WEBVTT - How the World's Largest Magazine Company Approaches Video Content 0:00:06.120 --> 0:00:10.120 Thanks for tuning into another episode of Varieties Podcasts Strictly 0:00:10.200 --> 0:00:12.520 Business when we talked to some of the brightest minds 0:00:12.520 --> 0:00:15.640 working in media today. I am Varieties co editor in 0:00:15.720 --> 0:00:18.960 chief Andrew Wallace. I would have once said, my next 0:00:19.040 --> 0:00:22.040 guest works at a magazine company, the biggest one in 0:00:22.040 --> 0:00:25.440 the US at that, But the multimedia world the Meredith 0:00:25.480 --> 0:00:29.240 Corporation operates in today positions them more as a steward 0:00:29.240 --> 0:00:31.560 of some great brands that may have the gun life 0:00:31.560 --> 0:00:34.960 in print, but now are so much more. John Warder 0:00:35.080 --> 0:00:39.199 is president of Meredith National Media Group to overseas titles 0:00:39.240 --> 0:00:42.000 like Travel and Leisure, Eating well now thanks to the 0:00:42.040 --> 0:00:46.519 acquisition of Time Inc. Yet more brands like People Magazine. 0:00:48.720 --> 0:00:50.840 Thanks for sitting down with me, John, great to be here. Andrew, 0:00:50.840 --> 0:00:53.960 thanks for having me. So I'd like to start with Time. 0:00:54.720 --> 0:00:57.760 Meredith swallowed a pretty big fish there. I would imagine 0:00:57.800 --> 0:01:01.720 that is disruptive for a company. It's a lot to 0:01:01.800 --> 0:01:05.280 take in. So talk about the integration process. I would 0:01:05.319 --> 0:01:08.760 imagine it's a lot. Uh, The integration processes has been 0:01:08.760 --> 0:01:10.720 a lot, but it's going very very well and we're 0:01:10.720 --> 0:01:14.120 really happy, um and and pleased with the opportunities that 0:01:14.240 --> 0:01:17.400 these two great companies coming together not only afford us 0:01:17.440 --> 0:01:20.320 as a combined business, but obviously afford the marketplace as 0:01:20.319 --> 0:01:24.399 well from an advertising perspective. Uh, we really have a 0:01:24.600 --> 0:01:27.720 very very complementary set of capabilities, and as we looked 0:01:27.760 --> 0:01:31.600 at opportunities in the marketplace, we really concluded that the 0:01:31.640 --> 0:01:34.720 best way we could check all the boxes that we 0:01:34.760 --> 0:01:37.480 wanted to check and deliver all the capabilities that we 0:01:37.520 --> 0:01:40.800 wanted to deliver to consumers and two advertisers was bringing 0:01:40.800 --> 0:01:43.720 these two great companies together. So the integration has gone 0:01:43.800 --> 0:01:46.679 very very well. We've one of the first things we 0:01:46.720 --> 0:01:49.760 did was we aligned our salesforces together and I aligned 0:01:49.760 --> 0:01:52.000 our go to market and we continue to see the 0:01:52.680 --> 0:01:55.880 benefits of that work, and we're getting great response from 0:01:55.920 --> 0:01:58.840 the marketplace um regarding that go to market and how 0:01:58.840 --> 0:02:02.400 we're really a lining all of our capabilities and teams 0:02:02.440 --> 0:02:06.200 to superserve our clients. Before we dig into that integration, though, 0:02:06.240 --> 0:02:10.440 you also sold off some brands like tim Ink and 0:02:10.520 --> 0:02:14.680 sorry not Timing Time magazine. What was the decision? What 0:02:14.720 --> 0:02:17.200 was the filter you guys are applying in terms of 0:02:17.200 --> 0:02:19.560 what stays or goes well. I think it's a couple 0:02:19.600 --> 0:02:22.360 of things. First, and foremost, we are going to continue 0:02:22.360 --> 0:02:28.400 to focus on our core entertainment, family, food, lifestyle, UH 0:02:28.400 --> 0:02:31.040 and home brands, and that's always been our our focus 0:02:31.040 --> 0:02:33.160 and we're going to continue to double down there. I 0:02:33.200 --> 0:02:35.959 think for some of these assets, as we looked at them, 0:02:36.400 --> 0:02:39.000 we really felt they weren't UM in part cord our 0:02:39.040 --> 0:02:41.880 strategy going forward Number one and number two, we felt 0:02:41.919 --> 0:02:45.960 that there were other companies or owners of these brands 0:02:46.040 --> 0:02:50.280 that would be able to UM really focus on them 0:02:50.520 --> 0:02:53.120 UH and lean into them from an investment perspective and 0:02:53.200 --> 0:02:56.079 from a operational perspective in a way that would be 0:02:56.120 --> 0:02:59.840 the best for that brand. I mean that core business 0:02:59.840 --> 0:03:03.160 I referred to off the top magazines tough times. Just 0:03:03.280 --> 0:03:06.120 today we saw some big moves at Hearst Corporation that 0:03:06.200 --> 0:03:10.040 we're reflective of that. What is the general attitude though 0:03:10.080 --> 0:03:12.280 at Meredith. Do you think there's still a lot of 0:03:12.400 --> 0:03:16.040 life in print? I know we're sitting at a conference 0:03:16.080 --> 0:03:18.280 where you talked a lot about video, but I'm just 0:03:18.320 --> 0:03:21.440 curious what the philosophy is of that core business. Absolutely, 0:03:21.440 --> 0:03:23.120 and we think there's still a lot of life left 0:03:23.120 --> 0:03:24.639 in print. And remember, at the end of the day, 0:03:24.639 --> 0:03:28.360 we're a portfolio of brands, and we want our brands 0:03:28.400 --> 0:03:30.720 and our content and our products to be wherever consumers 0:03:31.040 --> 0:03:32.840 want them to be. Print is one of our our 0:03:32.880 --> 0:03:35.600 key channels, so to his digital, so to his video, 0:03:35.680 --> 0:03:39.400 so to his connected devices and appliances and cars, so 0:03:39.480 --> 0:03:42.480 to his social. And so we reach a hundred and 0:03:42.520 --> 0:03:46.000 seventy five million consumers every month across our channels, reach 0:03:46.040 --> 0:03:49.240 a hundred forty million. In digital we reach two hundred 0:03:49.240 --> 0:03:51.600 and sixty five million, and social we have forty five 0:03:51.680 --> 0:03:55.200 million paid subscribers. And we really have a very diversified 0:03:55.240 --> 0:03:59.680 business UH that really looks to optimize all of our brands. 0:03:59.720 --> 0:04:02.720 From a three and sixty degree perspectives, scale is great. 0:04:03.160 --> 0:04:06.320 What I'm curious though, is how do you differentiate yourself 0:04:06.320 --> 0:04:09.240 in terms of the quality of that audience? What what 0:04:09.400 --> 0:04:12.760 demos are you focusing on? So, from a demo perspective, 0:04:12.880 --> 0:04:16.240 we have obviously a very strong reach against women overall. 0:04:16.760 --> 0:04:20.960 We reach more than of of all United States women, 0:04:21.200 --> 0:04:24.240 we reach more than of all millennial women, we reach 0:04:24.279 --> 0:04:27.440 more than of all latinas, and we have not insignificant 0:04:27.440 --> 0:04:30.760 reach against male audiences as well. UH. So, as you, 0:04:30.920 --> 0:04:34.200 as you say, scale is uh is great. What we 0:04:34.680 --> 0:04:38.040 really are though, is scale with precision, UH, Scale with 0:04:38.080 --> 0:04:41.599 precision in terms of the insights and analytics that we 0:04:41.680 --> 0:04:44.520 bring to bear from a first party data perspective that 0:04:44.600 --> 0:04:49.120 can not only shape the media plans and media opportunities 0:04:49.160 --> 0:04:52.520 that are advertising clients and the agencies that represent them 0:04:53.320 --> 0:04:56.880 run with us, but also inform strategic decisions for our clients, 0:04:56.880 --> 0:05:01.159 like product portfolio decisions, because we understand our consumers to 0:05:01.200 --> 0:05:06.240 a very UH deep level UH and that understanding informs 0:05:06.240 --> 0:05:08.560 our own decisions in terms of the content we create, 0:05:08.600 --> 0:05:11.520 the products we develop, the new businesses that we enter, 0:05:11.920 --> 0:05:15.960 and it's really helped us diversify our revenue. So whereas 0:05:16.000 --> 0:05:20.000 print advertising is still a fairly significant UH percentage of 0:05:20.040 --> 0:05:24.000 our ad revenue, digital ad revenues growing um to a 0:05:24.080 --> 0:05:27.960 very significant instant and our consumer revenue continues to grow 0:05:28.000 --> 0:05:33.040 as well, particularly in in newer areas like commerce, affiliate marketing, 0:05:33.120 --> 0:05:36.560 brand licensing, etcetera. And so we continue to focus on 0:05:36.640 --> 0:05:40.680 advertising and diversifying to more premium forms of revenue that 0:05:40.760 --> 0:05:44.520 leverage our brands are insights and our technology platforms, and 0:05:44.600 --> 0:05:47.640 same thing on the consumer side, more more profitable and 0:05:47.680 --> 0:05:51.680 premium forms of consumer revenue generation that still are a 0:05:51.760 --> 0:05:58.160 complement to our traditional historical print advertising and print magazine 0:05:58.160 --> 0:06:02.400 subscription businesses and or video, which is where you're taking 0:06:02.400 --> 0:06:07.440 these brands that for many years, over over a century, 0:06:07.680 --> 0:06:12.160 Met Meredith goes back, are entrenched in consumer minds at 0:06:12.160 --> 0:06:16.480 a certain older demographic as print and so I'm curious 0:06:16.480 --> 0:06:18.960 to me, it's the biggest challenge of all how you 0:06:19.040 --> 0:06:22.919 translate these to a different medium, to a different audience. 0:06:23.279 --> 0:06:26.640 Some might suggest it's not even possible. Well, it is possible, 0:06:26.640 --> 0:06:28.320 and we do it every day. And it's important point. 0:06:28.320 --> 0:06:30.640 You're raising really the contents to be created for the 0:06:30.720 --> 0:06:32.680 channel in which you're reaching the consumer and for the 0:06:32.720 --> 0:06:36.880 consumer UH segment that you're reaching, and so we've really 0:06:36.960 --> 0:06:40.560 focused on creating all of our content and particular video 0:06:40.600 --> 0:06:42.720 content for the right channel. And one of the things 0:06:42.800 --> 0:06:46.719 we announced that our recent UH new front was leaning 0:06:46.720 --> 0:06:52.920 into things like Instagram, TV and live video content really 0:06:52.960 --> 0:06:56.320 anchored around not only the People brand from an entertainment perspective, 0:06:56.680 --> 0:06:59.159 but also our other brands from a food, home and 0:06:59.360 --> 0:07:02.400 lifestyle for serspective. And we really want to be again 0:07:02.400 --> 0:07:06.800 where the consumer is and are owned and operated. Audience 0:07:07.600 --> 0:07:11.080 accesses Instagram thirty times a day, and so we feel 0:07:11.080 --> 0:07:14.560 that there's an opportunity with our Instagram specific Instagram TV 0:07:15.240 --> 0:07:19.680 video assets, which are configured and created for that platform specifically, 0:07:20.040 --> 0:07:22.680 is a great way to superserve that audience and appeal 0:07:23.120 --> 0:07:25.400 to newer audiences that may not be as familiar with 0:07:25.480 --> 0:07:28.880 our brands and super served. You are, I mean ten 0:07:29.040 --> 0:07:32.560 series coming to I G t V, and I get 0:07:32.600 --> 0:07:37.000 what you're saying. There's a natural evolution of your heavy 0:07:37.040 --> 0:07:40.880 Instagram user based checking out I G t V. Nevertheless, 0:07:40.880 --> 0:07:43.960 you're not starting with one. You're You're You're doing ten 0:07:44.280 --> 0:07:47.520 and you know, I've spoken to publishers and the like 0:07:47.720 --> 0:07:50.480 who have suggested that there's a lot of hype around 0:07:50.560 --> 0:07:54.360 i G TV, but also it's so early that they're 0:07:54.360 --> 0:07:57.000 not sure what to make of it. Well, when we 0:07:57.080 --> 0:08:01.280 decide to explore UM different district aribution platforms and channels, 0:08:01.280 --> 0:08:02.760 we do it with the purpose and we do it 0:08:02.800 --> 0:08:05.480 with the notion that we want to deliver content to 0:08:05.560 --> 0:08:08.080 consumers where they want to consume it. We want to 0:08:08.160 --> 0:08:11.200 learn together UM, with those consumers and with our partners 0:08:11.240 --> 0:08:13.960 what's working UM and ultimately use that as a foundation 0:08:14.000 --> 0:08:16.840 to create to continue to create even better content UM 0:08:16.920 --> 0:08:19.640 that ultimately grows with with the channel. We were one 0:08:19.680 --> 0:08:22.400 of the first UM uh you know, publishers to lean 0:08:22.440 --> 0:08:24.480 into and companies to lean to Facebook Live. It worked 0:08:24.480 --> 0:08:27.480 really well for us. We continue to focus on ot T. 0:08:28.040 --> 0:08:32.760 We continue to focus UM on connected devices UM you 0:08:32.760 --> 0:08:34.760 know for all recipes. As an example, we were one 0:08:34.800 --> 0:08:38.040 of the first Alexas skills. We have people content on 0:08:38.120 --> 0:08:42.120 Echo show. So we really like to experiment UM with 0:08:42.200 --> 0:08:45.880 a purpose with these newer UM and more emerging UH 0:08:45.920 --> 0:08:48.880 distribution channels, which we found to really be effective in 0:08:48.920 --> 0:08:52.160 terms of engaging the audiences we traditionally engage and would 0:08:52.200 --> 0:08:54.640 also like to engage that we may not be UM. 0:08:54.679 --> 0:08:56.880 It's front and center with today. When you made the 0:08:56.880 --> 0:09:00.680 announcement about the I G t V shows at the 0:09:00.720 --> 0:09:04.880 New Fronts West, you also talked about the expansion of 0:09:04.960 --> 0:09:09.440 People People TV as an ot T brand. I was 0:09:09.480 --> 0:09:11.439 also struck just as much as I was struck by 0:09:11.559 --> 0:09:15.560 you know, the ten series move expanding to four live 0:09:15.760 --> 0:09:20.120 hour seems to me unusually ambitious for O T T. 0:09:20.360 --> 0:09:23.120 Where talk about early days, it's the earliest of early 0:09:23.400 --> 0:09:27.480 We're exciting. We're seeing incredible engagement with the People brand 0:09:27.520 --> 0:09:30.760 from a video perspective across channels. At the recent Royal 0:09:30.800 --> 0:09:33.760 wedding a couple of months ago, we had seventy million 0:09:33.880 --> 0:09:37.000 views of our coverage of that wedding over a seventy 0:09:37.040 --> 0:09:40.080 two hour period. So we think there's a massive opportunity 0:09:40.160 --> 0:09:44.360 with our entertainment brands in particular to really engage and 0:09:44.880 --> 0:09:49.480 activate and monetize over time uh that uh, that audience 0:09:49.760 --> 0:09:52.400 through the channel. So when you think about UM, you know, 0:09:52.440 --> 0:09:55.960 People TV, we think it's an incredible opportunity. We're gonna 0:09:55.960 --> 0:09:59.480 build on that foundation with People now with Chatter from 0:09:59.480 --> 0:10:02.720 a daytime time and from a you know, a prime 0:10:02.760 --> 0:10:07.240 time perspective, and then also other programming like Jess Kegel 0:10:07.280 --> 0:10:11.400 Interview UM and Couch Surfing and Entertainment Weekly cast Reunions, 0:10:11.559 --> 0:10:14.000 which we think, together with a hundred and twenty five 0:10:14.040 --> 0:10:18.720 events that we also live stream UM each year, will 0:10:18.760 --> 0:10:21.480 really give us an opportunity to take a leadership position 0:10:21.520 --> 0:10:25.440 and be the de facto entertainment network for live streaming 0:10:25.440 --> 0:10:29.320 and beyond. People is a pretty huge brand that came 0:10:29.320 --> 0:10:33.000 over with the Timing acquisition. I get why if you're 0:10:33.000 --> 0:10:35.319 going to go into the O T T space, best 0:10:35.360 --> 0:10:37.840 to to lead with that are you thinking about it 0:10:37.840 --> 0:10:40.920 in terms of your other brands, which are no slouches either, absolutely, 0:10:40.960 --> 0:10:42.280 and so one of the things you'll see, and we 0:10:42.280 --> 0:10:44.040 talked a little bit about this at the recent New Front, 0:10:44.120 --> 0:10:46.640 is that we are going to UM and we already 0:10:46.640 --> 0:10:48.800 have leaned into some of our other brands from an 0:10:48.800 --> 0:10:53.240 OTT and live streaming perspective. Think of food, think of home, 0:10:53.760 --> 0:10:58.200 think of lifestyle programming beyond entertainment, and those are some 0:10:58.240 --> 0:11:00.480 of the things that you know we can tinue to 0:11:00.600 --> 0:11:04.000 explore UM four brands like better Homes and Gardens for real, 0:11:04.080 --> 0:11:09.480 simple all recipes, UM, et cetera. You also mentioned Alexa, which, 0:11:09.640 --> 0:11:12.240 my god, we're in twenty eighteen, aren't we when we're 0:11:12.280 --> 0:11:16.439 talking to publishers about what are you doing on voice products? 0:11:16.480 --> 0:11:19.440 But do you see big opportunities there? Yeah, we're very 0:11:19.480 --> 0:11:21.800 excited about it. We think it's a it's an emerging 0:11:22.160 --> 0:11:25.440 channel for us. A significant percentage of searches today are 0:11:25.480 --> 0:11:28.240 carried out through voice enabled devices, and we'll continue to 0:11:28.280 --> 0:11:31.160 be UH done so that way. And we ultimately look 0:11:31.200 --> 0:11:35.520 at our brands as UM providing very compelling and useful 0:11:35.520 --> 0:11:38.520 content to help people look to achieve what they're trying 0:11:38.520 --> 0:11:40.520 to achieve on a daily basis, or things that are 0:11:40.520 --> 0:11:44.800 more aspirational. And voice enabled devices and connected appliances and 0:11:44.800 --> 0:11:48.000 and cars are something that we continue to focus on 0:11:48.040 --> 0:11:50.080 and believe will be a key part of our UM 0:11:50.120 --> 0:11:53.800 engagement strategy going forward. Key part. You know, looking five 0:11:53.960 --> 0:11:56.080 ten years down the road, do you see voices something 0:11:56.080 --> 0:11:59.520 that could be as significant as video or print? Um, 0:11:59.559 --> 0:12:02.520 it wouldn't surprised me. It's it's hard to uh, you know, 0:12:02.800 --> 0:12:04.920 assess that it's still as you said, early days, but 0:12:05.000 --> 0:12:08.679 it's something that that we're excited about. And UM we're 0:12:08.800 --> 0:12:15.520 um um bullish on opportunities. In terms of the brands 0:12:15.559 --> 0:12:20.800 that you have prior to the Timing acquisition, I'm curious, 0:12:21.520 --> 0:12:23.160 is there any one of them that you think really 0:12:23.559 --> 0:12:28.040 exemplifies what Meredith is able to do outside print? That's 0:12:28.040 --> 0:12:30.280 a great question. I would say, not only outside print, 0:12:30.320 --> 0:12:31.840 but within print as well. I'll give you a couple 0:12:31.880 --> 0:12:36.600 of examples. First, UM, I would look to a brand 0:12:36.760 --> 0:12:41.440 like All Recipes UM and brands like Better Homes and Gardens. 0:12:41.760 --> 0:12:45.160 So Better Homes and Gardens. As an example, is UH 0:12:45.360 --> 0:12:49.439 generates When Meredith is a company really generates UH, it's 0:12:49.480 --> 0:12:54.120 the second largest UH company in terms of UH brand 0:12:54.200 --> 0:12:57.560 licensed product retail sales after Disney and Better Homes and 0:12:57.600 --> 0:12:59.800 Gardens is really the key to that. So when you 0:12:59.800 --> 0:13:02.360 think about that for a second, it showcases the power 0:13:02.400 --> 0:13:06.720 of that brand um to engage consumers and be monetized 0:13:06.760 --> 0:13:09.920 outside of a print experience and outside of an advertising experience. 0:13:10.360 --> 0:13:13.160 When you look at All Recipes, that was a digital 0:13:13.160 --> 0:13:16.480 brand that was really desktop first when we we bought it, 0:13:16.760 --> 0:13:19.760 we ultimately leaned into mobile madd a mobile first brand, 0:13:20.080 --> 0:13:24.160 and we've taken that brand to connected devices, and we've 0:13:24.200 --> 0:13:26.559 also taken it to print and it's been a really 0:13:26.600 --> 0:13:29.720 successful print title for us and really helped us to 0:13:29.800 --> 0:13:34.320 create an even greater sixty degree brand for consumers. And 0:13:34.360 --> 0:13:36.280 then one other example in print we would we would 0:13:36.360 --> 0:13:40.080 highlight as well is the Magnolia Journal, and that's a 0:13:40.160 --> 0:13:44.199 brand where our partnership parameters are really within the print 0:13:44.280 --> 0:13:48.200 medium alone, and that has been an incredible success for 0:13:48.280 --> 0:13:50.120 us as a company. We've leaned into it from a 0:13:50.120 --> 0:13:52.960 consumer revenue perspective and to a lesser degree from an 0:13:52.960 --> 0:13:56.559 advertising perspective, and it's become one of the most profitable 0:13:56.559 --> 0:13:58.559 brands in the hundred and sixteen year history of our 0:13:58.559 --> 0:14:02.000 company within its first year of operation, and we're very, 0:14:02.080 --> 0:14:04.760 very excited about that. So to your point, we think 0:14:04.800 --> 0:14:07.680 for all of our brands, there are opportunities, whether it's 0:14:07.840 --> 0:14:12.640 print advertising, digital advertising, newer premium forms of advertising, commerce, 0:14:12.720 --> 0:14:17.800 affiliate marketing, brand licensing, lead generation, other forms of consumer 0:14:17.840 --> 0:14:20.800 revenue like paid products and memberships that each one of 0:14:20.840 --> 0:14:25.800 these core brands has the permission to play in and 0:14:25.880 --> 0:14:29.240 to ultimately participate in as a brand in the marketplace. 0:14:29.240 --> 0:14:31.760 And we're seeing a lot of success from all corners 0:14:31.760 --> 0:14:34.040 of the media ecosystem with a lot of these, uh, 0:14:34.200 --> 0:14:37.080 these brands that we have, whether they pre existed the 0:14:37.120 --> 0:14:39.800 transaction with time or they joined the company as part 0:14:39.800 --> 0:14:45.640 of our transaction. I get, you know, the the diversification 0:14:45.760 --> 0:14:50.320 strategy here. I'm still curious that whether Meredith takes a 0:14:50.320 --> 0:14:53.440 particular point of view with regard to the long term 0:14:53.560 --> 0:14:57.040 viability of print. In other words, do you guys feel no, 0:14:57.240 --> 0:14:59.000 ten years from now we still expect to be in 0:14:59.000 --> 0:15:01.440 this business. We do, And I think remember we have 0:15:01.480 --> 0:15:03.320 to look at print and that medium is one of 0:15:03.360 --> 0:15:06.320 the channels in which we operate, and there is an 0:15:06.400 --> 0:15:09.400 advertising component to that and a consumer revenue component to that. 0:15:09.840 --> 0:15:12.760 And so we believe that you know, print is is 0:15:12.920 --> 0:15:15.960 not going to disappear. We believe in it. We believe 0:15:15.960 --> 0:15:17.640 it's one of the channels that we need to continue 0:15:17.680 --> 0:15:21.040 to to operate in and that our consumers really enjoy 0:15:21.320 --> 0:15:24.200 that channel. Um. And what's going to be interesting is 0:15:24.240 --> 0:15:28.840 now gen zers enter the life stages that we serve. 0:15:29.240 --> 0:15:32.720 They're getting their first place to live, they're moving out 0:15:32.720 --> 0:15:35.320 on their own, they're finishing school, they're getting their first job, 0:15:35.680 --> 0:15:38.280 they're thinking about getting married, They get married, they have 0:15:38.320 --> 0:15:41.600 a kid. Though, all of those stages people are entering in. 0:15:41.640 --> 0:15:44.800 And what we're seeing is that there's still a role 0:15:44.880 --> 0:15:48.400 for all of our media in those life stages. UM. 0:15:48.480 --> 0:15:52.080 And so that's exciting to us. What you're saying almost 0:15:52.080 --> 0:15:54.040 brings to mind. I believe it was the new owner 0:15:54.040 --> 0:15:58.160 of the Los Angeles Times, likening print of record Vinyl 0:15:58.760 --> 0:16:02.440 that still has a place the table. Would you? I 0:16:02.520 --> 0:16:05.040 think to me, Vinyl is a little more niche than 0:16:05.080 --> 0:16:07.560 I would expect, you know, print to be. Um. We're 0:16:07.560 --> 0:16:10.000 seeing and I mean, some of our most engaged audiences 0:16:10.080 --> 0:16:14.960 are leading and trailing millennials, UM with that medium. UM. 0:16:15.080 --> 0:16:18.120 So I to me, I look at Vinyl and I 0:16:18.120 --> 0:16:19.920 love it. Don't get me wrong. My my brother is 0:16:19.960 --> 0:16:23.440 a big Vinyl collector, but to me, that seems like 0:16:23.680 --> 0:16:27.040 a lot more niche than I would expect print uh 0:16:27.080 --> 0:16:31.120 to be ten years from now. And of course, Meredith, 0:16:31.440 --> 0:16:34.960 as we've talked about in this conversation, very active on 0:16:35.080 --> 0:16:38.600 the acquisition front. Uh. Time In gets sold off, some 0:16:38.680 --> 0:16:41.400 others were probably gonna go out the door as well. 0:16:42.080 --> 0:16:44.040 I'm curious that once you get on the other side 0:16:44.080 --> 0:16:47.600 of that, is Meredith still in an acquisitive mode. Do 0:16:47.640 --> 0:16:51.560 you still see consolidation is something that's going to affect 0:16:51.560 --> 0:16:55.160 your industry. Yeah, we expect that, uh, you know, consolidation 0:16:55.160 --> 0:16:57.120 will continue to occur, and we like being in the 0:16:57.120 --> 0:17:01.400 position of being a consolidate tour and ultimate lee. As 0:17:01.400 --> 0:17:05.040 opportunities present themselves, were always considering opportunities at all times. 0:17:05.359 --> 0:17:08.000 I would expect us to continue to explore opportunities to 0:17:08.000 --> 0:17:12.000 add to our portfolio, whether from a product perspective, from 0:17:12.040 --> 0:17:17.199 a brand perspective, from a category perspective, from a new 0:17:17.320 --> 0:17:20.879 revenue stream um perspective. Anything that's going to continue to 0:17:20.920 --> 0:17:24.840 diversify and strengthen our relationships with consumers and advertisers, I 0:17:24.880 --> 0:17:27.560 think will be something that we would uh we consider 0:17:27.720 --> 0:17:29.840 so long as it's something that we feel we can 0:17:29.840 --> 0:17:33.480 sustainably grow profitably. On that note, are there gaps you're 0:17:33.520 --> 0:17:37.320 looking to fill places where build or buy you want 0:17:37.320 --> 0:17:39.440 to get there and you're not there, Well, I think 0:17:39.640 --> 0:17:41.879 every company has gaps, and we feel we've filled a 0:17:41.880 --> 0:17:44.560 lot of the gaps that we had UM with our 0:17:44.840 --> 0:17:48.959 combination with time UM. We ultimately want to scale videos 0:17:48.960 --> 0:17:50.720 of place. We really like to continue to scale and 0:17:50.840 --> 0:17:54.399 we have an incredible amount of engagement there. Uh. We 0:17:54.480 --> 0:17:56.680 think there's a lot more upside in terms of the 0:17:57.119 --> 0:18:02.200 monthly video views UH and UH monetize herble video of 0:18:02.240 --> 0:18:04.720 views that we can generate across all the channels in 0:18:04.720 --> 0:18:07.000 which we operate, and that I think is an example 0:18:07.000 --> 0:18:08.680 of an area that we're going to look to continue 0:18:08.680 --> 0:18:11.439 to build out together. We're stronger than either one of 0:18:11.520 --> 0:18:13.840 us was before, but we think there's an even bigger 0:18:13.880 --> 0:18:17.919 opportunity for us to scale our video assets UM going forward. 0:18:18.440 --> 0:18:22.720 In another way, the Meredith Time combination reminds me a 0:18:22.760 --> 0:18:25.399 bit of what A T and T and Time Warner 0:18:25.400 --> 0:18:29.119 are going through in terms of just the sensibility of 0:18:29.160 --> 0:18:33.000 the brands. I think Meredith, for instance, is known for 0:18:33.440 --> 0:18:35.760 a wholesome feels like the wrong word, but not a 0:18:35.760 --> 0:18:39.320 bad word to use. Then when the timing stuff comes in, 0:18:40.000 --> 0:18:43.639 you start to get maybe a little more outside what 0:18:43.760 --> 0:18:46.840 I would consider the traditional brand definition. And just in 0:18:46.880 --> 0:18:49.240 the same way that Time Warner changes the complexion of 0:18:49.280 --> 0:18:52.680 a T and T with content like HBO. Do you 0:18:52.920 --> 0:18:57.600 see the brand complexion of Meredith changing as a result 0:18:57.680 --> 0:19:00.520 of this or are you guys the same brand you 0:19:00.560 --> 0:19:03.199 were before? No? I think we we do continue to 0:19:03.200 --> 0:19:06.080 evolve from a branding category perspective. I think by combining 0:19:06.359 --> 0:19:09.040 our two companies, we are thought of more as an 0:19:09.119 --> 0:19:12.119 entertainment and beauty focused company than we ever were before. 0:19:12.359 --> 0:19:17.800 UM as an example, I think from a entertainment, lifestyle, food, home, 0:19:17.920 --> 0:19:21.920 and family perspective, I think we're without pier and that's 0:19:22.000 --> 0:19:25.199 very exciting for us UM but absolutely one of the 0:19:25.200 --> 0:19:28.240 reasons we were excited about coming together as a company 0:19:28.240 --> 0:19:31.320 as we felt it would expand our opportunities to cover 0:19:31.359 --> 0:19:34.320 a broader range of categories for consumers that we serve 0:19:34.359 --> 0:19:36.560 and advertiser that we serve. And I think we're seeing 0:19:36.600 --> 0:19:39.800 that UM play itself out and it's really been a 0:19:39.920 --> 0:19:44.199 very very complementary UM transaction. I can't really think of 0:19:44.240 --> 0:19:50.240 an area where UM both companies were equally strong in 0:19:50.400 --> 0:19:53.800 a core component of our business. So, for example, when 0:19:53.840 --> 0:19:58.119 you look at content driven commerce at Meredith, historically we 0:19:58.240 --> 0:20:02.320 focused at the very bottom of the funnel UM through commerce, 0:20:02.359 --> 0:20:06.840 affiliate marketing, et cetera, affiliate links within content. On the 0:20:07.000 --> 0:20:10.840 time inkside, the focus was more on content to drive commerce. 0:20:10.920 --> 0:20:13.359 And now we've put those two together, and so throughout 0:20:13.440 --> 0:20:16.680 that funnel from a content perspective all the way down 0:20:16.720 --> 0:20:19.320 through the transaction. We think we're a much stronger company 0:20:19.680 --> 0:20:22.320 than ever before. And we're generating hundreds of millions of 0:20:22.359 --> 0:20:24.520 dollars a year in retail sales for our partners, and 0:20:24.520 --> 0:20:26.760 we only expect that to grow. So I think it's 0:20:26.760 --> 0:20:30.320 an example of an area where we had complementary strength, 0:20:30.359 --> 0:20:33.600 and it's one of many we're together. We're much stronger 0:20:33.640 --> 0:20:36.080 now than either one of us was before. You mentioned 0:20:36.119 --> 0:20:39.000 the affiliate links, and that is obviously something that a 0:20:39.000 --> 0:20:42.040 lot of publishing companies are looking at right now. I'm curious, 0:20:42.560 --> 0:20:45.800 you know how aggressive you're looking to be there. I 0:20:46.200 --> 0:20:49.280 hear a lot about the shoppable format. Is that a 0:20:49.320 --> 0:20:51.399 place where you're playing as well and explain what that is. 0:20:51.440 --> 0:20:54.040 Sure absolutely so from we we're looking to make all 0:20:54.040 --> 0:20:57.600 of our media shoppable UM, from video to print to 0:20:57.720 --> 0:21:01.240 digital UM. We are leaning in to that regard because 0:21:01.280 --> 0:21:04.199 we think it provides a value to consumers and we 0:21:04.240 --> 0:21:09.600 are inspiring our content leads UM are inspiring consumers to 0:21:09.960 --> 0:21:14.479 transact and ultimately we're providing value to consumers in that regard. 0:21:14.800 --> 0:21:17.600 We want to make sure the right products and UM 0:21:18.400 --> 0:21:21.239 content are in front of them UM and ultimately we 0:21:21.280 --> 0:21:23.639 facilitate that transaction. We want to make sure we're capturing 0:21:23.680 --> 0:21:27.080 our fair share of the inspiration that we UH we 0:21:27.280 --> 0:21:32.320 create and the transactions that we facilitate. And in terms 0:21:32.520 --> 0:21:36.200 of what you're doing just in general with affiliate commerce, 0:21:36.200 --> 0:21:39.280 that are their particular instances with particular brands where it's 0:21:39.320 --> 0:21:41.399 like you got to see what we're doing here. Sure. 0:21:41.480 --> 0:21:43.720 So one of the great again complimentary things that we've 0:21:43.760 --> 0:21:46.040 done is we have a very successful set of store 0:21:46.040 --> 0:21:48.280 fronts that we've set up within a lot of our brands, 0:21:48.480 --> 0:21:51.720 and we're actually extending those to the newer brands that 0:21:51.760 --> 0:21:57.040 have enter our portfolio, like people like Entertainment, Weekly in Style, etcetera. 0:21:57.280 --> 0:22:01.879 We are going to create um a larger commerce play 0:22:01.920 --> 0:22:05.439 and affiliate marketing play among those brands, in addition to 0:22:05.520 --> 0:22:09.879 looking to extend our brands from a brand licensing perspective 0:22:10.000 --> 0:22:13.199 into online and physical retail. I gotta say, as I 0:22:13.280 --> 0:22:17.080 as I listened to this, in general, I think of 0:22:17.320 --> 0:22:22.880 what must be operationally unbelievably complicated when you consider now 0:22:23.000 --> 0:22:28.520 forty brands all seem to be highly diversified doing things 0:22:28.640 --> 0:22:32.479 on lots of different platforms. I mean even I obviously 0:22:32.520 --> 0:22:34.720 work for a publishing company as well, and I see 0:22:34.760 --> 0:22:38.040 the dance of like balancing or juggling I should say, 0:22:38.119 --> 0:22:41.320 video and print and social and all that. How are 0:22:41.359 --> 0:22:44.960 you guys adapting to this reality? Well, it is complicated 0:22:44.960 --> 0:22:48.119 as you As you mentioned, at the end of the day, 0:22:48.160 --> 0:22:51.399