1 00:00:00,560 --> 00:00:04,200 Speaker 1: This is Bloomberg Business Week with Garrel Masser and Jason 2 00:00:04,320 --> 00:00:09,600 Speaker 1: Kelly on Bloomberg Radio. All right, you're listening to Bloomberg 3 00:00:09,720 --> 00:00:13,160 Speaker 1: Business Week. Well, as we tee up the last hour 4 00:00:13,400 --> 00:00:17,200 Speaker 1: of today's show, the Wednesday edition of Bloomberg Business Week. 5 00:00:17,239 --> 00:00:20,120 Speaker 1: I'm really excited to get into this because we're talking 6 00:00:20,120 --> 00:00:23,560 Speaker 1: about reopening. We're talking about what the world looks like 7 00:00:23,640 --> 00:00:26,400 Speaker 1: on the other side. And Carol, you know this very 8 00:00:26,440 --> 00:00:29,600 Speaker 1: well about me. I love the movies. You love going 9 00:00:29,640 --> 00:00:31,080 Speaker 1: to the movies. I love watching them at home, but 10 00:00:31,120 --> 00:00:34,000 Speaker 1: I really love the theater experience. And it's why I've 11 00:00:34,000 --> 00:00:36,280 Speaker 1: really enjoyed getting to know our next guest, Ray Not. 12 00:00:36,520 --> 00:00:39,960 Speaker 1: He is the chief executive officer of Fathom Events. He 13 00:00:40,080 --> 00:00:42,440 Speaker 1: joins us on the phone from Denver, and we last 14 00:00:42,440 --> 00:00:44,960 Speaker 1: saw him. We were talking about this on our planning call. 15 00:00:45,440 --> 00:00:49,120 Speaker 1: We were talking about the last time we saw you, Ray, 16 00:00:49,240 --> 00:00:51,720 Speaker 1: which was you were very nice to come to our 17 00:00:51,760 --> 00:00:55,880 Speaker 1: remote set there in sort of like out by the 18 00:00:55,920 --> 00:00:59,840 Speaker 1: airport in Denver. We were there for the Commonwealth Conference, 19 00:00:59,880 --> 00:01:03,120 Speaker 1: I believe, so that seems like about a million years ago. 20 00:01:03,320 --> 00:01:05,920 Speaker 1: But I hope you're doing well well. I am, and 21 00:01:05,959 --> 00:01:07,880 Speaker 1: thanks very much, and I hope you guys are safe 22 00:01:07,920 --> 00:01:10,280 Speaker 1: and healthy as well, and UH, I look forward to 23 00:01:10,319 --> 00:01:12,120 Speaker 1: the time when I can join you again in the 24 00:01:12,160 --> 00:01:14,600 Speaker 1: studio or join you again at the convention center near 25 00:01:14,640 --> 00:01:19,120 Speaker 1: the airport exactly. Yeah, totally. We'll tell us about your world. 26 00:01:19,280 --> 00:01:23,000 Speaker 1: What it's been like personally professionally since we've had to 27 00:01:23,240 --> 00:01:27,080 Speaker 1: lockdown because of the virus. Well, it's it's it's been 28 00:01:27,160 --> 00:01:30,360 Speaker 1: very interesting, obviously, and things happened so very quickly. It's 29 00:01:30,360 --> 00:01:32,920 Speaker 1: hard to believe that four months ago, you know, things 30 00:01:32,920 --> 00:01:36,000 Speaker 1: were just booming everywhere, including the movie business, and then 31 00:01:36,280 --> 00:01:38,119 Speaker 1: it all kind of came to a halt when movie 32 00:01:38,160 --> 00:01:43,080 Speaker 1: theaters started closing. So professionally, UM, here at Fathom, we 33 00:01:43,160 --> 00:01:47,240 Speaker 1: launched a program called Hope and UH it's our own 34 00:01:47,280 --> 00:01:50,160 Speaker 1: little acronym, which stands for the Health of our employees. 35 00:01:50,320 --> 00:01:51,960 Speaker 1: We were one of the first companies to send our 36 00:01:51,960 --> 00:01:56,880 Speaker 1: employees homeworking remotely. And UH the O stands for optimism, 37 00:01:56,880 --> 00:01:59,280 Speaker 1: which I'm very optimistic and I'm excited to talk to 38 00:01:59,320 --> 00:02:01,840 Speaker 1: you guys a little it about the optimism in the 39 00:02:01,880 --> 00:02:05,920 Speaker 1: movie environment right now. And uh P stands for persistence. 40 00:02:06,000 --> 00:02:08,160 Speaker 1: We we have to be persistent, and we've been doing 41 00:02:08,200 --> 00:02:12,040 Speaker 1: a lot of things during the shutdown. UM, and then 42 00:02:12,200 --> 00:02:14,720 Speaker 1: he stands for excel. It means that we need to 43 00:02:14,720 --> 00:02:16,640 Speaker 1: excel out of the other end of this thing and 44 00:02:16,680 --> 00:02:19,639 Speaker 1: be ready to go when theaters do open. So it's 45 00:02:19,639 --> 00:02:22,240 Speaker 1: what we stay focused on professionally here. I've got the 46 00:02:22,240 --> 00:02:25,440 Speaker 1: whole team working on a number of different things. But 47 00:02:25,560 --> 00:02:29,280 Speaker 1: I am extremely optimistic about where the industry is going 48 00:02:29,280 --> 00:02:32,560 Speaker 1: and where Fathom's going. So tell us what you have 49 00:02:32,720 --> 00:02:35,280 Speaker 1: on deck and and what it sort of looks like. 50 00:02:35,360 --> 00:02:37,880 Speaker 1: And you've got some specific movies that I want to 51 00:02:37,919 --> 00:02:40,480 Speaker 1: talk to you about because I'm excited to see them 52 00:02:40,520 --> 00:02:44,440 Speaker 1: in theaters all over again. But what does the planning 53 00:02:44,800 --> 00:02:48,799 Speaker 1: look like? How do you put together a plan where 54 00:02:48,840 --> 00:02:53,080 Speaker 1: you are in the business of literally gathering people. Well, 55 00:02:53,120 --> 00:02:56,120 Speaker 1: we what we've done for the last couple of months 56 00:02:56,240 --> 00:02:59,440 Speaker 1: is UH is really really focused on communication. Not only 57 00:02:59,480 --> 00:03:03,600 Speaker 1: communicate with our employees, but a ton of communication with 58 00:03:03,639 --> 00:03:07,120 Speaker 1: our content providers and and most of our content providers 59 00:03:07,560 --> 00:03:10,240 Speaker 1: have not canceled their content that they had scheduled with us. 60 00:03:10,280 --> 00:03:12,560 Speaker 1: They've moved it off into the second half of the year. 61 00:03:12,800 --> 00:03:15,440 Speaker 1: And we are jam packed in the second half of 62 00:03:15,480 --> 00:03:19,560 Speaker 1: the year. UH, and it it it entails communication obviously 63 00:03:19,639 --> 00:03:22,480 Speaker 1: with our owners a MC, Cinemark and Regal and then 64 00:03:22,520 --> 00:03:25,480 Speaker 1: a nine seven affiliate theater circuits that we distribute our 65 00:03:25,520 --> 00:03:28,400 Speaker 1: content too as well. And then we've been in touch 66 00:03:28,480 --> 00:03:32,640 Speaker 1: with organizations trade organizations like the National Association of Theater 67 00:03:32,760 --> 00:03:36,280 Speaker 1: Owners who are representing all the theater circuits out there 68 00:03:36,760 --> 00:03:39,839 Speaker 1: that are members of them. But we've um, we've put 69 00:03:39,840 --> 00:03:43,480 Speaker 1: together first and foremost a series that we're calling the 70 00:03:43,480 --> 00:03:47,280 Speaker 1: Welcome Back Series, and um, it's very fluid, not knowing 71 00:03:47,320 --> 00:03:49,800 Speaker 1: exactly when theater is going to open, but it's thirty 72 00:03:49,880 --> 00:03:54,840 Speaker 1: days of the best of Fathom's content and uh um. 73 00:03:54,880 --> 00:03:57,640 Speaker 1: And it'll be themed by day. So a Monday's might 74 00:03:57,720 --> 00:04:01,880 Speaker 1: be inspiration, faith type of idols, Tuesday might be anime, 75 00:04:02,960 --> 00:04:06,440 Speaker 1: Wednesday's might be classics or girls night out or arts 76 00:04:06,480 --> 00:04:09,480 Speaker 1: and entertainment. Um. So we've got a whole host of 77 00:04:09,560 --> 00:04:13,480 Speaker 1: titles that were working on right now. UM. And I 78 00:04:13,520 --> 00:04:15,080 Speaker 1: can certainly talk to you about a few of those 79 00:04:15,160 --> 00:04:17,839 Speaker 1: if you like, well, absolutely, but I do wonder you 80 00:04:17,880 --> 00:04:21,039 Speaker 1: know what's the timeframe are you can you can you 81 00:04:21,080 --> 00:04:23,560 Speaker 1: put any specifics on it yet in terms of opening 82 00:04:23,560 --> 00:04:27,159 Speaker 1: and how do you do it so people feel comfortable 83 00:04:27,760 --> 00:04:31,360 Speaker 1: going back to a theater. Yeah, A lot of the 84 00:04:31,839 --> 00:04:36,040 Speaker 1: safety and health issues are obviously the responsibility of the 85 00:04:36,360 --> 00:04:39,440 Speaker 1: theater owners, you know. As you guys know, I spent 86 00:04:39,480 --> 00:04:42,480 Speaker 1: about thirty years on the theater exhibition side of the business, 87 00:04:42,480 --> 00:04:46,000 Speaker 1: and coincidentally, I actually broke into this business in the 88 00:04:46,080 --> 00:04:49,640 Speaker 1: risk management area. So I can assure you that from 89 00:04:49,640 --> 00:04:52,880 Speaker 1: a safety and risk management standpoint that these theaters will 90 00:04:52,880 --> 00:04:55,640 Speaker 1: not be open until it is completely safe to do so. 91 00:04:55,720 --> 00:04:59,719 Speaker 1: And you know, there's talk about the sanitization and the checkerboards. 92 00:04:59,760 --> 00:05:02,400 Speaker 1: See you know, every other seat maybe being purchased in 93 00:05:02,440 --> 00:05:05,440 Speaker 1: that type of thing for social distancing. So I'm sure 94 00:05:05,520 --> 00:05:07,560 Speaker 1: that all of those things are going to be in place. 95 00:05:07,800 --> 00:05:11,800 Speaker 1: Um Our content providers are also very concerned that you know, 96 00:05:11,839 --> 00:05:15,080 Speaker 1: they're showing content in a safe environment as well, and 97 00:05:15,080 --> 00:05:17,680 Speaker 1: and most of them, that's been the communication with them 98 00:05:17,680 --> 00:05:20,919 Speaker 1: in terms of making sure that they're they're A confidence 99 00:05:21,000 --> 00:05:23,880 Speaker 1: level is ups as we move forward, because this is serious, 100 00:05:23,920 --> 00:05:25,520 Speaker 1: because all right, I'm just gonna have a little fun. 101 00:05:25,560 --> 00:05:27,800 Speaker 1: But I'm thinking our listeners are saying, wait a minute, 102 00:05:27,920 --> 00:05:29,839 Speaker 1: you know, I step on GM when I'm in the theater, 103 00:05:30,240 --> 00:05:32,160 Speaker 1: Like there's stuffs built on the floor, you know what 104 00:05:32,200 --> 00:05:37,080 Speaker 1: I mean. So you're talking about, you know, sanitation levels 105 00:05:37,160 --> 00:05:41,200 Speaker 1: at a much higher level than maybe we've seen before. Yeah, 106 00:05:41,279 --> 00:05:45,080 Speaker 1: I'm getting a great deal of confidence from the National 107 00:05:45,160 --> 00:05:47,800 Speaker 1: Association of Theater Owners, like I said, who do represent 108 00:05:47,880 --> 00:05:49,960 Speaker 1: all of them, that there are programs that are being 109 00:05:49,960 --> 00:05:52,440 Speaker 1: put in place. And let's face it, these are programs 110 00:05:52,440 --> 00:05:55,760 Speaker 1: that are being put in place and other retail stores 111 00:05:55,800 --> 00:05:58,440 Speaker 1: and other locations that have never really been done to 112 00:05:58,480 --> 00:06:01,159 Speaker 1: this extent before, So theater won't be any exception to 113 00:06:01,200 --> 00:06:04,039 Speaker 1: that rule. Still with us is Ray Nut He is 114 00:06:04,160 --> 00:06:07,719 Speaker 1: Ray uh he is the CEO at Fathom Events. Can't 115 00:06:07,720 --> 00:06:10,560 Speaker 1: even read my own notes on the phone from den 116 00:06:10,600 --> 00:06:15,560 Speaker 1: type the type. That's what's really sad. Oh my goodness, 117 00:06:15,560 --> 00:06:20,279 Speaker 1: what day is it? It's Wednesday? Right? You know what 118 00:06:20,320 --> 00:06:23,680 Speaker 1: I'm curious about is, you know, we've talked a lot 119 00:06:23,720 --> 00:06:26,040 Speaker 1: about the increase in streaming and everybody kind of going 120 00:06:26,040 --> 00:06:28,960 Speaker 1: after content, especially kind of you know, as everybody's home 121 00:06:28,960 --> 00:06:31,200 Speaker 1: and they're watching so much stuff, has it gotten more 122 00:06:31,200 --> 00:06:35,520 Speaker 1: difficult for you to access titles? No? No, not really. 123 00:06:35,600 --> 00:06:38,359 Speaker 1: As I as I said before, we uh we you know, 124 00:06:38,400 --> 00:06:41,800 Speaker 1: almost all of our content providers have have come back 125 00:06:41,839 --> 00:06:45,360 Speaker 1: to us, and they want a theatrical release of their 126 00:06:45,400 --> 00:06:49,520 Speaker 1: content before that goes downstream. So you know, the only 127 00:06:49,600 --> 00:06:52,200 Speaker 1: about the only ones that have canceled on us, and 128 00:06:52,240 --> 00:06:54,760 Speaker 1: there's only been a handful have been those that have 129 00:06:54,960 --> 00:06:57,440 Speaker 1: had commitments to their downstream and they had to take 130 00:06:57,480 --> 00:07:00,640 Speaker 1: it to v O D or DVD whatever at the points. So, 131 00:07:01,360 --> 00:07:04,080 Speaker 1: uh so all, you know, all our content providers, for 132 00:07:04,080 --> 00:07:07,000 Speaker 1: the most part of them very very encouraging and uh 133 00:07:07,400 --> 00:07:09,400 Speaker 1: supportive of what we're doing and where we're going. And 134 00:07:09,440 --> 00:07:12,680 Speaker 1: they know theaters will open again someday soon and people 135 00:07:12,680 --> 00:07:16,160 Speaker 1: do want the communal experience, like you say, and people 136 00:07:16,160 --> 00:07:19,360 Speaker 1: will be back to theaters and so ray. You know, 137 00:07:19,600 --> 00:07:21,960 Speaker 1: one of the interesting things about Fathom events is you 138 00:07:22,000 --> 00:07:24,920 Speaker 1: know they're obviously you're showing movies, but you're also showing 139 00:07:25,160 --> 00:07:27,880 Speaker 1: you know, other live events or other sort of theatrical events, 140 00:07:28,040 --> 00:07:30,880 Speaker 1: things like Broadway. And we got a chance, Caroline I 141 00:07:30,880 --> 00:07:32,720 Speaker 1: did to catch up with Charlotte Saint Martin from the 142 00:07:32,760 --> 00:07:36,080 Speaker 1: Broadway League last week, and one of the things that 143 00:07:36,200 --> 00:07:39,840 Speaker 1: she was talking about was how difficult it's going to 144 00:07:39,920 --> 00:07:44,120 Speaker 1: be for Broadway to come back. Are there other elements 145 00:07:44,480 --> 00:07:47,560 Speaker 1: like Broadway and and other things that sort of feed 146 00:07:47,600 --> 00:07:52,200 Speaker 1: in um that ultimately down the line will will affect 147 00:07:52,200 --> 00:07:55,559 Speaker 1: you or now. Well, I think Broadway is a little 148 00:07:55,560 --> 00:07:57,800 Speaker 1: bit different than movie theaters and that you're you know, 149 00:07:57,880 --> 00:08:00,640 Speaker 1: you're crowding an orchestra on a pit. Uh you know, 150 00:08:00,680 --> 00:08:03,280 Speaker 1: and it's it's difficult to do social distancing there. And 151 00:08:04,160 --> 00:08:06,800 Speaker 1: I suppose you know, you could do something with the seating, 152 00:08:07,080 --> 00:08:10,200 Speaker 1: uh like movie theaters are going to do. Uh, And 153 00:08:10,280 --> 00:08:15,000 Speaker 1: it's difficult with the talent on stages as well. Um, 154 00:08:15,120 --> 00:08:18,000 Speaker 1: but uh, you know, we we do a fair amount 155 00:08:18,040 --> 00:08:22,360 Speaker 1: of live content. That content will come back. The Metropolitan Opera, 156 00:08:22,400 --> 00:08:27,240 Speaker 1: for example, one of our biggest uh uh content providers. Um, 157 00:08:27,320 --> 00:08:30,080 Speaker 1: we do boxing, we do UFC. We've been in heavy 158 00:08:30,080 --> 00:08:33,320 Speaker 1: discussions with all of them, and when uh, when they're 159 00:08:33,360 --> 00:08:36,240 Speaker 1: ready to go uh, we believe that the theaters will 160 00:08:36,280 --> 00:08:40,679 Speaker 1: be ready to go uh immediately after all Right, So 161 00:08:40,920 --> 00:08:43,200 Speaker 1: tell us a little bit about some of the movies 162 00:08:43,240 --> 00:08:45,440 Speaker 1: that we can see later this summer, because I'm excited 163 00:08:45,960 --> 00:08:48,040 Speaker 1: about a lot of these, especially some of the big 164 00:08:48,080 --> 00:08:52,720 Speaker 1: screen classics. Yeah, the the the thirty day welcome back 165 00:08:52,800 --> 00:08:56,040 Speaker 1: program that we have, We've we've got something for everyone there. 166 00:08:56,080 --> 00:08:59,880 Speaker 1: I mean, there's anime content, a couple of great titles, 167 00:09:00,000 --> 00:09:02,200 Speaker 1: Mothering with You and Mary and the Witch's Flower. If 168 00:09:02,200 --> 00:09:06,400 Speaker 1: you're an anime fan, uh, documentary you are here about 169 00:09:06,480 --> 00:09:10,160 Speaker 1: nine eleven. Um, you you talked about Broadway. We've got 170 00:09:10,200 --> 00:09:15,240 Speaker 1: Allegiance Bandstand, Memphis Oklahoma coming back, some really oldies and 171 00:09:15,240 --> 00:09:18,680 Speaker 1: goodies and some newer ones as well. Uh. In this time, 172 00:09:18,720 --> 00:09:21,439 Speaker 1: there's some inspiration in faith category that's been a huge 173 00:09:21,520 --> 00:09:25,120 Speaker 1: vertical for us. And we've got titles like Insanity of God, 174 00:09:25,240 --> 00:09:27,960 Speaker 1: Kingdom and Rising. And we've got a Steve McQueen picture 175 00:09:28,000 --> 00:09:30,960 Speaker 1: that we showed before which was awesome. And then you 176 00:09:31,000 --> 00:09:33,920 Speaker 1: know what, statistics are also telling us that people want 177 00:09:33,960 --> 00:09:37,720 Speaker 1: to see something lighthearted, some some comedy. So we've got 178 00:09:37,720 --> 00:09:42,920 Speaker 1: a riff track series where um the History Science three 179 00:09:42,960 --> 00:09:48,319 Speaker 1: thousand guys riff on certain movies and that'll be fun 180 00:09:48,920 --> 00:09:52,400 Speaker 1: and uh. And then we have some children's programming coming 181 00:09:52,440 --> 00:09:55,120 Speaker 1: as well, but that's all in our our thirty day 182 00:09:55,160 --> 00:09:58,680 Speaker 1: welcome back program excuse me. And and then we've got 183 00:09:58,760 --> 00:10:01,600 Speaker 1: some other titles coming ing, uh, some of our classics, 184 00:10:02,000 --> 00:10:06,400 Speaker 1: Blues Brothers, Ghosts, Fiddlers On, Fiddler on the Roof, the 185 00:10:06,440 --> 00:10:10,640 Speaker 1: Shining Um Airplanes, forties. Whenever we talk about these classics, 186 00:10:10,679 --> 00:10:15,320 Speaker 1: I always feel old. And my favorite movie one Flew 187 00:10:15,320 --> 00:10:18,480 Speaker 1: Over the Cucos and Us with Jack Nicholson is as well. 188 00:10:18,640 --> 00:10:20,640 Speaker 1: So and then we've got some things. I think the 189 00:10:20,720 --> 00:10:24,160 Speaker 1: last time we talked, we broke into the TV network 190 00:10:24,400 --> 00:10:27,560 Speaker 1: UM Vertical with Friends. We were talking about that that 191 00:10:27,640 --> 00:10:31,720 Speaker 1: was very successful for us. So we've got uh the 192 00:10:31,760 --> 00:10:34,640 Speaker 1: best of Carol Burnett coming as well, and we think 193 00:10:34,679 --> 00:10:36,800 Speaker 1: that will do very very well in the theater with 194 00:10:37,120 --> 00:10:41,720 Speaker 1: some of those episodes. But uh, you know, Chasing Whiskey 195 00:10:41,800 --> 00:10:44,560 Speaker 1: is another really good one. Uh it's a it's a 196 00:10:44,880 --> 00:10:48,920 Speaker 1: title that looks into the Jack Daniels distillery. From a 197 00:10:48,960 --> 00:10:53,040 Speaker 1: documentary perspective, is that we think that will go over 198 00:10:53,160 --> 00:10:55,640 Speaker 1: very very well as well. So again you can see 199 00:10:55,640 --> 00:10:58,320 Speaker 1: the genres, they're very diverse and that's what makes it 200 00:10:58,360 --> 00:11:02,400 Speaker 1: exciting here. We also have a first run which is 201 00:11:02,400 --> 00:11:04,959 Speaker 1: a little different for Fathom. We usually do event cinema, 202 00:11:05,000 --> 00:11:06,680 Speaker 1: which is only a night or two. But we've got 203 00:11:06,679 --> 00:11:10,440 Speaker 1: a first run film that we're negotiating right now and 204 00:11:10,480 --> 00:11:12,800 Speaker 1: we're just in negotiations with that and that will be 205 00:11:12,800 --> 00:11:16,719 Speaker 1: announced probably in the next week or so. Interesting. Interesting, 206 00:11:17,040 --> 00:11:19,360 Speaker 1: So first run in the sense that you will you'll 207 00:11:19,440 --> 00:11:24,679 Speaker 1: be the sort of you'll help distribute a brand new film. Yep, 208 00:11:24,840 --> 00:11:28,199 Speaker 1: it'll be a brand new film, never seen before. It's 209 00:11:28,240 --> 00:11:30,240 Speaker 1: got some big names in. It will be a limited 210 00:11:30,280 --> 00:11:34,240 Speaker 1: theatrical release, probably for about a week or so, so 211 00:11:34,400 --> 00:11:36,800 Speaker 1: it won't have your traditional you know, say three or 212 00:11:36,800 --> 00:11:40,160 Speaker 1: four or five week run, but it will premier Uh 213 00:11:40,400 --> 00:11:44,560 Speaker 1: with our theater circuits and through Fathom. Wow. Interesting, very 214 00:11:44,559 --> 00:11:46,760 Speaker 1: cool stuff. Great, just twenty seconds. What brings in the 215 00:11:46,760 --> 00:11:48,520 Speaker 1: most money? What kind of things is that? The things 216 00:11:48,559 --> 00:11:52,400 Speaker 1: like friends or what is it? Just quickly? Uh? Well, 217 00:11:52,679 --> 00:11:57,280 Speaker 1: our top ones are arts and entertainment, vertical, our our classics, 218 00:11:57,400 --> 00:12:01,320 Speaker 1: UM and uh anime. Those are our topic once and 219 00:12:01,320 --> 00:12:05,160 Speaker 1: then the emerging ones would be things like, uh, we're 220 00:12:05,160 --> 00:12:08,920 Speaker 1: working with publishers right now to help authors get their 221 00:12:09,160 --> 00:12:11,280 Speaker 1: word out there, especially in this time where they're not 222 00:12:11,920 --> 00:12:14,280 Speaker 1: you know, touring or anything, the book tours or anything. 223 00:12:14,360 --> 00:12:17,480 Speaker 1: So those are the top categories. And then we've mentioned 224 00:12:17,480 --> 00:12:19,520 Speaker 1: also we have a B two B business where people 225 00:12:19,559 --> 00:12:22,920 Speaker 1: come in and use our network to uh to hear 226 00:12:22,960 --> 00:12:25,360 Speaker 1: their message. And we feel that in this time when 227 00:12:25,440 --> 00:12:27,120 Speaker 1: theaters get back open, there's gonna be a lot of 228 00:12:27,120 --> 00:12:30,640 Speaker 1: companies using US. Yeah, that's a really interesting point. Really 229 00:12:30,640 --> 00:12:32,560 Speaker 1: interesting man. All right, Ray, not great to catch up 230 00:12:32,559 --> 00:12:34,120 Speaker 1: with you. Thank you so much for your time and 231 00:12:34,240 --> 00:12:38,719 Speaker 1: see you fathom events that at the first run thing 232 00:12:38,880 --> 00:12:40,280 Speaker 1: is interesting. We're gonna have to keep an eye on 233 00:12:40,320 --> 00:12:43,080 Speaker 1: that because I would love to talk more about that.