WEBVTT - Fathom CEO Optimistic for Theater Industry Comeback

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<v Speaker 1>This is Bloomberg Business Week with Garrel Masser and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. All right, you're listening to Bloomberg

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<v Speaker 1>Business Week. Well, as we tee up the last hour

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<v Speaker 1>of today's show, the Wednesday edition of Bloomberg Business Week.

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<v Speaker 1>I'm really excited to get into this because we're talking

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<v Speaker 1>about reopening. We're talking about what the world looks like

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<v Speaker 1>on the other side. And Carol, you know this very

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<v Speaker 1>well about me. I love the movies. You love going

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<v Speaker 1>to the movies. I love watching them at home, but

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<v Speaker 1>I really love the theater experience. And it's why I've

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<v Speaker 1>really enjoyed getting to know our next guest, Ray Not.

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<v Speaker 1>He is the chief executive officer of Fathom Events. He

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<v Speaker 1>joins us on the phone from Denver, and we last

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<v Speaker 1>saw him. We were talking about this on our planning call.

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<v Speaker 1>We were talking about the last time we saw you, Ray,

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<v Speaker 1>which was you were very nice to come to our

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<v Speaker 1>remote set there in sort of like out by the

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<v Speaker 1>airport in Denver. We were there for the Commonwealth Conference,

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<v Speaker 1>I believe, so that seems like about a million years ago.

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<v Speaker 1>But I hope you're doing well well. I am, and

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<v Speaker 1>thanks very much, and I hope you guys are safe

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<v Speaker 1>and healthy as well, and UH, I look forward to

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<v Speaker 1>the time when I can join you again in the

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<v Speaker 1>studio or join you again at the convention center near

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<v Speaker 1>the airport exactly. Yeah, totally. We'll tell us about your world.

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<v Speaker 1>What it's been like personally professionally since we've had to

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<v Speaker 1>lockdown because of the virus. Well, it's it's it's been

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<v Speaker 1>very interesting, obviously, and things happened so very quickly. It's

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<v Speaker 1>hard to believe that four months ago, you know, things

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<v Speaker 1>were just booming everywhere, including the movie business, and then

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<v Speaker 1>it all kind of came to a halt when movie

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<v Speaker 1>theaters started closing. So professionally, UM, here at Fathom, we

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<v Speaker 1>launched a program called Hope and UH it's our own

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<v Speaker 1>little acronym, which stands for the Health of our employees.

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<v Speaker 1>We were one of the first companies to send our

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<v Speaker 1>employees homeworking remotely. And UH the O stands for optimism,

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<v Speaker 1>which I'm very optimistic and I'm excited to talk to

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<v Speaker 1>you guys a little it about the optimism in the

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<v Speaker 1>movie environment right now. And uh P stands for persistence.

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<v Speaker 1>We we have to be persistent, and we've been doing

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<v Speaker 1>a lot of things during the shutdown. UM, and then

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<v Speaker 1>he stands for excel. It means that we need to

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<v Speaker 1>excel out of the other end of this thing and

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<v Speaker 1>be ready to go when theaters do open. So it's

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<v Speaker 1>what we stay focused on professionally here. I've got the

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<v Speaker 1>whole team working on a number of different things. But

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<v Speaker 1>I am extremely optimistic about where the industry is going

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<v Speaker 1>and where Fathom's going. So tell us what you have

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<v Speaker 1>on deck and and what it sort of looks like.

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<v Speaker 1>And you've got some specific movies that I want to

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<v Speaker 1>talk to you about because I'm excited to see them

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<v Speaker 1>in theaters all over again. But what does the planning

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<v Speaker 1>look like? How do you put together a plan where

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<v Speaker 1>you are in the business of literally gathering people. Well,

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<v Speaker 1>we what we've done for the last couple of months

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<v Speaker 1>is UH is really really focused on communication. Not only

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<v Speaker 1>communicate with our employees, but a ton of communication with

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<v Speaker 1>our content providers and and most of our content providers

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<v Speaker 1>have not canceled their content that they had scheduled with us.

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<v Speaker 1>They've moved it off into the second half of the year.

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<v Speaker 1>And we are jam packed in the second half of

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<v Speaker 1>the year. UH, and it it it entails communication obviously

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<v Speaker 1>with our owners a MC, Cinemark and Regal and then

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<v Speaker 1>a nine seven affiliate theater circuits that we distribute our

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<v Speaker 1>content too as well. And then we've been in touch

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<v Speaker 1>with organizations trade organizations like the National Association of Theater

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<v Speaker 1>Owners who are representing all the theater circuits out there

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<v Speaker 1>that are members of them. But we've um, we've put

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<v Speaker 1>together first and foremost a series that we're calling the

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<v Speaker 1>Welcome Back Series, and um, it's very fluid, not knowing

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<v Speaker 1>exactly when theater is going to open, but it's thirty

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<v Speaker 1>days of the best of Fathom's content and uh um.

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<v Speaker 1>And it'll be themed by day. So a Monday's might

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<v Speaker 1>be inspiration, faith type of idols, Tuesday might be anime,

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<v Speaker 1>Wednesday's might be classics or girls night out or arts

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<v Speaker 1>and entertainment. Um. So we've got a whole host of

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<v Speaker 1>titles that were working on right now. UM. And I

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<v Speaker 1>can certainly talk to you about a few of those

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<v Speaker 1>if you like, well, absolutely, but I do wonder you

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<v Speaker 1>know what's the timeframe are you can you can you

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<v Speaker 1>put any specifics on it yet in terms of opening

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<v Speaker 1>and how do you do it so people feel comfortable

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<v Speaker 1>going back to a theater. Yeah, A lot of the

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<v Speaker 1>safety and health issues are obviously the responsibility of the

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<v Speaker 1>theater owners, you know. As you guys know, I spent

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<v Speaker 1>about thirty years on the theater exhibition side of the business,

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<v Speaker 1>and coincidentally, I actually broke into this business in the

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<v Speaker 1>risk management area. So I can assure you that from

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<v Speaker 1>a safety and risk management standpoint that these theaters will

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<v Speaker 1>not be open until it is completely safe to do so.

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<v Speaker 1>And you know, there's talk about the sanitization and the checkerboards.

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<v Speaker 1>See you know, every other seat maybe being purchased in

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<v Speaker 1>that type of thing for social distancing. So I'm sure

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<v Speaker 1>that all of those things are going to be in place.

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<v Speaker 1>Um Our content providers are also very concerned that you know,

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<v Speaker 1>they're showing content in a safe environment as well, and

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<v Speaker 1>and most of them, that's been the communication with them

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<v Speaker 1>in terms of making sure that they're they're A confidence

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<v Speaker 1>level is ups as we move forward, because this is serious,

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<v Speaker 1>because all right, I'm just gonna have a little fun.

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<v Speaker 1>But I'm thinking our listeners are saying, wait a minute,

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<v Speaker 1>you know, I step on GM when I'm in the theater,

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<v Speaker 1>Like there's stuffs built on the floor, you know what

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<v Speaker 1>I mean. So you're talking about, you know, sanitation levels

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<v Speaker 1>at a much higher level than maybe we've seen before. Yeah,

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<v Speaker 1>I'm getting a great deal of confidence from the National

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<v Speaker 1>Association of Theater Owners, like I said, who do represent

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<v Speaker 1>all of them, that there are programs that are being

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<v Speaker 1>put in place. And let's face it, these are programs

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<v Speaker 1>that are being put in place and other retail stores

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<v Speaker 1>and other locations that have never really been done to

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<v Speaker 1>this extent before, So theater won't be any exception to

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<v Speaker 1>that rule. Still with us is Ray Nut He is

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<v Speaker 1>Ray uh he is the CEO at Fathom Events. Can't

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<v Speaker 1>even read my own notes on the phone from den

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<v Speaker 1>type the type. That's what's really sad. Oh my goodness,

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<v Speaker 1>what day is it? It's Wednesday? Right? You know what

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<v Speaker 1>I'm curious about is, you know, we've talked a lot

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<v Speaker 1>about the increase in streaming and everybody kind of going

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<v Speaker 1>after content, especially kind of you know, as everybody's home

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<v Speaker 1>and they're watching so much stuff, has it gotten more

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<v Speaker 1>difficult for you to access titles? No? No, not really.

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<v Speaker 1>As I as I said before, we uh we you know,

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<v Speaker 1>almost all of our content providers have have come back

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<v Speaker 1>to us, and they want a theatrical release of their

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<v Speaker 1>content before that goes downstream. So you know, the only

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<v Speaker 1>about the only ones that have canceled on us, and

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<v Speaker 1>there's only been a handful have been those that have

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<v Speaker 1>had commitments to their downstream and they had to take

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<v Speaker 1>it to v O D or DVD whatever at the points. So,

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<v Speaker 1>uh so all, you know, all our content providers, for

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<v Speaker 1>the most part of them very very encouraging and uh

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<v Speaker 1>supportive of what we're doing and where we're going. And

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<v Speaker 1>they know theaters will open again someday soon and people

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<v Speaker 1>do want the communal experience, like you say, and people

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<v Speaker 1>will be back to theaters and so ray. You know,

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<v Speaker 1>one of the interesting things about Fathom events is you

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<v Speaker 1>know they're obviously you're showing movies, but you're also showing

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<v Speaker 1>you know, other live events or other sort of theatrical events,

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<v Speaker 1>things like Broadway. And we got a chance, Caroline I

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<v Speaker 1>did to catch up with Charlotte Saint Martin from the

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<v Speaker 1>Broadway League last week, and one of the things that

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<v Speaker 1>she was talking about was how difficult it's going to

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<v Speaker 1>be for Broadway to come back. Are there other elements

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<v Speaker 1>like Broadway and and other things that sort of feed

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<v Speaker 1>in um that ultimately down the line will will affect

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<v Speaker 1>you or now. Well, I think Broadway is a little

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<v Speaker 1>bit different than movie theaters and that you're you know,

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<v Speaker 1>you're crowding an orchestra on a pit. Uh you know,

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<v Speaker 1>and it's it's difficult to do social distancing there. And

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<v Speaker 1>I suppose you know, you could do something with the seating,

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<v Speaker 1>uh like movie theaters are going to do. Uh, And

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<v Speaker 1>it's difficult with the talent on stages as well. Um,

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<v Speaker 1>but uh, you know, we we do a fair amount

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<v Speaker 1>of live content. That content will come back. The Metropolitan Opera,

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<v Speaker 1>for example, one of our biggest uh uh content providers. Um,

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<v Speaker 1>we do boxing, we do UFC. We've been in heavy

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<v Speaker 1>discussions with all of them, and when uh, when they're

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<v Speaker 1>ready to go uh, we believe that the theaters will

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<v Speaker 1>be ready to go uh immediately after all Right, So

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<v Speaker 1>tell us a little bit about some of the movies

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<v Speaker 1>that we can see later this summer, because I'm excited

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<v Speaker 1>about a lot of these, especially some of the big

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<v Speaker 1>screen classics. Yeah, the the the thirty day welcome back

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<v Speaker 1>program that we have, We've we've got something for everyone there.

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<v Speaker 1>I mean, there's anime content, a couple of great titles,

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<v Speaker 1>Mothering with You and Mary and the Witch's Flower. If

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<v Speaker 1>you're an anime fan, uh, documentary you are here about

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<v Speaker 1>nine eleven. Um, you you talked about Broadway. We've got

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<v Speaker 1>Allegiance Bandstand, Memphis Oklahoma coming back, some really oldies and

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<v Speaker 1>goodies and some newer ones as well. Uh. In this time,

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<v Speaker 1>there's some inspiration in faith category that's been a huge

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<v Speaker 1>vertical for us. And we've got titles like Insanity of God,

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<v Speaker 1>Kingdom and Rising. And we've got a Steve McQueen picture

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<v Speaker 1>that we showed before which was awesome. And then you

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<v Speaker 1>know what, statistics are also telling us that people want

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<v Speaker 1>to see something lighthearted, some some comedy. So we've got

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<v Speaker 1>a riff track series where um the History Science three

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<v Speaker 1>thousand guys riff on certain movies and that'll be fun

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<v Speaker 1>and uh. And then we have some children's programming coming

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<v Speaker 1>as well, but that's all in our our thirty day

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<v Speaker 1>welcome back program excuse me. And and then we've got

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<v Speaker 1>some other titles coming ing, uh, some of our classics,

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<v Speaker 1>Blues Brothers, Ghosts, Fiddlers On, Fiddler on the Roof, the

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<v Speaker 1>Shining Um Airplanes, forties. Whenever we talk about these classics,

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<v Speaker 1>I always feel old. And my favorite movie one Flew

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<v Speaker 1>Over the Cucos and Us with Jack Nicholson is as well.

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<v Speaker 1>So and then we've got some things. I think the

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<v Speaker 1>last time we talked, we broke into the TV network

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<v Speaker 1>UM Vertical with Friends. We were talking about that that

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<v Speaker 1>was very successful for us. So we've got uh the

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<v Speaker 1>best of Carol Burnett coming as well, and we think

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<v Speaker 1>that will do very very well in the theater with

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<v Speaker 1>some of those episodes. But uh, you know, Chasing Whiskey

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<v Speaker 1>is another really good one. Uh it's a it's a

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<v Speaker 1>title that looks into the Jack Daniels distillery. From a

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<v Speaker 1>documentary perspective, is that we think that will go over

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<v Speaker 1>very very well as well. So again you can see

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<v Speaker 1>the genres, they're very diverse and that's what makes it

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<v Speaker 1>exciting here. We also have a first run which is

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<v Speaker 1>a little different for Fathom. We usually do event cinema,

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<v Speaker 1>which is only a night or two. But we've got

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<v Speaker 1>a first run film that we're negotiating right now and

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<v Speaker 1>we're just in negotiations with that and that will be

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<v Speaker 1>announced probably in the next week or so. Interesting. Interesting,

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<v Speaker 1>So first run in the sense that you will you'll

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<v Speaker 1>be the sort of you'll help distribute a brand new film. Yep,

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<v Speaker 1>it'll be a brand new film, never seen before. It's

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<v Speaker 1>got some big names in. It will be a limited

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<v Speaker 1>theatrical release, probably for about a week or so, so

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<v Speaker 1>it won't have your traditional you know, say three or

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<v Speaker 1>four or five week run, but it will premier Uh

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<v Speaker 1>with our theater circuits and through Fathom. Wow. Interesting, very

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<v Speaker 1>cool stuff. Great, just twenty seconds. What brings in the

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<v Speaker 1>most money? What kind of things is that? The things

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<v Speaker 1>like friends or what is it? Just quickly? Uh? Well,

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<v Speaker 1>our top ones are arts and entertainment, vertical, our our classics,

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<v Speaker 1>UM and uh anime. Those are our topic once and

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<v Speaker 1>then the emerging ones would be things like, uh, we're

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<v Speaker 1>working with publishers right now to help authors get their

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<v Speaker 1>word out there, especially in this time where they're not

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<v Speaker 1>you know, touring or anything, the book tours or anything.

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<v Speaker 1>So those are the top categories. And then we've mentioned

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<v Speaker 1>also we have a B two B business where people

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<v Speaker 1>come in and use our network to uh to hear

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<v Speaker 1>their message. And we feel that in this time when

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<v Speaker 1>theaters get back open, there's gonna be a lot of

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<v Speaker 1>companies using US. Yeah, that's a really interesting point. Really

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<v Speaker 1>interesting man. All right, Ray, not great to catch up

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<v Speaker 1>with you. Thank you so much for your time and

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<v Speaker 1>see you fathom events that at the first run thing

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<v Speaker 1>is interesting. We're gonna have to keep an eye on

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<v Speaker 1>that because I would love to talk more about that.