 1: was saying earlier, that you know, we have I that 385 00:20:19,359 --> 00:20:22,880 Speaker 1: consumers want and audio is a way that consumers are 386 00:20:23,080 --> 00:20:26,080 Speaker 1: spending time with content, and this is an area where 387 00:20:26,080 --> 00:20:28,879 Speaker 1: we feel like we just have permission. But you know, 388 00:20:28,960 --> 00:20:31,440 Speaker 1: it's a different format than bringing someone in with the 389 00:20:31,520 --> 00:20:34,840 Speaker 1: expertise that I think can help UM take us to 390 00:20:34,880 --> 00:20:39,600 Speaker 1: the next level there is UM is actually extremely encouraging 391 00:20:39,640 --> 00:20:42,280 Speaker 1: and as a as a commercial revenue lead, I'm actually 392 00:20:42,359 --> 00:20:45,240 Speaker 1: very excited about it. Okay, let's hit another part of 393 00:20:45,240 --> 00:20:48,679 Speaker 1: the business, commerce where you guys are seeing more growth. 394 00:20:48,720 --> 00:20:53,080 Speaker 1: I'm seeing, uh, the stores that are attached to every 395 00:20:53,119 --> 00:20:57,600 Speaker 1: dot com associated with your brands. How meaningful is that business? 396 00:20:57,640 --> 00:21:00,760 Speaker 1: I've I've never you know, bought a product on a 397 00:21:00,800 --> 00:21:05,440 Speaker 1: on a publisher website. Um, but maybe I'm not seeing something. Yeah, well, 398 00:21:05,480 --> 00:21:08,760 Speaker 1: I mean listen, if our CMO, dear Drew Finley, was here, 399 00:21:08,920 --> 00:21:11,280 Speaker 1: she would say that, Um, you know, it's a little 400 00:21:11,320 --> 00:21:13,159 Speaker 1: bit more complex than that. She's having a lot of 401 00:21:13,200 --> 00:21:18,520 Speaker 1: success this year. I think our e commerce businesses up. Um. 402 00:21:18,560 --> 00:21:20,639 Speaker 1: Now listen again. The beginning of the podcast, we were 403 00:21:20,640 --> 00:21:23,800 Speaker 1: talking about consumer behavior changing and shifting and consumer spending 404 00:21:23,800 --> 00:21:27,280 Speaker 1: more time online and buying online. And you know, affiliate 405 00:21:27,280 --> 00:21:29,080 Speaker 1: has certainly been a big part of our strategy and 406 00:21:29,119 --> 00:21:32,399 Speaker 1: that didn't just start like five minutes ago. You know, 407 00:21:32,440 --> 00:21:34,959 Speaker 1: we have a really different you know, when I think 408 00:21:34,960 --> 00:21:37,479 Speaker 1: about the role of Connie asked brands, and I think 409 00:21:37,480 --> 00:21:39,600 Speaker 1: about Vogue, I think but g Q, I think about Wired, 410 00:21:40,640 --> 00:21:43,720 Speaker 1: I think about a D You know, consumers come to 411 00:21:43,800 --> 00:21:47,520 Speaker 1: us for curation. They they expect that we're going to 412 00:21:47,640 --> 00:21:52,680 Speaker 1: help them kind of be a signal in the noise, right, 413 00:21:53,240 --> 00:21:55,920 Speaker 1: and and we're kind of the partner that creates wantedness 414 00:21:55,920 --> 00:21:57,440 Speaker 1: in demand. When I think about this as an omni 415 00:21:57,480 --> 00:21:59,679 Speaker 1: media partner, I feel like that's the one area that 416 00:22:00,359 --> 00:22:02,560 Speaker 1: is kind of hard to compete with. You know, how 417 00:22:02,600 --> 00:22:06,879 Speaker 1: many other brands can motivate you to want to, you know, 418 00:22:06,920 --> 00:22:09,000 Speaker 1: get on a plane and go stay in that hotel, 419 00:22:09,119 --> 00:22:11,800 Speaker 1: or motivate you to want to go to that restaurant, 420 00:22:11,880 --> 00:22:16,760 Speaker 1: or motivate you to you know by that um, you know, 421 00:22:16,800 --> 00:22:19,840 Speaker 1: that beauty product. With that much authority, and so I 422 00:22:19,840 --> 00:22:21,800 Speaker 1: think we have more permission to be honest with you 423 00:22:21,840 --> 00:22:25,000 Speaker 1: to succeed in e commerce and probably any other competitor 424 00:22:25,160 --> 00:22:28,560 Speaker 1: from an IP perspective, or I would say we have. 425 00:22:29,119 --> 00:22:33,200 Speaker 1: We have a tremendous amount of UM. We have a 426 00:22:33,240 --> 00:22:36,120 Speaker 1: lot of brand trust with the consumer already. I think 427 00:22:36,119 --> 00:22:39,000 Speaker 1: the difference though is like, look, I think that the 428 00:22:39,040 --> 00:22:43,400 Speaker 1: e commerce business of the past was you know, you 429 00:22:43,440 --> 00:22:45,520 Speaker 1: create or if you're you know, if you're a publisher, 430 00:22:45,560 --> 00:22:48,280 Speaker 1: you create content and you add an affiliate link, right, 431 00:22:48,320 --> 00:22:50,520 Speaker 1: I think the future of e commerce is quite different. 432 00:22:50,560 --> 00:22:52,080 Speaker 1: I think some of the stuff that Deirdre is doing 433 00:22:52,160 --> 00:22:55,040 Speaker 1: is really really interesting and really really innovative. And that's 434 00:22:55,040 --> 00:22:58,680 Speaker 1: thinking about content any commerce. At the same time, that's 435 00:22:58,720 --> 00:23:01,359 Speaker 1: when you think about you know, we're kind of in 436 00:23:01,359 --> 00:23:03,560 Speaker 1: the driver's seat, So how do you think about content 437 00:23:03,600 --> 00:23:05,320 Speaker 1: in a way that like what what is what is 438 00:23:05,359 --> 00:23:08,000 Speaker 1: a piece of content that should be viable versus a 439 00:23:08,000 --> 00:23:10,040 Speaker 1: piece of content that shouldn't be When do consumers just 440 00:23:10,040 --> 00:23:11,919 Speaker 1: want to lean back and enjoy and when do they 441 00:23:11,960 --> 00:23:15,080 Speaker 1: actually want to buy right? And so just getting more 442 00:23:15,240 --> 00:23:18,120 Speaker 1: sophisticated around that. This is a huge part of our strategy. 443 00:23:18,920 --> 00:23:21,639 Speaker 1: Our CEO, Roger Lynch, has been very focused on our 444 00:23:21,680 --> 00:23:25,639 Speaker 1: direct to consumer UM business, but not just that, really 445 00:23:25,720 --> 00:23:28,800 Speaker 1: focused on like building, continuing to dimensionalize and build out 446 00:23:28,840 --> 00:23:31,040 Speaker 1: the relationship between our brands and our consumers and e 447 00:23:31,080 --> 00:23:32,600 Speaker 1: commerce is a place where I feel like we just 448 00:23:32,640 --> 00:23:36,119 Speaker 1: have a lot of opportunity and we're seeing that this 449 00:23:36,200 --> 00:23:38,479 Speaker 1: year with the with the progress that I already mentioned. 450 00:23:39,200 --> 00:23:42,040 Speaker 1: Another kind of of commerce on site, of course, is 451 00:23:42,080 --> 00:23:46,120 Speaker 1: the subscription business itself, where like a lot of publishing businesses, 452 00:23:46,119 --> 00:23:49,480 Speaker 1: condeingas seems to have sort of a pendulum over the 453 00:23:49,520 --> 00:23:52,480 Speaker 1: past year or so with putting things behind the paywall 454 00:23:52,600 --> 00:23:55,960 Speaker 1: pulling them back. Um, where do things stand now? Is 455 00:23:56,040 --> 00:23:59,120 Speaker 1: just does Roger have some sort of general philosophy at 456 00:23:59,160 --> 00:24:02,360 Speaker 1: this point of what works in terms of paywall? Well, 457 00:24:02,400 --> 00:24:04,439 Speaker 1: I don't. I don't think we've put things on the 458 00:24:04,440 --> 00:24:06,640 Speaker 1: paywall and pulled them back. I think all of our 459 00:24:06,640 --> 00:24:09,440 Speaker 1: paywall strategies so we have three brands behind a paywall 460 00:24:09,520 --> 00:24:12,359 Speaker 1: right now, so the New Yorker, Vanity Fair and Wired 461 00:24:12,520 --> 00:24:16,960 Speaker 1: UM and all of them have had a different you know, 462 00:24:17,000 --> 00:24:20,400 Speaker 1: approach and test mechanism around the meter, right like you 463 00:24:20,160 --> 00:24:24,040 Speaker 1: you have to kind of get to know your consumer 464 00:24:24,080 --> 00:24:25,960 Speaker 1: and what they're willing to pay for and what they aren't. 465 00:24:26,000 --> 00:24:29,840 Speaker 1: We've had a lot of success again this year, UM. 466 00:24:30,119 --> 00:24:33,000 Speaker 1: I think we've you know, had double digit growth this year. 467 00:24:33,040 --> 00:24:35,160 Speaker 1: I think we're up sixteen percent every year in total 468 00:24:35,200 --> 00:24:41,920 Speaker 1: subscriptions UM. Again and not to not everything is you know, again, 469 00:24:41,920 --> 00:24:43,520 Speaker 1: we only have three brands right now, so we're still 470 00:24:43,600 --> 00:24:46,280 Speaker 1: learning and we're still gathering data, and you know, I 471 00:24:46,320 --> 00:24:51,919 Speaker 1: think ultimately, UM, there are certain brands that consumers are 472 00:24:51,960 --> 00:24:55,280 Speaker 1: gonna be willing to pay for and for whatever it's worth. 473 00:24:55,359 --> 00:24:57,960 Speaker 1: I mean, we always had consumers have always paid for 474 00:24:58,000 --> 00:25:00,200 Speaker 1: our content. You know, they bought our magazine is on 475 00:25:00,240 --> 00:25:02,680 Speaker 1: the newstand, or they paid for a subscription. So like 476 00:25:02,880 --> 00:25:07,200 Speaker 1: paying for content as content isn't a new like concept 477 00:25:07,400 --> 00:25:11,720 Speaker 1: for consumers. I think it's really more about, UM, how 478 00:25:12,080 --> 00:25:15,440 Speaker 1: if you think about the digital space, the consumer expectation 479 00:25:16,160 --> 00:25:17,760 Speaker 1: and we all know we've talked about everyone loves to 480 00:25:17,760 --> 00:25:20,520 Speaker 1: talk about the saturation of subscriptions and you know what 481 00:25:20,600 --> 00:25:24,119 Speaker 1: are consumers how many more like you know a spot 482 00:25:24,520 --> 00:25:28,280 Speaker 1: subscriptions are consumers willing to pay for? And there's definitely 483 00:25:28,320 --> 00:25:31,200 Speaker 1: a bubble that's you know, either going to burst eventually 484 00:25:31,359 --> 00:25:34,200 Speaker 1: or is already bursting somewhat. But we're we've had a 485 00:25:34,320 --> 00:25:36,240 Speaker 1: lot of success with The New Yorker, and we're seeing 486 00:25:36,520 --> 00:25:39,159 Speaker 1: you know, really encouraging results with with Vanity, Fair and 487 00:25:39,240 --> 00:25:44,440 Speaker 1: Wired and certainly UM. You know, I think, uh, I 488 00:25:44,520 --> 00:25:47,760 Speaker 1: will tell you as the advertising lead, it is a 489 00:25:47,920 --> 00:25:50,639 Speaker 1: great conversation to have with our advertisers, right because when 490 00:25:50,680 --> 00:25:52,320 Speaker 1: you have a brand that consumers are willing to pay 491 00:25:52,359 --> 00:25:54,320 Speaker 1: for and by the way, willing to pay a premium 492 00:25:54,400 --> 00:25:57,080 Speaker 1: for UM, I think that that is the type of 493 00:25:57,080 --> 00:26:00,399 Speaker 1: audience that you should be you know, really focused on 494 00:26:00,600 --> 00:26:02,760 Speaker 1: from an advertising But I'm a little surprised by that 495 00:26:02,800 --> 00:26:06,040 Speaker 1: because I would have made the presumption that advertisers would 496 00:26:06,040 --> 00:26:09,440 Speaker 1: push back on any sort of barrier or gating that 497 00:26:09,600 --> 00:26:12,560 Speaker 1: keeps you from maximizing the number of eyeballs. But you're 498 00:26:12,600 --> 00:26:16,960 Speaker 1: saying advertisers will like a smaller group that's willing to 499 00:26:17,080 --> 00:26:20,640 Speaker 1: pay their more engaged. Yeah, I mean it's I don't 500 00:26:20,640 --> 00:26:22,919 Speaker 1: think the goal I mean, listen, it depends on the advertiser. 501 00:26:23,000 --> 00:26:25,359 Speaker 1: But like the goal isn't as many people as I 502 00:26:25,400 --> 00:26:28,200 Speaker 1: possibly can. The goal is, you know, what can I 503 00:26:28,320 --> 00:26:30,520 Speaker 1: get out of the people that I'm reaching? Return on 504 00:26:30,600 --> 00:26:34,280 Speaker 1: investment ROAs people have to talk about that um, return 505 00:26:34,359 --> 00:26:36,919 Speaker 1: on add spend. I think, I think, I think marketers 506 00:26:36,960 --> 00:26:39,199 Speaker 1: are getting a lot more sophisticated. They're spending a lot 507 00:26:39,320 --> 00:26:42,000 Speaker 1: more looking at things like e commerce right, looking at 508 00:26:42,119 --> 00:26:45,480 Speaker 1: data like engagement, how much time or consumers spending with 509 00:26:45,560 --> 00:26:49,639 Speaker 1: the content. UM. They're looking at environment as obviously a 510 00:26:49,840 --> 00:26:53,320 Speaker 1: really big metric for them in terms of performance. And yeah, 511 00:26:53,320 --> 00:26:56,040 Speaker 1: I mean they're looking at you know, the you know, 512 00:26:56,119 --> 00:26:59,280 Speaker 1: are all consumers created equal? Probably not in terms of 513 00:26:59,359 --> 00:27:00,760 Speaker 1: the amount of time I they're willing to spend with 514 00:27:00,800 --> 00:27:02,280 Speaker 1: the piece of content or whether they're willing to pay 515 00:27:02,280 --> 00:27:05,960 Speaker 1: for that piece of content. So gating of content is 516 00:27:06,000 --> 00:27:07,639 Speaker 1: not the challenge for the marketer. It's the it's the 517 00:27:07,760 --> 00:27:11,280 Speaker 1: challenge for the publisher because we have to figure out 518 00:27:11,359 --> 00:27:14,159 Speaker 1: what the best balance is between you know, how much 519 00:27:14,200 --> 00:27:18,159 Speaker 1: content we're gating UM so that you know, the subscriber 520 00:27:18,240 --> 00:27:20,679 Speaker 1: is getting something extra special versus you know, what pieces 521 00:27:20,720 --> 00:27:24,520 Speaker 1: of content. We're not gating UM, so that the advertiser 522 00:27:24,520 --> 00:27:26,200 Speaker 1: has an opportunity to be a part of it. So 523 00:27:26,240 --> 00:27:29,680 Speaker 1: I think, you know, we're getting that balance. UM, but 524 00:27:29,760 --> 00:27:31,240 Speaker 1: it's not gonna be the same for all brands. By 525 00:27:31,240 --> 00:27:32,879 Speaker 1: the way, there's not like a set formula yet for 526 00:27:32,920 --> 00:27:36,200 Speaker 1: whatever it's worth, got it? You know, I'd be remiss 527 00:27:36,240 --> 00:27:39,760 Speaker 1: and not asking about the culture at Conde Nast, which 528 00:27:39,840 --> 00:27:43,880 Speaker 1: looked fairly rocky in controversies a teen Vogue and Bone 529 00:27:43,880 --> 00:27:47,400 Speaker 1: Appetite gave the suggestion that the company had some real 530 00:27:47,480 --> 00:27:51,680 Speaker 1: work to do to ensure that a diverse workplace where 531 00:27:51,880 --> 00:27:56,920 Speaker 1: employees felt equally valued, regardless of ethnicity, or gender or anything. 532 00:27:57,720 --> 00:27:59,880 Speaker 1: Do you feel the company has progressed and you're seeing 533 00:28:00,160 --> 00:28:04,280 Speaker 1: signs you're in that culture? Yeah? I mean look, I 534 00:28:04,320 --> 00:28:06,840 Speaker 1: mean we've we've learned a lot over the past year, 535 00:28:07,119 --> 00:28:11,800 Speaker 1: and you know, we're still in the process of applying 536 00:28:12,160 --> 00:28:14,360 Speaker 1: those learnings. You know, we we hired a global Chief 537 00:28:14,400 --> 00:28:20,000 Speaker 1: Diversity Officer. UM. We have put a framework in place 538 00:28:20,800 --> 00:28:24,840 Speaker 1: that was an obvious um that we didn't have prior 539 00:28:24,960 --> 00:28:29,320 Speaker 1: to UM. I think that as an executive team, we're 540 00:28:29,560 --> 00:28:34,680 Speaker 1: hyper focused on, you know, the culture and the community 541 00:28:34,840 --> 00:28:40,040 Speaker 1: that we are building and that we're harnessing. Um. You know. 542 00:28:40,720 --> 00:28:42,480 Speaker 1: But yeah, I mean, look, we we obviously had a 543 00:28:42,520 --> 00:28:44,520 Speaker 1: lot of work to do. We still have a lot 544 00:28:44,600 --> 00:28:46,760 Speaker 1: of work to do. I would be remiss to say that, 545 00:28:47,200 --> 00:28:50,040 Speaker 1: you know, we haven't made progress. But you know, this 546 00:28:50,200 --> 00:28:54,440 Speaker 1: isn't something that is going to change overnight. Um. And 547 00:28:54,560 --> 00:28:57,000 Speaker 1: I don't think anyone can can say that it's it's 548 00:28:57,040 --> 00:29:01,120 Speaker 1: like an every day all day you know, it's not 549 00:29:01,440 --> 00:29:04,880 Speaker 1: sometimes uh strategy, it has to be part of your 550 00:29:05,040 --> 00:29:08,920 Speaker 1: end to end and and you know it's um, it's 551 00:29:08,960 --> 00:29:13,000 Speaker 1: been I will say, you know, from from my perspective, 552 00:29:13,040 --> 00:29:16,240 Speaker 1: I think as a company, when you think about the 553 00:29:16,320 --> 00:29:19,200 Speaker 1: future as a as a culture curator, just you know, 554 00:29:19,200 --> 00:29:22,000 Speaker 1: in terms of like what we do for the consumer. Um, 555 00:29:22,040 --> 00:29:24,120 Speaker 1: it just put a real emphasis on the relationship we 556 00:29:24,160 --> 00:29:26,400 Speaker 1: want to have with our employees at the same time. 557 00:29:27,240 --> 00:29:30,320 Speaker 1: So no, we're not like actualized. And by the way, 558 00:29:30,400 --> 00:29:32,000 Speaker 1: like I don't I don't, you know, I think we 559 00:29:32,040 --> 00:29:35,200 Speaker 1: have a lot of work to do period um in 560 00:29:35,280 --> 00:29:38,720 Speaker 1: the US, you know, and uh, clearly there's that was 561 00:29:38,760 --> 00:29:42,040 Speaker 1: a long time coming. Um. But we're very focused on 562 00:29:42,120 --> 00:29:44,760 Speaker 1: it and we're very committed to it. And you know 563 00:29:44,840 --> 00:29:47,720 Speaker 1: more to come. Let's not forget of course, conte As 564 00:29:47,920 --> 00:29:50,160 Speaker 1: is very much a global company, and so I was 565 00:29:50,240 --> 00:29:53,680 Speaker 1: curious if you could give me sort of the overseas picture, 566 00:29:53,760 --> 00:29:59,560 Speaker 1: how much it contributes to the overall revenue of the business. 567 00:30:00,200 --> 00:30:02,840 Speaker 1: And it just seems like I'm reading and hearing a 568 00:30:03,000 --> 00:30:09,040 Speaker 1: lot more about cooperation, global cooperation between what otherwise maybe 569 00:30:09,160 --> 00:30:12,120 Speaker 1: years ago, we're completely separate operations that happened to have 570 00:30:12,240 --> 00:30:15,560 Speaker 1: the same brand. So yeah, I mean, look, we were 571 00:30:15,640 --> 00:30:18,760 Speaker 1: two separate companies. I mean, you know, Roger Lynch is 572 00:30:18,760 --> 00:30:22,400 Speaker 1: our first global CEO, and some people don't know that. Um, 573 00:30:22,640 --> 00:30:25,360 Speaker 1: we were an international company and we were a US company, 574 00:30:25,400 --> 00:30:29,000 Speaker 1: and so this is the first global team on the 575 00:30:29,080 --> 00:30:33,720 Speaker 1: executive level. You know, this is the first time we're 576 00:30:33,800 --> 00:30:36,880 Speaker 1: operating as a global company. So that's number one, UM 577 00:30:37,360 --> 00:30:41,479 Speaker 1: number two. You know, all of our countries contribute UM 578 00:30:42,080 --> 00:30:47,720 Speaker 1: in different ways, UM too the overall you know, to 579 00:30:47,840 --> 00:30:50,479 Speaker 1: our overall global revenue. But like I think what's been 580 00:30:50,520 --> 00:30:53,400 Speaker 1: really interesting is, you know, someone who spent more time 581 00:30:53,440 --> 00:30:56,840 Speaker 1: in our US market before I was the global revenue leaders, 582 00:30:56,880 --> 00:31:00,280 Speaker 1: just seeing where um, where you know, there was obvious 583 00:31:00,440 --> 00:31:02,240 Speaker 1: is obviously in all the ways that we were so 584 00:31:02,320 --> 00:31:05,880 Speaker 1: different culturally UM. But what was really interesting was to 585 00:31:05,960 --> 00:31:10,719 Speaker 1: see what our brands meant to our consumers in those locals, 586 00:31:11,160 --> 00:31:16,280 Speaker 1: local markets, UM. And how similar of a relationship Vogue 587 00:31:16,400 --> 00:31:20,120 Speaker 1: US had UM with its customer and consumer as you know, 588 00:31:20,920 --> 00:31:24,520 Speaker 1: you know Vogue France has with its customer and consumer. 589 00:31:24,600 --> 00:31:26,560 Speaker 1: And also just looking at a brand like g Q 590 00:31:27,480 --> 00:31:31,240 Speaker 1: and just seeing the impact UM and the differences that 591 00:31:31,360 --> 00:31:33,880 Speaker 1: that brand has in in the you know, in many 592 00:31:33,960 --> 00:31:36,000 Speaker 1: of the international markets where it's it's versus you know, 593 00:31:36,120 --> 00:31:38,440 Speaker 1: g Q in the US, And so I think there's 594 00:31:38,480 --> 00:31:41,040 Speaker 1: definitely more of a global community feeling now there's an 595 00:31:41,080 --> 00:31:44,840 Speaker 1: appreciation for like obviously our differences and not you know, 596 00:31:44,960 --> 00:31:49,400 Speaker 1: not being global doesn't necessarily mean being the same. It 597 00:31:49,520 --> 00:31:53,800 Speaker 1: just means having more visibility and transparency into like what 598 00:31:54,000 --> 00:31:56,400 Speaker 1: we are as a global company and what we mean 599 00:31:56,480 --> 00:31:59,440 Speaker 1: to our various consumers in our local markets, and even 600 00:31:59,480 --> 00:32:02,520 Speaker 1: how we think about now building the business. It's like, 601 00:32:03,480 --> 00:32:05,200 Speaker 1: you know, what I think about our our strategy as 602 00:32:05,240 --> 00:32:08,960 Speaker 1: a global content company, you know, what does the future 603 00:32:09,040 --> 00:32:11,520 Speaker 1: of our content look like? You know what I mean? 604 00:32:11,600 --> 00:32:14,160 Speaker 1: And and and and by the way, our number one 605 00:32:14,280 --> 00:32:17,480 Speaker 1: job is to meet the consumer where they are and 606 00:32:17,560 --> 00:32:20,040 Speaker 1: I actually think we're unique in the fact that we 607 00:32:20,120 --> 00:32:23,600 Speaker 1: are now, as I said earlier, doing that across eight platforms, 608 00:32:23,720 --> 00:32:27,520 Speaker 1: and I think, you know, thirty one markets. And that's 609 00:32:27,920 --> 00:32:29,800 Speaker 1: significant to be able to say that that we're not 610 00:32:29,960 --> 00:32:33,160 Speaker 1: just you know, influencing a consumer in the US, are 611 00:32:33,240 --> 00:32:35,680 Speaker 1: influencing a consumer in China, that we're actually in all 612 00:32:35,720 --> 00:32:37,600 Speaker 1: of these places. And so I think that actually gives 613 00:32:37,640 --> 00:32:41,240 Speaker 1: us a UM. I think that allows us to really 614 00:32:41,320 --> 00:32:44,720 Speaker 1: get behind initiatives like sustainability from a global perspective or 615 00:32:45,320 --> 00:32:49,040 Speaker 1: D and I from a global perspective. UM. And that's 616 00:32:49,360 --> 00:32:54,440 Speaker 1: a big part of I think our I don't know responsibility, UM. 617 00:32:55,760 --> 00:32:57,920 Speaker 1: But now we have all these creatives that are connecting 618 00:32:57,960 --> 00:33:00,080 Speaker 1: in ways that they just never had the ability to 619 00:33:00,160 --> 00:33:03,320 Speaker 1: do before. UM. So it's been really I don't know, 620 00:33:03,360 --> 00:33:08,520 Speaker 1: it's been really exciting. UH. It's definitively a big opportunity 621 00:33:08,600 --> 00:33:11,320 Speaker 1: for our company. UM. It allows us to provide a 622 00:33:11,360 --> 00:33:14,760 Speaker 1: lot more range to our global advertisers because you know, 623 00:33:14,880 --> 00:33:17,800 Speaker 1: the the ability to run a global campaign with Connie 624 00:33:17,880 --> 00:33:22,360 Speaker 1: Nast and six markets across multiple touchpoints UM. And that's 625 00:33:22,400 --> 00:33:24,000 Speaker 1: just great to be able to provide that level of 626 00:33:25,600 --> 00:33:27,800 Speaker 1: of range, you know, at a time when I don't 627 00:33:27,840 --> 00:33:30,000 Speaker 1: know how many other companies can can do that in 628 00:33:30,120 --> 00:33:33,120 Speaker 1: quite the same way. Well, speaking of other companies, we're 629 00:33:33,120 --> 00:33:36,880 Speaker 1: having this conversation just a week or so after Barry 630 00:33:36,960 --> 00:33:41,800 Speaker 1: Diller announced that he was going to acquire Narratives Magazine 631 00:33:41,880 --> 00:33:45,680 Speaker 1: Group for two point seven billion. Curious to get your 632 00:33:45,800 --> 00:33:48,280 Speaker 1: sense of, well, what does it mean to have another 633 00:33:48,360 --> 00:33:51,360 Speaker 1: publisher out there with pretty massive scale out there to 634 00:33:51,440 --> 00:33:53,600 Speaker 1: compete with I'm sure you're going to be fighting with 635 00:33:53,720 --> 00:33:56,040 Speaker 1: them for ad dollars. You know, what does it say 636 00:33:56,040 --> 00:34:00,400 Speaker 1: about the publishing marketplace in general? Well, I mean, look, 637 00:34:01,480 --> 00:34:03,840 Speaker 1: I was having drinks for the friend last night and 638 00:34:03,880 --> 00:34:06,160 Speaker 1: we were just talking about this. You know this this 639 00:34:06,480 --> 00:34:12,160 Speaker 1: this like moment in time, um, which we were just 640 00:34:12,239 --> 00:34:16,799 Speaker 1: talking about this creator's economy, right like unbelieva there's listen. 641 00:34:16,840 --> 00:34:18,920 Speaker 1: I mean, you know, you know, like there's been so 642 00:34:19,120 --> 00:34:21,560 Speaker 1: much focus over in the last five years on the platforms, 643 00:34:21,680 --> 00:34:24,800 Speaker 1: right um, and and there still is to a certain extent, 644 00:34:24,960 --> 00:34:27,880 Speaker 1: but like I think they're just more and from a 645 00:34:27,960 --> 00:34:32,560 Speaker 1: platform perspective, there's just more appreciation in terms of what's 646 00:34:32,600 --> 00:34:36,560 Speaker 1: powering those platforms, whether that's user generated content or but 647 00:34:36,719 --> 00:34:40,319 Speaker 1: the commonality is content and creativity UM. And I think 648 00:34:40,360 --> 00:34:44,560 Speaker 1: there's you know, if you think about you know, publishing companies, UM, 649 00:34:45,760 --> 00:34:48,520 Speaker 1: there's a lot of scarcity in terms of like what 650 00:34:48,760 --> 00:34:52,200 Speaker 1: that creator's economy looks like, and and that provides that 651 00:34:52,400 --> 00:34:55,640 Speaker 1: that just gives the value back to the creative or 652 00:34:55,719 --> 00:34:59,520 Speaker 1: the power in so many ways back to the the 653 00:35:00,600 --> 00:35:04,319 Speaker 1: the creatives itself, you know, and because those that's really 654 00:35:04,360 --> 00:35:06,520 Speaker 1: who's engaging with the consumer and growing audiences at the 655 00:35:06,600 --> 00:35:09,200 Speaker 1: end of the day. So look, I think this is 656 00:35:09,239 --> 00:35:13,040 Speaker 1: a really interesting moment UM. I think there's a renaissance 657 00:35:13,080 --> 00:35:17,919 Speaker 1: happening when it comes to content creation UM and how 658 00:35:18,120 --> 00:35:25,120 Speaker 1: that now connects to UM digital capabilities. When you think 659 00:35:25,160 --> 00:35:27,920 Speaker 1: about what's going on with this this merger, if you will, 660 00:35:27,960 --> 00:35:33,040 Speaker 1: of this acquisition, if you will, Meredith Merediths brands UM, 661 00:35:33,440 --> 00:35:36,600 Speaker 1: and the relationship that Meredith's brands have with its consumer 662 00:35:36,680 --> 00:35:39,919 Speaker 1: now combined with the scale and digital capabilities of dot Dash. 663 00:35:40,920 --> 00:35:42,840 Speaker 1: I mean, that's that's that. I mean you said the 664 00:35:42,840 --> 00:35:45,680 Speaker 1: word before. I mean that's a that's you know, gonna 665 00:35:45,719 --> 00:35:49,520 Speaker 1: make them quite competitive. UM. But I like that. I 666 00:35:49,719 --> 00:35:52,879 Speaker 1: like that, you know, content companies are innovating, and that's 667 00:35:52,880 --> 00:35:56,200 Speaker 1: our job is to to find new and innovative ways 668 00:35:56,320 --> 00:36:00,520 Speaker 1: to engage with the consumer and giving and give, you know, 669 00:36:00,880 --> 00:36:03,719 Speaker 1: and the fact that that those those worlds are coming 670 00:36:03,800 --> 00:36:06,640 Speaker 1: together is great for the marketer, by the way, because 671 00:36:06,680 --> 00:36:08,040 Speaker 1: there was a moment in time where they had to 672 00:36:08,120 --> 00:36:10,800 Speaker 1: pick between the platform and the publisher or you know, 673 00:36:11,000 --> 00:36:13,160 Speaker 1: working with you know, just like wanting to have all 674 00:36:13,160 --> 00:36:15,759 Speaker 1: these data capabilities, but like not really have any substance 675 00:36:15,840 --> 00:36:18,080 Speaker 1: to connect to those data capabilities. So I think this 676 00:36:18,200 --> 00:36:19,680 Speaker 1: is really great for the consumer, by the way, and 677 00:36:19,719 --> 00:36:23,480 Speaker 1: really great for the advertiser. Um. And I think it's 678 00:36:23,560 --> 00:36:25,960 Speaker 1: it's gonna make us all better. Um. And we're you know, 679 00:36:26,160 --> 00:36:29,520 Speaker 1: we're also I think in a really unique position to 680 00:36:29,640 --> 00:36:30,960 Speaker 1: have all three. I mean, this is you know, we 681 00:36:31,040 --> 00:36:32,640 Speaker 1: just talked about this before, like our focus on e 682 00:36:32,719 --> 00:36:36,200 Speaker 1: commerce and our focus on how we're dimensionalizing the relationship 683 00:36:36,280 --> 00:36:39,560 Speaker 1: we have with our brands with our consumer through digital subscriptions, 684 00:36:39,640 --> 00:36:42,239 Speaker 1: and how we're then productizing all of that back to 685 00:36:42,320 --> 00:36:44,840 Speaker 1: the advertiser. I think just puts us in a unique 686 00:36:45,840 --> 00:36:49,560 Speaker 1: space that I think makes us highly competitive. And it'll 687 00:36:49,560 --> 00:36:52,440 Speaker 1: be really interesting to see how people define, you know, 688 00:36:52,480 --> 00:36:55,120 Speaker 1: what does the sandbox look like, you know in three years, 689 00:36:55,719 --> 00:36:59,120 Speaker 1: right who are the big players um in terms of 690 00:36:59,160 --> 00:37:02,680 Speaker 1: the advertising market, and uh you know, I think this 691 00:37:02,840 --> 00:37:06,279 Speaker 1: is a really interesting, you know acquisition for all of 692 00:37:06,320 --> 00:37:09,400 Speaker 1: those reasons. Well, I am sure will not be the 693 00:37:09,520 --> 00:37:12,359 Speaker 1: last in the space. Uh So we'll have to see 694 00:37:12,400 --> 00:37:16,000 Speaker 1: how continues to unfold. But Pam, I thank you for 695 00:37:16,200 --> 00:37:18,200 Speaker 1: taking the time out today to walk me through all 696 00:37:18,280 --> 00:37:21,200 Speaker 1: things Conde Nast and good luck for the rest of 697 00:37:21,239 --> 00:37:23,960 Speaker 1: the year. Thank you so much, really appreciate you having 698 00:37:24,000 --> 00:37:34,200 Speaker 1: me on. This has been another episode of Strictly Business. 699 00:37:34,400 --> 00:37:37,600 Speaker 1: Tune in next week for another helping of scintillating conversation 700 00:37:37,760 --> 00:37:40,279 Speaker 1: with media movers and shakers, and please make sure you 701 00:37:40,360 --> 00:37:43,839 Speaker 1: subscribe to the podcast to hear future episodes. Also leave 702 00:37:43,880 --> 00:37:46,680 Speaker 1: a review in Apple Podcasts and let us know how 703 00:37:46,719 --> 00:37:47,160 Speaker 1: we're doing.