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- [00:01]
A
Hello, how are you?
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B
I'm good, how are you?
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A
Welcome to the media Odyssey live. That is Marianne Ranchette and that is Ivan Shapiro. I'm coming to you from Boston.
- [00:13]
B
Where are you still at home? Amsterdam. No traveling for me. You are the jet setter.
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A
You know, you make Amsterdam seem boring. It's not. It's the loveliest place in the whole world, so stop complaining.
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B
Yeah, it is cozy. I feel better here than, you know,
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A
wherever you are in the US Maybe.
- [00:32]
B
I haven't said it. I haven't said it. You've said it.
- [00:35]
A
Okay, so what are we doing today?
- [00:37]
B
Okay, so this is our third coverage of earning season. We're doing that live. That means that guys, you know, bring questions wherever you are. Particularly because this week we're both on LinkedIn, YouTube and Substack. Talk about multi district.
- [00:53]
A
First time ever. First Substack Live. Congratulations. Hey everybody out there, thanks for joining.
- [00:58]
B
Yeah. And so bring your questions but we're going to be talking about two companies, maybe a third. We always have, you know, we're always keen to, to speak to as many
- [01:09]
A
earnings as we can Drop your, drop your questions in whatever chat that you're on and they will come to us and we'll answer them at the end. But let's jump right in. It was a big, big, big media business. Newsweek. So let's jump in. Who's your first company that we're going to.
- [01:24]
B
So I think we should talk about Google. Can I say it? It's almost boring they're so successful. I mean it's like, come on.
- [01:33]
A
Well, but there's a little drama there. So.
- [01:36]
B
Okay, so let's take a look at numbers. Right. So did you make one of those cool charts that you make?
- [01:42]
A
I did. This is our first screen share. So I can only see the slide. Can you see the slide?
- [01:48]
B
Yes, absolutely. I feel like we're on a zoom now, but I can see the slides.
- [01:52]
A
A zoom live. Go ahead.
- [01:54]
B
So yeah, when I look at Google, I mean, you know, they bit expectation. Having said that they still saw, you know, the stock dropping. So we'll be talking a bit about that I think. You know, of course cloud, you know, 48 growth, you know, super impressive. I think the one thing that I see here and I want to have your take on that is right away I'm seeing that YouTube is below the 10%. And so I. To me. Yeah, yeah. To me it's saying that perhaps the ads revenue growth is stalling a little. What are you thinking?
- [02:34]
A
So there's a couple different things to Take away from this, I'll address the YouTube of it first. You're right. So fourth quarter revenue growth slowing and missing expectations. I mean the whole market shifted down yesterday. So Google is not ahead of the market on losses yesterday. So I don't think there's any an up or down reaction here because they beat expectations on both bottom and top line. YouTube missed in fourth quarter growth was less than 10%. To me that's a sign that this is a maturing product to a certain extent. But secondarily I think what it really says is that there's a big move into mobile social and that the majority of growth and upside in fourth quarter, which was a decent fourth quarter for the ad market and see Meta's earnings a week ago as a sign of that. The majority of the upside went to TikTok and Meta in fourth quarter and that's a troubling sign for YouTube. I also think it means they need to focus a little bit more on mobile to a certain extent. They're so focused on tv. I talk about that a lot. We talk about that a lot. But I do think they need to concern themselves with their mobile product because I think 26 is going to be a more mobile heavy ad movement than it is a television heavy even for connected televisions, which is going to grow. Mobile and social I think is going to outpace even the growth of connected television in 2026. The other thing I'll say, and I'll hand over the mic in a second, is that I think this is the only company that understands AI and I think that's why they didn't get really badly bashed yesterday, even though they're double more than 2xing their investment in infrastructure, especially in AI. When you look at this cloud revenue and you look at their search revenue, which is not diminishing in the face of AI search. This is the only company in big tech that understands AI. Sorry, go ahead.
- [04:25]
B
So a few things. Number one, why do you think that mobile and social is going to outpace TV CTV this year? What's the reason behind that?
- [04:35]
A
Facts and math. I mean it's just, it's where the money is moving. Money is moving into influencer and creator and mobile first marketing in a tremendous way. A lot of what used to go to cable.
- [04:48]
B
Yeah.
- [04:49]
A
Is now going to Instagram and TikTok. Think about that for a second. There's $13 billion in local midterm advertising coming this year. $13 billion in midterm advertising in America alone. That's, that's A record. The majority of that growth is going to go to mobile, to targeted mobile on the fly advertising to Gen Z, young millennials, very urban audiences of all races. And so if cable wants to compete, they're going to have to be able to speak to that. But that, that, this to me says television is great and it's a big growth engine and you're going to see Instagram and TikTok move to TV this year. But in fourth quarter at least this says to me, especially when you compare it to Meta's earnings, the majority of the upside went to mobile in fourth quarter.
- [05:44]
B
So you're thinking that this 2025 year, where it was the year of YouTube on TV was a bit of, it was misguided. They pushed.
- [05:55]
A
Not at all. Oh no. What it speaks. And if you look at their whole year. So when you look at. Hold on one second. This slide is very telling why I'm very, you know, bullish on, on, on Google. I mean yeah, they, they missed expectations. They only grew 9%. All of television would love a 9% growth, right?
- [06:17]
B
That is true.
- [06:17]
A
And when you look at total revenue for the year, the television bet paid off tremendously. Tremendously. YouTube outpaced Netflix revenue. Total YouTube alone. Now this is both subscriptions and, and, and advertising, right? And advertising hit a record too. Google now has the same number of subscribers across premium and music and red and all the other stuff as Netflix. And so, you know, I think this speaks to why Netflix is trying to grow itself to become YouTube, doing podcasts and creators and all this other stuff. So I don't think it was a mistake. I think. And yes, last year was the year of YouTube on television and that was great. This year is the collision of the creator economy and mainstream media. YouTube on television is now mainstream media. And so they really need to concentrate on something they've been sleeping on for a while, which is mobile shorts to compete. Meanwhile, Instagram and TikTok are coming to television. Netflix is, is adding a mobile product. Disney is adding a mobile product. So it's going to be the mix of mobile and TV that really matter. And so to me, if YouTube wants to get back to double digit growth, quarter on quarter, they really need to focus on TV plus mobile.
- [07:37]
B
It's quite fascinating because it feels very, I'm going to say it's 2016 or 1996, but there could be multi device. No, but that's fascinating because that means that a lot of those companies still have. One thing they're struggling with is because the ecosystem is so fragmented in the way we consume content, the devices that
- [07:57]
A
we use and the way we buy content. And the way we buy content. That's exactly right.
- [08:03]
B
Everything we do is just a mishmash of all of those things. And it feels like companies are struggling to push their boats, you know, across all of that ecosystem.
- [08:14]
A
Part of that is the, is the Holdco fucking shit show. You know, Omnicom and IPG were so concentrated on merging and Publicis is so concentrated on growing and in face of that competition they still buy mobile, social, digital and television even though they're both video separately. Fucked up. And it's, and it's one of the major reasons why efficacy is down on television. If we bought them together and really measured together. Google is one of the only companies that can actually do that. Disney is designing itself to do that. Netflix is. I think that this is the year where that, that thing selling across both, especially as $13 billion in political advertising pushes through the pipes, that's going to be really, really crucial.
- [09:05]
B
The other thing, when I, you know, read the earnings. So looking at Gemini, right, and the number of monthly active users, we're talking 7,500, you know, monthly active users. I think that's fascinating. And the same way that YouTube was very much seen as the Trojan horse for so many years and still is. I think Gemini is next. And so this week again we've had an announcement of this time it's Liberty Global who made a deal to have Gemini inside its devices, et cetera. So whether that's a connected tv, a set top box, we spoke about Apple last week. All of these guys are taking Gemini inside and yeah, I think that's, that's fascinating and that speaks to, I think what you were saying, the fact that they're spending so much, but they're already seeing the, maybe not the dollar to dollar return, but that level of investment is paying off because there's so many different places where they can recoup those AI math.
- [10:12]
A
They and Microsoft are really. Apple could. But Apple seems to have surrendered their AI work to Google.
- [10:21]
B
I don't think Apple should so. But it's a different discussion.
- [10:25]
A
Yeah, we can talk about that, but Google is the only. When you look at all the uses of AI across the ecosystem and especially as companies like Amazon continue to report their earnings, Alphabet is the only one who seems to have the true understanding of AI working. Meta does understands it too. It is about keeping people on platform, serving ads better, about making things more efficient, firing a whole bunch of people. That is the Meta strategy. Alphabets is to replace its search with AI, to put it into all of its office suites, mail, et cetera, sheets, and all that kind of stuff. And they're the only one who really seems to have understood it. It's not an individual product. It's the. It's. It's a. Woven into a suite of other products, like email. You don't pay for email. You don't pay for search. Most people won't specifically pay for AI. It'll be built into a suite of services. All right, we should move on. Absolutely. We have other folks to talk about. So who's next on the agenda?
- [11:25]
B
Let's move on to Disney.
- [11:27]
A
Okay, so I. Yeah, start. What were your reactions? I. I will pull up a slide.
- [11:35]
B
Well, I mean, you know, of course, you look at revenue and you're like 5%. That's it. You know, that's. That's not much. And minus nine net income. So I have to say I was a bit disappointed. Of course, then you had the. They flashed us the CEO change and so everyone can focus on the new CEO. But what was your take on, on those results if you managed to show them up?
- [12:03]
A
Yeah, I did. I did. There was a mistake on that slide there. But the one thing is, is that you're right. Revenue was up only 5%. Net income for the quarter was down 9%. That's not a great story. That's a really, really shitty story. But what I did show there, which was relatively incorrect on the slide, so which is why I pulled it down. Live TV or live web? Live. LinkedIn Live substack, is that their net income grew 140% year on year. Right. And their revenue was up around 5 or 6% for the year as well. And that's driven entirely by the streaming services bouncing back and suddenly getting its way to profitability. The other part of it was Parks and Parks, you know, absolutely crushed it. Had a record quarter. Had a record year. And that's one of the reasons why Josh Demara was named CEO. It's. One of my predictions for the year was that Iger would announce the CEO in the first quarter earnings.
- [13:03]
B
By the way, kudos, because for those who don't remember. Yeah, yeah, he was supposed to leave at the end of the year.
- [13:10]
A
He's actually going to accelerate it. And that's exactly what happened because he's tired of this bullshit. To be. To be blunt. And this is really the more important thing is when you look at the entire second Iger tenure, it's not a great story, to be blunt, when you look at the last 10 years of Iger at the helm of Disney, it's not a great story. Yes, Marvel, yes, Pixar, that's all early days, right? But when you look at the Fox acquisition in particular, terribly handled. And when you look at the CEO succession, terribly handled. And it really stagnated, this company. It froze them in place for the last. For this entire decade, frankly, for the entire 2000s, they've been stuck in neutral. When you look at their. My map from 2020 and my map from this past week, they're exactly the same price. Market value that's not that flat is not up, not in this market. And when you look at their enterprise value, they're down 12% since they bought Fox. And by the way, the Fox acquisition is the comp for the Netflix acquisition of Warner Brothers Discovery. Same price, basically, same strategy. And Disney's still underwater $60 billion on that deal. So I think Iger, he leaves the company to demaro in pretty decent shape, but it's scorched earth for the last five, six, seven years. From my perspective. I don't know how you feel, because this is a very American story for me and I actually take it personally. As somebody who grew up on Disney, I don't know what your impression of where Iger leaves Disney for tomorrow is.
- [14:53]
B
Honestly, as a European, as a French, if I were not in this business, I could not care less. I don't think anyone knows. Well, I mean, people watch Disney content.
- [15:06]
A
The most sense thing ever, by the way.
- [15:08]
B
Yeah, but I mean, we have.
- [15:10]
A
Fuck you, Disney.
- [15:11]
B
No, but I mean, it's not that, but I mean, how can I say Ratatouille?
- [15:16]
A
Don't you even like ratatouille?
- [15:18]
B
Oh, I love ratatouille. It's actually one of my favorite. No, but I mean, we care about Disney content in Europe. You know, we subscribe to Disney in France. We even have, you know, parks. Right, we have. Right. Who's turning 30 or whatever. But I don't think. Yeah, we have the same. It's. It's. I don't know. I don't know. It's important. But where. It's not like it's a national treasure, right? So it is very American, even if it has a global. Global aura. I think one thing that I wanted to point out on this, and I want to get your take because. So if this new guy is coming in east parks, which, you know. Yes, it's a driver, but a couple of weeks ago, you said that you guys, particularly in the us, you Would have stagflation, which I know you love to, you know, make up words and things like.
- [16:12]
A
That's not a made up word. That's not a made up word.
- [16:14]
B
It's not made up. It sounds made up.
- [16:16]
A
Okay, it does sound made.
- [16:17]
B
Okay.
- [16:18]
A
It's a portmanteau. It's a portmanteau, which is a French word.
- [16:21]
B
Okay, I did not say that.
- [16:24]
A
Stagnation.
- [16:25]
B
Yeah, yeah. Interesting, interesting.
- [16:28]
A
I didn't make it up. Let's put it away. It was made up at one point. I did not make it up.
- [16:32]
B
Okay, okay, cool. But so my thinking is two things. Are we so number one, parks, great. But if stagflation does happen, you know, is that very, you know, healthy to have so much of your revenue and growth coming from that part? Right. They can't keep increasing prices, you know, ad nauseam.
- [16:54]
A
And that's a big part of why they were up, is that.
- [16:56]
B
Well, exactly. So same. Same people going. Because a lot of Europeans are saying they're not going to be traveling to the U.S. right. So that has to impact the price.
- [17:05]
A
You have the French. You have the French.
- [17:06]
B
We have the French one.
- [17:08]
A
And as well.
- [17:09]
B
So there's one, there's one in Asia, one in the Middle east, etc. But it's nothing compared to.
- [17:14]
A
There's two things about that is Parks is very up and down. To your point. It is entirely tied to the economy. Yeah, 100%. And so that is a. That is a very difficult. By the way, so is subscription to a certain extent. So that's part of it. The other thing I would say is the last time they hired a Parks, the head of Parks as their CEO after Bob Iger, it didn't work out so well. And one of the major reasons is that the Parks folks don't always know how to deal with talent. And so I think the most important thing that happened wasn't Josh Tomorrow's promotion to CEO. It was them retaining Dana Walden. Who the best talent manager and creative executive in the history. Well, certainly on earth right now after Iger, I would say. And so she, she is just terrific. I was at an Emmy's award ceremony where she got a lifetime achievement award from Ryan Murphy. He just veiled about her for like 20 minutes. So you don't normally see that about an executive from a talent as notorious as Ryan Murphy. So that was a good sign for the company. On the other hand, this company is not necessarily positioned for growth. It just isn't. And I think given who they hire, I think it's very likely, especially because sports shrunk and was not profitable in fourth quarter, mostly because of rights fees. And that sports business, espn, which is now spinning out as its own streaming service, that's going to be a more and more expensive business to run every year. And then you've got the broadcast network, same thing, almost entirely live sports news. I think you're going to see with this new administration, those two properties spun out. So ESPN will get spun like Versant, because this is not Bob Iger anymore.
- [19:06]
B
Okay.
- [19:07]
A
This is a very different point of view between Dana and Dana has no interest really in ABC and espn. ABC is now basically live sports and television and they lost the Oscars. So I think you're going to see that the traditional, the trad TV division gets spun out.
- [19:24]
B
Yes, but. So you think ESPN would be in the mix? Because when you look at what matters to most streamers, sports is always at the top of the list. The challenge being that yes, of course it's expensive. So for them it was like 1% revenue growth, but we're talking minus 23% in operating income. So it is just like, you know, just like AI for others, this is a sinkhole. So you don't, you think really that, you know, spunning out ESPN is the right way to go? So removing espn, abc?
- [19:55]
A
No, I don't think it's the right way to go. I think what they're doing right now, the strategy today is to milk. Is to milk the profits from the traditional television business and funnel them into streaming. And that has been. They have been the only one of the traditional media companies to make that work. Fox sold it off, basically. Warner Brothers is failing, obviously. Obviously NBC gave up and failed and gave up because they're spinning out. So no, they are the only one who are doing it properly, I think, but they're still not really, when you look at Hulu, it's a very successful platform. The internationalness of that is not necessarily baked in yet. And frankly, to your larger point, they still don't bundle parks. Yes, Disney plus. They still don't bundle subscriptions to Disney plus with the parks.
- [20:46]
B
They can do that now with this guy. Right.
- [20:49]
A
So we'll see. But I, I think sports is going to be a really important part of that. So no, I don't think you can separate live sports from the rest of your business and succeed NBC, you know, split news and anyway, we can, we can go into the. The wise. I don't think so, but no, I don't think that's the right approach. I Also don't know any. I have zero insight.
- [21:09]
B
No, no.
- [21:10]
A
I think, I think the biggest growth for Disney over the next five years and the biggest growth for all traditional media over the next five years is to bear hug the creator economy, to lean into, sell, putting their content direct to consumer, not just through a paywall, but free. Disney is going to add Vertical to their, their, their streaming platform. Will it be free? Maybe. And so maybe that's their, their YouTube and Instagram and TikTok killer. But I think if they embrace the creator economy and sell out at Disney's, great. The best in traditional media, it's selling advertising. If they bundle that all together again, it goes back to what I was saying about Google. The intersection of mobile and tv. I think that's where their strength can be.
- [21:55]
B
Disney is the closest thing to, you know, a flywheel than, you know, just a Google and others. Right. So they have a lot of those touch points. So yeah, absolutely. One thing about Vertical and everything, I think this is about bringing more social first experiences to Disney. So I don't see how this will be made available for free. I don't see that happening.
- [22:20]
A
Well, a couple of different things. So there's a question about this in the chat, actually. Pascal asks any insights on why Katzenberg's Quibi failed in light of all this vertical hoopla that's going on right now. Yeah, he spent a hundred thousand dollars per minute. Fucking stupid. Disney recently distributed the entire High school musical on TikTok in five minute increments and has millions of people watching it and commenting on each chapter. That is a classic example of how to give it away for free. You're not going to sit down and pay for that necessarily. But will you, will you watch it? Parts of it especially, you know, when you're on a bus or in a doctor's office. And then comment with your friends and share it amongst all your friends. Yes, I think there's a really crucial thing to understand here. You know, heated rivalry, the red hot hockey show. Do you know how that got picked up originally?
- [23:15]
B
No.
- [23:15]
A
It started as a novel, but the reason it became a viral hit was Booktok Vertical direct to camera book readers, book fans, porn softcore porn book fans, talking about the book. It became so popular on booktok, it got picked up as a television series in Canada. Then Netflix picked it up and it became. Or not Netflix, HBO Max picked it up and it became a massive hit. Buzzy, buzzy hit. There's a great way to give away Vertical as a development tool. Buy a novel, create A book chat. I mean, Disney's not going to be able to do that. Certainly not on Disney. But on Hulu, maybe. Hulu is a massive young person's platform. I think arguably more accurately on shorts, on Reels, on TikTok. That's how to lean into that.
- [24:06]
B
Yeah, I see the value of putting vertical and social first features within a streaming service, but that sometimes that doesn't work. We expect and do different things with different platforms and therefore Disney's job is, yes, they can do that on Disney plus, but I agree with you. Put that on social, on YouTube and build that conversation off platform, so to say. And find a way to make it worth it. Back to the own and operated.
- [24:34]
A
Yeah, and I wanted to throw this slide up before we left because this shows what's kind of going on in the industry right now. You know, Netflix is hyper focused on this acquisition. Ted Sarando spent all day testifying on the Hill yesterday. Right. Meanwhile, his company is frozen in place and turning into Disney. Remember that? Enterprise value down 12% since they bought Fox from Disney. Netflix enterprise value, their market Cap has dropped $163 billion since they started bidding on Warner Brothers. Meanwhile, they've bid up Warner Brothers by 133%. Paramount's market cap, which had been growing after the acquisition of sky by skydance, has shrunk 17% since they said, since they started bidding on this. This has frozen the industry in place. And it's not healthy for, for Netflix. It's also really not healthy for the all three companies who are wrapped up in this. They're, they're, they're stagnated. They're stagflated right now. And so I think this is really interesting and crucially, when we talk about the competition for these companies, when you look at Google and especially when you look at that revenue growth and then you think about Netflix's enterprise value dropping $163 billion. Then you look at Tubi, who is part of the Fox earnings yesterday. Their revenue grew 19% year on year. In fourth quarter, they had their second profitable quarter. Angeli Sud is running the fuck out of that business. It was the one big highlight from their business. Cable grew, but that's a dying. We all know about what's going on there. Fox is Fox. But Tubi was the star of their earnings call and for YouTube fast surpassed Netflix in fourth quarter for television engagement in the United States.
- [26:25]
B
On the gauge.
- [26:28]
A
Yeah, on the gauge, when you look at who had 3%, Roku, who had 2 1/2% and then you take Samsung TV plus who's not on there and you take the rest of them. They're at. They're higher than Netflix in fourth quarter and they're probably going to wind up and that was with Netflix's massive December. So If I was YouTube and I was Netflix, that's who I would be most worried about right now.
- [26:50]
B
Well, if I were these guys, I'd be worried about anyone. They're just competing for time. We. We all know that, right? It's the same amount of time on, on the streaming, the fast streaming piece. I disagree. So number one, Roku went 3% which is an all time high. But what bothers me with this is that within the Roku channel, just like YouTube, it's not just fast and Avod, there's premium subscription. Right? Which is like seven.
- [27:20]
A
Yeah, but that Roku is just Roku channel.
- [27:22]
B
Are you sure?
- [27:24]
A
A hundred percent? 100%. That's just Roku channel And Tubi shows up there at a pretty high percentage. Those are just the channels. That is not because there's no aggregation in the, in the gauge. It is just channel by channel. When you go to the, to the. The Distributor 1 Roku is just Roku.
- [27:42]
B
No, but I think that's where I'd be interested. We need to break it out because
- [27:46]
A
I'm talking about the gauge 100 just Roku channel.
- [27:50]
B
The Roku. Yeah, but inside the Roku channel you have fast channels, AVOD and you have premium subscriptions.
- [27:56]
A
No.
- [27:56]
B
Yes.
- [27:57]
A
I mean I don't, I don't think their premium is counted in.
- [27:59]
B
Well, it should because it is within the Roku channel.
- [28:02]
A
Right, it should but I don't believe that that Nielsen. Look, I have all of my real problems with Nielsen. Their transparency on what the they're measuring is premium. Why is Samsung TV plus not on the list? I know they're as high as to be or maybe even as high as Roku, but they're not measured on the gauge for some reason. Why? Why? By the way, that's a problem at both sides. Both Samsung and Nielsen need to work that the out so we could see what's going on. Both of you anyway. But I have it under very good understanding that the Roku on the gauge is just Roku channel and Tubi is just
- [28:42]
B
in Roku channel. You can stream fast channel, watch Avod and subscribe to premium subscriptions. I'm not talking about what's happening on apps on Roku and that is the distribute.
- [28:54]
A
You're talking about Howdy or whatever their subscription yeah, yeah, yeah. I don't think it's included in there. I could be wrong.
- [28:59]
B
There's 72 premium subscription inside the Roku Channel, right? That. That are managed by Roku. If it's not in the Roku Channel, that where the helmet.
- [29:08]
A
We'll find out. We will find out.
- [29:10]
B
We're gonna have to find out. So if anyone knows on the chat, please help us. I was at Roku so but at the time I don't think the gauge. So I have no way of living this.
- [29:20]
A
That was a long time as the dark ages. We have Tom Christman two ends had a really good comment here which is the vertical movement. First of all, vertical just really quickly on verticals. I know you think vertical is a bit full of bullshit and we kind of agree on the current state of vertical. So the current state of vertical and everybody's reporting vertical revenue numbers right now. They're getting them from sources that are not that reliable. So let's not pay too much attention to what's going on. The other thing to know about the current vertical movement, the micro drama movement, is that it's a Ponzi scheme. These apps are paying more to acquire and install apps acquire customers than they're earning in revenue. Period. End of sentence. That is the truth. That's why their productions are such low class softcore porn. All right. There is a movement afoot to turn it into something else. Other genres, murder porn, true crime porn will work in vertical format. Game shows, dating shows will work there. So micro television is going to be a movement, but it's not going to be the same kind of gamification behind apps. People are not going to download tons of more apps. What Disney did is a good example. What Netflix is doing to add free premium content vertically to their platform is a great example. What Procter and Gamble is doing with 50 episodes of a microsoap is a good example on TikTok. On Instagram, what built did with roomies, which is a micro comedy on Instagram and TikTok. These are really good examples of what's going to happen. So vertical is going to premium vertical and television together as an ecosystem. That's going to be the big advertising story in my mind this year. And Tom Crissman said the vertical is those chapters is exactly how Dickens sold his stories originally. Absolutely right. In small chapters to keep you going. He got paid by the word. We should remember.
- [31:15]
B
I don't need to be sold on that. I don't buy microdrama. I called it a BS hype at the top of the year in one of our episodes. So 100%. Okay. I think that's it. Right. We're coming at half an hour, guys. Thank you so, so much for coming next week. We have Amazon coming up. There's Sony Roblox. Tell us in the comments, you know, which ones you want us to cover. It's taking place on the 12th, which is next Thursday. It's going to be a bit nicer friendly from a time perspective because we're doing 5:00pm CET, which is 4:00pm GMT, which is 11 EST, which is 8:00am PST.
- [31:55]
A
Yeah. Yeah. So, yeah, we. We wanted to. This is a anomaly. We'll be in a better hour for the west coast moving forward. Like Marian said, there's a ton of earnings coming out between now and next Thursday, including Amazon. Tell us who you want us to cover. Beatrice. I heard you. I will let Marianne finish her more often. I admitted to work on that. So I apologize, Marian, for interrupting you and to anybody. And this was great. Thank you. There were a lot of people showed up across platform. More than 100 people showed up across platforms. Thank you so much. This is really fun for us. We're gonna keep doing this as long as you keep showing up. Let us know what you want to hear about Marianne. Thank you. So great to see you. I love working with you, as you know. Have a good end of day for you.
- [32:40]
B
Well, yeah. Good afternoon for me and have a good day, mate. See you soon. Cheers.
- [32:45]
A
See you soon.
- [32:45]
B
Bye, guys.
- [32:46]
A
Bye.