WEBVTT - Catapult CEO on COVID-19 Tracking Devices

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Masser on

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<v Speaker 1>Bloomberg Radio. Yeah, you are listening to Bloomberg Business Week

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<v Speaker 1>on this Wednesday. I'm Carol Master in our Bloomberg Interactor

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<v Speaker 1>Broker studio. So our next guest was appointed CEO of Catapult.

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<v Speaker 1>I think it just kind of a little more than

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<v Speaker 1>a year ago, put in charge of running the sports

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<v Speaker 1>performance analytics and technology company, and talk about timing just

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<v Speaker 1>a few months before the world and especially Catapult sports

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<v Speaker 1>clientele world shutting down because of the pandemic. Having said that,

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<v Speaker 1>the stock is on quite a tear this year, let's

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<v Speaker 1>talk about this year and what's to come. Joining us

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<v Speaker 1>as Will Lopes, CEO of the publicly held Catapult based

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<v Speaker 1>in Australia. He's former chief revenue officer of Amazon's Audible subsidiary.

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<v Speaker 1>Long time with that company. But we're joining us on

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<v Speaker 1>this Wednesday on the phone in New York. Hey, Well,

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<v Speaker 1>nice to have you here. Hey, Carol, thank you for

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<v Speaker 1>having me. How are you So? What has your world

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<v Speaker 1>been like since March? And how has it changed since

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<v Speaker 1>March and April? God, it's it's it feels like, you know,

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<v Speaker 1>like I one year anniversary with Catapult talk about timing

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<v Speaker 1>five years. That's right, that's right. You know, the sports

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<v Speaker 1>the sports world has changed quite quite drastically and very rapidly.

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<v Speaker 1>But you know, luckily for us, it's starting to bounce

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<v Speaker 1>back quite well. I think they've managed to find ways

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<v Speaker 1>to return to play um and so I think we've

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<v Speaker 1>been quite lucky on that front. But you know, I

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<v Speaker 1>could tell you that from March to about June, I

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<v Speaker 1>think we're all sweating trying to figure out, you know,

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<v Speaker 1>where where where things were going. But it's it's actually

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<v Speaker 1>turned out to be just fine. Yeah, I feel like

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<v Speaker 1>in anything, it's funny. We knew things were getting really

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<v Speaker 1>serious when all of the sports world started shut down.

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<v Speaker 1>That's when we all started looking each other. We're like, okay,

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<v Speaker 1>this is It's like, it's unbelievable. But that that was

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<v Speaker 1>our metrics. Um. It just it just kind of took

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<v Speaker 1>it to a whole other level because you know, right,

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<v Speaker 1>there's a lot of money. It's it's the teams, it's

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<v Speaker 1>the franchises, it's the statements, the stadiums, it's you know,

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<v Speaker 1>um and it's the broadcast rights. I mean, it was

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<v Speaker 1>just a lot involved. But it's interesting the sports world

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<v Speaker 1>has really out like in many ways, especially look at

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<v Speaker 1>what the NBA did, really figured out how to do it. Yeah,

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<v Speaker 1>I think you know what what you know, what was

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<v Speaker 1>interesting for us from an industry perspective was that, you know,

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<v Speaker 1>the shutdown was globally and all at once, right, and

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<v Speaker 1>so unlike other industries where I think that you know,

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<v Speaker 1>it's felt regionally for different parts. Um. For us, it

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<v Speaker 1>really happened globally. UM. But I think you know what

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<v Speaker 1>we saw from our clients was you know a lot

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<v Speaker 1>of them reached out almost immediately and they right up

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<v Speaker 1>right from the start, I wanted to have plans about

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<v Speaker 1>how to return to play, how to use our technology

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<v Speaker 1>in terms of training you know, their athletes at home

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<v Speaker 1>because they got concerned about you know, getting stale from

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<v Speaker 1>a from a from an athletic performance perspective, how do

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<v Speaker 1>they review tapes from home? How do they start to

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<v Speaker 1>view video and the like? Um? And what really changed UM.

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<v Speaker 1>And I think you know what we're seeing in the

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<v Speaker 1>industry quite rapidly is that you know, even with things

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<v Speaker 1>like the NBA where they had a bubble, um, there

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<v Speaker 1>was you know, a core set of people who were

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<v Speaker 1>still working from home, UM, and so a lot of

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<v Speaker 1>the activities that we did in stadium or in training

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<v Speaker 1>centers really went to the house, which was was quite

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<v Speaker 1>an unusual thing for us to kind of prepare ourselves for.

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<v Speaker 1>I don't think we've thought about that. So tell tell

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<v Speaker 1>us a little bit more about that, what you were doing.

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<v Speaker 1>So there were a lot of athletes that were using

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<v Speaker 1>your equipment at home and you guys were trying Just

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<v Speaker 1>tell us about that. That's fascinating. So so so the

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<v Speaker 1>core problems we have. You know, we have a lot

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<v Speaker 1>of solutions that help teams perform and do their best.

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<v Speaker 1>But you know, we have really two core solutions. One

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<v Speaker 1>is a wearable device that athletes were on their torso

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<v Speaker 1>and we're using that to measure all kinds of data points,

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<v Speaker 1>really trying to help them, you know, stay healthy and

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<v Speaker 1>return to play and kind of bp performance during their

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<v Speaker 1>training sessions. And then we have a video solution that

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<v Speaker 1>is utilized by hundreds of teams here in the US

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<v Speaker 1>UM where they use that to analyze basically, you know,

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<v Speaker 1>their past game or their next opponent's game. UM. And

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<v Speaker 1>so from a wearables perspective, typically that's utilized in the

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<v Speaker 1>training center, so they you know, athletes come into more

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<v Speaker 1>in their trainers hand them out, they look at the

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<v Speaker 1>data that you know that's coming in from from the athletes,

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<v Speaker 1>and then they're modifying the training session based on that. UM.

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<v Speaker 1>So we had to modify that so that all of

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<v Speaker 1>these pods when individually to everyone's home and they could

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<v Speaker 1>train at home, then upload their data and have the

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<v Speaker 1>trainer basically modify their training sessions from from their own house. UM.

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<v Speaker 1>So that was a very different workflow for us. And

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<v Speaker 1>then in the video front, UM. You know, typically you

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<v Speaker 1>have you know, coaches are are reviewing tape UM where

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<v Speaker 1>they have athletes near them and they're doing illustration live

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<v Speaker 1>and they're talking about you know, you know you should

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<v Speaker 1>have done this differently or here's something that you know

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<v Speaker 1>you should think about in the next game. UM. And

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<v Speaker 1>all of a sudden, that workflow had to be you know,

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<v Speaker 1>uh remote workflow, just like we're all the only with

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<v Speaker 1>from you know, from a zoom perspective, right, UM. And

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<v Speaker 1>so the illustrations needed to be you know remote, They

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<v Speaker 1>needed to kind of adapt so that they could use

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<v Speaker 1>video conferencing. UM. So we had to modify our software

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<v Speaker 1>quite a bit. For that for dealing with this situation.

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<v Speaker 1>I'm also curious, well, how did I'm also tracking the

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<v Speaker 1>virus specifically be part of this. I'm assuming that that

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<v Speaker 1>was added to the platform. If not, Yeah, it was,

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<v Speaker 1>it was. It was actually you know, European Soccer was

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<v Speaker 1>the first group of professional athletes that came back to

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<v Speaker 1>play UM, and they had quite a high bar in

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<v Speaker 1>terms of what they are allowed to do during training sessions. Uh.

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<v Speaker 1>And so they could come in, they had to come

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<v Speaker 1>in with you know, a certain number of people given times,

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<v Speaker 1>and they had to ensure that they were keeping six

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<v Speaker 1>foot distance during training UM. And so what they were

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<v Speaker 1>using our hardware for it was actually to monitor that

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<v Speaker 1>to say, you know, here's a training session that allows

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<v Speaker 1>us to do it and keep social distancing. UM. They

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<v Speaker 1>also wanted to make sure that they tracked it and

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<v Speaker 1>send it back to the league office to say, look,

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<v Speaker 1>you know, we're following the rules. UM. So they utilize

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<v Speaker 1>our software from a contract tracing perspective, uh, you know,

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<v Speaker 1>very widely at this point. Yeah, it's really fascinating. It

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<v Speaker 1>sounds like the pivot was fairly just got about thirty

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<v Speaker 1>seconds and then we'll do some news and come back.

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<v Speaker 1>But in thirty seconds. It sounds like the pit of

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<v Speaker 1>it was fairly easy for you guys in terms especially,

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<v Speaker 1>you know, doing more tracking of athletes at home and

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<v Speaker 1>so on. Yeah. Well, in hindsight everything that's so true,

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<v Speaker 1>it's not when you're in the middle of it, right

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<v Speaker 1>in the thick of it doesn't feel so I think what,

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<v Speaker 1>you know, what was great was that, you know, we

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<v Speaker 1>were able to act so quickly, But in hindsight, you know,

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<v Speaker 1>if you look at at the time, it was actually

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<v Speaker 1>quite a monumental task for our team. Well, what's your

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<v Speaker 1>outlook for I don't know, maybe what are you hearing

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<v Speaker 1>from your sports client? Tell in your customers about what

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<v Speaker 1>looks like because I think people are starting to get optimistic.

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<v Speaker 1>I keep hearing about people thinking, Okay, maybe we'll have

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<v Speaker 1>this conference, or maybe we'll have this event. You know,

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<v Speaker 1>they're just kind of waiting to get a little bit

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<v Speaker 1>better of a better feel. What are you hearing What

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<v Speaker 1>are you anticipating for next yearly supporting the supporting world,

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<v Speaker 1>You're you're definitely seeing some optimism in terms of you know,

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<v Speaker 1>I think people feel that probably by the springtime that

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<v Speaker 1>you know, things will be fairly back to normal. Maybe

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<v Speaker 1>stadiums will be full yet with with fans, but it

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<v Speaker 1>will be starting to get close to it. So there

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<v Speaker 1>is optimism you're seeing in the industry. We're definitely seeing

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<v Speaker 1>a pick up in terms of conversations in sales. You know,

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<v Speaker 1>kind of we're put in hold while people waited for

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<v Speaker 1>some level of certainty. Is a conversation, So it's conversations,

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<v Speaker 1>maybe not actual sales, but your people are talking about

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<v Speaker 1>it more. Yeah. I think, you know, we had a

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<v Speaker 1>period where it was kind of, you know, our existing

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<v Speaker 1>clients stayed with us because they knew exactly what you know,

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<v Speaker 1>they had and how they were using it. But new

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<v Speaker 1>clients I think just kind of said, look, you know,

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<v Speaker 1>we're all just gonna wait everything back in play, and

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<v Speaker 1>those those those potential clients are now coming back and saying, okay,

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<v Speaker 1>we're ready to talk. Um. It also took a little

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<v Speaker 1>bit of time, I think for the industry as a

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<v Speaker 1>whole to accept that, you know, you didn't have to

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<v Speaker 1>be in person to have a conversation about, you know,

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<v Speaker 1>a new technology. I think everybody's now is starting to

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<v Speaker 1>get to this point of yeah, I can understand that,

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<v Speaker 1>you know, we could do this via a video conferencing. UM,

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<v Speaker 1>so we're definitely seen a bit optimism and and that's

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<v Speaker 1>been very fortunate for us. Well that's good. Okay, So

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<v Speaker 1>where do you guys go from here? And I'm curious

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<v Speaker 1>about what we were talking about the wearable markets and

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<v Speaker 1>I'm thinking about you know, so many I've talked to

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<v Speaker 1>a lot of CEOs and they just said there were

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<v Speaker 1>certain plan strategies that we had in place, but they

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<v Speaker 1>got accelerated because we hadn't moved much more quickly on

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<v Speaker 1>them because of the pandemic. There are other strategies that

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<v Speaker 1>we're not going to pursue anymore because we can just

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<v Speaker 1>see the world is changing. Um. How has this world

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<v Speaker 1>and this year maybe impacted some of the strategies that

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<v Speaker 1>you guys are doing at your company? Yeah, you know,

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<v Speaker 1>for for the most part, I think one of the

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<v Speaker 1>core strategy that we have is to actually centralize a

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<v Speaker 1>lot of the data points that you know, these teams

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<v Speaker 1>and athletes are having access. So UM, that really hasn't changed.

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<v Speaker 1>And so you know, technology has become really prolific in sports. Um,

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<v Speaker 1>you know, they measured just about everything at this stage,

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<v Speaker 1>whether that's nutrition or sleep or performance in the field

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<v Speaker 1>and training and the video and trying to connect all

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<v Speaker 1>of those things and actually make cohesive sense of it

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<v Speaker 1>is really that's in the industry and that's been core

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<v Speaker 1>of our strategy or a catapult. UM. So luckily for us,

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<v Speaker 1>I think that that continues. What I would say, you

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<v Speaker 1>know that that the element that really is changing for

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<v Speaker 1>us is the expectation of that technology is accessible and

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<v Speaker 1>available everywhere. UM. And so you know, sort of the

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<v Speaker 1>connectivity component of I could do this in the training session, UM,

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<v Speaker 1>I could look at my laptop, but I also may

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<v Speaker 1>want to look at my phone now with the pandemic

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<v Speaker 1>is you know, I realized I could do a lot

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<v Speaker 1>of stuff from home. I could do a lot of

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<v Speaker 1>stuff when I'm on the road. UM. And so the

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<v Speaker 1>ability to kind of have those uh you know, access

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<v Speaker 1>at any at any point, UM is something that I

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<v Speaker 1>think is accelerating for us. We knew it was coming, UM,

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<v Speaker 1>but I think now it's really accelerated for us. UM.

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<v Speaker 1>And I'd say the third thing, UM that maybe this

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<v Speaker 1>is I think you know, perhaps with with everybody being home, UM,

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<v Speaker 1>the one thing that is changing a little bit is

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<v Speaker 1>that you know the line between sfessional and amateur athletes

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<v Speaker 1>starting to blo um. And so I think you're seeing

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<v Speaker 1>a lot of the amateur athletes you know who were

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<v Speaker 1>at home who now have been you know, maybe have

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<v Speaker 1>a pent up designer to exercise and go out and

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<v Speaker 1>work out. They're all looking out and saying, you know,

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<v Speaker 1>what are the technologies that are out there too? Not

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<v Speaker 1>just get me back in shape or you know, getting

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<v Speaker 1>to improve my technique, but really improve you know, my

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<v Speaker 1>physique and how do I do that from a professional standpoint?

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<v Speaker 1>And and a lot of the products we have, I

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<v Speaker 1>think are you know, eventually will be simplified enough that

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<v Speaker 1>you know, anyone whether they're a high school student, you know,

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<v Speaker 1>a you know, early college entry or a professional athlete

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<v Speaker 1>could use Wow, that sounds like a kind of a

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<v Speaker 1>potential tremendous revenue stream for you guys eventually. Right, that's

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<v Speaker 1>a big mass market there, really is. I think that

0:10:51.559 --> 0:10:53.760
<v Speaker 1>you know that that we we've we've been very lucky

0:10:53.800 --> 0:10:55.720
<v Speaker 1>because we're the leaders in the professional side of the

0:10:55.760 --> 0:10:59.120
<v Speaker 1>house and there's about fifteen thousand professional teams across the

0:10:59.160 --> 0:11:01.400
<v Speaker 1>globe and we do very well there. But you know,

0:11:01.480 --> 0:11:03.679
<v Speaker 1>when you think about you know, sort of semi professionals

0:11:03.720 --> 0:11:06.240
<v Speaker 1>or non professional teams. Just in the US there's about

0:11:06.240 --> 0:11:09.040
<v Speaker 1>three hundred and fifty thousand high school teams, and when

0:11:09.080 --> 0:11:11.080
<v Speaker 1>you get below of that, there's you know, millions of

0:11:11.320 --> 0:11:14.679
<v Speaker 1>amateur athletes and they all have the same desires. How

0:11:14.679 --> 0:11:16.680
<v Speaker 1>do I improve, how do I stay healthy? How do

0:11:16.720 --> 0:11:19.760
<v Speaker 1>I avoid injury? Um? And how do I get feel

0:11:19.880 --> 0:11:21.800
<v Speaker 1>that I'm doing better and then I'm not just doing

0:11:21.800 --> 0:11:23.920
<v Speaker 1>the same thing? And and the fact that we have

0:11:24.040 --> 0:11:26.800
<v Speaker 1>access to these professional data, how we could use that

0:11:26.880 --> 0:11:28.920
<v Speaker 1>data and turn it into a you know, an AI

0:11:29.160 --> 0:11:33.120
<v Speaker 1>type of engine that really helps high school and youth

0:11:33.160 --> 0:11:36.440
<v Speaker 1>academies and then consumers, um, you know, sort of improving

0:11:36.520 --> 0:11:39.880
<v Speaker 1>their performance. I think is is a mass market, uh

0:11:39.920 --> 0:11:42.559
<v Speaker 1>for sure to be continued. Let us know how things

0:11:42.600 --> 0:11:45.240
<v Speaker 1>are going, especially when we get on the other side

0:11:45.240 --> 0:11:47.120
<v Speaker 1>of this. UM. Well, good to check in with you

0:11:47.160 --> 0:11:51.800
<v Speaker 1>willop see CEO of Catapult joining us on the phone

0:11:51.920 --> 0:11:54.680
<v Speaker 1>from New York City on this Wednesday. Really interesting to

0:11:54.720 --> 0:11:58.080
<v Speaker 1>hear again a very similar story that we've heard that

0:11:58.120 --> 0:12:01.079
<v Speaker 1>I think initially folks were you know, really irbis certainly

0:12:01.080 --> 0:12:04.440
<v Speaker 1>obviously when the pandemic first hit. But then you know,

0:12:04.480 --> 0:12:06.840
<v Speaker 1>as things start to unwine and we figured out how

0:12:06.880 --> 0:12:09.880
<v Speaker 1>to kind of get through even the sports industry, um,

0:12:09.920 --> 0:12:13.160
<v Speaker 1>you know, able to maintain at least some level of demand.

0:12:13.200 --> 0:12:14.679
<v Speaker 1>They are so really fascinating,