1 00:00:10,480 --> 00:00:14,560 Speaker 1: Welcome to Strictly Business, Variety's weekly podcast featuring conversations with 2 00:00:14,640 --> 00:00:18,400 Speaker 1: industry leaders about the business of media and entertainment. I'm 3 00:00:18,440 --> 00:00:21,880 Speaker 1: Cynthia Littleton, co editor in chief of Variety Today. Our 4 00:00:21,920 --> 00:00:26,520 Speaker 1: guest is Marco Bissetti, CEO of Banajet. Banajet is one 5 00:00:26,560 --> 00:00:31,000 Speaker 1: of Europe's biggest production groups, known for huge global franchises 6 00:00:31,040 --> 00:00:35,159 Speaker 1: such as Master Chef and Peaky Blinders. This interview was 7 00:00:35,159 --> 00:00:38,720 Speaker 1: conducted live on stage on October thirteenth at the MIPCOM 8 00:00:38,840 --> 00:00:43,840 Speaker 1: Content Marketing can Bassetti was recognized with Variety in mipcom's 9 00:00:44,000 --> 00:00:48,800 Speaker 1: Vanguard Award for contributions to the global television industry. I 10 00:00:48,960 --> 00:00:52,400 Speaker 1: was joined on stage by my colleague Elsa Caslassi, Variety's 11 00:00:52,440 --> 00:00:56,360 Speaker 1: international editor, who was based in Paris. She did the 12 00:00:56,400 --> 00:01:00,360 Speaker 1: hard work on Variety's Vanguard profile of Bassetti, so it 13 00:01:00,400 --> 00:01:02,440 Speaker 1: was only right that she joined me on stage for 14 00:01:02,480 --> 00:01:06,720 Speaker 1: a great conversation. Bassetti is candid about the challenges and 15 00:01:06,760 --> 00:01:10,960 Speaker 1: opportunities ahead for Mana. Jay also knows the company inside 16 00:01:10,959 --> 00:01:13,880 Speaker 1: and out. That's a really great session about where media 17 00:01:14,000 --> 00:01:17,280 Speaker 1: is going our thanks to MAPCOM organizers for letting us 18 00:01:17,280 --> 00:01:19,720 Speaker 1: share this interview with strictly business listeners. 19 00:01:20,280 --> 00:01:24,920 Speaker 2: So the first question for you. You know, I describe 20 00:01:24,959 --> 00:01:28,280 Speaker 2: you also in the profile that I wrote as someone 21 00:01:28,319 --> 00:01:32,400 Speaker 2: who cares about profit margins. And it turns out Banija 22 00:01:32,440 --> 00:01:35,920 Speaker 2: has been profitable, and you recently posted your financial results 23 00:01:36,240 --> 00:01:39,200 Speaker 2: which showed that you had an ABITA up six percent, 24 00:01:39,880 --> 00:01:42,520 Speaker 2: which you know, as we know, the market conditions are 25 00:01:42,520 --> 00:01:45,000 Speaker 2: really tough right now. I wonder if you could explain 26 00:01:45,080 --> 00:01:49,480 Speaker 2: to us the decisions you've made strategically speaking to navigate 27 00:01:49,760 --> 00:01:52,160 Speaker 2: the market conditions. 28 00:01:52,640 --> 00:01:59,760 Speaker 3: So, yes, we are quite profitable compare our industry. I 29 00:01:59,760 --> 00:02:04,120 Speaker 3: think that if I should say why, First of all 30 00:02:04,240 --> 00:02:05,840 Speaker 3: is because we are very disciplined. 31 00:02:05,880 --> 00:02:06,720 Speaker 2: It in. 32 00:02:08,280 --> 00:02:12,560 Speaker 3: Controlling cash. We have adapt that we have to pay 33 00:02:12,600 --> 00:02:16,799 Speaker 3: back and we wants to leverage the company. We never 34 00:02:16,919 --> 00:02:20,840 Speaker 3: made Vanity stupid the acquisition we were. We know we 35 00:02:21,680 --> 00:02:29,239 Speaker 3: never overpaid company. And discipline for us, it's let's say along, 36 00:02:29,400 --> 00:02:31,840 Speaker 3: let's say not only for finance, also for the rest. 37 00:02:32,240 --> 00:02:36,200 Speaker 3: We never take a huge risk and sometimes let's say 38 00:02:36,680 --> 00:02:39,600 Speaker 3: we prefer others to take a risk and then maybe 39 00:02:39,639 --> 00:02:43,839 Speaker 3: to learn from them how it can do. I think 40 00:02:43,880 --> 00:02:51,840 Speaker 3: that second is scale and diversification. When we put had 41 00:02:51,919 --> 00:02:55,600 Speaker 3: them all, everybody was everybody. A lot of people will say, 42 00:02:55,680 --> 00:02:59,320 Speaker 3: well they became too big, you know, to be so big. 43 00:02:59,480 --> 00:03:02,880 Speaker 3: It's not is it advantgete Today I should say that 44 00:03:03,040 --> 00:03:06,839 Speaker 3: the other way around. Scale it's extremely important in order 45 00:03:06,919 --> 00:03:12,079 Speaker 3: let's say, to have to give access to our talent 46 00:03:12,120 --> 00:03:16,760 Speaker 3: and to ip to a full all our footprint, all 47 00:03:16,840 --> 00:03:20,919 Speaker 3: our let's say initiative, all our service and also the versification. 48 00:03:21,800 --> 00:03:25,800 Speaker 3: We know that the market is difficult since two years 49 00:03:26,360 --> 00:03:29,520 Speaker 3: the industry is pretty much flat. But we have a 50 00:03:29,560 --> 00:03:32,960 Speaker 3: fantastic platform. We have a fantastic group of manager creative, 51 00:03:33,040 --> 00:03:35,640 Speaker 3: so we need to use our platform. So for instance, 52 00:03:35,680 --> 00:03:39,600 Speaker 3: what we just did in Live that was just launched 53 00:03:39,600 --> 00:03:42,000 Speaker 3: two years ago and now we have the range of 54 00:03:42,080 --> 00:03:46,720 Speaker 3: two hundred and fifty million revenues, it's one of the 55 00:03:46,760 --> 00:03:51,880 Speaker 3: new business that we did that we launched a company 56 00:03:52,160 --> 00:03:55,440 Speaker 3: having pretty much the same business model using our creativity 57 00:03:55,520 --> 00:04:01,640 Speaker 3: and organic and un organic. Then I think that there 58 00:04:01,680 --> 00:04:05,200 Speaker 3: is also innovation because you have to continue to innovate 59 00:04:05,240 --> 00:04:08,320 Speaker 3: it your stuff, you know, otherwise you can leave with 60 00:04:08,480 --> 00:04:11,000 Speaker 3: our brand because there is the time that this brand 61 00:04:11,040 --> 00:04:13,800 Speaker 3: that will die. So far there are growing up, okay, 62 00:04:13,920 --> 00:04:17,160 Speaker 3: but like continue to do this, but it cannot this 63 00:04:17,320 --> 00:04:21,000 Speaker 3: the world without a new IP and innovation for us 64 00:04:21,040 --> 00:04:24,520 Speaker 3: is another important Let's say, way in order let's say 65 00:04:24,560 --> 00:04:28,719 Speaker 3: to create organic grow So madam, if you want, I 66 00:04:28,760 --> 00:04:31,159 Speaker 3: well mentioned some of our new show, but maybe we 67 00:04:31,200 --> 00:04:34,480 Speaker 3: can do later if you want, and this give us, 68 00:04:34,560 --> 00:04:39,120 Speaker 3: let's say, opportunity, let's say to have organic group. And 69 00:04:39,160 --> 00:04:42,680 Speaker 3: then there is also a kind of DNA of this 70 00:04:42,839 --> 00:04:46,000 Speaker 3: company that it was pretty much let's say, stayed the same. 71 00:04:46,160 --> 00:04:51,240 Speaker 3: So for instance, let's say thirty percent scripted, seventy percent unscripted, 72 00:04:51,560 --> 00:04:58,200 Speaker 3: very disciplined on this, we don't will never, let's say, 73 00:04:58,279 --> 00:05:00,719 Speaker 3: try to do something different in or let's say to 74 00:05:00,800 --> 00:05:05,240 Speaker 3: make it to win an oscar or something that cost 75 00:05:05,279 --> 00:05:08,200 Speaker 3: a lot, you know, so sometimes maybe you know, there 76 00:05:08,240 --> 00:05:11,320 Speaker 3: are other companies they prefer to have less return for 77 00:05:11,480 --> 00:05:14,080 Speaker 3: the shareholder and to win an oscar. It's not out case. 78 00:05:15,080 --> 00:05:18,039 Speaker 4: You will have a company in a year and then 79 00:05:18,240 --> 00:05:21,000 Speaker 4: in two years time and in three years time. We've 80 00:05:21,160 --> 00:05:26,920 Speaker 4: all seen companies where the goal of you know, making noise, 81 00:05:27,000 --> 00:05:31,479 Speaker 4: making an impression is more important than the financial bottom line. 82 00:05:31,600 --> 00:05:34,479 Speaker 4: And those companies aren't here anymore. So that that's another 83 00:05:34,520 --> 00:05:38,160 Speaker 4: reason why we thought, you know, Banachet and even as 84 00:05:38,240 --> 00:05:41,360 Speaker 4: Elsa mentioned or you mentioned the end the mall Shine acquisition, 85 00:05:42,040 --> 00:05:45,560 Speaker 4: that was a big bet that could have so many 86 00:05:45,600 --> 00:05:49,159 Speaker 4: ways that could have been bad for the company. That 87 00:05:49,200 --> 00:05:53,599 Speaker 4: could you know, without you know, without the proper integration 88 00:05:53,920 --> 00:05:56,960 Speaker 4: and the management in the way that you've just discussed, 89 00:05:57,760 --> 00:06:00,320 Speaker 4: that could have been you know, if they had a 90 00:06:00,400 --> 00:06:02,719 Speaker 4: couple of bad years, that could have been really hard 91 00:06:02,800 --> 00:06:06,000 Speaker 4: after taking on that big of an acquisition, especially for 92 00:06:06,040 --> 00:06:08,080 Speaker 4: where Banajet was at that time. 93 00:06:08,480 --> 00:06:10,279 Speaker 1: Can you talk about how and. 94 00:06:10,360 --> 00:06:14,039 Speaker 4: The mall Shine was that what made that integration work 95 00:06:14,080 --> 00:06:16,400 Speaker 4: for you? How did you scale that in the way 96 00:06:16,440 --> 00:06:17,000 Speaker 4: that you did. 97 00:06:18,480 --> 00:06:21,040 Speaker 3: First of all, I always to remember then we put 98 00:06:21,279 --> 00:06:24,560 Speaker 3: them on and then we get COVID, so all the 99 00:06:24,560 --> 00:06:27,800 Speaker 3: integration was done basically on zoom. Oh my god. So 100 00:06:28,160 --> 00:06:31,840 Speaker 3: just add to the challenge is that at the very high, 101 00:06:32,400 --> 00:06:38,240 Speaker 3: very high. But I think first of all, we talk 102 00:06:38,279 --> 00:06:41,160 Speaker 3: a lot, we think a lot before to do this acquisition. 103 00:06:41,240 --> 00:06:45,600 Speaker 3: That was a big, big step for us. But if 104 00:06:45,640 --> 00:06:50,159 Speaker 3: I look now, it was the only way to survive 105 00:06:50,200 --> 00:06:55,760 Speaker 3: in this market, and we were a lot of concern because, 106 00:06:55,800 --> 00:06:58,560 Speaker 3: as you remember, the integration between and themal Shine and 107 00:06:58,600 --> 00:07:02,240 Speaker 3: Core was not so successful. So everybody was looking at a US, 108 00:07:02,320 --> 00:07:04,760 Speaker 3: how you could be successful. There are a few reasons 109 00:07:04,760 --> 00:07:08,200 Speaker 3: why we were successful. First of all, because Stephan is 110 00:07:08,200 --> 00:07:11,680 Speaker 3: coming from them or like me, I was in charge 111 00:07:11,720 --> 00:07:13,640 Speaker 3: of and themore for a few years, so I know 112 00:07:13,800 --> 00:07:20,360 Speaker 3: quite well the company. But we strongly believe that if 113 00:07:20,360 --> 00:07:22,800 Speaker 3: you want to svive in this market, you know, you 114 00:07:22,800 --> 00:07:26,240 Speaker 3: should have a very strong foot print. You should have 115 00:07:26,560 --> 00:07:29,520 Speaker 3: a lot of strong IP in order, let's say, not 116 00:07:29,840 --> 00:07:31,720 Speaker 3: just to be very frank with you, not to be 117 00:07:31,800 --> 00:07:36,559 Speaker 3: screwed by your client, and to have leverage it means 118 00:07:36,600 --> 00:07:39,280 Speaker 3: to retain AP. It means so that you are in 119 00:07:39,320 --> 00:07:41,960 Speaker 3: control of your RP and you can exploit it in 120 00:07:42,000 --> 00:07:45,440 Speaker 3: a different way. You RP not only in the channel 121 00:07:45,480 --> 00:07:48,920 Speaker 3: that you are to selling the IP. And that was 122 00:07:48,920 --> 00:07:53,080 Speaker 3: the decision, the rational of this acquisition. By the way, 123 00:07:53,120 --> 00:07:57,480 Speaker 3: this time, but j we did not have the footprint 124 00:07:57,520 --> 00:07:59,680 Speaker 3: that we have now. We don't have such a strong 125 00:07:59,720 --> 00:08:03,280 Speaker 3: disibution that and the mahas at this time we don't 126 00:08:03,320 --> 00:08:06,080 Speaker 3: have the scripted business, and we saw the descripted business 127 00:08:06,120 --> 00:08:09,200 Speaker 3: we stream will started growing. So for us was a 128 00:08:09,200 --> 00:08:09,920 Speaker 3: perfect match. 129 00:08:10,440 --> 00:08:12,800 Speaker 2: There were synergies, as Jackpuel. 130 00:08:12,480 --> 00:08:15,800 Speaker 3: And there were a lot of synergy okay, and all 131 00:08:15,840 --> 00:08:18,600 Speaker 3: the stigages that we made, we will invest in another 132 00:08:18,760 --> 00:08:21,480 Speaker 3: in another way, and so and then there was so 133 00:08:21,560 --> 00:08:24,440 Speaker 3: there was I should say, if I just to be 134 00:08:24,480 --> 00:08:27,600 Speaker 3: finished on this, we were. We had also the experience 135 00:08:27,640 --> 00:08:30,640 Speaker 3: of the audio that watched much more acquisition but integration 136 00:08:30,720 --> 00:08:33,439 Speaker 3: went very well. So we know pretty much how to manage. 137 00:08:35,160 --> 00:08:36,280 Speaker 3: Let's see which is the next. 138 00:08:37,040 --> 00:08:39,800 Speaker 2: But also I think one of the things you mentioned 139 00:08:39,920 --> 00:08:43,120 Speaker 2: is that it gave you leverage when you negotiate with 140 00:08:43,280 --> 00:08:47,880 Speaker 2: other companies three merge et cetera. Talk to us about that, 141 00:08:47,960 --> 00:08:51,079 Speaker 2: you know, like this position with the scale that you 142 00:08:51,200 --> 00:08:52,559 Speaker 2: build through that acquisition. 143 00:08:54,000 --> 00:08:58,079 Speaker 3: Well, looking at now, okay, not a few years ago, 144 00:08:58,640 --> 00:09:02,640 Speaker 3: I think that it's more important because the retention of 145 00:09:02,840 --> 00:09:06,240 Speaker 3: rights for a company like us that they have to 146 00:09:06,320 --> 00:09:09,840 Speaker 3: invest and to go more in a direct to consumer business, 147 00:09:10,200 --> 00:09:15,480 Speaker 3: the retention on AP is crucial. And when you could 148 00:09:15,520 --> 00:09:21,199 Speaker 3: have when you could retain your AP, when you invest 149 00:09:21,920 --> 00:09:25,520 Speaker 3: in pilot, when you invest an EP, when you invest 150 00:09:25,600 --> 00:09:30,200 Speaker 3: in talent, when you have a strong catalog, or sometimes 151 00:09:30,200 --> 00:09:32,120 Speaker 3: you have a volume deal that you are fit because 152 00:09:32,160 --> 00:09:35,400 Speaker 3: sometimes because there are clients that in order to have 153 00:09:35,640 --> 00:09:37,880 Speaker 3: house shows, they give us a opportunity to have a 154 00:09:37,960 --> 00:09:40,640 Speaker 3: volume deal and there we have an opportunity to create 155 00:09:40,720 --> 00:09:48,040 Speaker 3: other AP. So it's not a kind of let's say 156 00:09:48,480 --> 00:09:53,200 Speaker 3: all the time discussion with them, but stuff, it's not easy. 157 00:09:53,440 --> 00:09:56,720 Speaker 3: But today we saw that our commission they are looking 158 00:09:56,720 --> 00:10:00,920 Speaker 3: at us more as a partner and just let's say 159 00:10:02,120 --> 00:10:05,320 Speaker 3: a guy that is spending a lot of their budget 160 00:10:05,920 --> 00:10:08,760 Speaker 3: and they have to buy this show. So they know 161 00:10:08,840 --> 00:10:11,240 Speaker 3: that pretty much we are in the same boat and 162 00:10:11,280 --> 00:10:13,760 Speaker 3: there are more and more way how let's say, to 163 00:10:13,840 --> 00:10:18,000 Speaker 3: share with them the IP, the retention, THEP and to 164 00:10:18,040 --> 00:10:21,480 Speaker 3: exploit the IP. It's different from client to client, it's 165 00:10:21,520 --> 00:10:24,960 Speaker 3: different from commission to commission, different from a tit from 166 00:10:25,520 --> 00:10:29,199 Speaker 3: commercial and public broadcaster. But I saw a future where 167 00:10:30,080 --> 00:10:33,880 Speaker 3: if we want reality renovated IP and to have to 168 00:10:33,960 --> 00:10:38,280 Speaker 3: go out from this momentum where everybody's extreaming or risk adverse, 169 00:10:38,840 --> 00:10:42,000 Speaker 3: we need, let's say, to be conscious that if we invest, 170 00:10:42,120 --> 00:10:44,760 Speaker 3: we need to eat any PSVP and have the opportunity 171 00:10:44,840 --> 00:10:47,520 Speaker 3: as a producer not only by New j but also 172 00:10:47,559 --> 00:10:50,480 Speaker 3: a TV or three media one or the other in 173 00:10:50,600 --> 00:10:52,800 Speaker 3: the to have a part of this IP. 174 00:10:53,679 --> 00:10:56,400 Speaker 2: But speaking of your M and a strategy, do you 175 00:10:56,559 --> 00:10:59,559 Speaker 2: feel now that you achieved like the scale that you 176 00:10:59,720 --> 00:11:02,680 Speaker 2: want or are you still looking for opportunities. 177 00:11:06,920 --> 00:11:10,760 Speaker 3: Let's laborate a little bit. Yes, I think that we 178 00:11:10,880 --> 00:11:13,679 Speaker 3: have the scale in our business that we should have. 179 00:11:14,040 --> 00:11:16,240 Speaker 3: I don't think that geographic is speaking. We need to 180 00:11:16,320 --> 00:11:19,559 Speaker 3: have the other territory. Maybe we need, let's thing to 181 00:11:19,640 --> 00:11:22,240 Speaker 3: improve in some genera in charity that maybe we are 182 00:11:22,360 --> 00:11:27,679 Speaker 3: not so strong. It should be until twenty twenty two, 183 00:11:27,760 --> 00:11:30,360 Speaker 3: or be too twenty three. We did a lot of 184 00:11:30,720 --> 00:11:33,559 Speaker 3: after random or a lot of small acquisitionsgy you know that, 185 00:11:33,640 --> 00:11:38,439 Speaker 3: let's say two to feed our machine and to have 186 00:11:38,559 --> 00:11:41,320 Speaker 3: everything we need so we can give to our client 187 00:11:41,360 --> 00:11:48,160 Speaker 3: that to a commissioner, what they're asking for today, just 188 00:11:48,240 --> 00:11:52,160 Speaker 3: a pure many market buying small company. I don't think 189 00:11:52,240 --> 00:11:57,360 Speaker 3: that is anymore there because there is a significant difference compare, 190 00:11:57,600 --> 00:12:01,199 Speaker 3: which is let's say the demand the offer. Okay, if 191 00:12:01,240 --> 00:12:05,080 Speaker 3: you saw the multiple today where other companies are listed 192 00:12:05,440 --> 00:12:09,480 Speaker 3: and the money that we could pay. By the way, 193 00:12:09,720 --> 00:12:12,840 Speaker 3: we never buy a company because we want to buy 194 00:12:12,880 --> 00:12:15,760 Speaker 3: a bidda never, so we will never on this game. 195 00:12:15,960 --> 00:12:18,640 Speaker 3: We believe that this game was very dangerous. It has 196 00:12:18,720 --> 00:12:23,360 Speaker 3: to have strategic it has exactly or there is an ip, 197 00:12:23,800 --> 00:12:25,679 Speaker 3: or there is a talent or there is a need 198 00:12:25,800 --> 00:12:28,400 Speaker 3: to cover space that we are not covering. We never 199 00:12:28,520 --> 00:12:30,719 Speaker 3: buy for buying a bit da, can I ask you 200 00:12:31,040 --> 00:12:34,520 Speaker 3: just to finish if may I Now we want to 201 00:12:34,600 --> 00:12:38,720 Speaker 3: invest in another area in order to diversify our business. 202 00:12:41,240 --> 00:12:42,199 Speaker 3: That could be possible. 203 00:12:43,480 --> 00:12:45,920 Speaker 2: Yeah, will talk about that live entertainment afterwards. 204 00:12:46,000 --> 00:12:50,360 Speaker 4: Yes, but your philosophy, you know the strong feeling you 205 00:12:50,520 --> 00:12:53,600 Speaker 4: do not buy earnings. You do not buy a company 206 00:12:53,800 --> 00:12:57,640 Speaker 4: for its abetter. I mean that's a business fundamental because 207 00:12:57,679 --> 00:12:59,880 Speaker 4: you can't guarantee will be there next year and the 208 00:13:00,040 --> 00:13:03,000 Speaker 4: year after. Is that do you think is that even 209 00:13:03,160 --> 00:13:05,679 Speaker 4: more crucial in content right now? 210 00:13:06,559 --> 00:13:13,800 Speaker 3: Definitely? It's today. We saw that we are positioned in 211 00:13:13,880 --> 00:13:18,840 Speaker 3: the market like a kind of natural consolidato. There are 212 00:13:19,120 --> 00:13:23,400 Speaker 3: more and more talent that they like to come to 213 00:13:23,520 --> 00:13:28,160 Speaker 3: work with us, and we split with them the value 214 00:13:28,200 --> 00:13:31,440 Speaker 3: that we can create together. That it makes much more sense. 215 00:13:32,200 --> 00:13:37,240 Speaker 3: We saw every day small company but also medium company, 216 00:13:37,280 --> 00:13:40,360 Speaker 3: they cannot survive anymore on the market. So that's for 217 00:13:40,520 --> 00:13:44,440 Speaker 3: us and it's a real opportunity for increase our market share, 218 00:13:44,640 --> 00:13:47,599 Speaker 3: but also to create a new ap So instead of 219 00:13:47,679 --> 00:13:50,880 Speaker 3: spending money with their office, with their service and every 220 00:13:50,960 --> 00:13:55,920 Speaker 3: day they could spend their money in creativity. That's for 221 00:13:56,080 --> 00:13:58,480 Speaker 3: US an opportunity not only for US, so for some 222 00:13:58,640 --> 00:14:02,640 Speaker 3: of our competitor And I never saw so many talent 223 00:14:02,760 --> 00:14:06,719 Speaker 3: deal like last year. Talent they would like to have 224 00:14:07,120 --> 00:14:12,959 Speaker 3: a safe home where they can keep their own independence 225 00:14:13,559 --> 00:14:16,079 Speaker 3: and they can also to work just not just for 226 00:14:16,520 --> 00:14:18,719 Speaker 3: one or t TiO streamer on client, but they have 227 00:14:18,880 --> 00:14:22,880 Speaker 3: the capability to work with all of them. That's something 228 00:14:22,920 --> 00:14:24,800 Speaker 3: that is coming more and more. And on the other 229 00:14:24,960 --> 00:14:28,080 Speaker 3: side should say that also the globals teams they feel 230 00:14:28,120 --> 00:14:30,960 Speaker 3: comfortable to work with the kind of natural consulator like 231 00:14:31,080 --> 00:14:34,360 Speaker 3: us because they could have much more opportunity, a big 232 00:14:34,520 --> 00:14:38,960 Speaker 3: range of opportunity for talent and geographic plicking also to 233 00:14:39,160 --> 00:14:42,720 Speaker 3: the centralized some stuff hub on this kind of thing. 234 00:14:42,880 --> 00:14:47,080 Speaker 3: So I believe that this is an opportunity for international 235 00:14:47,200 --> 00:14:49,720 Speaker 3: producers like US and coming here. 236 00:14:51,160 --> 00:14:55,000 Speaker 2: And in terms of English speaking markets, some other companies 237 00:14:55,360 --> 00:14:57,800 Speaker 2: I won't mention names, but some other companies in Europe 238 00:14:57,800 --> 00:15:00,760 Speaker 2: are very aggressive for the you know, in the UK 239 00:15:01,120 --> 00:15:04,360 Speaker 2: and the US, you have a different kind of approach 240 00:15:04,480 --> 00:15:08,480 Speaker 2: right towards English language markets. It's not like a big 241 00:15:08,560 --> 00:15:10,120 Speaker 2: priority for you for BANJ. 242 00:15:12,280 --> 00:15:15,600 Speaker 3: Well, let's say that the English speaking market, if you speaking, 243 00:15:15,680 --> 00:15:17,920 Speaker 3: content is a priority for all of us in this 244 00:15:18,080 --> 00:15:21,240 Speaker 3: business because just the CPM there as much oiland and 245 00:15:21,920 --> 00:15:24,640 Speaker 3: so much through m n as I mean no for 246 00:15:24,800 --> 00:15:29,520 Speaker 3: the men A, I think that yes, we would like 247 00:15:29,560 --> 00:15:32,120 Speaker 3: to grow in this in this space, okay, in in 248 00:15:32,760 --> 00:15:37,320 Speaker 3: in this area of the English speaking But it's a 249 00:15:37,360 --> 00:15:41,720 Speaker 3: bit complex also there because all the all the money 250 00:15:41,800 --> 00:15:43,920 Speaker 3: is coming from you, all the money, big money is 251 00:15:43,960 --> 00:15:47,360 Speaker 3: coming from US, okay, and US now is struggling to 252 00:15:47,480 --> 00:15:50,840 Speaker 3: produce stuff there, you know. And if you look Netflix 253 00:15:50,920 --> 00:15:53,880 Speaker 3: last year, I think that you produced then of the 254 00:15:54,240 --> 00:15:59,080 Speaker 3: uh the A twelve show outside of US. Same for 255 00:15:59,200 --> 00:16:04,920 Speaker 3: other networks. So there, let's say it's a good place, 256 00:16:05,040 --> 00:16:07,560 Speaker 3: let's say, to get commissioned, but maybe not the best 257 00:16:07,600 --> 00:16:10,480 Speaker 3: place to produce show because they're just too expensive because 258 00:16:10,560 --> 00:16:13,120 Speaker 3: unfortunately the cost of labor, or my point of view, 259 00:16:13,800 --> 00:16:17,480 Speaker 3: did the gap between the cost of labor and the 260 00:16:17,560 --> 00:16:20,880 Speaker 3: profitability of the show for the pure cost plus business 261 00:16:21,160 --> 00:16:23,920 Speaker 3: is getting more and more difficult compare to what the 262 00:16:24,040 --> 00:16:27,320 Speaker 3: market can accept now. But we are lucky because we 263 00:16:27,440 --> 00:16:30,880 Speaker 3: are we are in Australia, we are in UK, and 264 00:16:31,080 --> 00:16:33,240 Speaker 3: UK you know better than me that it became let's 265 00:16:33,240 --> 00:16:37,320 Speaker 3: say it was the first effort after LA and UK 266 00:16:37,800 --> 00:16:41,240 Speaker 3: is quite booming the business there and we're producing a 267 00:16:41,320 --> 00:16:44,760 Speaker 3: lot of show in UK from the US market, like 268 00:16:45,040 --> 00:16:49,680 Speaker 3: Building the Band also again as a book, and for 269 00:16:49,800 --> 00:16:53,960 Speaker 3: sure I forget a few others. So for US English 270 00:16:53,960 --> 00:16:57,840 Speaker 3: picking markets and ninety bits in Ante, ninety bits in Fox. 271 00:16:58,240 --> 00:17:01,120 Speaker 3: So for US, let's say the the English peaking markets, 272 00:17:01,400 --> 00:17:04,840 Speaker 3: it's extreme important. And what we decided to do one 273 00:17:04,960 --> 00:17:08,480 Speaker 3: years ago is to open the market so all our 274 00:17:08,600 --> 00:17:11,720 Speaker 3: producer of the company can go a pitch across this 275 00:17:12,000 --> 00:17:17,080 Speaker 3: market and we could see just the first the first 276 00:17:17,440 --> 00:17:21,639 Speaker 3: significant result. We are very lucky because we have also 277 00:17:21,840 --> 00:17:25,480 Speaker 3: a very strong collaboration between all our MD and all 278 00:17:25,560 --> 00:17:30,280 Speaker 3: our creative persons, because for the Australian people it can 279 00:17:30,400 --> 00:17:32,840 Speaker 3: have a fantastic idea, but they need to ask to 280 00:17:32,920 --> 00:17:35,280 Speaker 3: somebody news who could be the talent, which could be 281 00:17:35,359 --> 00:17:39,240 Speaker 3: the best let's say house for this show. And so 282 00:17:39,480 --> 00:17:42,600 Speaker 3: we are implementing and incentivized this collaboration and we saw 283 00:17:42,640 --> 00:17:44,920 Speaker 3: the first result and we will continue to do this. 284 00:17:45,240 --> 00:17:47,600 Speaker 3: But for us, the English speaking market is a priority. 285 00:17:47,880 --> 00:17:48,320 Speaker 3: You're right. 286 00:17:49,000 --> 00:17:51,400 Speaker 4: I think the fact that you can take that approach 287 00:17:51,560 --> 00:17:54,840 Speaker 4: to have a good footprint you know your shows, you know, 288 00:17:54,960 --> 00:17:58,160 Speaker 4: from Master Chef to Black Mirror. I mean, they're all 289 00:17:58,280 --> 00:18:01,119 Speaker 4: over English language television. But the fact that you can 290 00:18:01,200 --> 00:18:04,760 Speaker 4: take that approach is very telling about the where the 291 00:18:04,880 --> 00:18:08,800 Speaker 4: marketplace is today in terms of in terms of shows 292 00:18:08,880 --> 00:18:12,920 Speaker 4: coming from all different formats, from different from different distributors, 293 00:18:13,160 --> 00:18:16,720 Speaker 4: and for the appetite in the US to acquire programs 294 00:18:17,160 --> 00:18:21,000 Speaker 4: from from all over it's it's it's the there is 295 00:18:21,119 --> 00:18:24,760 Speaker 4: so much more appetite to look at here's an interesting idea, 296 00:18:24,880 --> 00:18:27,959 Speaker 4: let's see how it can be adapted. Now, the adaptation 297 00:18:28,240 --> 00:18:30,920 Speaker 4: can be sometimes that can be a struggle, but there's 298 00:18:30,960 --> 00:18:32,000 Speaker 4: so much appetite. 299 00:18:34,080 --> 00:18:35,760 Speaker 3: Excuse me, how would. 300 00:18:35,600 --> 00:18:39,960 Speaker 4: You say that, whether you know whether the US or 301 00:18:40,160 --> 00:18:44,639 Speaker 4: other big markets, how how are you dealing with the 302 00:18:45,440 --> 00:18:50,719 Speaker 4: need for original, fresh ideas, new ideas coming into the marketplace. 303 00:18:51,160 --> 00:18:53,960 Speaker 4: But we've seen it's been it's very hard to launch 304 00:18:54,040 --> 00:18:58,560 Speaker 4: new shows, particularly in the big, old fashioned kind of 305 00:18:59,359 --> 00:19:03,119 Speaker 4: competition reality shows, the big shows, the Big Brothers, the 306 00:19:03,240 --> 00:19:06,760 Speaker 4: Master Chefs, those kinds of big franchises that have been 307 00:19:06,840 --> 00:19:11,399 Speaker 4: the engines of many companies, including Banajet, including the Prior 308 00:19:11,520 --> 00:19:14,320 Speaker 4: and the Mall. We haven't seen as many of those 309 00:19:14,680 --> 00:19:17,960 Speaker 4: launching in the last say five years, ten years. What 310 00:19:18,040 --> 00:19:19,680 Speaker 4: do you think is going on with that? Is it 311 00:19:20,320 --> 00:19:25,159 Speaker 4: harder to launch an original property these days now because 312 00:19:25,320 --> 00:19:28,440 Speaker 4: the marketplace is so diffuse with so many options. 313 00:19:30,760 --> 00:19:33,920 Speaker 3: Let's start from the fact that my point of view, 314 00:19:34,200 --> 00:19:38,399 Speaker 3: creativity is not gone away. Creativity is still there and 315 00:19:38,480 --> 00:19:41,200 Speaker 3: there are fantastic creative and I think that there is 316 00:19:41,280 --> 00:19:44,800 Speaker 3: a lot of fantastic shows still on paper, not even impiled, 317 00:19:44,840 --> 00:19:49,960 Speaker 3: that should be produced. But you're right, we are we 318 00:19:50,040 --> 00:19:52,359 Speaker 3: are living in a momentum where there is a huge 319 00:19:52,440 --> 00:19:57,800 Speaker 3: risk adverse for new shows for few reasons my point 320 00:19:57,800 --> 00:20:03,040 Speaker 3: of view. One reason because that market is what it is, 321 00:20:03,680 --> 00:20:06,160 Speaker 3: so most people they saw the kind of the clan 322 00:20:06,400 --> 00:20:09,720 Speaker 3: market and the future there are not not enough competition 323 00:20:10,000 --> 00:20:14,800 Speaker 3: and u tity universe. Let's see what's going on in 324 00:20:14,880 --> 00:20:20,800 Speaker 3: the future. And then also even from us, but also 325 00:20:20,880 --> 00:20:23,520 Speaker 3: from the point of view of our clients, it's much 326 00:20:23,600 --> 00:20:26,560 Speaker 3: easier to go with master Cheffer survival. They don't know 327 00:20:26,640 --> 00:20:30,280 Speaker 3: there because they already know what could be. It's easy 328 00:20:30,359 --> 00:20:33,720 Speaker 3: to market in, it's easiy to produce, and at the 329 00:20:33,840 --> 00:20:36,000 Speaker 3: end of the day, you know you pretty much you 330 00:20:36,000 --> 00:20:39,600 Speaker 3: could predict how much they can make it, you know, so, 331 00:20:40,760 --> 00:20:44,159 Speaker 3: but do we need to crack this definitely because and 332 00:20:44,320 --> 00:20:46,880 Speaker 3: that's something that we really want to do, and it's 333 00:20:46,960 --> 00:20:51,480 Speaker 3: on top of our goal for the next season. Yesterday 334 00:20:51,960 --> 00:20:55,400 Speaker 3: we give almost two point five million for new pilots. 335 00:20:55,440 --> 00:20:57,800 Speaker 3: Let's say to the people that apply to one of 336 00:20:57,960 --> 00:21:01,600 Speaker 3: the hour, let's say compete issue among creative you know, 337 00:21:02,240 --> 00:21:04,600 Speaker 3: we would like to push as much as possible there 338 00:21:04,680 --> 00:21:07,240 Speaker 3: because we believe that there is a need, there is 339 00:21:07,240 --> 00:21:11,120 Speaker 3: an appetite for a new, big show, and for sure 340 00:21:11,200 --> 00:21:15,280 Speaker 3: there will be, you know, but with such a fragmented market, 341 00:21:15,440 --> 00:21:19,920 Speaker 3: with such a huge risk adverse, we should be more 342 00:21:20,080 --> 00:21:23,200 Speaker 3: bold also on outside. Let's say, in order to convince 343 00:21:24,119 --> 00:21:28,359 Speaker 3: our commission that there is a sense for them that 344 00:21:29,720 --> 00:21:32,280 Speaker 3: they need to fill discret not just let's say with 345 00:21:32,800 --> 00:21:37,680 Speaker 3: an old ip. Maybe we need let's say, to invest more, 346 00:21:38,600 --> 00:21:40,960 Speaker 3: Maybe we need to take for sure we need to 347 00:21:41,000 --> 00:21:44,000 Speaker 3: take more risk. But there is also an is show 348 00:21:44,280 --> 00:21:47,040 Speaker 3: to market in this show. Because today, to market in 349 00:21:47,080 --> 00:21:52,159 Speaker 3: a new show, it's extremely difficult. When you marketing a 350 00:21:52,240 --> 00:21:54,600 Speaker 3: show with a big talent or with the big IP, 351 00:21:54,960 --> 00:21:58,560 Speaker 3: it's much much easier. And that's all our area where 352 00:21:58,840 --> 00:22:00,639 Speaker 3: we have to work. But they can believe that there 353 00:22:00,720 --> 00:22:04,040 Speaker 3: is a world where there will not be anymore another 354 00:22:04,320 --> 00:22:08,840 Speaker 3: let's say Master Chef or Tentational and The Trader was 355 00:22:08,880 --> 00:22:11,160 Speaker 3: a good example of a show that it was launched 356 00:22:11,400 --> 00:22:14,080 Speaker 3: I think two years ago to three years ago, traveled 357 00:22:14,160 --> 00:22:18,800 Speaker 3: very well, but now happy if somebody even out on 358 00:22:18,880 --> 00:22:21,479 Speaker 3: our competition. They do this because it means that there 359 00:22:21,560 --> 00:22:23,600 Speaker 3: is an opportunity also for us to do the same. 360 00:22:24,560 --> 00:22:27,679 Speaker 2: And everyone wants the new Traider, right they won't Oh, 361 00:22:27,720 --> 00:22:29,359 Speaker 2: I want to show like the Traider and what did 362 00:22:29,400 --> 00:22:29,880 Speaker 2: you tell them? 363 00:22:30,400 --> 00:22:32,119 Speaker 3: Yeah, but it means that there is a space for 364 00:22:32,280 --> 00:22:36,040 Speaker 3: this and there is an appetite for this. But in 365 00:22:36,119 --> 00:22:38,680 Speaker 3: one side we need to be to take more risk. 366 00:22:39,119 --> 00:22:41,240 Speaker 3: On the other side, we need to convince our client 367 00:22:41,359 --> 00:22:43,240 Speaker 3: to take. On the other side, they to put more risk. 368 00:22:44,320 --> 00:22:46,840 Speaker 2: And the fact that streamer is also now more and 369 00:22:46,960 --> 00:22:50,600 Speaker 2: more interested in unscripted how is it changing kind of 370 00:22:50,720 --> 00:22:51,359 Speaker 2: the game for you? 371 00:22:53,400 --> 00:22:56,520 Speaker 3: Well, for us, it's a fantastic opportunity this because it's 372 00:22:58,920 --> 00:23:01,680 Speaker 3: you know, we grown up almost one hundred percent on 373 00:23:01,840 --> 00:23:06,800 Speaker 3: our market share with streamers from twenty two before. We 374 00:23:06,880 --> 00:23:09,520 Speaker 3: have some issue with them in order how to protect 375 00:23:09,600 --> 00:23:13,480 Speaker 3: ourip and how to protect our footprint because for us, 376 00:23:13,520 --> 00:23:15,359 Speaker 3: it makes a lot of sense that when we launch 377 00:23:15,520 --> 00:23:17,760 Speaker 3: a new show, it makes sense that it could be 378 00:23:17,840 --> 00:23:20,439 Speaker 3: producing another charity by us because we know how to produce, 379 00:23:21,200 --> 00:23:24,480 Speaker 3: we continue to circulate it our best practice. We know 380 00:23:24,600 --> 00:23:27,199 Speaker 3: where we where. When we make mistakes, we know how 381 00:23:27,240 --> 00:23:29,280 Speaker 3: to fix it. So it doesn't make sense that this 382 00:23:29,280 --> 00:23:32,719 Speaker 3: another company is producing this show. And today, for instance, 383 00:23:32,760 --> 00:23:36,520 Speaker 3: with Amazon, we are producing in eleven country lol. Very 384 00:23:36,600 --> 00:23:39,879 Speaker 3: successful almost everywhere, and they trust us that we are 385 00:23:40,000 --> 00:23:42,520 Speaker 3: able to adapt this show in each country where we 386 00:23:42,560 --> 00:23:47,200 Speaker 3: are producing has should be and I think that we 387 00:23:47,280 --> 00:23:52,440 Speaker 3: will continue to do this. We have the fifty, we 388 00:23:52,520 --> 00:23:55,320 Speaker 3: have other few shows and we just launched and builded 389 00:23:55,359 --> 00:23:57,400 Speaker 3: the band, and we hope that this is the first 390 00:23:57,520 --> 00:24:00,760 Speaker 3: big musical singing talent show for Fries that can be 391 00:24:01,000 --> 00:24:04,080 Speaker 3: produced also not just for the US market, but also 392 00:24:04,160 --> 00:24:07,800 Speaker 3: for other markets. You know better than me that for 393 00:24:08,000 --> 00:24:10,600 Speaker 3: what they say, your T T and scripted is not 394 00:24:10,960 --> 00:24:14,280 Speaker 3: let's say the content where they could have a new subscriber, 395 00:24:14,440 --> 00:24:17,159 Speaker 3: but they can retain new subscriber, you know, because the 396 00:24:17,240 --> 00:24:20,280 Speaker 3: big subscriber they could come with this quid game of 397 00:24:20,400 --> 00:24:25,240 Speaker 3: the crown or as of ginness of But I personally 398 00:24:25,320 --> 00:24:29,040 Speaker 3: believe then this is where the beginning of a new era. 399 00:24:29,760 --> 00:24:31,399 Speaker 3: And I think that there will be a big switch 400 00:24:31,720 --> 00:24:34,240 Speaker 3: into no scripted in the future. I don't know if 401 00:24:34,359 --> 00:24:39,639 Speaker 3: that's go versus let's say having more entertainment show or 402 00:24:41,200 --> 00:24:43,960 Speaker 3: other kind of Love is Blind this kind of show 403 00:24:44,119 --> 00:24:46,399 Speaker 3: or more documentary, but for sure they will go in 404 00:24:46,440 --> 00:24:51,680 Speaker 3: the direction because the cost of of the content is 405 00:24:51,800 --> 00:24:55,240 Speaker 3: the big cost of all this let's say new company. 406 00:24:55,920 --> 00:24:58,040 Speaker 3: And if they want, let's say, to have a more 407 00:24:58,400 --> 00:25:02,600 Speaker 3: bigger offer, they also to implement our no script as 408 00:25:02,680 --> 00:25:07,080 Speaker 3: late definitely and for us as an opportunity. Evan said 409 00:25:07,119 --> 00:25:09,159 Speaker 3: that we are quite big out in script We go 410 00:25:09,320 --> 00:25:12,520 Speaker 3: because we have the biggest studios in Europe and sometimes 411 00:25:12,600 --> 00:25:16,080 Speaker 3: you know, even we say thirty four, thirty seventy, but 412 00:25:16,320 --> 00:25:19,000 Speaker 3: still we have the biggest scripted studio in Europe, even 413 00:25:19,080 --> 00:25:21,160 Speaker 3: with our quarta internal quotes. 414 00:25:21,359 --> 00:25:25,600 Speaker 4: Will you walk away from a deal if if the terms, 415 00:25:25,760 --> 00:25:28,879 Speaker 4: if you know, the terms aren't right? Long term, it 416 00:25:29,040 --> 00:25:31,960 Speaker 4: might be great to get to be paid right then, 417 00:25:32,520 --> 00:25:36,320 Speaker 4: but long term, if it's a runaway success you're you like, 418 00:25:36,400 --> 00:25:38,600 Speaker 4: will you walk away from a deal if the terms 419 00:25:38,640 --> 00:25:39,320 Speaker 4: aren't redid it. 420 00:25:39,960 --> 00:25:40,760 Speaker 2: Really which one? 421 00:25:41,160 --> 00:25:45,080 Speaker 3: No? We did it and they are this is a 422 00:25:45,119 --> 00:25:49,159 Speaker 3: good question because of scale a small producer and because 423 00:25:49,200 --> 00:25:50,240 Speaker 3: you could not do it. 424 00:25:50,720 --> 00:25:53,199 Speaker 4: You said, this is not the right deal for us, 425 00:25:53,359 --> 00:25:55,120 Speaker 4: and we are banishing and we're walking away. 426 00:25:55,240 --> 00:25:56,639 Speaker 3: We did it, and we resit a lot. 427 00:25:56,760 --> 00:25:56,920 Speaker 1: You know. 428 00:25:57,160 --> 00:25:59,560 Speaker 3: Then there are some big shows that just we go 429 00:25:59,720 --> 00:26:02,119 Speaker 3: for being producer and for ailing for sure, because there 430 00:26:02,160 --> 00:26:04,119 Speaker 3: are such a big show that in makes SSS they go, 431 00:26:04,680 --> 00:26:07,520 Speaker 3: they go worldwide, you know. But in some cases we 432 00:26:07,640 --> 00:26:11,320 Speaker 3: work away and that's it's possible because we are a 433 00:26:11,359 --> 00:26:14,480 Speaker 3: big company and we can afford to do this and 434 00:26:14,600 --> 00:26:18,760 Speaker 3: we can say sustain. And but today I think that 435 00:26:18,840 --> 00:26:21,200 Speaker 3: we have a very good term of trade with the 436 00:26:21,280 --> 00:26:24,200 Speaker 3: streamers and I think that we have we are there, 437 00:26:24,600 --> 00:26:26,639 Speaker 3: you know, as a group at the central group in 438 00:26:26,760 --> 00:26:29,200 Speaker 3: order to protect the IP that's going to create by 439 00:26:29,680 --> 00:26:30,560 Speaker 3: our local talent. 440 00:26:31,720 --> 00:26:35,080 Speaker 2: Speaking of streamers also more and more interested in doing movies, 441 00:26:35,320 --> 00:26:38,119 Speaker 2: and you predict right that there's going to be a 442 00:26:38,280 --> 00:26:42,359 Speaker 2: kind of a resurgence of movies. How are you, you know, 443 00:26:42,480 --> 00:26:44,040 Speaker 2: positioning Banije in that. 444 00:26:45,280 --> 00:26:47,240 Speaker 3: I I'm very honest with you because I think that 445 00:26:49,119 --> 00:26:51,280 Speaker 3: there are most of the audiences our people we are 446 00:26:51,640 --> 00:26:54,480 Speaker 3: a little bit shy in movies so far, Okay, maybe 447 00:26:54,560 --> 00:26:57,800 Speaker 3: we need to be a little bit more aggressive because 448 00:26:57,840 --> 00:27:02,120 Speaker 3: I think that the movie businesses change. Before we decide 449 00:27:02,359 --> 00:27:05,240 Speaker 3: and purpose not to go into the business of guiatical 450 00:27:05,320 --> 00:27:08,040 Speaker 3: movie because we don't take risks. The beauty a little 451 00:27:08,040 --> 00:27:10,080 Speaker 3: bit of our business that is costplus, so it doesn't 452 00:27:10,119 --> 00:27:11,960 Speaker 3: make sense to take a huge risk that can just 453 00:27:12,040 --> 00:27:14,159 Speaker 3: so add the value that the other guy they are 454 00:27:14,240 --> 00:27:21,120 Speaker 3: creating in other genera, so we prefer not to do. Now, 455 00:27:23,000 --> 00:27:26,560 Speaker 3: the movie business with all this platform change a lot, 456 00:27:27,040 --> 00:27:29,320 Speaker 3: so I think that we can be a little bit 457 00:27:29,440 --> 00:27:32,120 Speaker 3: more aggressive on this space. I think that's so far 458 00:27:32,200 --> 00:27:36,440 Speaker 3: we are producing I think fourteen fifteen movie per year. 459 00:27:37,040 --> 00:27:39,719 Speaker 3: We can do much more also because now they are 460 00:27:39,800 --> 00:27:44,480 Speaker 3: spending that the budget for this movie are significant. So 461 00:27:44,680 --> 00:27:45,120 Speaker 3: let's see. 462 00:27:46,520 --> 00:27:51,560 Speaker 2: And you talked earlier about you know, the new trends, 463 00:27:51,760 --> 00:27:55,159 Speaker 2: et cetera, you know, going into live entertainment. One of 464 00:27:55,240 --> 00:27:58,240 Speaker 2: the things that people are talking about here at mipcom 465 00:27:58,680 --> 00:28:02,359 Speaker 2: is a Creator Economy. How are you just announced earlier 466 00:28:02,440 --> 00:28:06,200 Speaker 2: today that she acquired Creator Economy Company. 467 00:28:06,480 --> 00:28:09,399 Speaker 3: Yes, not today today was an ass Today. 468 00:28:09,240 --> 00:28:13,240 Speaker 2: Was announced exactly tell us about this new venture. 469 00:28:15,320 --> 00:28:21,200 Speaker 3: Well, it's not the only one. The one that we 470 00:28:21,280 --> 00:28:26,600 Speaker 3: did with the David the team. It's called Brinkle in Netherlands. 471 00:28:28,480 --> 00:28:31,240 Speaker 3: It's a perfect example where we want to stand so 472 00:28:32,640 --> 00:28:37,040 Speaker 3: community Creator that they needed their rap, they have their 473 00:28:37,040 --> 00:28:38,840 Speaker 3: own AP, they do podcasts and to do as a 474 00:28:38,920 --> 00:28:43,160 Speaker 3: live event. So it's a perfect platform for what we 475 00:28:43,240 --> 00:28:45,760 Speaker 3: are doing now. And we're looking more and more and 476 00:28:45,840 --> 00:28:48,560 Speaker 3: when I will speaking, we talked about m and A. 477 00:28:49,080 --> 00:28:50,600 Speaker 3: This is the kind of stuff that we need to 478 00:28:50,640 --> 00:28:52,760 Speaker 3: have more, not just let's say to have this in Netherland, 479 00:28:52,840 --> 00:28:55,720 Speaker 3: but just to learn from them what we can replicated 480 00:28:55,760 --> 00:28:58,720 Speaker 3: this model in another country. That's the way that we 481 00:28:58,840 --> 00:29:03,200 Speaker 3: are looking this world. Yes, the Creator words it is 482 00:29:03,440 --> 00:29:08,640 Speaker 3: an important, it's extremely important for us. Now I can 483 00:29:08,720 --> 00:29:13,240 Speaker 3: say that I believe for what we can see that 484 00:29:14,240 --> 00:29:17,720 Speaker 3: the Creator they need us a little bit because our 485 00:29:17,880 --> 00:29:22,160 Speaker 3: capacity to produce shows, especially long form is pretty much 486 00:29:22,160 --> 00:29:26,120 Speaker 3: in outside. They have a huge community that we need 487 00:29:26,240 --> 00:29:30,720 Speaker 3: to have. So the combination of the two could be 488 00:29:31,800 --> 00:29:36,040 Speaker 3: could be good. Let's see what's going on. We are 489 00:29:36,120 --> 00:29:42,560 Speaker 3: going to launch ten new pilots with Creator coming from 490 00:29:42,760 --> 00:29:46,560 Speaker 3: our dormant type with Creator in two country French and UK. 491 00:29:46,680 --> 00:29:49,680 Speaker 3: In order to understand how that's worth. It's a test, 492 00:29:50,040 --> 00:29:55,360 Speaker 3: let's see what's going on from there. But for us, 493 00:29:55,440 --> 00:29:58,360 Speaker 3: in an opportunity to test, to launch and maybe to 494 00:29:58,480 --> 00:30:00,760 Speaker 3: scale up in the future, some of let's say, how 495 00:30:00,840 --> 00:30:03,760 Speaker 3: dormant type because we have we have a huge dormant 496 00:30:03,840 --> 00:30:07,560 Speaker 3: catalog of our format, or maybe to launch a new show. 497 00:30:07,920 --> 00:30:11,760 Speaker 3: For sure, the business a clear business model, to be 498 00:30:11,920 --> 00:30:15,280 Speaker 3: very honest, is not yet there. Okay, so the only 499 00:30:15,360 --> 00:30:18,240 Speaker 3: one that does making a lot of money is the creator, okay. 500 00:30:18,880 --> 00:30:22,720 Speaker 3: For us, it's it's quite complicated because our cost of 501 00:30:22,800 --> 00:30:25,960 Speaker 3: production is different for what their cost of production. So 502 00:30:26,600 --> 00:30:32,000 Speaker 3: to meet and the balance and to find the balance 503 00:30:32,040 --> 00:30:34,400 Speaker 3: where it could be good for a win win for 504 00:30:34,560 --> 00:30:37,920 Speaker 3: both is not yet there. But we try to test. 505 00:30:38,080 --> 00:30:41,720 Speaker 3: We will continue to test. For us, it's important in 506 00:30:41,880 --> 00:30:45,280 Speaker 3: order to reach a different audience. It's important to test, 507 00:30:45,680 --> 00:30:48,280 Speaker 3: and it could be important also in order to monetize 508 00:30:49,000 --> 00:30:51,640 Speaker 3: for YouTube or other platform or for what we can 509 00:30:51,760 --> 00:30:54,720 Speaker 3: create if you are able to create a brand. And 510 00:30:55,280 --> 00:30:58,720 Speaker 3: the second that I believe, the second thing that but 511 00:30:59,000 --> 00:31:02,760 Speaker 3: create or that for us is getting more and more important, 512 00:31:03,160 --> 00:31:07,280 Speaker 3: is that if you want, let's say, to transform an 513 00:31:07,320 --> 00:31:10,560 Speaker 3: APN in brand, you need to have you need to 514 00:31:10,640 --> 00:31:16,000 Speaker 3: have a different audience. Community, fandom based in social media, 515 00:31:16,880 --> 00:31:19,680 Speaker 3: and that's the way where you can really marketing and 516 00:31:19,800 --> 00:31:24,960 Speaker 3: monetize your brand. That was not the case until a 517 00:31:25,080 --> 00:31:25,760 Speaker 3: few years ago. 518 00:31:27,240 --> 00:31:29,640 Speaker 1: Thanks for listening. Be sure to leave us a review 519 00:31:29,680 --> 00:31:32,280 Speaker 1: with the podcast platform of your choice. We love to 520 00:31:32,320 --> 00:31:35,320 Speaker 1: hear from listeners. Please go to Variety dot com and 521 00:31:35,480 --> 00:31:39,800 Speaker 1: sign up for the free weekly Strictly Business newsletter, and 522 00:31:40,000 --> 00:31:42,760 Speaker 1: don't forget to tune in next week for another episode 523 00:31:42,800 --> 00:31:43,680 Speaker 1: of Strictly Business.