Latest / The Media Odyssey / FINDING YOUR AUDIENCE FROM THE COUCH TO THE TOILET
Transcript
- Evan Shapiro: [00:00:00] Hi, everybody. Audience: Hi. Evan Shapiro: Pretty lame. Hi, everyone. Hi. Thank you. I know it's hot. So I did. I went on a quest this year to chart the whole consumer. I think that the media, one of the major issues facing it right now is that they've [00:00:15] lost track of who their consumers are and as a result are providing services that are not necessarily meeting the consumers where they are. So let's dive into it.[00:00:30] First of all, this is the newest Media [00:00:45] Universe map. This is why I'm known as the media cartographer. You're getting the first ever look at this. On Monday, I'm dropping an interactive version of this where you're gonna be able to drive the map itself. You'll be able to click on the individual bubbles. You'll be able to go back in [00:01:00] time and look at maps since before we even started mapping. Don't try to use the QR code. It is not active yet. But on Monday, you'll be able to drive this on your phone and on your laptop or on your tablets wherever you are. The thing that [00:01:15] I've learned since beginning to map the Media Universe six years ago, so it's been six years, over 100 different versions of it this will be now fully automated and user-driven, is that we left the gatekeeper era behind around [00:01:30] 2019 when Disney decided to go direct to consumer and get rid of its advertising, and give the consumer complete control of their media suite of services. We then entered the user-centric era. We are now [00:01:45] solidly in the user-centric era. The user is in complete control of everything that they do. Who here has a smartphone on them right now? Who here is their smartphone the first thing they touch in the morning? Raise your hand. Who here is their smartphone the last thing they touch at night? [00:02:00] Sorry for your significant other. So that is the remote control and I think that what got lost here is that yes big tech is now the gravitational center of a lot of media, but that's because tech [00:02:15] allows the user to be in control. And so from this point forward, you have to put the user at the center of everything that you're doing. You can no longer just push content and push services out to the world. They need to be able to pull it to them and you need to cater to [00:02:30] who they are. This is the creator ecosphere map. This just dropped 10 seconds ago on the wrap. Thank you very much. You're again seeing it for the first time. We mapped the creator ecosphere, to show that the creator [00:02:45] economy is also changing at the same speed as mainstream media. You can no longer try to be MrBeast. He is a one of one and today's creator economy is more driven by affinity than it is by scale. [00:03:00] To survive and thrive in the user-centric era, you have to know who the fuck the users are right? Millennials are turning forty-six this year. Gen Z are turning thirty-one this year. They are not children. [00:03:15] They're having children, or choosing not to in many cases. And so when you think about the world, you can no longer think about millennials and Gen Zs as kids. They are your most important consumers with most of the purchasing power.[00:03:30] On the planet Earth right now, eighty-one percent of the planet are fifty-four or younger. So fifty-five plus is now a very small minority. Still important consumers, but they are not driving the media conversation. In the US, [00:03:45] it's seventy percent under the age of fifty-five. In Latin America, it's eighty-five percent under the age of fifty-five. And I chose this split, as you'll see in a second, because the media habits of those over fifty-five and under fifty-five are [00:04:00] very different and the platforms that cater to those two different cohorts are very different as well. So you have to think of the whole consumer, from phone to TV, not just TV. TV's an important platform but it is [00:04:15] not the majority of video consumption on the planet Earth. I'm gonna zip through a a tremendous amount of data here and call it punk rock presenting. Three chords and the truth. There is this thought, in the last era, of media [00:04:30] that streaming would replace television one for one, in the economics and in the audience. That is not what happened. What really happened was that streaming and social video now combine to take up the mind space and the [00:04:45] time space of today's consumers. They are, it's an, it, consumers leap back and forth. Who here watches TV with a phone in their hand? You're the fucking problem. You're jumping on social media while [00:05:00] you're watching television. If you're watching sports, you're probably on the phone while the action is happening. So this is personalized TV and we have to think about media, every part of it as a personalized [00:05:15] experience because it's gonna be continue to be radically personalized. We know this: the pay-TV ecosystem is disintegrating right in front of our eyes. But what is also happening is premium streaming is maturing at a very rapid rate. Last year, [00:05:30] all of premium streaming, all of SVOD added 175 million subscribers and lost 156 million subscribers for net retention of just eleven percent. That in business school is called a shitty business. And in a couple of [00:05:45] years, this is gonna be where the cable industry is now. Losing subscribers every year, not gaining them. Losing revenues every year, not gaining them. And this year was a critical moment. This is PwC's data. This is the year, first year where [00:06:00] in a long time where advertising surpassed subscriptions on the planet Earth for total revenue. And you can see where the trajectory is headed over the next four to five years. So we are seeing a reinvention of the model in real time right in front of us, [00:06:15] and we have to adapt our models to meet this moment. That's why, by the way, this is why premium streaming is now rapidly jumping into advertising because they understand that the plateau has been reached, and that the downturn [00:06:30] is coming. So you have to think of the whole consumer, not just the consumer you'd like to get, but wherever they go and wherever they are consuming. We surveyed twenty-three regions around the world and we asked consumers what are their [00:06:45] top three places where they watch video. Do not read ahead. And you can see and in, this is pretty true across the planet Earth, the bedroom is actually the number one place where consumer... By the way great research company called [00:07:00] MX8 Labs. They turn around surveys, large sample surveys very quickly. They can do it in almost any region on the planet Earth. Great partners of ours. The bedroom is the number one place where consumers watch video. Very often on [00:07:15] television, but very often not on a television set. And you can see number three is waiting in line at work. Number five, the toilet. And don't pretend that you don't watch video on the toilet. We know that you do. This is [00:07:30] broadcast. If you think of... We have to reclaim and redefine the definition of broadcast. It's not a technology. It's not a tower. It's not an antenna. It's a form of communication, one to [00:07:45] many. And if you aren't thinking of the full broadcast spectrum, you're gonna lose the consumers who are most important to you. By the way when you dig into Gen Z, you can see that the toilet pops up to number three here in the US. And this is true [00:08:00] pretty much around the world. This is Brazil. Bedroom number one, waiting in line number three, toilet number four, as opposed to five in the US. This is all broadcast, and when you dig into Gen Z, you can see the toilet goes to number three for 18 to 24-year-olds. It stays at [00:08:15] number four for 25 to 34-year-olds. This is Mexico. Bedroom's still number one, waiting in line number three, toilet number five. All again, all broadcast. Toilet number three for Gen Z. And as a result, when you ask [00:08:30] consumers where they're spending the most time watching their video, it is not the television set. It is the phone, by far the number one device for video, and think about yes, you've spent three, four hours in the living room watching, [00:08:45] television or maybe the bedroom but the rest of the day you're somewhere else and you're still watching video. Two to one, more than two to one in the US, phone over television set. In Brazil, it's more than three to one. [00:09:00] Brazil, they're, the World Cup there was watched more on phones than it was on television sets although I'll show you some data that that is interesting a little bit later. Mexico, again, more than three to one phone to TV. This is in [00:09:15] every region. I can walk through India. It's five to one, six to one. I was, at a conference with Reliance recently and they own the rights to Indian Premier League cricket and they said that it was 75% of the [00:09:30] finals of the Premier, Indian Premier, League cricket match was watched on phones. 75% was watched on phones. So we also embarked on a big data project this year to index the [00:09:45] entire consumer and created what we think is the most comprehensive cross-screen attention index, de-duplicated cross-screen attention index ever done, all using publicly available data by the way. And so [00:10:00] this is de-duplicated, zero sum. So if you're watching a television set, we eliminate the phone. If you're watching the phone, we eliminate the television set because as much as you'd like to think that you can pay attention to two things at once, you [00:10:15] cannot pay attention to two things at once. So in the US, you can see that, and this is, tracks along with other, data out there. You can see that and this is at index.eshap.tv. You can see that YouTube is the number one [00:10:30] for cross-screen attention and this matches a lot of other data that we've seen. But the reason why YouTube works is not because they've moved to the television set. The reason why YouTube is so dominant around the world is because it's the only platform [00:10:45] on earth that caters to the whole consumer. They're on television sets. They are dominant now on television sets in the US and increasingly around the world but they're also on phones. They have a vertical product. They serve the whole [00:11:00] consumer. That's a really important thing to measure. But when you look at for audiences 55 plus, the minority of consumers in the US, you can see that the broadcast and traditional media outlets are old age homes. [00:11:15] This is an older audience super using traditional media. When you take out the minority of people who are over 55, you can see that YouTube remains number one, but TikTok pops up to number two. This is how dominant [00:11:30] phone video culture is, not just in the United States but around the rest of the world. And when you go to under 25, TikTok wins for total attention in the United States. So yes, YouTube is dominant. There's no question [00:11:45] about it. But there's a threat coming in behind them and the phone is the center of that threat. This is true around the world. So this is Brazil. Globo actually does really well with consumers, all consumers, for bar [00:12:00] mitzvah or older, in their region. YouTube number two, TikTok number three. You go to under 55, YouTube number one, Globo number two and if you go to under 35, YouTube number one, TikTok [00:12:15] number two. In Mexico, Televisa Univision number one, YouTube number two, TikTok and Instagram three and four. You go under 55, YouTube by a long stretch, number one, and when you go under 25, [00:12:30] TikTok pops up to number two. And this repeats itself in all 23 regions that we have studied. The phone video culture is now so important that if you're ignoring it, you will [00:12:45] absolutely lose. You can't think of the consumer just as a television consumer and you put clips up on YouTube or on TikTok to market your product. That's not how it works anymore. You have to think of the [00:13:00] consumer from the couch to the toilet. From the living room to the bus. Wherever they go, if you want to have a full relationship with the consumers, you have to serve them. You have to follow them wherever they're going, [00:13:15] and provide different forms of your entertainment to serve the mind space that they're in different parts of the day. I haven't watched Saturday Night Live on television in probably eight years. I watch it on Sunday morning in clips, [00:13:30] vertically, on the toilet. And I'm sure a lot of you do the same thing right? And this is part of the relationship we have with our consumers. We don't have to see them in the toilet but we do have to think of them in the toilet. So the user-centric [00:13:45] era is absolutely here. And it's not... I think there's this kind of helplessness that a lot of traditional media feels when they think about all of this. It's like, "What do we do?" If you reimagine, I was on [00:14:00] stage here yesterday with Jasmine Dawson and they, that BBC Studios, I'm gonna be on stage with RTL from Germany, on Monday, at MIPCOM. There are major media companies around the world, France Television is doing a really good job of this you'll see this in a [00:14:15] second, of thinking of themselves in a creator mindset. In putting the fan first. In thinking about the whole user, no matter what device they're using at which part of the day. That is leaning in to the [00:14:30] user-centric era. This is the Affinity 100 list we put out, a couple of weeks ago. And what we did here is we ranked not based on reach, not based on scale, but based on engagement, based on the [00:14:45] velocity and quality of the fandom. And what we found was that micro creators, as a lot of people call them, I call them indie creators, had a three, four, five times better engagement quality than a lot of the mega creators out there.[00:15:00] And the creator economy is being disrupted at the same speed as mainstream media. Yes, MrBeast is massive, but MrBeast is no longer a creator, he's a studio. Beast Industries is a massive enterprise. Dhar Mann, great creator, [00:15:15] now really a studio. 250 employees. Alex Cooper is, she's not a creator, she's an industry. And so these smaller creators, they are now the, we didn't call Quentin Tarantino a micro director, we called him an indie director. The indie [00:15:30] creator is now going to probably wind up being a much better return on your investment than the mega creators. But the lessons in this for mainstream media are, they're myriad and you really need to dig into them and I'll show you what that means in a second. The [00:15:45] rules of this new economy where BBC Studios is thinking like a creator, where RTL and France Television is thinking like a creator. Where brands needs to think like a creators. It's not gonna be driven on reach and scale. It's [00:16:00] not gonna be driven on CPMs. It's gonna be driven on loyalty, community, fandom, love, passion, affinity. I call it the affinity economy. And the, I think when I talk about this people are saying, how do you..." A lot of people say [00:16:15] to me "How do you measure affinity? How do you measure passion?" You can. You can absolutely measure it. Sales is a great way to measure affinity. If someone's plunking down money, they will definitely, they, [00:16:30] hopefully they love you. If they don't, they won't come back. But if they're sharing your content with a friend that is a, we actually double-weighted that in our affinity quotient. Sharing for us if I'm saying to my wife or my friend [00:16:45] or my cousin, "Here, watch this," I'm endorsing your content. I'm endorsing your platform. That is a great sign of affinity. We need to redefine broadcast and actually reclaim the original definition of broadcast. And [00:17:00] if you want to think about the whole consumer, you have to think like a creator. You have to think of your brand as a creator, you have to think of your IP as a creator. And it doesn't mean you have to buy a ring light and talk to a camera and do a makeup tutorial but you have to think [00:17:15] of the fans and look at the engagement as a key part of your enterprise and you have to respond to them almost in real time. Some of the best work being done out there right now is content that's being put out The fan reaction is gauged and then the [00:17:30] creator goes back and adapts parts of this. Toon Star is doing a great job of this. A bunch of other really smart studios are adapting their content. Roseberry, is a great platform who They're putting content out in vertical, gauging the [00:17:45] reaction to it, and then adapting the series, as it goes along to meet the mind of the audience there. So redefining broadcast to me is central to this and one of the best examples is Bluey. We talked about [00:18:00] this yesterday on stage. Bluey is the most streamed show in the United States and in most of the territories all around the world. There's two different reasons for that. First is it operates on that classic Bugs Bunny multi-generational level. There's something for the old people, [00:18:15] and there's something for the kids. So that that is a really good lesson to have there. But the other thing is BBC Studios thinks like a creator and there's this this mythology of cannibalization that I hear about a lot. If we put too much of our content on social media, it'll cannibalize [00:18:30] our audience on our mainstream platforms, on streaming or on broadcast or on cable." Bullshit. I've never seen it and in fact in every case, the opposite happens. I was just on a call with RTL [00:18:45] earlier today. They are really embracing YouTube in Germany there with their sports which they pay through the nose for with their news, with their entertainment and what they're seeing is they're building audiences on YouTube and on TikTok, and simultaneously, that [00:19:00] is turning into paid subscriptions. Twenty-six percent increase in paid subscriptions and a hundred and twenty-six percent increase in sampling from the audience that they're reaching on YouTube. This is Jasmine Dawson talking about how you keep both [00:19:15] thoughts in your mind at the same time. Jasmine Dawson (Video): Whether it's Bluey with Disney or some of our BBC Earth titles with sort of PBS and other distributors, they understand that this is where the fandom grows and it drives that incrementality. [00:19:30] In every single case that we've studied, it's additive. Evan Shapiro: The audiences you pick up on social media when you distribute when you syndicate when you broadcast to every room in the home and the bus and the doctor's office, the, it's a whole new [00:19:45] audience, whole new revenues and it drives incrementality. It drives new audiences to the main platform that where you're trying to make the economics work. And in fact you can see this in real time work for [00:20:00] BBC Studios. They're seeing this massive audience outside of their home country for content that originated very often in the UK. This is really becoming true with sport. So Hub, Entertainment Research, John Gingak's [00:20:15] company, did a survey of consumers, and Gen Z gets 55% of their sports while the match is happening, very often on a television set. But they get 45% of their sports somewhere else [00:20:30] on social video. Who here listens to or watches a podcast about sports? The Overlap or, this past year, and by the way 62% of Gen Z and I imagine it's similar in other generations, [00:20:45] are actively on social media talking about the game or the match while it's happening live. So the interplay between the phone and the television set is now a really, it's a great tool for engagement and [00:21:00] fandom. And FIFA, one of the stodgiest, oldest, most corrupt organizations on the planet Earth, they really embrace... If they can embrace creatordom, then anybody can and they really did. 2.5 billion views on YouTube, [00:21:15] 24 billion views on TikTok. Most of that conversation was amongst, Gen Z, and simultaneously, record-breaking viewership on broadcast everywhere around the world. These two things, these are causal. These two [00:21:30] things happened not just in concert but the social media engagement really drove viewership. In Brazil, there's this great YouTuber named Cazé who started as an intern at Warner Brothers and he now has one of the most popular YouTube channels in the world.[00:21:45] In 2022, he broke the record for concurrent live streams. And by the way, CazéTV in Brazil had all 104 matches. FIFA allowed him to have all 104 matches of the World Cup. I don't know how you [00:22:00] watch that much soccer. It bores the hell out of me. But the final had one goal right? But six million concurrent streams in 2022 and then broke the world record four times during this World Cup, [00:22:15] culminating, with the finals. Twenty-four million concurrent streams for the entire frigging match of the finals, on YouTube. By the way most of it on television as a matter of fact, not on phones in this [00:22:30] case. And just to make this more impressive, this is geo-blocked to Brazil. This is all viewership in Brazil. And if you wanna see how I know there's no cannibalization, 70 million people were watching it on [00:22:45] broadcast simultaneous to the 24 million people watching it on YouTube. The cannibalization myth is just that. It is not true. It is a an excuse not to try new things. Stop using it as that. [00:23:00] Vertical is now the hottest thing out there and it does feel like all the mainstream platforms are finally catching up to this. You can see TikTok, and Disney, that great deal there. Very smart deal by Disney by the way. Not just are they creating a [00:23:15] vertical feed on Disney+ and curating a really well-curated TikTok feed on Disney+, they're also having that feed on TikTok, and Disney's selling the whole package. They are the ad sales mechanism [00:23:30] for both Disney+ and on TikTok. This is how it's gonna work. Netflix is now actively buying vertical premium television, scripted vertical premium television. [00:23:45] Jimmy Fallon did, he's just about to green-light season two of this vertical premium scripted comedy. You're gonna see an explosion. Like cable in the '80s, you're gonna see an explosion of premium vertical [00:24:00] television in the next 18 months. And if you sit by and watch it happen, you're gonna get left behind. There is a great audience out there syndicating library content. I'm working on a project now to verticalize [00:24:15] and syndicate Neighbors, the show that's been running for 40 years in Australia, where Margot Robbie and Kylie Minogue got their start. And it's, really gonna explode. But brands can do this as well. Heinz really thought like a creator this [00:24:30] year. So I don't know if you know this but in in FIFA stadiums when a a World Cup game is playing, you're not allowed, if you're not a sponsor and you have bottles in the stadium, you're not allowed to show your brand. So at the concession stands in America, they had to [00:24:45] cover up the brand of Heinz 'cause Heinz was not a sponsor. But Heinz leaned into it. They did a social campaign about it. They took the piss out of FIFA for preventing them from being in [00:25:00] the stadiums. And then they gave out red and yellow cards full of ketchup and mustard at all these stadiums. They drove about $45 million in earned media value. Other brands jumped on and said, "Yeah we can't get [00:25:15] in the stadiums, too." It became a whole conversation and then the consumers started talking about it. By the way you wanna know how to measure passion? You wanna know how to measure affinity? Sales went up 12%. That's how you measure affinity. That's how you measure [00:25:30] passion. Here's a great example of a brand thinking and acting like a creator and responding to a crisis the way that a creator would. Video: A driver left Italy heading to Poland. 400,000 chocolate bars on board. The truck never [00:25:45] arrived. Kit Kat didn't hire a crisis team. They posted about it. Literally just the facts, no spin. That post went everywhere. Domino's jumped in. Ryanair, Dippin' Dots, every brand wanted in on the joke. But Kit Kat kept going. They built a serial number tracker. You enter the [00:26:00] code on your bar. It tells you if yours was stolen. People started buying Kit Kats just to check. One police report turned into a product campaign. 128 million people watched a company lose something and laugh about it. No agency wrote that. No focus group approved it. [00:26:15] They just told the truth and the truth was strange enough to stop the scroll. And that's what most brands are too scared to make. They polish everything until it looks safe, and safe looks exactly like every other brand in the feed. Evan Shapiro: You wanna win in this new economy? [00:26:30] Hire creators and put them inside. Stop hiring MBAs and start hiring creators, not as contractors but as employees. Let them infect your company like a virus and turn your mindset around. This is a great, $224 million of earned [00:26:45] media value from something, from getting their Kit Kats stolen. Here's a great example of the verticalization and thinking like a creator and this is where a lot of this is gonna head. This is Jamie Oliver, obviously a famous chef his entire life. He just created a [00:27:00] scripted premium comedy in vertical only, just on TikTok, Instagram, and Shorts and it's entirely sponsored by Life 360. Brands really wanna engage in this and the brands who don't engage in vertical premium [00:27:15] television are going to get left behind. Here, Joel Marlinarson is this amazing expert creator who focuses on brands, and creators. He here highlights what I think is gonna be one of [00:27:30] the fastest-growing segments of the media economy over the next four or five years which is the rise of employee-generated content. Joel Marlinarson (Video): Here are five brands who are absolutely crushing it with their own employees on social media. The Cheese Store of Beverly Hills has grown to almost half a million followers [00:27:45] with wholesome educational videos featuring employees explaining niche cheeses, interacting with customers. It's all fly-on-the-wall. The content is so engaging that the 59-year-old shop has become a tourist destination, with the owner saying more people are stopping over on trips to LA. ClickUp has been blowing up with viral [00:28:00] workplace skits mocking corporate life, proving B2B doesn't need to be boring to convert. They started noticing B2B clients were mentioning the funny content in sales calls, closing deals as a result of the content. Joe & the Juice is nailing employee content without relying on one face. It's like rotating [00:28:15] characters in a show. They even surprised one employee with their own Times Square billboard and the comments rallied around him like a celebrity. When employees become true ambassadors, people connect deeper with the brand. Dairy Boy consistently has people commenting the marketing team deserves a raise. The world-building, the positioning [00:28:30] is so clear on being an American brand rooted in nostalgia. That nostalgia shows up in every campaign, just reinterpreted. They aren't posting generic product photos. Paloma Wool is proving fashion marketing doesn't need to be dull. Ahead of opening their new LA store, they created a micro show about a ventriloquist [00:28:45] chasing the Hollywood dream. She gets a call back for the audition and the address is the new store so the story relates to the launch itself. Evan Shapiro: The dummy gave me nightmares, I will admit to that. But it's a brand and these are small brands. These are not massive [00:29:00] brands. And by the way they're not... They're shooting most of it on phones. They're not spending millions of dollars. They're not boosting it either. They're just posting it and consistently acting like a creator and they're crushing it. They're, Joel does this Five Brands Who Are Killing It on Social [00:29:15] Media series. You have to follow him. His, handle is @ColdestJoel. And he'll be on stage later when we unveil the creator map with me, Shira, and Jon Gos from Whalar. And then lastly, I'm gonna use an example. Does everybody here know [00:29:30] RuPaul's Drag Race? So the average, length of a television series is less than four seasons. Drag Race is out now actually in its 20th season. They're in 20 markets around the world. And World of Wonder, who has been producing this show this entire [00:29:45] time, they've been around for 30 years, they leaned into this 30 years ago, before social media was a thing. They would email or actually mail first and then email their own newsletter to their fans. And they curated a fandom that [00:30:00] was so rabid they were able to launch their own streaming service direct to consumer. Remember, I said the retention of premium streaming around the world was just 11%, the net retention last year. Lost most [00:30:15] of, 89%, of the consumer, the new subscribers that they brought on. Drag Race's retention is 96%. Or their, this is actually it's called WOW Presents. And their retention rate is 96%. [00:30:30] This is how Fenton Bailey, who is one of the founders of World of Wonder, talks about how to adapt to a creator mindset. Oh, I'm sorry. They did so well with premium, their own premium streaming service they were able to green, use the money from [00:30:45] that to green-write their own film starring Ru this past year. Now here is Fenton talking about how they lean into the creator mindset. Fenton Bailey (Video): Today, people are saying, people don't watch full shows. They only watch clips. The clips are the show and the show is the clips. The promotion is [00:31:00] the show and the show is the promotion. It's all one thing rather than separate silos of this is marketing and promotion. This is the show. It's all of a piece. And I do think that is, a [00:31:15] piece of takeaway advice for anyone doing anything. It's, you can't just be a director. You can't just be a writer. You have to be all of those things. You have to think perhaps more like a drag queen. So if there's one takeaway I have for you today, [00:31:30] it is think more like a drag queen. The original creators by the way right? So they had to do their own marketing and their own makeup, and be their own roadie and then be their own bodyguard very often. [00:31:45] And so leaning into this creator mindset, think more like a drag queen. Be prepared to do it all. Be prepared to do it in-house. Be prepared to be inventive. Be prepared to be resilient. Be prepared to be [00:32:00] ready to follow the consumer everywhere they go, from the couch to the bus, from the living room to the bathroom. Remember who the audience is. You may not [00:32:15] be the audience. That's okay. Fenton is super old, but he still thinks like a young consumer. I'm super old and yet I'm wearing this shirt. So think about the [00:32:30] world that you are serving, not the world you left. Lean into who the consumer is and you, they, if you follow them, they will absolutely follow you. Redefine broadcast. Reclaim it. One to many. [00:32:45] And follow the whole consumer. Thank [00:33:00] you.