WEBVTT - Conde Nast's Pam Drucker Mann Ready to Double Down on Livestream Events 0:00:08.440 --> 0:00:11.760 Welcome to another episode of Strictly Business, the podcast where 0:00:11.760 --> 0:00:14.600 we talk with some of the brightest minds working in media. Today. 0:00:15.120 --> 0:00:19.200 I'm Andrew Wallenstein with Variety. The two point seven billion 0:00:19.200 --> 0:00:23.080 dollars sail last week of Meredith Corporation's top shelf magazines 0:00:23.120 --> 0:00:26.439 like People and Entertainment Weekly was a reminder that for 0:00:26.520 --> 0:00:29.560 all its struggles, there's still a lot of life left 0:00:29.640 --> 0:00:32.519 in the publishing business. You don't need to tell our 0:00:32.520 --> 0:00:36.320 next guest that Pam drucker Man is chief revenue Officer 0:00:36.360 --> 0:00:40.240 of Conde Nast, where she oversees the global advertising business 0:00:40.240 --> 0:00:43.800 for blue chip brands like Vanity Fair Vogue in New Yorker. 0:00:44.479 --> 0:00:47.120 We talked about everything going on at the company, from 0:00:47.159 --> 0:00:49.640 how it plans to build on its live stream business 0:00:49.720 --> 0:00:52.640 after its success at the met Gala in September, to 0:00:52.800 --> 0:00:56.520 e commerce, paywalls, and a whole lot more to stick around. 0:01:00.600 --> 0:01:03.240 Welcome back to Strictly Business, where we're talking with Pam 0:01:03.320 --> 0:01:06.520 drucker Man, chief revenue officer at Conde Nast, where she 0:01:06.600 --> 0:01:10.880 oversees the global advertising business. Thanks for joining me today, Pam, 0:01:10.920 --> 0:01:14.720 Thanks for having me. As the US economy continues to 0:01:14.760 --> 0:01:17.400 shake off the effects of COVID. We're seeing a big 0:01:17.440 --> 0:01:21.120 rebound and ad spend, So how much publishing is participating 0:01:21.160 --> 0:01:23.440 in that. That's something I want to get your perspective on. 0:01:23.760 --> 0:01:26.679 There was a recent forecast from ad buying giant Magna 0:01:26.800 --> 0:01:30.280 estimating the newspaper and magazine business was flat in the 0:01:30.280 --> 0:01:33.119 first half of the year, versus obviously a very banged up. 0:01:34.160 --> 0:01:36.880 So how has Conde Nast been doing, how is its 0:01:37.720 --> 0:01:41.520 one been shaping up compared to Yeah, I mean we're 0:01:41.560 --> 0:01:44.080 having a great year, um, which is not something we 0:01:44.120 --> 0:01:47.640 anticipated in and all of us were kind of sitting 0:01:48.000 --> 0:01:50.600 at home in our holes, uh and trying to think 0:01:50.640 --> 0:01:55.280 about I remember doing the forecasting for uh, you know, 0:01:55.640 --> 0:01:57.120 and I was like, I don't even know what's happening 0:01:57.120 --> 0:02:00.800 like next week. UM. Really hard to to guess what 0:02:00.960 --> 0:02:02.680 next year is gonna look like. And it's interesting even 0:02:02.720 --> 0:02:07.000 at that time, you know, all the futurist conversations or 0:02:07.040 --> 0:02:08.920 the magnas or the e marketers that we're trying to 0:02:08.919 --> 0:02:10.920 make estimates, that's like no one had any clue what 0:02:10.960 --> 0:02:13.680 was really going on. UM. But I will say that 0:02:13.680 --> 0:02:17.399 we've been pleasantly surprised. We're experiencing double digit growth this year, 0:02:17.720 --> 0:02:21.520 which is not something we anticipated. UM. And what do 0:02:21.520 --> 0:02:23.920 you attribute that to. What's going on that's driving this 0:02:24.080 --> 0:02:26.760 unexpected growth? Yeah, I mean, I think a couple of things. 0:02:26.760 --> 0:02:29.640 I don't think anyone realized that the economy would rebound 0:02:29.760 --> 0:02:32.160 as quickly as it did. So, like, consumers are spending, 0:02:32.200 --> 0:02:34.600 they're out of their houses, so let's just be honest, 0:02:34.639 --> 0:02:37.720 like that was a big indicator to marketers that was 0:02:37.760 --> 0:02:41.000 time to get back out there UM and start engaging 0:02:41.040 --> 0:02:43.000 with them in in in the ways that they had, 0:02:43.040 --> 0:02:45.440 but also in new ways, obviously with the growth of 0:02:45.440 --> 0:02:49.560 e commerce UM. And then I would say from our 0:02:49.680 --> 0:02:52.840 perspective or from you know, from where we sit, you know, 0:02:52.919 --> 0:02:55.400 we had one of the biggest silver linings for us 0:02:55.400 --> 0:03:01.119 in twenty was just unbelievable audience attention UM in terms 0:03:01.160 --> 0:03:03.440 of our content. So we experienced a lot of audience 0:03:03.480 --> 0:03:06.440 growth and we've been able to capitalize on that with 0:03:06.520 --> 0:03:09.760 advertisers this year we've never had I mean, it's it's 0:03:09.800 --> 0:03:13.079 incredible the amount of inbound that we have UM in 0:03:13.200 --> 0:03:16.440 terms of you know, audience, in terms of growth, in 0:03:16.520 --> 0:03:19.200 terms of engagement, in terms of purchase. I think all 0:03:19.200 --> 0:03:21.600 of that is lining up well for advertisers. And then 0:03:21.600 --> 0:03:23.760 I'd say the third reason, for whatever it's worth, is 0:03:23.800 --> 0:03:29.600 this really big industry shift around UM, privacy and you know, 0:03:30.040 --> 0:03:34.240 audience targeting and some of the challenges for marketers in 0:03:34.240 --> 0:03:36.960 a in a cookie list world. UM, and the role 0:03:37.000 --> 0:03:39.720 that we play as you know, a contextual partner. So 0:03:39.720 --> 0:03:41.960 i'd say those are the three you know, probably main 0:03:42.040 --> 0:03:45.720 factors right now. And I'm curious how big a driver 0:03:45.920 --> 0:03:49.440 the digital add piece of this is. I mean, the 0:03:49.520 --> 0:03:53.480 central challenge of a business like yourself is that print 0:03:53.800 --> 0:03:57.280 core business or maybe was core business for so long. 0:03:57.320 --> 0:03:59.600 You've got to move past that. So how are you 0:03:59.640 --> 0:04:02.560 doing on that at I mean, that's our entire story. 0:04:02.600 --> 0:04:07.400 I mean, we've just had an unbelievable acceleration. Let's start 0:04:07.480 --> 0:04:10.200 with the focus in terms of innovation on our content 0:04:10.240 --> 0:04:13.560 on these new platforms. We now produce content on eight 0:04:13.640 --> 0:04:18.320 platforms worldwide. Um, we've crossed that threshold now in which 0:04:18.600 --> 0:04:24.320 you know, uh, almost three corter revenue is digital versus print. 0:04:24.640 --> 0:04:27.839 When you have less print headwinds at your face, it 0:04:27.880 --> 0:04:31.640 makes it a lot easier to be successful. So um, yeah, 0:04:31.640 --> 0:04:34.440 I mean we're having an amazing I would say moment 0:04:34.520 --> 0:04:37.640 in time in terms of like this acceleration of digital 0:04:37.640 --> 0:04:40.080 content in terms of our influence in front of consumers. 0:04:40.120 --> 0:04:43.359 And I know you and I've talked about some of 0:04:43.400 --> 0:04:45.880 the success we've had even in some of these new 0:04:45.960 --> 0:04:50.080 places like live format UM for us in which correct 0:04:50.120 --> 0:04:52.719 in which we're engaging with consumers a new way, new 0:04:52.720 --> 0:04:56.159 ways that just gives us so many new ways to 0:04:56.240 --> 0:04:58.880 engage with advertisers. It just gives us so much more range. 0:04:59.000 --> 0:05:02.000 So the more in vative we are around digital content 0:05:02.040 --> 0:05:05.120 digital content strategies, the more range we have to provide 0:05:05.120 --> 0:05:08.000 the advertisers. And it's been a tremendous year. So what 0:05:08.120 --> 0:05:12.080 was this? How big a breakthrough was the live stream 0:05:12.120 --> 0:05:14.880 you did with Vogue at the Met Gala. I've seen 0:05:14.920 --> 0:05:19.360 the numbers, you know, astonishing number of live streams. Um, 0:05:19.400 --> 0:05:21.559 what was because but you've been at the Met Gala before? 0:05:21.600 --> 0:05:24.680 What was different this year? Why was it a breakthrough? Well? 0:05:24.720 --> 0:05:28.680 I mean I think, first of all, Um, people were 0:05:28.680 --> 0:05:31.400 excited that the Met was back, and so I think 0:05:31.440 --> 0:05:34.760 you definitely have this like fomo moment for consumers of 0:05:34.839 --> 0:05:37.719 like wow, Like you know, I think all of last 0:05:37.800 --> 0:05:42.360 year there was no live experiences are very few, if 0:05:42.440 --> 0:05:45.080 you will, Um, the MAT has been gaining traction for 0:05:45.120 --> 0:05:48.680 the for the past few years. UM, and you know, 0:05:48.720 --> 0:05:52.240 we kinda we took a test. You know. One of 0:05:52.279 --> 0:05:54.240 the other great things about twenty was just to have 0:05:54.400 --> 0:05:58.160 more time to really focus on our directed consumer strategy 0:05:58.800 --> 0:06:03.279 and just to think about you know, our own you know, 0:06:03.320 --> 0:06:06.760 our own I P and how and when we want 0:06:06.760 --> 0:06:10.480 to UM, how we want to connect with our consumer 0:06:10.520 --> 0:06:14.240 in these new places. And as it turns out, you know, 0:06:14.320 --> 0:06:17.599 for all the years that we've you know, been partnering 0:06:17.680 --> 0:06:22.000 with the MET, UM, we never owned any of the 0:06:22.120 --> 0:06:25.600 content UM in terms of the live format, and this 0:06:25.640 --> 0:06:27.000 was a year in which we were like, no, if 0:06:27.000 --> 0:06:28.720 this is the vogue met Gala, we want to own. 0:06:29.080 --> 0:06:31.000 We want to own the format, we want to own 0:06:31.440 --> 0:06:34.840 the relationship between the consumer and UM. You know, there 0:06:34.880 --> 0:06:37.240 was this was definitely a risk because you know, we're 0:06:37.240 --> 0:06:40.080 not a broadcast company. UM. But in a way that 0:06:40.120 --> 0:06:41.840 was a great thing because we were able to take 0:06:41.880 --> 0:06:44.920 a totally new and fresh approach to just a live 0:06:44.960 --> 0:06:48.280 experience in and of itself. UM. And we you know 0:06:48.320 --> 0:06:51.080 created almost like UM, you know, the met itself is exclusive, 0:06:51.120 --> 0:06:54.000 but we wanted to give our our audience, UM. You know, 0:06:54.040 --> 0:06:57.880 a real a real lens on how we see the 0:06:57.920 --> 0:07:01.440 Vogue met Gala through through you know, our creator's perspective. 0:07:02.040 --> 0:07:04.000 And it was tremendous for us. I mean we had, 0:07:05.120 --> 0:07:06.799 first of all, again I'll say this, like, we didn't 0:07:06.800 --> 0:07:10.560 expect to have this much growth, let alone this much attention. 0:07:10.640 --> 0:07:14.040 But like sixteen point five total live stream views, fifty 0:07:14.080 --> 0:07:17.360 four million total minutes watched. I mean that isn't that 0:07:17.480 --> 0:07:20.440 is an insane amount of success. I think what we're 0:07:20.520 --> 0:07:23.239 most proud of is that not only the people came 0:07:23.440 --> 0:07:27.040 to watch, but they stayed. Um. We had eleven global 0:07:27.120 --> 0:07:30.680 vogues and six US titles. UM. That actually that actually 0:07:30.680 --> 0:07:34.560 distributed the live stream. UM. But you know what, I 0:07:34.600 --> 0:07:36.600 also think it's just interesting because I think and I 0:07:36.640 --> 0:07:38.240 talked about this at the New Front last year, I 0:07:38.280 --> 0:07:40.400 think everyone is trying to figure out, like, what is 0:07:40.440 --> 0:07:43.320 the future of live? You know, how should we be 0:07:43.360 --> 0:07:46.600 thinking about it differently? UM? I think the concept that 0:07:46.640 --> 0:07:48.760 people are just sitting in their living room and not moving, 0:07:49.400 --> 0:07:51.600 um for four and a half hours is just not 0:07:51.720 --> 0:07:53.120 the right way to think about it. And so I 0:07:53.160 --> 0:07:55.840 think our strategy, UM, which has really been more of 0:07:55.840 --> 0:07:59.040 a social strategy around live is really what was so compelling, 0:07:59.720 --> 0:08:02.720 UM is almost when you make the broadcast comparison, as 0:08:02.800 --> 0:08:05.560 if you guys are thinking of yourselves almost more like 0:08:05.720 --> 0:08:09.480 E than we would have thought as traditionally Conde Nast. Well, 0:08:09.480 --> 0:08:11.280 it's ironic that you say that because he was the 0:08:11.320 --> 0:08:15.360 original UM team that it was actually uh, you know, 0:08:16.000 --> 0:08:20.200 providing that that live for that live format for consumers 0:08:20.200 --> 0:08:22.600 and so not that we're thinking the the irnea is like, 0:08:22.600 --> 0:08:25.240 we're not really thinking like anyone else. We're just trying 0:08:25.280 --> 0:08:27.520 to look at this from our own perspective, like, you know, 0:08:27.560 --> 0:08:29.800 what experience do we want to provide to our consumer? 0:08:29.960 --> 0:08:32.319 We have a totally different level of access just because 0:08:32.360 --> 0:08:34.880 it's the Vogue met Gala UM and so I think 0:08:34.880 --> 0:08:36.840 we were able to provide a totally different type of 0:08:36.880 --> 0:08:39.520 content experience number one. And then the format in which 0:08:39.559 --> 0:08:41.960 we did that on our own and operate in addition 0:08:41.960 --> 0:08:44.120 to our partner Twitter, I think just created a totally 0:08:44.120 --> 0:08:48.480 different experience. UM. And how does the monetization work here? Right? 0:08:48.679 --> 0:08:51.640 I forgive me, I'm not the biggest Anna Wintour fan. 0:08:51.760 --> 0:08:54.360 I didn't see it, but are there commercial breaks? I 0:08:54.400 --> 0:08:56.120 just want to understand how you make money off all 0:08:56.120 --> 0:08:59.040 these eyeballs. So a couple of things. So one is 0:08:59.559 --> 0:09:03.640 more of uh authentic integration strategy, So the way that 0:09:03.679 --> 0:09:07.000 we you know, interact with our consumer in all the 0:09:07.000 --> 0:09:09.320 ways that we create content around them. That's number one. 0:09:09.360 --> 0:09:12.800 Two definitely more of a you know, traditional CPM model 0:09:12.840 --> 0:09:15.480 where you can were actually like you know, inserting mid 0:09:15.600 --> 0:09:18.360 role and pre role like you would expect in any 0:09:18.400 --> 0:09:22.000 other bigger kind of digital video moment um. You know, 0:09:22.040 --> 0:09:25.240 for all intensive purposes, it's you know commercials, right, but um, 0:09:25.320 --> 0:09:27.840 you don't have to leave the you know, the commercial 0:09:27.920 --> 0:09:30.319 isn't taking over the experience and taking you away from 0:09:30.320 --> 0:09:33.880 the content is actually happening at the same time. Um. 0:09:33.960 --> 0:09:36.400 I also just think that like when we think about 0:09:37.400 --> 0:09:40.120 live experiences, people still think about it as like a 0:09:40.240 --> 0:09:44.600 TV experience, like literally the physical television. Um. And we 0:09:44.760 --> 0:09:47.240 just think about it as a content experience. And like 0:09:47.280 --> 0:09:50.880 how you view that content in mobile versus how you 0:09:50.920 --> 0:09:53.440 may want to watch it, you know, once you get 0:09:53.440 --> 0:09:57.040 home on your big screen is you know, it's it's 0:09:57.120 --> 0:10:01.080 it's so much more fluid. Um. And And the other 0:10:01.120 --> 0:10:03.760 thing I'll just add is that it's when when we 0:10:03.800 --> 0:10:06.840 think about live it isn't like a one way content 0:10:06.880 --> 0:10:09.320 experience where we're just like showing you something and you're 0:10:09.320 --> 0:10:11.800 receiving it. You know, when when you think about the 0:10:11.800 --> 0:10:14.800 way that we're you know, the mechanism in which we 0:10:14.800 --> 0:10:18.640 should we we shared our our content even with Twitter 0:10:19.160 --> 0:10:21.480 and on our own and operated or consumers telling us 0:10:21.480 --> 0:10:23.679 in real time, like what they're liking, what they're not, 0:10:23.720 --> 0:10:26.640 they're commenting, and so it's it's really a give and take. 0:10:26.720 --> 0:10:28.559 And I actually do think that's the that's the future 0:10:28.600 --> 0:10:30.480 of live experiences. It has to be more of a 0:10:30.559 --> 0:10:34.680 multidimensional relationship with the audience that's watching. So are we 0:10:34.720 --> 0:10:38.160 going to see you guys do this to other big 0:10:38.160 --> 0:10:42.360 events in the year, because if you guys repeat that, yeah, 0:10:42.360 --> 0:10:44.679 I mean, here's the here's the interesting thing. There's one 0:10:44.720 --> 0:10:47.040 other kind of p s A stat. I mean, we 0:10:47.080 --> 0:10:50.000 had more viewers of the Met Gala red carpet than 0:10:50.120 --> 0:10:53.680 ABC had for the Oscars last year. Um. And so 0:10:54.120 --> 0:10:55.720 first of all, what that should be telling you is 0:10:55.720 --> 0:10:58.960 that audiences want something different, right um. And that all 0:10:59.000 --> 0:11:01.800 should should tell you that we we kind of hit 0:11:01.840 --> 0:11:03.760 the nail on the head for this particular moment in 0:11:03.760 --> 0:11:06.280 time around the Met. We have another Met coming up 0:11:06.600 --> 0:11:08.680 in six months, which by the way, doesn't usually happen. 0:11:08.720 --> 0:11:11.120 We usually have one MET a year, first Monday in May, 0:11:11.200 --> 0:11:13.800 don't forget UM. So this was a unique moment in 0:11:13.840 --> 0:11:16.240 time that we had it in September. So we have 0:11:16.240 --> 0:11:18.720 another MET coming up, UM, and so you can you 0:11:18.720 --> 0:11:20.520 can be sure that you know, this is kind of 0:11:20.559 --> 0:11:23.400 like our new Super Bowl UM, and that starts now. 0:11:23.600 --> 0:11:26.800 So we had a ton of advertisers who were who 0:11:26.880 --> 0:11:29.760 partnered with us on this experience that are definitely UM 0:11:29.840 --> 0:11:31.439 kind of clamoring to be part of the next one. 0:11:31.480 --> 0:11:35.680 One would imagine why with that type of performance. Vanity 0:11:35.720 --> 0:11:38.880 Fair Red Carpet UM. You know, Vanity Fair Oscar Party 0:11:38.920 --> 0:11:40.480 is a big event that we've been hosting for the 0:11:40.760 --> 0:11:44.000 you know for several years now. We also had announced 0:11:44.000 --> 0:11:47.160 on the new front stage back in in May, uh 0:11:47.200 --> 0:11:49.720 that we would be launching a live format for the 0:11:49.760 --> 0:11:52.600 red Carpet experience as well. And so UM a lot 0:11:52.600 --> 0:11:55.440 of learnings from the MET and we will be applying 0:11:55.520 --> 0:11:57.680 many of those learnings to the Red Carpet experience for 0:11:57.679 --> 0:11:59.400 the oscars. So it will be really interesting to see 0:11:59.400 --> 0:12:02.440 how that all play that. But I'm excited and it 0:12:02.480 --> 0:12:04.600 sounds great. I mean we should point out sort of 0:12:04.640 --> 0:12:07.360 sort of, you know, with pan back for a second 0:12:07.360 --> 0:12:12.120 on the Conde Entertainment division and the video business that's 0:12:12.120 --> 0:12:14.920 been around for ten years. You're discussing one piece of 0:12:14.920 --> 0:12:17.400 it that I think is part of what has otherwise 0:12:17.480 --> 0:12:20.000 been known as a more short form strategy, all your 0:12:20.040 --> 0:12:23.880 brands putting out all sorts of interesting short form series. 0:12:24.240 --> 0:12:26.600 And then there's this whole other piece of it, which 0:12:26.760 --> 0:12:31.319 is licensing of movies and TV shows two players like Netflix. 0:12:32.000 --> 0:12:36.480 Uh So I'm just curious from I mean, certainly from 0:12:36.520 --> 0:12:40.880 your advertising perspective, it's all about the short form game 0:12:41.000 --> 0:12:45.160 and this live stream stuff. How valuable is that relative 0:12:45.240 --> 0:12:47.080 to the licensing business. I'm just trying to get a 0:12:47.120 --> 0:12:50.400 sense of the scale of what you've got going in video. Yeah, 0:12:50.440 --> 0:12:51.959 I mean, I think the way that I would look 0:12:51.960 --> 0:12:53.760 at it is and you know, we have a new 0:12:53.800 --> 0:12:57.240 president of Conyas Entertainment, Agnes Chew, who came over from Disney. 0:12:57.320 --> 0:13:03.040 She's awesome, um and I think that number one, you know, 0:13:03.120 --> 0:13:07.000 as as she's shared many times, is that our focus 0:13:07.080 --> 0:13:12.800 is to create a premium quality um to create premium 0:13:12.840 --> 0:13:16.679 quality content period and whether that is in film and television, 0:13:17.360 --> 0:13:19.720 or you know, through a partnership with Netflix, like we 0:13:19.760 --> 0:13:23.160 want to bring on the best of the best UM 0:13:23.640 --> 0:13:29.800 two engage with our audiences UM in ways that we think, uh, 0:13:29.920 --> 0:13:32.680 only we can. And we've had a lot of success 0:13:32.800 --> 0:13:34.800 there in film and television, and I think that, you know, 0:13:34.840 --> 0:13:38.840 Agnes brings a totally new and fresh um line of 0:13:38.880 --> 0:13:41.760 thinking to that. And that's kind of like the Halo 0:13:41.800 --> 0:13:45.440 and the magic and so it's it almost immediately, you know, 0:13:45.840 --> 0:13:48.840 lends itself to how we think about digital video or 0:13:48.880 --> 0:13:52.120 as you said, short form UM because we have this 0:13:52.320 --> 0:13:56.000 you know, the mechanism in which we're approaching film and television. 0:13:56.000 --> 0:13:58.280 And and I would compare, you know, I look at 0:13:58.320 --> 0:14:02.079 a company like who Lou right, and and they're kind 0:14:02.120 --> 0:14:05.079 of they're a company that kind of does all from 0:14:05.080 --> 0:14:07.320 a from from that perspective. You know, they're making movies now, 0:14:07.400 --> 0:14:10.240 they're making TV shows now, and you know, obviously it's 0:14:10.240 --> 0:14:13.760 a it's a different type of company because um of 0:14:13.760 --> 0:14:15.840 of the way that they think about format and the 0:14:15.840 --> 0:14:18.000 way that they produce their content. But it isn't in 0:14:18.080 --> 0:14:21.880 terms of just the the value prop in the content itself. 0:14:22.360 --> 0:14:25.280 And so for us, you know, kind of started in 0:14:25.280 --> 0:14:27.320 the reverse, we have a pretty robust kind of like 0:14:27.400 --> 0:14:30.120 digital video business. Now we also have like you know, 0:14:30.280 --> 0:14:33.480 brands that kind of bring this content to the consumer 0:14:34.160 --> 0:14:36.200 UM and there's a different relationship that I think some 0:14:36.240 --> 0:14:38.560 of our brands have with our consumers in that space 0:14:38.600 --> 0:14:40.960 that is is pretty divine. But yeah, I mean I 0:14:40.960 --> 0:14:43.760 would just say that, like how do they kind of 0:14:43.840 --> 0:14:45.960 come together? As you know there there it's a different 0:14:45.960 --> 0:14:48.920 business model. Obviously, one is more a direct to consumer 0:14:49.000 --> 0:14:50.920 model and the other is more of a of an 0:14:50.920 --> 0:14:54.600 advertising model. But it starts with making the best possible 0:14:54.680 --> 0:14:58.240 content and and building it for the consumer UM and 0:14:58.320 --> 0:15:00.840 ultimately if consumers really like it, and there's an opportunity 0:15:00.920 --> 0:15:05.120 to provide an opportunity for advertisers. So you know, I 0:15:05.120 --> 0:15:09.479 think our digital video platform UM enables advertisers to participate, 0:15:09.800 --> 0:15:14.080 right and uh, you know film and television allows um, 0:15:14.120 --> 0:15:16.600 you know, consumers to enjoy and and ultimately I think 0:15:16.600 --> 0:15:18.520 it's it's a huge part of our future. I mean, 0:15:18.560 --> 0:15:20.920 this is when we think about the future of content, 0:15:21.800 --> 0:15:24.920 you know, site, sound and motion. You know, imagine people 0:15:24.920 --> 0:15:28.040 love to talk about Conde Nasa magazine company, but ultimately 0:15:28.760 --> 0:15:30.840 this is how the majority of our consumers are engaging 0:15:30.880 --> 0:15:34.120 with our content today, but we should point out that 0:15:34.240 --> 0:15:37.680 on the licensing side that that part of what Agnes 0:15:37.800 --> 0:15:42.720 choose running it's ideas that could be generated from magazine 0:15:42.840 --> 0:15:45.760 stories that turn into movies. I know, for instance, I 0:15:45.760 --> 0:15:49.160 think there's a movie coming to Netflix maybe later this year, 0:15:49.720 --> 0:15:53.520 Escaped from Spiderhead, which is based on an article that 0:15:53.560 --> 0:15:58.680 appeared in a Conde nas publication. So I guess you know. 0:15:59.080 --> 0:16:00.880 The thing is, though, when I look over the past 0:16:00.880 --> 0:16:03.960 ten years, I can't think of that many examples of 0:16:04.160 --> 0:16:07.080 Conde Nask material that has sort of broken out onto 0:16:07.120 --> 0:16:10.920 screens big and small as TV shows and films. Are 0:16:10.920 --> 0:16:13.760 you happy with the progress you got? There? Is Agnes, 0:16:13.960 --> 0:16:16.960 you know, accelerating this. I'm just curious to get a 0:16:17.000 --> 0:16:20.240 sense of progress. Yeah, I mean she definitely brings different chops. 0:16:20.240 --> 0:16:23.640 I mean, Agnes is she's a Disney plus. Yeah, I mean, 0:16:23.640 --> 0:16:26.640 she's a baller. There's a reason why she's here, um am. 0:16:26.640 --> 0:16:29.280 I first of all, I'm super excited about our future 0:16:29.280 --> 0:16:31.400 and film and television. I think there's a huge opportunity 0:16:31.440 --> 0:16:32.920 there and I think we have the right person to 0:16:33.000 --> 0:16:36.120 make that happen. And I think, uh so that kind 0:16:36.120 --> 0:16:38.760 of you know speaks for itself. But we're we're we're building. 0:16:38.800 --> 0:16:41.760 We're in building mode, um, and I'm really proud of that. 0:16:41.840 --> 0:16:44.880 I think, you know, I think to your question about 0:16:45.280 --> 0:16:49.520 where some of our I P comes from, or when 0:16:49.520 --> 0:16:52.040 we think about like ideas for movies that may come 0:16:52.040 --> 0:16:54.920 from magazine articles. I think the way that we think 0:16:54.920 --> 0:16:57.080 about it now, and I've had this conversation with Anna 0:16:57.160 --> 0:16:59.080 several times is you know, we used to be a 0:16:59.080 --> 0:17:01.760 magazine company. So all of the stories that we wrote, 0:17:01.800 --> 0:17:05.200 like the format was physical media, it was magazines. Now 0:17:05.280 --> 0:17:10.040 the format is is um Our content doesn't come from 0:17:10.080 --> 0:17:13.239 magazines anymore. Like we create content and we decide like 0:17:13.320 --> 0:17:15.479 what format we think that content is going to make 0:17:15.520 --> 0:17:18.480 the most sense. Right. So, in many cases, you know, 0:17:18.960 --> 0:17:20.840 there is a physical media approach to it, but in 0:17:20.880 --> 0:17:22.879 other cases, a lot of our content is sitting in 0:17:22.920 --> 0:17:25.840 digital video that you wouldn't find in our magazines. If 0:17:25.840 --> 0:17:27.800 you think about the partnership we have with YouTube as 0:17:27.800 --> 0:17:30.919 an example, UM, you know, the content we create for 0:17:30.960 --> 0:17:35.360 Netflix is is not content you would find in any 0:17:35.359 --> 0:17:37.840 of the pages of our magazines. Right. So I think 0:17:37.840 --> 0:17:40.600 that the opportunity for us is that Listen, we have 0:17:41.080 --> 0:17:45.919 the most We are a creative company, and we're probably 0:17:45.920 --> 0:17:49.719 one of the most influential i P companies in the world. 0:17:50.520 --> 0:17:53.160 The majority of the years that we've been in business, 0:17:53.720 --> 0:17:58.080 we focus that influence and that creative precitions in magazines. 0:17:58.840 --> 0:18:02.000 But in the last five years we've extended that influence 0:18:02.080 --> 0:18:05.680 and that creativity and that talent to all of these 0:18:05.680 --> 0:18:08.520 new platforms. We produced content on eighty platforms worldwide. Now 0:18:08.960 --> 0:18:12.320 the majority of our audiences are digital. We have one 0:18:12.400 --> 0:18:16.720 billion I think it is digital views per month UM globally. 0:18:17.200 --> 0:18:20.080 You know, when you talk about the range of audience 0:18:20.080 --> 0:18:22.720 consumption digitally, but it's not like a competition, it's not like, 0:18:22.800 --> 0:18:24.240 well one as bad as one is good. It's just 0:18:24.280 --> 0:18:26.639 it's different. You know, print is a is a totally 0:18:26.680 --> 0:18:29.800 different experience, and so UM, I guess my point is 0:18:30.680 --> 0:18:33.040 when we think about i P and where it belongs, 0:18:33.040 --> 0:18:36.639 whether that's in a movie or you know, in some 0:18:36.760 --> 0:18:38.840 in some sort of like you know, in through a 0:18:38.960 --> 0:18:42.840 video format experience UM, or even if it's it's something 0:18:42.880 --> 0:18:45.960 we're producing for social you know, in partnership with Instagram, 0:18:46.040 --> 0:18:47.440 or maybe it's something that's gonna live on our own 0:18:47.480 --> 0:18:49.440 and operate. It starts with like what story do we 0:18:49.480 --> 0:18:50.960 want to tell and then where do we want to 0:18:51.000 --> 0:18:53.159 tell it? And then how do we want to monetize that? 0:18:53.400 --> 0:18:55.959 And and you know today we have the ability now 0:18:56.000 --> 0:18:58.800 to monetize that two ways, via the consumer and via 0:18:58.800 --> 0:19:02.680 the advertiser. We're talking to Pam drucker Man, Chief revenue 0:19:02.680 --> 0:19:05.440 Officer at Conde Nast, and we'll be right back in 0:19:05.520 --> 0:19:11.720 a moment. Welcome back, talking with Pam Drucker Man of 0:19:11.800 --> 0:19:16.439 Conde Nast about all things at the company. Another area 0:19:16.560 --> 0:19:19.640 that Conde Nast Entertainment is in that I would assume, 0:19:20.240 --> 0:19:22.680 with your role in the advertising side of the business, 0:19:22.720 --> 0:19:26.120 will be of increasing importance is podcasts. You just did 0:19:26.160 --> 0:19:31.160 a hire of Chris Bannon from Stitchard to oversee that business. Uh, 0:19:31.320 --> 0:19:33.879 it's something where it's not like you're starting from scratch. 0:19:33.960 --> 0:19:36.840 You guys are already in this game. What is sort 0:19:36.840 --> 0:19:38.480 of the next level you're trying to get at with 0:19:38.520 --> 0:19:42.640 this new hire. I mean, I think it says a lot, 0:19:43.200 --> 0:19:46.760 you know, I think Chris is highly reputable. Um, it's 0:19:46.840 --> 0:19:50.520 just like, I mean the amount of emails that I've received, like, oh, 0:19:50.520 --> 0:19:52.600 like you guys are really getting into audio. You guys 0:19:52.640 --> 0:19:56.159 hired Chris, it's like, Um, you know, I think he's uh, 0:19:56.840 --> 0:19:59.320 he's obviously a really talented guy. I mean, look, these 0:19:59.320 --> 0:20:01.800 are early days is for Condom. I mean we've we've 0:20:01.840 --> 0:20:04.119 we've been in the digital video space and even in 0:20:04.160 --> 0:20:07.000 the TV film space for much longer, and we've been 0:20:07.000 --> 0:20:10.240 in the you know, audio space, and we've we've we've, 0:20:10.320 --> 0:20:14.439 we've dabbled, we've had some success, UM, but I think 0:20:14.520 --> 0:20:17.240 we we recognize that again going back to what I 0:20:17.240 --> 0:20:19.320 was saying earlier, that you know, we have I that 0:20:19.359 --> 0:20:22.880 consumers want and audio is a way that consumers are 0:20:23.080 --> 0:20:26.080 spending time with content, and this is an area where 0:20:26.080 --> 0:20:28.879 we feel like we just have permission. But you know, 0:20:28.960 --> 0:20:31.440 it's a different format than bringing someone in with the 0:20:31.520 --> 0:20:34.840 expertise that I think can help UM take us to 0:20:34.880 --> 0:20:39.600 the next level there is UM is actually extremely encouraging 0:20:39.640 --> 0:20:42.280 and as a as a commercial revenue lead, I'm actually 0:20:42.359 --> 0:20:45.240 very excited about it. Okay, let's hit another part of 0:20:45.240 --> 0:20:48.679 the business, commerce where you guys are seeing more growth. 0:20:48.720 --> 0:20:53.080 I'm seeing, uh, the stores that are attached to every 0:20:53.119 --> 0:20:57.600 dot com associated with your brands. How meaningful is that business? 0:20:57.640 --> 0:21:00.760 I've I've never you know, bought a product on a 0:21:00.800 --> 0:21:05.440 on a publisher website. Um, but maybe I'm not seeing something. Yeah, well, 0:21:05.480 --> 0:21:08.760 I mean listen, if our CMO, dear Drew Finley, was here, 0:21:08.920 --> 0:21:11.280 she would say that, Um, you know, it's a little 0:21:11.320 --> 0:21:13.159 bit more complex than that. She's having a lot of 0:21:13.200 --> 0:21:18.520