WEBVTT - Ep10 - Raze Wants to Be the Next Univision 0:00:06.160 --> 0:00:09.720 Welcome to another episode of Strictly Business, the podcast devoted 0:00:09.760 --> 0:00:12.920 to thought leaders in the entertainment industry on varieties co 0:00:13.119 --> 0:00:16.680 editor in chief Andrew Wallenstein. There may be no more 0:00:16.800 --> 0:00:20.479 sought after demographic than millennial Hispanics, which means it's a 0:00:20.480 --> 0:00:23.240 lot of energy being spent on attracting them with content. 0:00:23.840 --> 0:00:26.239 One of the companies doing that is Raise, and it's 0:00:26.280 --> 0:00:29.639 CEO and Miliano Collumsook is here to talk about it. 0:00:31.400 --> 0:00:34.519 Thanks for joining me. Thanks Andrew, very very nice to me. 0:00:34.680 --> 0:00:37.800 You good to have you. So in terms of the 0:00:38.080 --> 0:00:40.920 you know, being a Latino media company, I think that 0:00:40.960 --> 0:00:43.519 can mean like so many different things, and you actually 0:00:43.640 --> 0:00:47.960 do a lot of different components in your business. So 0:00:48.240 --> 0:00:52.519 walk us through what exactly Raise is. Yes, I mean, 0:00:52.600 --> 0:00:56.360 we we saw a great opportunity where, you know, some 0:00:56.440 --> 0:00:59.160 of the dominant forces in the Hispanic business in the 0:00:59.240 --> 0:01:03.920 US are catering to an older audience through business broadcast, 0:01:04.120 --> 0:01:07.200 which is in secular decline. And we asked ourselves if 0:01:07.240 --> 0:01:10.440 we were to create a Hispanic sort of focus company 0:01:10.480 --> 0:01:12.200 to the in the US, what it would what would 0:01:12.200 --> 0:01:15.480 it look like? And we look at some, uh, some 0:01:15.480 --> 0:01:18.160 some previous successful companies like the case of MTV. You know, 0:01:18.200 --> 0:01:20.679 can we create a brand that talks to a generation, 0:01:21.080 --> 0:01:23.440 uh and and really take advantage of the fact that 0:01:23.560 --> 0:01:26.040 a lot there's a lot of transitioning and kind of 0:01:26.120 --> 0:01:29.959 sunsetting of the audience that's been historically on those two broadcasters, 0:01:30.000 --> 0:01:32.479 like you know the case of Univision and Telemundo. But 0:01:32.560 --> 0:01:34.680 we knew that in order to be a successful company 0:01:34.800 --> 0:01:37.360 you have to put creative first, you know. You know, 0:01:37.360 --> 0:01:39.440 I spent about fifteen years at Fox and and and 0:01:39.520 --> 0:01:44.600 and every time that success was created financially was it 0:01:44.680 --> 0:01:46.640 because it was a great story at the center. And 0:01:46.720 --> 0:01:49.320 we said, we have to put talent and story at 0:01:49.320 --> 0:01:50.920 the center, and then trying to figure out how to 0:01:50.920 --> 0:01:55.520 exploit those things through digital, through traditional media, and really 0:01:55.560 --> 0:01:58.120 also taking advantage of the fact that the platforms like 0:01:58.200 --> 0:02:01.600 Netflix and Amazon are ex ending dramatically into the into 0:02:01.640 --> 0:02:04.760 the demographic and need a lot of content. So how 0:02:04.800 --> 0:02:07.400 how do we create a company that on one end 0:02:07.760 --> 0:02:10.720 creates that brand for the future of his Spanish in 0:02:10.760 --> 0:02:12.640 the US and at the same time takes advantage of 0:02:12.639 --> 0:02:15.080 all the immediate business opportunities that are happening today. And 0:02:15.080 --> 0:02:17.919 I think that's how Race was born. Does one really 0:02:18.120 --> 0:02:20.560 sort of take care of the finances for the other 0:02:21.040 --> 0:02:23.560 selling into Netflix and Hulu. I it imagines where the 0:02:23.600 --> 0:02:26.680 money is whereas monetization in setting up a brand on 0:02:26.720 --> 0:02:30.000 digital platforms, that's really tough. I think you're right. I mean, 0:02:30.320 --> 0:02:31.800 you know, you look at a lot of the digital 0:02:31.880 --> 0:02:34.200 media companies at the last three to five years, and 0:02:34.240 --> 0:02:37.520 I think everybody's fighting for the tent of the budgets 0:02:37.520 --> 0:02:40.880 that Google and Facebook don't take. And we don't believe 0:02:40.919 --> 0:02:44.040 that created content for a brand is a sustainable business 0:02:44.040 --> 0:02:47.040 proposition for any media company. I look at the Simpsons. 0:02:47.320 --> 0:02:49.360 You know, Simpsons wouldn't have been the Simpsons if they 0:02:49.360 --> 0:02:51.760 were created for a butterfinger or for a brand like 0:02:51.800 --> 0:02:54.280 you know, the creative process needs to be independent from 0:02:54.480 --> 0:02:56.919 sort of a brand that comes coming on board. So 0:02:57.440 --> 0:02:59.440 we founded Raised on that premise. We said, we have 0:02:59.520 --> 0:03:01.520 to do the best as the best content that we 0:03:01.560 --> 0:03:04.680 can and then if Netflix and Amazon or Hulu or 0:03:05.240 --> 0:03:08.280 TNT want to buy it, great, and then over time 0:03:08.320 --> 0:03:12.280 we'll develop a brand relations brand related business. But it 0:03:12.320 --> 0:03:16.360 has to start with the programming and and I think, um, 0:03:16.400 --> 0:03:18.120 you know, I think I think that's that that that 0:03:18.160 --> 0:03:20.640 holds true to to today. I mean we were not 0:03:21.000 --> 0:03:24.880 a branded agency. We are a company that creates content 0:03:24.960 --> 0:03:27.519 for demographic that's actually looking for a lot more than 0:03:27.600 --> 0:03:31.120 what you currently exists. And you have some interesting partners 0:03:31.160 --> 0:03:33.760 working with h and some interesting backers. Talk about that 0:03:34.160 --> 0:03:36.240 we are we are blessed. I mean, what can I say? 0:03:36.280 --> 0:03:38.960 I mean, this is my first experience in raising money 0:03:38.960 --> 0:03:42.280 and having BC partners, and all we get is is 0:03:42.280 --> 0:03:45.160 help and support and encouragement and actually, you know, can 0:03:45.240 --> 0:03:47.160 we do more? Can we invest more? Can you know? 0:03:47.280 --> 0:03:50.040 And I think in that in that regard great Craft 0:03:50.120 --> 0:03:53.600 and Rain who had great experience with Vice, with awesome STV, 0:03:53.760 --> 0:03:58.000 with Maker Studios, ut A partners as well. Uh, you know, 0:03:58.040 --> 0:04:01.360 we're really been very health full in sort of helping us, 0:04:01.680 --> 0:04:05.360 uh make you create this architecture for for for raise. 0:04:05.760 --> 0:04:09.320 And obviously my partner Louise Ba and Sofia are obviously 0:04:09.320 --> 0:04:11.080 people who have been in the Latino world for a 0:04:11.120 --> 0:04:15.040 long time, and and I've had extensive relationships with you know, 0:04:15.080 --> 0:04:17.680 other talent with brands. So I think it's a very 0:04:17.680 --> 0:04:19.720 interesting ecosystem. But at the end of the day, I 0:04:19.760 --> 0:04:22.120 think we're all very convinced that, you know, we do 0:04:22.200 --> 0:04:23.800 have to create a brand and at the same time, 0:04:23.800 --> 0:04:25.680 we have to be a company. Went to a company 0:04:25.720 --> 0:04:29.080 that makes money, uh, you know the way that historically 0:04:29.120 --> 0:04:31.880 production companies and media companies have made money as well. 0:04:32.320 --> 0:04:35.640 So um, I have to ask the Sofia Vergara. People 0:04:35.720 --> 0:04:38.680 might assume raises. You know, a lot of big talent 0:04:38.760 --> 0:04:42.480 like her had these vanity shingles, as Variety would call it, 0:04:43.160 --> 0:04:46.719 is raised just that or Sofia really bringing some ambition 0:04:46.760 --> 0:04:49.279 to that. Sofia is one of the hardest working people 0:04:49.360 --> 0:04:52.000 I think I've ever met. And and Sofia doesn't do 0:04:52.040 --> 0:04:55.240 anything where she doesn't believe there's real upside in it. 0:04:55.279 --> 0:04:57.240 And she's got a lot of ideas as well. So 0:04:57.279 --> 0:04:59.720 I think we have you know, our ecosystem is an 0:04:59.720 --> 0:05:01.719 interest seeing one. You know, I come from a studio, 0:05:02.120 --> 0:05:05.599 which comes from talent management. Sophia has had extensive brand 0:05:05.640 --> 0:05:08.960 relationships and work in Big I p our VC partners 0:05:09.000 --> 0:05:11.640 have been involved in creation of successful companies. So I 0:05:11.640 --> 0:05:14.520 think everybody has a role to play. Obviously, you know, 0:05:14.560 --> 0:05:17.599 Sofia has has a lot of performing work that she 0:05:17.680 --> 0:05:19.760 does as well. So you know, some of us, you know, 0:05:19.839 --> 0:05:23.159 you know, spend more time than than mm hmm. So 0:05:23.200 --> 0:05:25.599 you've been around a year or so, what are the 0:05:25.640 --> 0:05:28.480 winds that have put Raise on the map. I think 0:05:28.520 --> 0:05:31.960 we've I'm actually very excited and and and quite pleasantly 0:05:32.000 --> 0:05:34.839 surprised by by the by the progress, you know. I think, 0:05:34.880 --> 0:05:38.400 you know, we've announced a series with Netflix. We're co 0:05:38.520 --> 0:05:42.039 producing within the Mexican production company series for Amazon Prime, 0:05:42.120 --> 0:05:45.560 so you know, and these are these are very significant shows. 0:05:46.200 --> 0:05:48.000 I think for a company one year old that kind 0:05:48.040 --> 0:05:49.960 of comes from from a from the digital digital space 0:05:50.080 --> 0:05:53.080 is a great win. We're having conversations with studios and 0:05:53.080 --> 0:05:56.720 strategics about partnering for developing of i P which hopefully 0:05:56.720 --> 0:05:59.800 we'll get to announce in the next few months. We 0:06:00.080 --> 0:06:03.640 launched Raised dot tv and our presence across all social media, 0:06:03.920 --> 0:06:06.600 and we amassed you know, a million and a half 0:06:06.640 --> 0:06:10.360 subscribers on YouTube and you know, definitely growing Instagram. So 0:06:10.760 --> 0:06:14.679 we're starting to see our KPIs and A metrics really 0:06:14.720 --> 0:06:17.200 really grow very fast, and particularly engagement. One of the 0:06:17.200 --> 0:06:19.599 things that we look at is that's our content resonate 0:06:19.680 --> 0:06:22.200 with the audience, and I think, you know, compared to 0:06:22.240 --> 0:06:25.080 any other digital media company that puts content on on 0:06:25.160 --> 0:06:29.120 social media, our engagement sometimes doubles the average. So we're 0:06:29.240 --> 0:06:32.960 very excited about having created a combination of content and 0:06:33.080 --> 0:06:36.080 audience fit that we think has a very long, you know, 0:06:36.560 --> 0:06:39.240 you know, long path that we can continue to exploit. 0:06:40.000 --> 0:06:44.080 What is the secret sauce of raise from a brand perspective, 0:06:44.080 --> 0:06:47.680 from a programming perspective that makes it resonate with this 0:06:47.839 --> 0:06:52.120 Latino millennial audience. Things a special sauce, and I don't 0:06:52.160 --> 0:06:54.520 think we have it down to the center. I think 0:06:54.520 --> 0:06:56.839 we're iterating and there's sorta of things that work better 0:06:56.880 --> 0:07:00.479 than others. We recently launched kind of our live show, 0:07:00.640 --> 0:07:03.480 live variety show, which is purely focused on the digital 0:07:03.520 --> 0:07:06.120 space out of our Mexico office, and we're gonna try 0:07:06.120 --> 0:07:08.599 to see if we can add now from Los Angeles 0:07:08.640 --> 0:07:13.000 to have that Mexico Los Angeles kind of corridor, which 0:07:13.080 --> 0:07:15.640 from an audience perspectives are important for us. And we 0:07:15.800 --> 0:07:18.880 try stuff all the time. You know that we've we've 0:07:18.920 --> 0:07:22.400 done high budget content with some of the town that 0:07:22.440 --> 0:07:25.880 we that we that we work with, We've done we're 0:07:25.920 --> 0:07:29.320 planning to do some big tent pole initiatives over the 0:07:29.360 --> 0:07:32.240 next year. They're gonna be relevant, but you know, at 0:07:32.280 --> 0:07:34.800 the end of the day, I think is respect for 0:07:34.840 --> 0:07:38.680 the digital audience in terms of their uses and how 0:07:38.720 --> 0:07:43.200 they use social media, being genuine to to to our market, 0:07:43.600 --> 0:07:46.560 and and being innovative, I mean all those things that 0:07:46.600 --> 0:07:49.280 we believe that linear broadcasts has struggled with. I think 0:07:49.280 --> 0:07:51.360 we're really trying to put an overdrive and and so 0:07:51.400 --> 0:07:53.920 far the results are there. I mean, our growth and 0:07:53.960 --> 0:07:57.560 again across the KPIs is there, and that we're also 0:07:57.600 --> 0:07:59.440 being able to sell a lot of shows to third 0:07:59.440 --> 0:08:02.080 party platform So actually we're very happy on both ends. 0:08:03.120 --> 0:08:05.680 And what is your competitive set look like? Because I 0:08:05.720 --> 0:08:08.520 know there's other companies like me too that have some 0:08:08.560 --> 0:08:11.880 similarities to what you're doing. And as you mentioned, you 0:08:11.920 --> 0:08:14.400 know the fact that there's these giants like Univision and 0:08:14.440 --> 0:08:17.880 Telemundo that don't really seem to be focused on this 0:08:18.040 --> 0:08:22.480 younger audience. So what does this competitive set like? You know? 0:08:22.520 --> 0:08:24.760 I think I think we look at how can we 0:08:24.880 --> 0:08:29.120 create something for the eighteen to thirty five where Univision 0:08:29.120 --> 0:08:31.800 and Telemundo are are continuing sorting to hold to an 0:08:31.840 --> 0:08:34.920 all the audience. Uh. I think that's what we look 0:08:34.920 --> 0:08:37.679 at a sort of our main objective in terms of 0:08:37.679 --> 0:08:40.440 other companies playing the space. I think everybody every you know, 0:08:40.880 --> 0:08:43.079 you know, rising tide raises all boats. I think it's 0:08:43.120 --> 0:08:45.960 a it's a large enough market their space for everybody 0:08:46.360 --> 0:08:48.840 do was done a phenomenal job on the English language 0:08:48.880 --> 0:08:52.680 side and develop a massive sort of Facebook following. I 0:08:52.720 --> 0:08:54.880 think we're doing the same from a form of IP 0:08:55.040 --> 0:08:58.440 perspective where we sort of established our place in the ground. 0:08:58.720 --> 0:09:01.439 But I do think that there's there's enough for all 0:09:01.480 --> 0:09:04.480 of us to do in that space. Um, I'm really 0:09:04.480 --> 0:09:07.480 focused on trying to get as much as we can 0:09:07.559 --> 0:09:10.800 in that Spanish language sort of US and Latin America. 0:09:10.920 --> 0:09:13.960 Where where where that we think there's a great opportunity 0:09:14.160 --> 0:09:17.920 And is it entirely Spanish language programming. It seems that 0:09:17.960 --> 0:09:20.079 over the years, as I've looked adventures like your own, 0:09:20.120 --> 0:09:23.520 everyone sort of takes a slightly different tack. We started 0:09:23.559 --> 0:09:25.880 with Spanish because the strength of our talent was in 0:09:25.920 --> 0:09:30.120 Spanish language. Sorry, Um, you know, we're producing some shows 0:09:30.120 --> 0:09:33.439 for some of the big SAT platforms where it's in Spanish. 0:09:34.200 --> 0:09:37.160 We have development in English. Uh, you know, we think 0:09:37.200 --> 0:09:40.280 that you know, the Latino population in the US, you know, 0:09:40.480 --> 0:09:43.400 there's a lot of shades. Uh you know, actually a 0:09:43.600 --> 0:09:47.800 d plus percent speak either a lot of Spanish or 0:09:47.840 --> 0:09:51.440 some Spanish, and the English only audience is actually quite small, 0:09:51.960 --> 0:09:55.160 so you can't paint with just you know, you have 0:09:55.480 --> 0:09:57.880 to be able to sort of you know, be you 0:09:57.880 --> 0:10:01.480 know in every kind of you know, midpoint and ultimately, 0:10:01.720 --> 0:10:03.480 you know, some things that are for a very young 0:10:03.520 --> 0:10:06.640 adult audience, maybe more English dominance, some things that are 0:10:07.080 --> 0:10:10.280 that are older you know, maybe a mixing Spanish and English. 0:10:10.360 --> 0:10:11.880 And I think if you look at some successes like 0:10:11.960 --> 0:10:14.679 Netflix is Narcos, where it's a show that comes out 0:10:14.679 --> 0:10:17.240 of Latin America with you know, a lot of it 0:10:17.280 --> 0:10:20.400 in Spanish, but still being able to attract a very 0:10:20.440 --> 0:10:23.440 significant audience in the general market. So we see that 0:10:23.480 --> 0:10:26.000 as sort of you know, becoming the norm across the board, 0:10:26.040 --> 0:10:28.360 and we definitely want to play there. Talk a bit 0:10:28.400 --> 0:10:31.560 also about the talent component, uh, you know, who are 0:10:31.640 --> 0:10:34.920 the stars of Raise and what does it tell us 0:10:34.960 --> 0:10:38.280 about the venture. I mean, we're lucky that we, you know, 0:10:38.360 --> 0:10:41.080 we have an ability to sort of you know, Louise 0:10:41.240 --> 0:10:43.000 and and and and Madi sort of come from a 0:10:43.080 --> 0:10:46.360 management role for for decades, so you know, I think 0:10:46.400 --> 0:10:48.760 we do have management relationship with some key talent on 0:10:48.800 --> 0:10:53.040 the writing side, doctorial acting. You know, obviously Sophia partner 0:10:53.080 --> 0:10:56.160 we lose on Latin world. Uh. So, you know, we 0:10:56.280 --> 0:11:00.199 definitely we you know, we definitely look at talent and 0:11:00.240 --> 0:11:02.520 as a as a as a as a main component 0:11:02.640 --> 0:11:05.800 of of of what we do. And uh and you know, 0:11:05.800 --> 0:11:09.480 obviously we have a relationship with some of the biggest 0:11:09.520 --> 0:11:13.160 social media influencers in Latin America and and Hispanic. We 0:11:13.360 --> 0:11:16.079 also have creative ambitions for movies and series which we're 0:11:16.080 --> 0:11:20.800 helping develop. We have relationships with talent that's been on 0:11:20.920 --> 0:11:23.640 univisional telemon and from the camera that we're also developing 0:11:23.640 --> 0:11:26.960 programming for. So I think it's also an interesting ecosystem 0:11:27.000 --> 0:11:29.000 where you know, some of the writers and directors and 0:11:29.080 --> 0:11:31.000 some of the acting talent and some of the social 0:11:31.000 --> 0:11:33.800 media influencers, and we try to make everybody kind of 0:11:33.840 --> 0:11:37.440 playing the same mix. Uh. And you know, obviously, you know, 0:11:38.000 --> 0:11:40.200 you know, profably in the putting, but we're very confident 0:11:40.240 --> 0:11:41.719 that that I think it's a good it's a good 0:11:41.720 --> 0:11:44.760 combination of of assets to to to create content with. 0:11:45.160 --> 0:11:48.080 So there's film in this mix as well. Yes, Yes, 0:11:48.160 --> 0:11:50.320 Actually one of the conversations we're having right now is 0:11:50.360 --> 0:11:53.640 to develop three You know, obviously these are not you know, 0:11:53.880 --> 0:11:56.000 forty million dollar movies. You know that the more and 0:11:56.040 --> 0:12:00.320 the sort of a single digit million, But if you 0:12:00.320 --> 0:12:03.480 look at the talent UH and the and the influencers 0:12:03.559 --> 0:12:06.720 being a part of UH, you know, there's there's really 0:12:06.760 --> 0:12:09.640 really very very strong appeal for that demographic. I mean, 0:12:09.679 --> 0:12:11.680 if you and if you combine the social media reach 0:12:11.720 --> 0:12:14.160 other people that will ultimately be in this in this project, 0:12:14.400 --> 0:12:16.040 it's in the tens of million. So we're trying to 0:12:16.080 --> 0:12:19.280 figure out is there a way for director consumer so 0:12:19.320 --> 0:12:23.040 the you know s about platform UH play that we 0:12:23.080 --> 0:12:25.000 can do with talent that really wants to do more 0:12:25.080 --> 0:12:28.040 and and and you know, I think the word influencers 0:12:28.080 --> 0:12:30.319 being kind of thrown around a lot. I mean, we 0:12:30.440 --> 0:12:33.520 were these are people that have been doing social media 0:12:33.520 --> 0:12:35.520 for ten years and be the top of their field, 0:12:36.040 --> 0:12:38.880 and we've been able to place them in Disney Channel 0:12:39.000 --> 0:12:41.559 series and Nicola. I mean, so these are also very 0:12:41.559 --> 0:12:43.920 good performers. So we're very confident that the town that 0:12:43.960 --> 0:12:46.680 we work with is very capable for doing sort of 0:12:46.679 --> 0:12:50.480 the next the next generation of content. As I hear 0:12:50.520 --> 0:12:55.640 you talk though, when I pull away the Latino audience target. Really, 0:12:55.679 --> 0:12:59.040 your business is not that different advice or buzz feed 0:12:59.080 --> 0:13:02.000 in Europe roach to market. And then I look at 0:13:02.080 --> 0:13:05.240 those companies and they've had their share of victories, but 0:13:05.600 --> 0:13:08.560 they've really taken some LUNs in recent years, a lot 0:13:08.640 --> 0:13:13.240 of questions about their growth pattern for the future. How 0:13:13.240 --> 0:13:16.439 are you avoiding some of the pitfoil, sorry, pitfalls that 0:13:16.559 --> 0:13:19.800 those companies are facing. I think it's a good question. 0:13:19.920 --> 0:13:22.959 And you know, to begin with, you know, at revenue 0:13:23.000 --> 0:13:26.120 and branded content are miniscule part of our of our 0:13:26.160 --> 0:13:29.480 business model. So you know, if if brands decide that 0:13:29.520 --> 0:13:32.200 the digital space is not safe and we don't invest, 0:13:32.320 --> 0:13:34.960 you know, our exposure is very limited. And again I 0:13:34.960 --> 0:13:37.760 think having learned at Fox for many years, you know, 0:13:37.920 --> 0:13:40.400 one solid hit will solve a lot of problems. So 0:13:40.440 --> 0:13:43.199 we're very focused on what is that piece of content 0:13:43.240 --> 0:13:45.000 that really is going to create a franchise for us? 0:13:45.040 --> 0:13:47.400 You know, how can I create the next Twilight? How 0:13:47.440 --> 0:13:49.280 can I you know, I think you know, coming from 0:13:49.280 --> 0:13:52.080 the Latino space gives you a lot of opportunity because 0:13:52.520 --> 0:13:55.280 you know it's an under certain audience. But but I 0:13:55.280 --> 0:13:57.280 think if you look at all those companies you mentioned, 0:13:57.880 --> 0:14:01.440 they were they were born out of. We reach billions 0:14:01.480 --> 0:14:03.760 of people, like we're not. We're not in the business 0:14:03.800 --> 0:14:06.120 of you know, hopefully we will reach buility, but that's 0:14:06.160 --> 0:14:08.160 not a selling proposition. This is sort of you know, 0:14:08.200 --> 0:14:11.280 we have the best combination of idea, talent and execution 0:14:11.559 --> 0:14:14.280 to create a great franchise. And I think that's that's 0:14:14.280 --> 0:14:16.760 how we see our company um and I think of 0:14:16.880 --> 0:14:18.439 the game being able to sort of be able to 0:14:18.440 --> 0:14:21.280 sell to all these you know, you know, we have 0:14:21.360 --> 0:14:24.120 the credibility to do so, we have the creative expertise 0:14:24.120 --> 0:14:28.280 to deliver. And I think that's very that's that's that's 0:14:28.360 --> 0:14:30.560 why we think we're different from from from all those 0:14:30.600 --> 0:14:35.040 companies that really come from a volume business eyeball and 0:14:35.120 --> 0:14:39.120 impression business, and and and I think, you know, volume 0:14:39.280 --> 0:14:44.720 and high quality ideas are not always compatible. Uh so 0:14:45.000 --> 0:14:47.560 you know, we're we're patiently trying to grow that stable 0:14:47.600 --> 0:14:50.760 of I P looking for great opportunities where we can 0:14:50.760 --> 0:14:53.040 also own intellectual property. I mean, ultimately we want to 0:14:53.040 --> 0:14:56.320 build our library. So I think I would say that's 0:14:56.360 --> 0:15:00.240 probably one of the biggest differences with those companies. I mean, 0:15:00.280 --> 0:15:02.840 we're very we're not in the branded content we're not 0:15:02.880 --> 0:15:05.720 in the agency business, and we're clearly not in this 0:15:05.760 --> 0:15:10.480 sort of you know. But I would imagine, not only 0:15:10.480 --> 0:15:12.960 when you look at the size of the Hispanic market 0:15:12.960 --> 0:15:16.400 in the US, but obviously around the world internationally, you 0:15:16.440 --> 0:15:20.480 guys are probably very well positioned. Yeah, I mean we're 0:15:20.480 --> 0:15:23.920 in Latin America, we're we're absolute leader today. Uh. And 0:15:23.920 --> 0:15:26.040 and in the US, I think we're carving our space. 0:15:26.680 --> 0:15:30.160 We have the demographic playing in our favor because I 0:15:30.200 --> 0:15:33.920 think dollar you know, it's the dollars. Ultimately will try 0:15:33.920 --> 0:15:37.680 to follow those younger demographics. And I think because we're smaller, 0:15:37.720 --> 0:15:40.440 we're nimbler, uh, and we can take much more risk 0:15:40.440 --> 0:15:43.040 than some of these established broadcasters. I think we're looking 0:15:43.240 --> 0:15:45.640 we're really trying to carve out that that space. But yes, 0:15:45.680 --> 0:15:47.280 you're right. I mean in Latin America we've got a 0:15:47.320 --> 0:15:50.760 very significant audience, and you know, right now we're planning 0:15:51.240 --> 0:15:54.160 talent tours. Things that will start in Latin America will 0:15:54.160 --> 0:15:57.160 give us an opportunity to test before we're bringing to 0:15:57.200 --> 0:15:59.800 the US. I have to say though, sometimes and this 0:15:59.840 --> 0:16:01.920 is not just with regard to the Latino market, but 0:16:02.000 --> 0:16:05.560 really for lots of them, different demographics. I find myself 0:16:05.600 --> 0:16:10.440 skeptical about the whole notion of sort of ethnic targeted content, 0:16:10.880 --> 0:16:14.280 that perhaps the Hispanic audience in the US doesn't necessarily 0:16:14.320 --> 0:16:17.440 care whether they're watching Hispanic content or not, and they 0:16:17.440 --> 0:16:21.120 could love a lot of the English language stuff. Am 0:16:21.120 --> 0:16:24.120 I being a little shortsighted there though? No? I think 0:16:24.360 --> 0:16:26.640 I think, you know, I'm always wary of some of 0:16:26.680 --> 0:16:29.800 the extremes black or white zero hundred, like you know, 0:16:30.120 --> 0:16:31.920 And I think I would consider my house to be 0:16:32.120 --> 0:16:34.040 somewhat sort of you know, in in that in that 0:16:34.120 --> 0:16:37.480 in that average mix where you know, I watched a 0:16:37.520 --> 0:16:40.040 lot of stuff in English, is something interesting in Spanish. 0:16:40.040 --> 0:16:42.000 I'll watch the same thing with my kids. My kids, 0:16:42.160 --> 0:16:44.480 you know, in Netflix watch sort of you know, the 0:16:44.520 --> 0:16:47.120 traditional sort of you know, English language stuff, but there's 0:16:47.160 --> 0:16:49.480 this show from Argentina that they love and they're watch 0:16:49.520 --> 0:16:53.120 it in Spanish. And I think ultimately people get attracted 0:16:53.160 --> 0:16:55.120 to stuff that's good and you know, and if you 0:16:55.160 --> 0:16:57.520 have the ability to be able to switch between two languages, 0:16:58.120 --> 0:17:02.400 then you know, you still watch what's good in respective 0:17:02.440 --> 0:17:04.159 of which language it is. I agree with you that 0:17:04.280 --> 0:17:06.240 just because you brand yourself Latino, people are not going 0:17:06.280 --> 0:17:08.080 to flock to you and watch. And I think that's 0:17:08.080 --> 0:17:10.320 one of the things one of the challenges when you 0:17:10.359 --> 0:17:13.480 do stuff in English is you know, the Latino audience 0:17:13.520 --> 0:17:17.480 will watch something Latino screwing, but they also will go 0:17:17.560 --> 0:17:20.359 to complex advice and bus feed and box and and 0:17:20.640 --> 0:17:23.200 all these things. And and I think it's much harder 0:17:23.200 --> 0:17:26.680 to find great competitive content when you do it in Spanish. 0:17:27.480 --> 0:17:30.359 And for Spanish language content, I think the first word 0:17:30.359 --> 0:17:31.840 that comes to mind for a lot of people is 0:17:31.880 --> 0:17:35.880 the telenovela. And yet I've heard plenty that the telenovela 0:17:35.920 --> 0:17:39.280 may not necessarily be a format that's well situated for 0:17:39.320 --> 0:17:42.199 the future. To put it kindly, do you guys have 0:17:42.240 --> 0:17:45.200 a take on that? Are you in that business? I mean, 0:17:45.760 --> 0:17:49.520 what's the telenoila? Telenoila is yeah, it's it's this is 0:17:49.560 --> 0:17:52.760 this is this kind of story that's convoluted with sort 0:17:52.760 --> 0:17:55.119 of a lot of feelings and betrayals and love and 0:17:55.359 --> 0:17:58.480 inter twines and and it's gets crazy. I can point 0:17:58.480 --> 0:18:00.920 a Desperate Housewives and tell you what a great soap 0:18:00.960 --> 0:18:05.040 opera that was. And so I think the genre in 0:18:05.560 --> 0:18:06.720 from you know, when you look at it from the 0:18:06.720 --> 0:18:09.480 Spanish language content world, I think it's been you know, 0:18:09.480 --> 0:18:11.560 I think Telemundo has done a great job in sort 0:18:11.560 --> 0:18:14.880 of bringing that genre to a much more a sort 0:18:14.920 --> 0:18:20.280 of you know, enjoyable hole for millennials or or you know, 0:18:20.400 --> 0:18:23.399 so you're really taking all that intertwined crazy love story 0:18:23.400 --> 0:18:25.520 and put it in a context that's that's much more 0:18:25.520 --> 0:18:28.639 appealing for a younger audience. Ah, a good story is 0:18:28.640 --> 0:18:30.760 still a good story. I would argue the Shakespeare would 0:18:30.760 --> 0:18:32.680 have been a great telenovela writer. It just a question 0:18:32.760 --> 0:18:34.720 is if you if you shoot it in Mexico, where 0:18:34.760 --> 0:18:37.720 there the Mexican rancher falls in love with the maid, 0:18:37.920 --> 0:18:40.800 that for someone living in East l A, it's like 0:18:42.119 --> 0:18:43.919 I can relate to that. But if you put it 0:18:43.960 --> 0:18:46.239 here in East la or if you put it in 0:18:46.280 --> 0:18:48.320 sort of you know, and you know whatever, in a 0:18:48.359 --> 0:18:50.720 more and more and more and more and more Hispanic context, 0:18:51.240 --> 0:18:55.159 then it's just a great story. So I think, you know, 0:18:55.200 --> 0:18:58.080 we don't discard things just because of the lenovela, but 0:18:58.119 --> 0:18:59.920 we do believe that you have to make things that 0:19:00.080 --> 0:19:02.440 relevant to the people that live here today and are 0:19:02.520 --> 0:19:04.480 sort of within that age range. And I think that 0:19:04.560 --> 0:19:09.679 the broadcasters you mentioned struggled with that process. Because you know, 0:19:09.960 --> 0:19:14.400 Univision was importing programming directly from Televisa Mexico and Televisa 0:19:14.520 --> 0:19:16.719 was still stuck doing that kind of Illinois. I think 0:19:16.760 --> 0:19:19.280 everybody got a wake up call now and both are 0:19:19.280 --> 0:19:21.280 trying to sort of reinvent themselves and talk to a 0:19:21.400 --> 0:19:23.879 younger audience. And we definitely are in that mix as 0:19:23.880 --> 0:19:26.560 a program supplier, but also sort of you know, as 0:19:26.760 --> 0:19:29.720 as as as developing content for Race too well. But 0:19:29.960 --> 0:19:33.679 can't you become the next Univision or Telemundo? That's how 0:19:33.800 --> 0:19:36.479 that's my goal. Are they looking over their shoulders at 0:19:36.520 --> 0:19:38.880 you or you just a program supplier to think we're 0:19:38.920 --> 0:19:40.679 I think we're still small, and I think you know, 0:19:40.720 --> 0:19:42.560 they got a mass again between both of them, they 0:19:42.600 --> 0:19:44.359 make you know, they have a three billion dollar business, 0:19:44.400 --> 0:19:46.639 So I don't I'm sure that they're not losing sleep 0:19:46.680 --> 0:19:49.199 over Race, but we're definitely going in that direction. We 0:19:49.280 --> 0:19:52.040 do want to become that brand for for the Hispanic 0:19:52.080 --> 0:19:55.359 millennial in the US but also in Latin America. And 0:19:55.359 --> 0:19:58.200 it's interesting because you know, you know, I think even 0:19:58.240 --> 0:20:01.280 when you go to main land American country in Mexico 0:20:01.520 --> 0:20:05.800 or in Colombia or Argentina, you still don't see a 0:20:05.880 --> 0:20:08.480 company like like like race what we're trying to to 0:20:08.480 --> 0:20:10.399 to become. And I think it's a massive opportunity if 0:20:10.400 --> 0:20:14.040 we can really become the company I think we will be. 0:20:14.119 --> 0:20:16.240 Don't think we will have a great opportunity to great, great, 0:20:16.280 --> 0:20:19.000