Latest / Kids Media Club Podcast / Bonus episode: Content Europe Lisbon Debrief: What Is a Hit Anymore, the Ad-Funded Kids Media Problem, and Why Patient Capital Matters — with Andy and Jo

Transcript

Bonus episode: Content Europe Lisbon Debrief: What Is a Hit Anymore, the Ad-Funded Kids Media Problem, and Why Patient Capital Matters — with Andy and Jo · Kids Media Club Podcast

• 0:01
  The
• 0:01
  Kids
• 0:01
  Media
• 0:01
  Club
• 0:02
  Podcast
• 0:02
  is
• 0:02
  open
• 0:03
  for
• 0:03
  sponsorship
• 0:03
  and
• 0:04
  we're
• 0:04
  changing
• 0:04
  things
• 0:04
  up
• 0:05
  a
• 0:05
  little
• 0:05
  bit
• 0:05
  where
• 0:05
  we're
• 0:05
  going
• 0:05
  to
• 0:06
  be
• 0:06
  offering
• 0:06
  feature
• 0:06
  episodes
• 0:07
  ahead
• 0:07
  of
• 0:07
  major
• 0:08
  industry
• 0:08
  events
• 0:09
  like
• 0:09
  Licensing
• 0:09
  Expo,
• 0:10
  Annecy,
• 0:11
  ble,
• 0:12
  mipcom,
• 0:12
  Toy
• 0:13
  Fair
• 0:13
  and
• 0:13
  more.
• 0:14
  Why
• 0:14
  don't
• 0:14
  you
• 0:15
  strategically
• 0:15
  put
• 0:15
  a
• 0:15
  conversation
• 0:16
  in
• 0:16
  the
• 0:16
  ears
• 0:16
  of
• 0:17
  your
• 0:17
  stakeholders
• 0:17
  before
• 0:18
  these
• 0:18
  events
• 0:18
  so
• 0:18
  you
• 0:18
  can
• 0:19
  warm
• 0:19
  up
• 0:19
  conversations
• 0:19
  before
• 0:20
  you
• 0:20
  go?
• 0:21
  Reach
• 0:21
  out
• 0:21
  to
• 0:21
  us
• 0:21
  individually
• 0:22
  on
• 0:22
  LinkedIn
• 0:23
  or
• 0:23
  drop
• 0:24
  us
• 0:24
  an
• 0:24
  email
• 0:24
  at
• 0:25
  infoidsmediaclubpodcast.com.
• 0:35
  Hello,
• 0:35
  and
• 0:35
  welcome
• 0:36
  to
• 0:36
  a
• 0:36
  bonus
• 0:37
  episode
• 0:37
  of
• 0:37
  the
• 0:38
  Kids
• 0:38
  Media
• 0:38
  Club
• 0:38
  Podcast.
• 0:39
  I'm
• 0:39
  Andy
• 0:39
  Williams.
• 0:40
  And
• 0:40
  I'm
• 0:41
  Jo
• 0:41
  Redfern.
• 0:42
  And
• 0:42
  we
• 0:42
  don't
• 0:43
  have
• 0:43
  Emily
• 0:43
  here
• 0:44
  this
• 0:44
  time
• 0:44
  around
• 0:45
  because
• 0:46
  Andy
• 0:46
  and
• 0:46
  I
• 0:46
  are
• 0:47
  fresh
• 0:47
  off
• 0:48
  the
• 0:48
  back
• 0:48
  of
• 0:48
  Content
• 0:48
  Europe
• 0:49
  in
• 0:49
  Lisbon,
• 0:50
  where
• 0:50
  we
• 0:50
  spent
• 0:51
  the
• 0:51
  last
• 0:51
  couple
• 0:51
  of
• 0:52
  days.
• 0:52
  So
• 0:52
  we
• 0:52
  figured
• 0:52
  we'd
• 0:53
  hop
• 0:53
  on
• 0:53
  and
• 0:53
  give
• 0:54
  a
• 0:54
  bit
• 0:54
  of
• 0:54
  a
• 0:54
  bonus
• 0:55
  set
• 0:55
  with
• 0:55
  some
• 0:55
  takeaways
• 0:56
  from
• 0:56
  our
• 0:56
  time
• 0:56
  at
• 0:57
  Content
• 0:57
  Europe.
• 0:58
  So.
• 0:58
  Yes.
• 0:58
  How
• 0:59
  was
• 0:59
  your
• 0:59
  journey
• 0:59
  back,
• 1:00
  Gandy?
• 1:01
  Yeah,
• 1:01
  it
• 1:01
  was
• 1:01
  fine.
• 1:01
  I
• 1:02
  mean,
• 1:02
  I
• 1:02
  think
• 1:02
  everyone
• 1:03
  had
• 1:03
  a
• 1:03
  bit
• 1:03
  of
• 1:04
  a
• 1:04
  nightmare
• 1:04
  in
• 1:05
  the
• 1:05
  journey
• 1:05
  in.
• 1:07
  I
• 1:07
  think
• 1:08
  a
• 1:08
  lot
• 1:08
  of.
• 1:08
  A
• 1:09
  lot
• 1:09
  of
• 1:09
  queuing
• 1:09
  and
• 1:10
  grumbling
• 1:12
  in
• 1:12
  Passport
• 1:13
  Control
• 1:14
  for
• 1:14
  about
• 1:14
  two
• 1:14
  hours.
• 1:16
  But
• 1:16
  the.
• 1:16
  The
• 1:17
  journey
• 1:17
  out
• 1:17
  was
• 1:18
  very
• 1:18
  swift.
• 1:19
  Maybe.
• 1:19
  Maybe
• 1:19
  they
• 1:20
  just
• 1:20
  couldn't
• 1:20
  wait
• 1:20
  to
• 1:20
  get
• 1:21
  rid
• 1:21
  of
• 1:21
  us.
• 1:22
  Exactly.
• 1:23
  Maybe
• 1:23
  it
• 1:23
  was
• 1:24
  all
• 1:24
  those
• 1:24
  media
• 1:24
  folks.
• 1:25
  Yeah,
• 1:25
  yeah,
• 1:25
  maybe
• 1:26
  Lisbon
• 1:26
  was
• 1:26
  more
• 1:27
  like,
• 1:27
  don't
• 1:27
  let
• 1:27
  the
• 1:27
  door
• 1:28
  kick
• 1:28
  you
• 1:28
  on
• 1:28
  the
• 1:28
  ass
• 1:28
  in
• 1:29
  the
• 1:29
  way.
• 1:29
  On
• 1:29
  the
• 1:29
  way
• 1:29
  out,
• 1:30
  but
• 1:31
  very
• 1:31
  kind
• 1:31
  of
• 1:32
  begrudging
• 1:33
  about
• 1:33
  letting
• 1:33
  us
• 1:34
  in
• 1:34
  at
• 1:34
  the
• 1:34
  start.
• 1:34
  I
• 1:35
  know
• 1:35
  it's
• 1:35
  good
• 1:35
  and
• 1:35
  actually
• 1:36
  Lisbon
• 1:37
  was
• 1:38
  fabulous.
• 1:40
  It
• 1:40
  helped.
• 1:40
  It
• 1:41
  was
• 1:41
  nice
• 1:41
  and
• 1:41
  sunny,
• 1:41
  but
• 1:41
  it's
• 1:42
  such
• 1:42
  a.
• 1:43
  Such
• 1:43
  a
• 1:43
  great
• 1:43
  city
• 1:44
  to
• 1:44
  kind
• 1:44
  of
• 1:45
  host
• 1:45
  an
• 1:45
  event
• 1:46
  like
• 1:46
  that.
• 1:47
  Yeah,
• 1:48
  I
• 1:48
  had
• 1:48
  a
• 1:48
  great
• 1:49
  time.
• 1:49
  How
• 1:49
  about
• 1:49
  you?
• 1:49
  What
• 1:49
  were
• 1:50
  your
• 1:50
  kind
• 1:50
  of
• 1:50
  impressions?
• 1:52
  Yeah,
• 1:54
  it's
• 1:54
  always
• 1:54
  nice
• 1:55
  to
• 1:56
  regroup
• 1:56
  with
• 1:57
  kids
• 1:57
  media
• 1:58
  folk.
• 1:59
  And
• 1:59
  obviously
• 2:00
  we're
• 2:01
  not
• 2:01
  too
• 2:01
  far
• 2:01
  away
• 2:02
  from
• 2:02
  Kids
• 2:03
  Screen,
• 2:03
  where
• 2:03
  you
• 2:03
  and
• 2:04
  Emily
• 2:04
  were
• 2:04
  in
• 2:04
  February.
• 2:05
  And
• 2:05
  I
• 2:06
  was
• 2:06
  with
• 2:08
  kids
• 2:08
  media
• 2:09
  people
• 2:09
  at
• 2:09
  the
• 2:09
  Kids
• 2:10
  and
• 2:10
  Teens
• 2:10
  Summit.
• 2:11
  But
• 2:11
  I
• 2:11
  think,
• 2:11
  yes,
• 2:12
  a
• 2:12
  function
• 2:12
  of
• 2:13
  being
• 2:13
  in
• 2:13
  Lisbon
• 2:14
  made
• 2:15
  it
• 2:15
  feel
• 2:15
  a
• 2:15
  little
• 2:15
  bit
• 2:16
  different.
• 2:16
  It
• 2:16
  was
• 2:17
  interesting
• 2:17
  having
• 2:17
  been
• 2:17
  to
• 2:18
  Lisbon
• 2:18
  twice
• 2:18
  in
• 2:18
  the
• 2:18
  last
• 2:19
  couple
• 2:19
  of
• 2:19
  weeks,
• 2:19
  as
• 2:19
  you
• 2:19
  know,
• 2:20
  the
• 2:20
  first
• 2:20
  time
• 2:21
  for
• 2:21
  Stream
• 2:21
  TV
• 2:21
  Europe,
• 2:22
  which,
• 2:23
  which
• 2:23
  is
• 2:24
  a
• 2:24
  bigger
• 2:24
  event,
• 2:25
  less
• 2:26
  purely
• 2:26
  content
• 2:27
  focused,
• 2:27
  but
• 2:27
  in
• 2:28
  a
• 2:28
  way
• 2:28
  that
• 2:28
  was
• 2:28
  quite
• 2:29
  nice
• 2:30
  to
• 2:30
  be
• 2:30
  mixing
• 2:30
  with
• 2:31
  people
• 2:31
  who
• 2:31
  came
• 2:32
  from
• 2:32
  distribution.
• 2:34
  There
• 2:34
  were
• 2:35
  some
• 2:35
  sports
• 2:35
  people
• 2:36
  there,
• 2:36
  Dazn,
• 2:37
  the
• 2:37
  sports
• 2:38
  streamer,
• 2:38
  were
• 2:38
  there
• 2:39
  some
• 2:40
  YouTube
• 2:40
  people,
• 2:41
  and
• 2:41
  even
• 2:41
  down
• 2:42
  to
• 2:43
  ad
• 2:43
  tech
• 2:43
  and
• 2:43
  CTV
• 2:44
  professionals
• 2:45
  and
• 2:45
  content
• 2:45
  delivery
• 2:46
  networks,
• 2:47
  people
• 2:47
  that
• 2:48
  I
• 2:48
  wouldn't
• 2:48
  necessarily
• 2:50
  meet
• 2:50
  or
• 2:51
  hear
• 2:51
  from
• 2:51
  in
• 2:52
  panels,
• 2:52
  but
• 2:52
  Actually,
• 2:53
  all
• 2:53
  of
• 2:54
  it
• 2:54
  is
• 2:54
  the
• 2:54
  world
• 2:54
  in
• 2:54
  which
• 2:55
  we
• 2:55
  operate
• 2:55
  in
• 2:56
  some
• 2:56
  way
• 2:56
  and
• 2:56
  they
• 2:56
  all
• 2:56
  have
• 2:57
  their
• 2:57
  space
• 2:58
  and
• 2:58
  sometimes
• 2:58
  that
• 2:58
  gives
• 2:59
  you
• 2:59
  a
• 2:59
  nice
• 3:00
  perspective.
• 3:01
  So
• 3:01
  whilst
• 3:01
  it's
• 3:02
  lovely
• 3:02
  to
• 3:02
  focus
• 3:02
  on
• 3:03
  purely
• 3:03
  content
• 3:04
  people,
• 3:04
  as
• 3:04
  we
• 3:05
  have
• 3:05
  done
• 3:05
  for
• 3:05
  the
• 3:05
  last
• 3:05
  couple
• 3:06
  of
• 3:06
  days,
• 3:07
  and
• 3:07
  that's
• 3:07
  equally
• 3:08
  enjoyable,
• 3:09
  I
• 3:09
  think
• 3:10
  I
• 3:10
  do
• 3:10
  quite
• 3:11
  like
• 3:11
  going
• 3:11
  in
• 3:12
  and
• 3:12
  hanging
• 3:12
  around
• 3:13
  at
• 3:13
  the
• 3:13
  intersections
• 3:14
  of
• 3:14
  different
• 3:14
  parts
• 3:15
  of
• 3:15
  the
• 3:15
  media
• 3:15
  business.
• 3:16
  At
• 3:16
  some
• 3:16
  point,
• 3:16
  I
• 3:17
  think
• 3:17
  we
• 3:17
  could
• 3:17
  perhaps
• 3:17
  do
• 3:17
  more
• 3:18
  of
• 3:18
  it
• 3:18
  in
• 3:18
  kids
• 3:18
  media,
• 3:18
  I
• 3:18
  think,
• 3:19
  is
• 3:19
  the.
• 3:19
  The
• 3:19
  main
• 3:20
  thing
• 3:20
  I
• 3:20
  would
• 3:20
  say.
• 3:21
  Yeah.
• 3:22
  And
• 3:22
  I
• 3:22
  didn't
• 3:23
  go
• 3:23
  to
• 3:23
  the
• 3:23
  Stream
• 3:24
  TV
• 3:24
  event,
• 3:24
  but
• 3:26
  I
• 3:26
  was
• 3:26
  reading
• 3:26
  about
• 3:27
  it
• 3:27
  from
• 3:27
  Evan
• 3:27
  Shapiro's
• 3:28
  posts
• 3:29
  and
• 3:30
  it
• 3:30
  felt
• 3:30
  like
• 3:31
  it
• 3:31
  had
• 3:31
  some
• 3:31
  of
• 3:31
  that
• 3:32
  celebrity
• 3:34
  sort
• 3:34
  of
• 3:34
  stardust
• 3:35
  sprinkled
• 3:35
  over
• 3:35
  it
• 3:36
  from
• 3:37
  industry
• 3:37
  kind
• 3:38
  of
• 3:38
  influencers
• 3:39
  or
• 3:39
  thought
• 3:39
  leaders.
• 3:40
  Yeah,
• 3:41
  and
• 3:42
  I
• 3:42
  mean,
• 3:42
  that's
• 3:42
  a
• 3:42
  good
• 3:43
  point
• 3:43
  to
• 3:44
  call
• 3:44
  out
• 3:44
  because
• 3:45
  it's
• 3:45
  one
• 3:45
  of
• 3:45
  the
• 3:45
  themes
• 3:45
  that
• 3:46
  came
• 3:46
  across
• 3:47
  in
• 3:47
  the
• 3:47
  panels,
• 3:48
  Content
• 3:49
  Europe,
• 3:49
  and
• 3:50
  particularly
• 3:52
  the
• 3:52
  panel
• 3:53
  that
• 3:53
  I
• 3:53
  was
• 3:53
  moderating
• 3:54
  with
• 3:55
  Agnes
• 3:56
  Augustine
• 3:57
  and
• 3:57
  Adina
• 3:58
  Pitt
• 3:59
  and
• 3:59
  Gia
• 4:00
  Delaney
• 4:01
  and
• 4:01
  Kate
• 4:01
  o'.
• 4:02
  Connor.
• 4:02
  We
• 4:02
  were
• 4:02
  talking,
• 4:03
  it
• 4:03
  was
• 4:03
  the
• 4:03
  first
• 4:04
  panel
• 4:04
  that
• 4:04
  I
• 4:05
  moderated
• 4:05
  and
• 4:05
  it
• 4:05
  was
• 4:06
  the
• 4:06
  state
• 4:06
  of
• 4:06
  the
• 4:06
  kids
• 4:06
  content
• 4:07
  nation.
• 4:09
  And
• 4:09
  we
• 4:09
  were
• 4:09
  talking,
• 4:10
  you
• 4:10
  know,
• 4:11
  let's
• 4:11
  not
• 4:11
  dwell
• 4:11
  on
• 4:11
  the
• 4:11
  negative,
• 4:12
  but
• 4:12
  it
• 4:12
  is
• 4:13
  fair
• 4:13
  to
• 4:13
  say.
• 4:13
  And
• 4:13
  even
• 4:14
  Evan
• 4:14
  Shapiro
• 4:15
  and
• 4:15
  our
• 4:15
  lovely
• 4:16
  Emily
• 4:16
  Horgan
• 4:16
  has
• 4:17
  posted
• 4:17
  about
• 4:17
  it
• 4:17
  very
• 4:18
  recently.
• 4:18
  In
• 4:18
  terms
• 4:18
  of.
• 4:19
  We
• 4:19
  can
• 4:19
  say
• 4:20
  that
• 4:20
  kids
• 4:20
  are
• 4:20
  watching
• 4:20
  more
• 4:20
  content
• 4:21
  across
• 4:21
  more
• 4:21
  platforms
• 4:22
  than
• 4:23
  ever
• 4:23
  before,
• 4:24
  yet
• 4:24
  the
• 4:25
  economics
• 4:25
  are
• 4:25
  still
• 4:25
  broken
• 4:26
  behind
• 4:26
  it.
• 4:26
  Both
• 4:27
  things
• 4:27
  can
• 4:27
  be
• 4:27
  true
• 4:27
  at
• 4:27
  once.
• 4:28
  One
• 4:28
  implies
• 4:29
  there's
• 4:30
  a
• 4:30
  healthy
• 4:30
  market,
• 4:31
  the
• 4:31
  other
• 4:31
  one
• 4:31
  implies
• 4:32
  that
• 4:32
  the
• 4:32
  market
• 4:33
  has
• 4:33
  broken
• 4:33
  down
• 4:34
  somehow.
• 4:34
  And
• 4:34
  you've
• 4:35
  heard
• 4:35
  me
• 4:35
  say
• 4:35
  the
• 4:35
  words
• 4:36
  market
• 4:36
  fairly
• 4:36
  before,
• 4:38
  but
• 4:38
  one
• 4:38
  of
• 4:38
  the
• 4:38
  things
• 4:39
  that
• 4:39
  came
• 4:39
  out
• 4:39
  of
• 4:40
  most
• 4:40
  of
• 4:40
  the
• 4:40
  sessions
• 4:41
  was
• 4:42
  this
• 4:43
  need
• 4:43
  for
• 4:44
  collaboration
• 4:44
  and
• 4:45
  partnership
• 4:45
  and
• 4:45
  actually
• 4:46
  extending
• 4:46
  on
• 4:47
  that.
• 4:47
  What
• 4:47
  we
• 4:48
  just
• 4:48
  spoke
• 4:48
  about
• 4:48
  with
• 4:49
  Stream
• 4:49
  TV
• 4:50
  Europe
• 4:50
  is
• 4:50
  very
• 4:50
  much
• 4:51
  a
• 4:51
  case
• 4:51
  of
• 4:51
  let's
• 4:52
  not
• 4:52
  circle
• 4:52
  the
• 4:52
  wagons
• 4:53
  anymore,
• 4:53
  let's
• 4:53
  not
• 4:54
  just
• 4:54
  keep
• 4:54
  ourselves
• 4:54
  to
• 4:55
  ourselves.
• 4:55
  It's
• 4:56
  a
• 4:56
  time
• 4:56
  to
• 4:57
  collaborate,
• 4:58
  to
• 4:58
  throw
• 4:58
  open
• 4:58
  the
• 4:59
  doors,
• 4:59
  to
• 4:59
  look
• 4:59
  outwards
• 5:00
  maybe
• 5:01
  rather
• 5:02
  than
• 5:02
  inwards
• 5:03
  as
• 5:03
  a
• 5:04
  way
• 5:04
  to
• 5:05
  move
• 5:05
  from
• 5:05
  this
• 5:05
  point
• 5:06
  forward,
• 5:06
  which
• 5:07
  I
• 5:07
  felt
• 5:08
  came
• 5:08
  through.
• 5:09
  Did
• 5:09
  you
• 5:09
  see
• 5:09
  any
• 5:10
  evidence
• 5:10
  of
• 5:10
  that
• 5:10
  in
• 5:11
  the
• 5:11
  panels
• 5:11
  that
• 5:11
  you
• 5:12
  listened
• 5:12
  to?
• 5:12
  And
• 5:12
  of
• 5:13
  course,
• 5:13
  the
• 5:13
  panel
• 5:14
  that
• 5:14
  we
• 5:14
  also
• 5:15
  were
• 5:15
  on.
• 5:16
  Yeah,
• 5:16
  I
• 5:16
  mean,
• 5:16
  I
• 5:17
  thought
• 5:17
  it
• 5:17
  was.
• 5:18
  So
• 5:18
  the
• 5:18
  panel
• 5:18
  we
• 5:18
  were
• 5:18
  on
• 5:19
  was
• 5:19
  to
• 5:19
  discuss
• 5:20
  the
• 5:20
  kind
• 5:21
  of
• 5:21
  the
• 5:21
  DNA
• 5:21
  of
• 5:22
  making
• 5:22
  a
• 5:22
  hit
• 5:23
  kids
• 5:23
  TV
• 5:23
  show.
• 5:24
  And
• 5:25
  I
• 5:25
  think
• 5:25
  all
• 5:25
  of
• 5:25
  the.
• 5:26
  Probably
• 5:26
  most
• 5:26
  of
• 5:26
  the
• 5:26
  speakers,
• 5:27
  because,
• 5:29
  I
• 5:29
  mean,
• 5:30
  some
• 5:30
  incredibly
• 5:30
  experienced
• 5:31
  and
• 5:32
  produced
• 5:33
  some
• 5:34
  big
• 5:34
  shows,
• 5:35
  but
• 5:35
  probably
• 5:35
  all
• 5:35
  of
• 5:36
  them
• 5:36
  were
• 5:37
  feeling
• 5:38
  that
• 5:38
  they
• 5:39
  didn't
• 5:39
  have
• 5:40
  the
• 5:40
  secret
• 5:41
  to
• 5:41
  the
• 5:41
  magic
• 5:41
  formula
• 5:42
  that
• 5:42
  would
• 5:42
  guarantee
• 5:43
  a
• 5:43
  hit
• 5:44
  TV
• 5:44
  show
• 5:44
  in
• 5:45
  the
• 5:45
  current
• 5:45
  climate,
• 5:46
  really,
• 5:46
  because,
• 5:46
  yeah,
• 5:47
  everything's
• 5:48
  quite
• 5:48
  uncertain.
• 5:49
  But
• 5:49
  it
• 5:49
  was.
• 5:50
  But
• 5:51
  in
• 5:51
  some
• 5:51
  ways
• 5:51
  because
• 5:52
  of
• 5:52
  that,
• 5:52
  it
• 5:52
  was
• 5:52
  a
• 5:52
  kind
• 5:52
  of
• 5:53
  an
• 5:53
  interesting
• 5:53
  and
• 5:54
  quite
• 5:54
  open
• 5:55
  discussion.
• 5:55
  I
• 5:56
  think
• 5:56
  in
• 5:56
  terms
• 5:56
  of
• 5:56
  the
• 5:56
  challenges
• 5:57
  around
• 5:57
  that,
• 5:58
  some
• 5:58
  of
• 5:59
  the
• 5:59
  dynamics
• 5:59
  and
• 5:59
  conditions
• 6:00
  that
• 6:00
  might
• 6:01
  kind
• 6:01
  of
• 6:02
  that
• 6:02
  kind
• 6:02
  of
• 6:02
  magic
• 6:02
  alchemy
• 6:03
  that
• 6:03
  might
• 6:05
  come
• 6:05
  together
• 6:06
  to
• 6:06
  deliver
• 6:06
  a
• 6:07
  hit
• 6:07
  show
• 6:08
  when
• 6:08
  you
• 6:08
  have
• 6:09
  something
• 6:09
  like
• 6:09
  Bluey.
• 6:10
  I
• 6:10
  really
• 6:11
  enjoyed
• 6:12
  that
• 6:12
  panel
• 6:13
  actually,
• 6:13
  because
• 6:14
  it
• 6:14
  was
• 6:14
  an
• 6:15
  opportunity
• 6:15
  to.
• 6:17
  I
• 6:17
  think
• 6:17
  we
• 6:17
  even
• 6:17
  used
• 6:18
  the
• 6:18
  term,
• 6:18
  you
• 6:18
  know,
• 6:18
  the
• 6:19
  anatomy
• 6:19
  of
• 6:19
  a
• 6:19
  hit.
• 6:20
  We
• 6:20
  had
• 6:20
  a
• 6:20
  bit
• 6:20
  of
• 6:21
  a
• 6:21
  session,
• 6:21
  a
• 6:22
  bit
• 6:22
  of
• 6:23
  a
• 6:23
  section
• 6:23
  at
• 6:23
  the
• 6:24
  opening
• 6:24
  where
• 6:24
  it
• 6:24
  was
• 6:24
  what
• 6:25
  even
• 6:25
  is
• 6:25
  a
• 6:25
  hit
• 6:25
  anymore.
• 6:26
  Which
• 6:26
  is
• 6:26
  a
• 6:26
  great
• 6:27
  place
• 6:27
  to
• 6:28
  start
• 6:28
  given
• 6:28
  that
• 6:29
  the
• 6:29
  economics
• 6:29
  are
• 6:30
  different
• 6:30
  and
• 6:30
  the
• 6:30
  platforms
• 6:31
  are
• 6:31
  different.
• 6:32
  You
• 6:32
  used
• 6:32
  to
• 6:32
  be
• 6:32
  able
• 6:33
  to,
• 6:34
  you
• 6:35
  know,
• 6:35
  10,
• 6:35
  15
• 6:35
  years
• 6:36
  ago,
• 6:36
  you
• 6:36
  kind
• 6:37
  of
• 6:37
  knew
• 6:37
  what
• 6:37
  a
• 6:37
  hit
• 6:38
  was,
• 6:39
  a
• 6:39
  kids
• 6:39
  hit
• 6:40
  show.
• 6:40
  It
• 6:41
  would
• 6:41
  usually
• 6:41
  come
• 6:41
  out
• 6:41
  of
• 6:42
  the
• 6:42
  west
• 6:43
  coast
• 6:43
  of
• 6:43
  the
• 6:43
  US
• 6:44
  and
• 6:44
  it
• 6:45
  would
• 6:45
  have
• 6:46
  a
• 6:46
  big
• 6:48
  linear
• 6:48
  distribution
• 6:49
  partner.
• 6:49
  But
• 6:50
  now
• 6:50
  what
• 6:50
  is
• 6:51
  a
• 6:51
  hit
• 6:51
  is
• 6:51
  a
• 6:51
  very
• 6:52
  different
• 6:52
  thing.
• 6:53
  But
• 6:54
  then
• 6:55
  that
• 6:55
  anatomy
• 6:55
  of
• 6:55
  a
• 6:56
  hit,
• 6:57
  we
• 6:57
  broke
• 6:57
  that
• 6:57
  down.
• 6:58
  And
• 6:58
  it
• 6:58
  was
• 6:58
  really
• 6:58
  interesting
• 6:59
  to
• 6:59
  hear
• 6:59
  some
• 6:59
  of
• 6:59
  the
• 7:00
  viewpoints
• 7:00
  on
• 7:00
  that.
• 7:01
  Particularly
• 7:01
  when
• 7:01
  you
• 7:01
  mentioned
• 7:02
  Bluey,
• 7:03
  that
• 7:04
  that
• 7:04
  traditional
• 7:05
  engine
• 7:05
  of
• 7:06
  hit
• 7:06
  making
• 7:07
  is.
• 7:07
  Is
• 7:07
  not
• 7:07
  necessarily
• 7:08
  the
• 7:08
  only
• 7:09
  engine
• 7:09
  of
• 7:09
  hit
• 7:09
  making
• 7:10
  anymore.
• 7:10
  When
• 7:10
  you've
• 7:10
  got
• 7:11
  culturally
• 7:11
  specific
• 7:12
  things
• 7:12
  like
• 7:12
  Bluey,
• 7:13
  K
• 7:13
  Pop,
• 7:13
  Demon
• 7:14
  Hunters,
• 7:14
  Mighty
• 7:15
  Little
• 7:15
  Beam,
• 7:16
  those
• 7:16
  came
• 7:17
  from
• 7:17
  anywhere
• 7:18
  but
• 7:18
  that
• 7:18
  west
• 7:18
  coast
• 7:19
  hit
• 7:19
  factory.
• 7:20
  Yeah,
• 7:21
  absolutely.
• 7:21
  And
• 7:21
  we
• 7:22
  talked
• 7:22
  about
• 7:22
  Danny
• 7:22
  Go
• 7:23
  and
• 7:23
  Miss
• 7:24
  Rachel
• 7:27
  and
• 7:27
  David.
• 7:27
  Michelle
• 7:28
  kind
• 7:28
  of
• 7:28
  said,
• 7:28
  I
• 7:29
  thought
• 7:29
  something
• 7:30
  which
• 7:30
  was
• 7:30
  quite
• 7:31
  astute
• 7:31
  on
• 7:32
  our
• 7:32
  panel
• 7:32
  about
• 7:33
  the
• 7:34
  fact
• 7:34
  that
• 7:34
  we
• 7:34
  come
• 7:35
  from
• 7:35
  it
• 7:35
  from
• 7:36
  almost
• 7:36
  like
• 7:37
  a
• 7:37
  more
• 7:37
  traditional
• 7:38
  producer's
• 7:38
  point
• 7:39
  of
• 7:39
  view.
• 7:39
  And
• 7:40
  a
• 7:40
  lot
• 7:40
  of
• 7:40
  the
• 7:41
  shows
• 7:41
  are
• 7:41
  big
• 7:42
  hits
• 7:43
  on,
• 7:44
  on
• 7:44
  YouTube
• 7:46
  are
• 7:46
  kind
• 7:46
  of
• 7:46
  talent
• 7:46
  driven
• 7:47
  shows
• 7:48
  where
• 7:48
  they
• 7:48
  could
• 7:48
  start
• 7:49
  relatively
• 7:50
  cheap
• 7:50
  and
• 7:51
  nimble
• 7:52
  and
• 7:53
  then
• 7:53
  grow
• 7:53
  from
• 7:54
  there.
• 7:54
  So
• 7:54
  Danny,
• 7:55
  Danny,
• 7:55
  go
• 7:55
  on.
• 7:55
  Ms.
• 7:56
  Rachel
• 7:56
  very
• 7:56
  much
• 7:57
  shows
• 7:57
  that
• 7:59
  that
• 7:59
  kind
• 8:00
  of
• 8:00
  arrives
• 8:01
  out
• 8:02
  of
• 8:02
  that
• 8:03
  creator
• 8:04
  driven,
• 8:05
  that
• 8:05
  they're
• 8:05
  the
• 8:06
  face
• 8:06
  in
• 8:06
  front
• 8:06
  of
• 8:06
  the
• 8:07
  camera.
• 8:07
  They
• 8:07
  can
• 8:07
  almost
• 8:08
  do
• 8:08
  everything
• 8:08
  themselves
• 8:09
  to
• 8:09
  start
• 8:09
  with
• 8:10
  and
• 8:10
  then
• 8:10
  grow
• 8:10
  from
• 8:10
  there.
• 8:11
  But
• 8:12
  the
• 8:12
  traditional
• 8:13
  producer
• 8:13
  approach
• 8:14
  of
• 8:14
  finding
• 8:16
  material,
• 8:17
  developing
• 8:17
  that,
• 8:18
  assembling
• 8:18
  a
• 8:19
  crew
• 8:19
  to
• 8:19
  deliver
• 8:19
  that
• 8:20
  it's
• 8:20
  harder
• 8:21
  to
• 8:21
  make
• 8:21
  those
• 8:22
  economics
• 8:22
  work
• 8:23
  within
• 8:24
  the
• 8:25
  YouTube
• 8:25
  space.
• 8:26
  Yes.
• 8:26
  I
• 8:26
  think
• 8:27
  probably
• 8:28
  the,
• 8:29
  the
• 8:29
  conference
• 8:30
  as
• 8:30
  a
• 8:30
  whole
• 8:30
  was
• 8:31
  grappling
• 8:31
  with.
• 8:33
  I
• 8:33
  think
• 8:34
  in
• 8:34
  some
• 8:34
  ways
• 8:34
  I
• 8:34
  felt
• 8:35
  like
• 8:35
  it
• 8:35
  was
• 8:36
  a
• 8:37
  lot
• 8:37
  of
• 8:37
  the
• 8:37
  participants
• 8:38
  came
• 8:38
  from
• 8:38
  more
• 8:38
  of
• 8:38
  a
• 8:38
  traditional
• 8:39
  TV
• 8:39
  background
• 8:41
  and
• 8:41
  particularly
• 8:42
  if
• 8:42
  they
• 8:42
  operate
• 8:42
  within
• 8:43
  the
• 8:43
  kids
• 8:43
  space.
• 8:44
  Yeah.
• 8:44
  And
• 8:45
  they're
• 8:45
  having
• 8:45
  to
• 8:45
  make
• 8:46
  sense
• 8:46
  of
• 8:46
  a
• 8:46
  world
• 8:47
  in
• 8:47
  which
• 8:48
  attention
• 8:49
  and
• 8:50
  profitability
• 8:52
  have
• 8:52
  been
• 8:52
  Slightly
• 8:53
  decoupled
• 8:54
  from
• 8:54
  each
• 8:54
  other.
• 8:55
  Absolutely.
• 8:55
  Going
• 8:56
  back
• 8:56
  to
• 8:56
  what
• 8:56
  it
• 8:56
  means
• 8:56
  to
• 8:57
  have
• 8:57
  a
• 8:57
  hit,
• 8:57
  you
• 8:57
  could
• 8:57
  have
• 8:58
  a
• 8:58
  hit
• 8:58
  in
• 8:58
  terms
• 8:59
  of
• 8:59
  attention
• 9:00
  and
• 9:00
  awareness,
• 9:01
  but
• 9:02
  that
• 9:02
  may
• 9:02
  not
• 9:02
  correspond
• 9:03
  to
• 9:04
  money.
• 9:05
  Yeah,
• 9:06
  yeah.
• 9:08
  It
• 9:08
  came
• 9:09
  up
• 9:09
  more
• 9:09
  than
• 9:09
  a
• 9:09
  few
• 9:10
  times,
• 9:12
  not
• 9:12
  just
• 9:13
  in
• 9:13
  this
• 9:14
  panel
• 9:14
  about
• 9:15
  making
• 9:15
  a
• 9:15
  hit
• 9:16
  kids
• 9:16
  show.
• 9:16
  You
• 9:16
  know,
• 9:17
  how
• 9:18
  do
• 9:18
  you
• 9:18
  define
• 9:18
  a
• 9:18
  hit?
• 9:18
  What
• 9:19
  even
• 9:19
  is
• 9:19
  a
• 9:19
  hit?
• 9:19
  Where
• 9:20
  do
• 9:20
  they
• 9:20
  come
• 9:20
  from?
• 9:21
  What
• 9:21
  was
• 9:22
  the
• 9:22
  anatomy
• 9:22
  of
• 9:22
  a
• 9:22
  hit?
• 9:23
  And
• 9:23
  actually
• 9:23
  how
• 9:23
  do
• 9:23
  you
• 9:23
  measure
• 9:24
  a
• 9:24
  hit?
• 9:25
  Because
• 9:26
  that's
• 9:26
  like
• 9:27
  you
• 9:27
  said,
• 9:28
  if
• 9:28
  you
• 9:28
  measure
• 9:28
  it
• 9:29
  in
• 9:30
  attention
• 9:30
  terms,
• 9:31
  that
• 9:31
  might
• 9:31
  not
• 9:32
  look
• 9:32
  quite
• 9:32
  so
• 9:32
  successful
• 9:33
  in
• 9:33
  financial
• 9:33
  terms.
• 9:34
  And
• 9:34
  one
• 9:34
  of
• 9:34
  the
• 9:34
  examples
• 9:35
  that
• 9:35
  came
• 9:35
  up
• 9:35
  is
• 9:37
  you
• 9:37
  might
• 9:37
  have
• 9:38
  a
• 9:38
  piece
• 9:38
  of
• 9:38
  content
• 9:39
  that
• 9:40
  rockets
• 9:41
  to
• 9:41
  200
• 9:42
  million
• 9:42
  views
• 9:42
  on
• 9:43
  YouTube
• 9:43
  but
• 9:44
  if
• 9:44
  you
• 9:44
  judged
• 9:44
  it
• 9:45
  on
• 9:45
  the
• 9:45
  monetization
• 9:46
  there,
• 9:46
  it
• 9:46
  wouldn't
• 9:46
  look
• 9:47
  quite
• 9:47
  as
• 9:47
  successful
• 9:48
  yet.
• 9:49
  Oh,
• 9:49
  absolutely.
• 9:49
  Who's
• 9:49
  going
• 9:50
  to
• 9:50
  turn
• 9:50
  their
• 9:50
  nose
• 9:50
  up
• 9:50
  at
• 9:50
  200
• 9:51
  million
• 9:51
  views?
• 9:52
  Particularly
• 9:52
  if
• 9:52
  they're
• 9:53
  pretty
• 9:53
  engaged
• 9:53
  views?
• 9:54
  So
• 9:55
  there
• 9:55
  is
• 9:55
  this
• 9:55
  disconnect
• 9:56
  in
• 9:56
  how
• 9:57
  we,
• 9:59
  not
• 9:59
  just
• 9:59
  how
• 10:00
  we
• 10:00
  measure
• 10:00
  success
• 10:01
  and
• 10:01
  what
• 10:01
  is
• 10:01
  a
• 10:01
  hit,
• 10:02
  but
• 10:02
  how
• 10:02
  we
• 10:02
  value
• 10:03
  it
• 10:03
  as
• 10:04
  well
• 10:04
  as
• 10:04
  how
• 10:04
  we
• 10:05
  monetize
• 10:05
  it.
• 10:05
  And
• 10:06
  that
• 10:06
  impacts
• 10:06
  everything.
• 10:06
  It
• 10:07
  impacts,
• 10:08
  as
• 10:08
  we've
• 10:08
  said,
• 10:09
  the
• 10:09
  flow
• 10:09
  of
• 10:10
  investment
• 10:10
  into
• 10:10
  the
• 10:11
  industry.
• 10:11
  And
• 10:12
  that's
• 10:12
  an
• 10:12
  issue
• 10:12
  because
• 10:13
  that
• 10:13
  investment
• 10:14
  isn't
• 10:14
  flowing
• 10:15
  in.
• 10:15
  And
• 10:16
  currently
• 10:18
  I
• 10:18
  think
• 10:18
  it
• 10:19
  would
• 10:19
  be
• 10:19
  folly
• 10:19
  to,
• 10:19
  to
• 10:20
  assume
• 10:20
  that
• 10:20
  the
• 10:20
  market
• 10:20
  will
• 10:21
  self
• 10:21
  correct.
• 10:21
  I
• 10:21
  don't
• 10:22
  think
• 10:22
  that
• 10:22
  will
• 10:22
  happen.
• 10:23
  So
• 10:24
  yeah,
• 10:24
  it's,
• 10:25
  it's
• 10:25
  interesting
• 10:25
  how,
• 10:26
  how
• 10:27
  we
• 10:27
  address
• 10:27
  that.
• 10:28
  Yeah,
• 10:29
  I
• 10:29
  mean,
• 10:29
  I
• 10:29
  think
• 10:30
  particularly
• 10:30
  in
• 10:31
  kids.
• 10:31
  Kids
• 10:32
  has
• 10:32
  always
• 10:32
  had
• 10:33
  an
• 10:33
  uncomfortable
• 10:33
  relationship
• 10:34
  with
• 10:35
  commercially
• 10:36
  supported
• 10:37
  television.
• 10:39
  The.
• 10:42
  And
• 10:42
  ultimately
• 10:43
  I
• 10:43
  think
• 10:45
  what
• 10:46
  we're
• 10:46
  having
• 10:46
  to
• 10:46
  grapple
• 10:47
  with
• 10:47
  is
• 10:50
  if
• 10:50
  there
• 10:50
  isn't
• 10:50
  a
• 10:51
  place
• 10:51
  for
• 10:51
  ad
• 10:52
  funded
• 10:53
  TV
• 10:54
  for
• 10:55
  kids,
• 10:56
  there'll
• 10:56
  be
• 10:56
  less
• 10:57
  content
• 10:57
  produced
• 10:58
  for
• 10:58
  kids.
• 11:00
  And
• 11:02
  I
• 11:02
  think
• 11:03
  it's
• 11:03
  that
• 11:03
  question
• 11:04
  about.
• 11:08
  I
• 11:08
  think,
• 11:08
  I
• 11:08
  think
• 11:09
  some
• 11:09
  people
• 11:09
  within
• 11:09
  kids
• 11:10
  feel
• 11:11
  uncomfortable
• 11:11
  about
• 11:11
  adverts
• 11:12
  being
• 11:12
  served.
• 11:13
  Against
• 11:13
  kids,
• 11:15
  which
• 11:15
  has
• 11:15
  always
• 11:15
  happened.
• 11:16
  Let's
• 11:16
  face
• 11:16
  it.
• 11:17
  You
• 11:17
  know,
• 11:17
  we
• 11:17
  watched
• 11:18
  kids
• 11:18
  TV
• 11:18
  when
• 11:18
  we
• 11:19
  were
• 11:19
  kids
• 11:19
  and
• 11:19
  there
• 11:19
  were
• 11:19
  still
• 11:20
  ads
• 11:20
  against
• 11:20
  kids
• 11:21
  tv.
• 11:22
  I
• 11:22
  loved
• 11:22
  adverts.
• 11:23
  So
• 11:23
  did
• 11:23
  I.
• 11:24
  Very
• 11:24
  often.
• 11:25
  You
• 11:25
  remembered
• 11:25
  the
• 11:25
  adverts
• 11:26
  more
• 11:26
  than
• 11:26
  you
• 11:26
  remembered
• 11:27
  the
• 11:27
  shows
• 11:27
  that
• 11:27
  you
• 11:27
  were
• 11:28
  watching.
• 11:29
  Totally.
• 11:29
  And
• 11:30
  the
• 11:31
  reason
• 11:31
  that
• 11:31
  kind
• 11:32
  of,
• 11:32
  I
• 11:32
  enjoyed
• 11:32
  adverts
• 11:33
  as
• 11:33
  a
• 11:33
  kid
• 11:33
  is
• 11:33
  that
• 11:34
  no,
• 11:34
  I'd,
• 11:35
  I'd
• 11:35
  enjoy
• 11:36
  those,
• 11:37
  the
• 11:37
  toys
• 11:37
  that
• 11:38
  they
• 11:38
  were
• 11:38
  advertising.
• 11:39
  Sometimes
• 11:39
  they
• 11:40
  wouldn't
• 11:40
  live
• 11:40
  up
• 11:40
  to
• 11:40
  the,
• 11:42
  to
• 11:42
  the
• 11:42
  promise
• 11:43
  of
• 11:43
  the
• 11:43
  advert.
• 11:43
  But
• 11:44
  maybe
• 11:44
  that's
• 11:45
  a
• 11:45
  life
• 11:45
  lesson
• 11:45
  in
• 11:45
  and
• 11:46
  of
• 11:46
  itself.
• 11:47
  But
• 11:47
  I
• 11:47
  think
• 11:47
  that's
• 11:48
  so
• 11:48
  I
• 11:49
  think
• 11:49
  in
• 11:49
  some
• 11:49
  ways
• 11:49
  the
• 11:49
  situation
• 11:50
  with
• 11:50
  YouTube
• 11:50
  is
• 11:51
  an
• 11:51
  extension
• 11:51
  of
• 11:52
  the,
• 11:52
  the,
• 11:54
  the
• 11:54
  tension
• 11:55
  in
• 11:55
  between
• 11:56
  producing
• 11:57
  content
• 11:57
  for
• 11:58
  a
• 11:58
  kids
• 11:58
  audience,
• 11:59
  everyone
• 12:00
  feeling
• 12:00
  the
• 12:00
  responsibility
• 12:01
  of
• 12:01
  that
• 12:02
  and,
• 12:03
  and
• 12:03
  finding
• 12:04
  some
• 12:04
  way
• 12:04
  in
• 12:04
  which
• 12:05
  advertising
• 12:06
  can
• 12:07
  comfortably
• 12:08
  and
• 12:08
  ethically
• 12:09
  sit
• 12:09
  within
• 12:10
  that
• 12:11
  space.
• 12:11
  And
• 12:12
  I
• 12:12
  wondered
• 12:12
  whether
• 12:13
  we
• 12:13
  were
• 12:13
  talking
• 12:13
  about
• 12:14
  Stream
• 12:14
  TV
• 12:15
  and
• 12:15
  I
• 12:15
  didn't
• 12:16
  go
• 12:16
  to
• 12:16
  that
• 12:16
  but
• 12:17
  from
• 12:17
  all
• 12:17
  of
• 12:17
  the
• 12:17
  promotion
• 12:18
  around
• 12:18
  it,
• 12:19
  part
• 12:19
  of
• 12:19
  it
• 12:19
  reminded
• 12:20
  me
• 12:20
  a
• 12:20
  bit
• 12:20
  around
• 12:20
  the
• 12:21
  promotion
• 12:21
  of
• 12:21
  something
• 12:21
  like
• 12:21
  MadFest.
• 12:22
  It
• 12:23
  felt
• 12:23
  like
• 12:23
  it
• 12:23
  was
• 12:23
  very
• 12:24
  much
• 12:24
  advertising
• 12:25
  adjacent.
• 12:26
  Oh
• 12:27
  for
• 12:27
  sure.
• 12:28
  Yeah.
• 12:28
  I
• 12:28
  mean
• 12:29
  that's,
• 12:29
  that
• 12:29
  is
• 12:29
  one
• 12:30
  of
• 12:30
  the
• 12:30
  things
• 12:30
  that
• 12:30
  came
• 12:31
  across
• 12:31
  and
• 12:32
  yes
• 12:33
  it
• 12:33
  does
• 12:34
  apply
• 12:34
  and
• 12:35
  cause
• 12:35
  problems
• 12:35
  for
• 12:36
  kids
• 12:36
  media
• 12:37
  in
• 12:37
  that
• 12:37
  we
• 12:38
  basically
• 12:38
  live
• 12:38
  in
• 12:39
  an
• 12:39
  ad
• 12:39
  funded
• 12:40
  world
• 12:40
  now.
• 12:40
  A
• 12:40
  media
• 12:41
  world
• 12:41
  that
• 12:41
  is
• 12:42
  predominantly
• 12:43
  ad
• 12:43
  funded.
• 12:44
  All
• 12:44
  of
• 12:45
  the
• 12:45
  subscription
• 12:46
  platforms
• 12:47
  have
• 12:47
  an
• 12:47
  ad
• 12:47
  tier
• 12:48
  we
• 12:49
  used
• 12:49
  to
• 12:49
  pay
• 12:49
  a
• 12:50
  subscription
• 12:50
  to
• 12:50
  not
• 12:51
  see
• 12:51
  ads.
• 12:51
  Now
• 12:52
  every
• 12:53
  single
• 12:53
  subscription
• 12:54
  streamer
• 12:55
  has
• 12:55
  an
• 12:55
  ad
• 12:55
  tier
• 12:56
  and
• 12:56
  actually
• 12:57
  they're
• 12:57
  increasing
• 12:57
  the
• 12:58
  price
• 12:58
  of
• 12:58
  the
• 12:58
  premium
• 12:59
  tier
• 13:00
  that
• 13:00
  where
• 13:01
  you
• 13:01
  pay
• 13:01
  not
• 13:02
  to
• 13:02
  see
• 13:02
  ads.
• 13:02
  They're
• 13:03
  increasing
• 13:03
  the
• 13:04
  prices
• 13:04
  there
• 13:05
  at
• 13:05
  a
• 13:05
  higher
• 13:05
  rate
• 13:05
  than
• 13:06
  they're
• 13:06
  increasing
• 13:06
  the
• 13:06
  prices
• 13:07
  on
• 13:07
  the
• 13:07
  ad
• 13:07
  tiers
• 13:08
  because
• 13:08
  they
• 13:08
  want
• 13:08
  you
• 13:09
  to
• 13:09
  watch
• 13:09
  ads.
• 13:10
  There's
• 13:10
  no
• 13:10
  getting
• 13:10
  away
• 13:11
  from
• 13:11
  it.
• 13:11
  And
• 13:11
  as
• 13:11
  Marianne
• 13:12
  Roncher
• 13:13
  said
• 13:13
  in
• 13:13
  one
• 13:13
  of
• 13:13
  her
• 13:13
  sessions,
• 13:14
  the
• 13:15
  ad
• 13:15
  free
• 13:15
  viewer
• 13:16
  is
• 13:17
  likely
• 13:17
  to
• 13:17
  go
• 13:17
  extinct
• 13:18
  within
• 13:18
  the
• 13:18
  next
• 13:19
  12
• 13:19
  months.
• 13:19
  Well,
• 13:20
  that
• 13:21
  basically
• 13:21
  tells
• 13:21
  you
• 13:21
  all
• 13:22
  you
• 13:22
  need
• 13:22
  to
• 13:22
  know.
• 13:22
  We
• 13:22
  live
• 13:22
  in
• 13:23
  an
• 13:23
  ad
• 13:23
  funded
• 13:23
  world.
• 13:24
  But
• 13:24
  you're
• 13:24
  right,
• 13:25
  we've
• 13:25
  not.
• 13:26
  Even
• 13:26
  though
• 13:27
  advertising
• 13:28
  against
• 13:28
  kids
• 13:29
  content
• 13:29
  and
• 13:29
  in
• 13:29
  kids
• 13:30
  content
• 13:31
  has
• 13:31
  always
• 13:32
  happened,
• 13:34
  it's
• 13:34
  gone
• 13:35
  so
• 13:36
  far
• 13:36
  with
• 13:36
  YouTube,
• 13:37
  I
• 13:37
  think
• 13:37
  there's
• 13:38
  a
• 13:38
  nervousness
• 13:39
  around
• 13:39
  it
• 13:40
  and
• 13:40
  because
• 13:40
  of
• 13:41
  COPPA
• 13:41
  compliance
• 13:42
  and
• 13:42
  because
• 13:42
  YouTube
• 13:43
  makes
• 13:43
  $40
• 13:43
  million
• 13:44
  of
• 13:44
  advertising
• 13:45
  against
• 13:45
  grown
• 13:46
  up
• 13:46
  content,
• 13:47
  there
• 13:48
  isn't
• 13:48
  really
• 13:48
  that
• 13:49
  motivation
• 13:49
  to
• 13:49
  look
• 13:50
  at
• 13:50
  how
• 13:50
  we
• 13:50
  fix
• 13:51
  that
• 13:51
  or
• 13:51
  make
• 13:52
  it
• 13:53
  an
• 13:53
  economic
• 13:53
  model
• 13:54
  that
• 13:54
  does
• 13:54
  attract
• 13:55
  investment
• 13:55
  into
• 13:56
  kids.
• 13:59
  I
• 13:59
  mean
• 13:59
  I'm
• 13:59
  kind
• 14:00
  of,
• 14:00
  I'm
• 14:00
  probably
• 14:01
  quite
• 14:01
  hopeful
• 14:02
  about
• 14:04
  the
• 14:04
  possibility
• 14:05
  of
• 14:05
  some
• 14:05
  kind
• 14:05
  of
• 14:05
  course
• 14:06
  correction
• 14:06
  around
• 14:06
  that.
• 14:07
  And
• 14:07
  I
• 14:07
  think
• 14:08
  because
• 14:08
  I
• 14:08
  think
• 14:09
  everyone
• 14:09
  comes
• 14:09
  from
• 14:09
  the.
• 14:10
  Everyone
• 14:11
  agrees
• 14:11
  about
• 14:12
  the
• 14:13
  need
• 14:13
  to
• 14:13
  safeguard
• 14:15
  an
• 14:15
  audience
• 14:15
  because
• 14:16
  a
• 14:17
  different,
• 14:18
  different
• 14:18
  criteria
• 14:19
  apply
• 14:20
  for
• 14:20
  under
• 14:20
  13s.
• 14:22
  But
• 14:22
  I
• 14:22
  think
• 14:22
  there's
• 14:23
  scope
• 14:23
  to
• 14:23
  look
• 14:24
  at
• 14:24
  the
• 14:24
  way
• 14:25
  the
• 14:25
  rules
• 14:26
  currently
• 14:26
  operate
• 14:28
  and,
• 14:28
  and
• 14:28
  almost
• 14:29
  see
• 14:30
  are
• 14:30
  they
• 14:31
  working
• 14:32
  in
• 14:32
  the
• 14:32
  way
• 14:33
  that
• 14:33
  was
• 14:34
  intended.
• 14:35
  I
• 14:35
  think
• 14:35
  there's.
• 14:35
  Yes,
• 14:36
  agree
• 14:36
  sometimes
• 14:37
  I
• 14:37
  think
• 14:37
  with
• 14:37
  contextual
• 14:38
  advertising
• 14:38
  which
• 14:39
  is
• 14:39
  what
• 14:40
  Kids
• 14:41
  advertising
• 14:41
  on
• 14:42
  YouTube
• 14:42
  Kids
• 14:43
  is
• 14:43
  contextual
• 14:43
  advertising.
• 14:44
  So
• 14:45
  it
• 14:45
  can
• 14:45
  only
• 14:45
  have
• 14:46
  ever
• 14:46
  served
• 14:47
  which
• 14:48
  reflect
• 14:49
  the
• 14:49
  context
• 14:50
  of
• 14:50
  the,
• 14:51
  of
• 14:51
  the
• 14:52
  program
• 14:52
  that's
• 14:53
  being
• 14:53
  watched.
• 14:53
  But
• 14:54
  that
• 14:54
  in
• 14:54
  itself
• 14:54
  sometimes
• 14:55
  throws
• 14:55
  up
• 14:56
  inappropriate
• 14:57
  advertising
• 14:58
  that
• 14:59
  maybe
• 15:00
  contextually
• 15:01
  it
• 15:01
  might
• 15:02
  look
• 15:02
  like
• 15:02
  it's
• 15:03
  a
• 15:03
  cartoon
• 15:03
  but
• 15:03
  maybe
• 15:04
  the
• 15:04
  advert
• 15:04
  served
• 15:05
  against
• 15:05
  it
• 15:05
  will
• 15:06
  be
• 15:06
  more
• 15:06
  scary
• 15:07
  and
• 15:07
  more
• 15:08
  horror
• 15:09
  based.
• 15:10
  So
• 15:10
  I
• 15:10
  think
• 15:10
  stuff
• 15:11
  kind
• 15:11
  of
• 15:11
  slips
• 15:11
  through
• 15:12
  the
• 15:12
  gaps
• 15:13
  and,
• 15:14
  and
• 15:14
  I
• 15:14
  think
• 15:14
  you
• 15:14
  could
• 15:14
  make
• 15:15
  an
• 15:15
  argument
• 15:15
  in
• 15:15
  some
• 15:16
  ways
• 15:16
  to,
• 15:16
  to
• 15:17
  have
• 15:18
  to
• 15:19
  allow
• 15:19
  some
• 15:19
  smart
• 15:20
  personalization.
• 15:21
  My,
• 15:22
  you
• 15:22
  might
• 15:22
  almost
• 15:23
  mean
• 15:23
  that
• 15:23
  you
• 15:23
  have
• 15:24
  more
• 15:24
  appropriate
• 15:25
  adverts
• 15:25
  served
• 15:26
  against
• 15:26
  that
• 15:26
  audience
• 15:26
  than
• 15:26
  you
• 15:27
  do
• 15:27
  currently.
• 15:27
  Yeah,
• 15:28
  and
• 15:28
  the
• 15:29
  solve
• 15:29
  for
• 15:29
  that
• 15:29
  currently
• 15:30
  is
• 15:30
  something
• 15:30
  that
• 15:31
  we've
• 15:31
  spoken
• 15:31
  about
• 15:31
  a
• 15:32
  lot
• 15:32
  recently.
• 15:33
  You
• 15:33
  know,
• 15:33
  there
• 15:33
  are
• 15:33
  two
• 15:34
  companies
• 15:34
  doing
• 15:34
  it
• 15:35
  in
• 15:35
  the
• 15:35
  sense
• 15:35
  that
• 15:35
  it's
• 15:36
  Wild
• 15:36
  Main,
• 15:36
  Wild
• 15:37
  Brain
• 15:37
  Media
• 15:37
  Solutions
• 15:39
  and
• 15:39
  Lumi
• 15:40
  who
• 15:40
  are
• 15:41
  looking
• 15:41
  at
• 15:42
  selling
• 15:43
  their
• 15:43
  inventory
• 15:44
  across
• 15:44
  their
• 15:44
  YouTube
• 15:45
  portfolio
• 15:45
  directly.
• 15:46
  So
• 15:46
  rather
• 15:47
  than
• 15:47
  through
• 15:47
  the
• 15:47
  black
• 15:47
  box
• 15:48
  programmatic
• 15:49
  way
• 15:49
  of
• 15:49
  self
• 15:50
  serve,
• 15:51
  selling
• 15:52
  inventory
• 15:52
  across
• 15:52
  YouTube,
• 15:53
  actually
• 15:55
  taking
• 15:55
  it
• 15:55
  out
• 15:55
  of
• 15:56
  that
• 15:56
  loop
• 15:57
  so
• 15:57
  that
• 15:57
  they
• 15:58
  can
• 15:58
  sell
• 15:58
  it
• 15:59
  contextually,
• 16:00
  you
• 16:00
  want
• 16:00
  to
• 16:00
  advertise
• 16:01
  against
• 16:02
  My
• 16:02
  Little
• 16:02
  Pony
• 16:03
  or
• 16:03
  Maya
• 16:03
  the
• 16:04
  Bee
• 16:04
  and
• 16:05
  you
• 16:05
  are
• 16:05
  an
• 16:06
  advertiser
• 16:06
  that
• 16:06
  wants
• 16:07
  a
• 16:07
  curated
• 16:08
  brand
• 16:08
  safe,
• 16:11
  almost
• 16:11
  kind
• 16:11
  of
• 16:11
  premium
• 16:12
  ad
• 16:13
  buying
• 16:13
  experience.
• 16:14
  Well,
• 16:14
  we
• 16:14
  can,
• 16:14
  we
• 16:15
  can
• 16:15
  serve
• 16:15
  you
• 16:15
  that
• 16:16
  against
• 16:16
  these
• 16:17
  audience
• 16:17
  and
• 16:17
  against
• 16:17
  these
• 16:18
  demographics
• 16:18
  who
• 16:18
  are
• 16:18
  watching
• 16:19
  a
• 16:19
  lot
• 16:19
  of
• 16:19
  kids
• 16:19
  content
• 16:20
  on
• 16:20
  YouTube.
• 16:21
  So
• 16:22
  that
• 16:23
  I
• 16:23
  think
• 16:23
  is
• 16:23
  an
• 16:24
  interesting
• 16:24
  development
• 16:25
  because
• 16:25
  again,
• 16:26
  it
• 16:26
  makes
• 16:26
  me
• 16:26
  happy
• 16:27
  that
• 16:27
  there
• 16:27
  are
• 16:27
  people
• 16:27
  saying,
• 16:28
  okay
• 16:28
  look,
• 16:28
  well
• 16:29
  we
• 16:29
  can't
• 16:29
  do
• 16:29
  it
• 16:30
  this
• 16:30
  way.
• 16:30
  COPPA
• 16:31
  compliance
• 16:31
  exists
• 16:32
  and
• 16:32
  until
• 16:32
  such
• 16:33
  time
• 16:33
  as
• 16:33
  it
• 16:33
  maybe
• 16:34
  is
• 16:35
  tweaked
• 16:35
  to,
• 16:36
  to
• 16:37
  help
• 16:37
  support
• 16:38
  the
• 16:38
  business,
• 16:38
  there
• 16:39
  is
• 16:39
  a
• 16:40
  solution
• 16:40
  in
• 16:40
  that
• 16:40
  we
• 16:40
  can
• 16:41
  aggregate
• 16:41
  content
• 16:41
  together
• 16:42
  and
• 16:42
  we
• 16:42
  can
• 16:42
  sell
• 16:43
  it
• 16:43
  directly
• 16:44
  to
• 16:44
  advertisers
• 16:45
  rather
• 16:45
  than
• 16:45
  put
• 16:46
  it
• 16:46
  through
• 16:47
  the
• 16:47
  largely
• 16:48
  automated
• 16:48
  black
• 16:48
  box
• 16:49
  systems
• 16:49
  that
• 16:49
  YouTube
• 16:50
  offers.
• 16:51
  So,
• 16:51
  and
• 16:52
  that
• 16:52
  itself
• 16:53
  should
• 16:54
  help
• 16:54
  then
• 16:55
  bring
• 16:55
  the
• 16:55
  investment
• 16:56
  back
• 16:56
  in
• 16:57
  whether
• 16:57
  it
• 16:57
  will
• 16:57
  be
• 16:57
  sufficient
• 16:58
  and
• 16:58
  whether
• 16:58
  it
• 16:58
  will
• 17:00
  kind
• 17:00
  of
• 17:01
  go
• 17:01
  a
• 17:02
  long
• 17:02
  way
• 17:02
  to
• 17:02
  fixing
• 17:02
  things,
• 17:04
  who
• 17:04
  knows.
• 17:05
  But
• 17:05
  it's
• 17:05
  great
• 17:06
  to
• 17:06
  see
• 17:06
  people
• 17:07
  saying,
• 17:07
  right,
• 17:07
  okay,
• 17:08
  well
• 17:08
  then
• 17:08
  let's
• 17:09
  work
• 17:09
  out
• 17:09
  a
• 17:09
  solution
• 17:10
  within
• 17:10
  these
• 17:11
  constraints
• 17:11
  that
• 17:11
  we
• 17:12
  have.
• 17:12
  And
• 17:13
  that,
• 17:13
  that's
• 17:13
  the,
• 17:13
  and
• 17:14
  that's
• 17:14
  the
• 17:14
  area
• 17:14
  that
• 17:14
  I
• 17:14
  makes
• 17:15
  me
• 17:15
  more
• 17:16
  sort
• 17:16
  of
• 17:16
  hopeful
• 17:16
  really.
• 17:17
  Also,
• 17:18
  I
• 17:18
  mean
• 17:18
  I
• 17:19
  was
• 17:19
  really
• 17:19
  struck
• 17:20
  in
• 17:21
  our
• 17:21
  conversation
• 17:21
  with
• 17:21
  Kate
• 17:22
  Smith
• 17:22
  from
• 17:23
  Wild
• 17:23
  Brain
• 17:24
  about
• 17:25
  some
• 17:25
  of
• 17:25
  the,
• 17:26
  some
• 17:27
  of
• 17:27
  the
• 17:27
  details
• 17:28
  around
• 17:28
  the,
• 17:29
  the
• 17:30
  change
• 17:30
  in
• 17:30
  behavior
• 17:31
  that
• 17:31
  the
• 17:32
  rising
• 17:32
  connected
• 17:33
  TV
• 17:35
  creates
• 17:36
  really
• 17:36
  for,
• 17:37
  for
• 17:38
  the
• 17:38
  audience
• 17:38
  of
• 17:38
  kids
• 17:39
  content
• 17:39
  that
• 17:40
  one
• 17:40
  is
• 17:40
  with
• 17:41
  once
• 17:41
  you
• 17:42
  move
• 17:42
  from
• 17:42
  a
• 17:42
  handheld
• 17:43
  device
• 17:43
  to
• 17:44
  a
• 17:44
  TV
• 17:44
  in
• 17:44
  the
• 17:44
  living
• 17:44
  room,
• 17:45
  co
• 17:46
  viewing
• 17:46
  becomes
• 17:47
  far
• 17:47
  more
• 17:47
  of
• 17:47
  a
• 17:47
  thing.
• 17:49
  And
• 17:49
  I
• 17:49
  think
• 17:50
  that
• 17:50
  also
• 17:51
  goes
• 17:51
  some
• 17:51
  way
• 17:52
  to
• 17:52
  addressing
• 17:53
  some
• 17:54
  of
• 17:54
  the
• 17:55
  concerns
• 17:56
  over
• 17:56
  safeguarding.
• 17:59
  And
• 17:59
  also
• 18:01
  it
• 18:01
  just
• 18:01
  kind
• 18:02
  of
• 18:02
  makes
• 18:02
  the
• 18:02
  content
• 18:02
  more
• 18:03
  visible
• 18:03
  really
• 18:04
  and
• 18:05
  it
• 18:05
  probably
• 18:05
  creates
• 18:06
  more
• 18:06
  of
• 18:06
  a
• 18:06
  platform
• 18:07
  for,
• 18:07
  for
• 18:09
  content
• 18:09
  that's
• 18:10
  more
• 18:10
  like
• 18:10
  traditional
• 18:10
  tv.
• 18:11
  Well
• 18:12
  this,
• 18:13
  and
• 18:13
  this
• 18:13
  is
• 18:14
  something
• 18:14
  that
• 18:14
  we
• 18:14
  spoke
• 18:15
  about
• 18:15
  in
• 18:16
  Content
• 18:16
  Europe
• 18:17
  in
• 18:17
  the
• 18:17
  sense
• 18:18
  that
• 18:20
  if
• 18:20
  you,
• 18:21
  you've
• 18:21
  got
• 18:22
  a
• 18:22
  generation
• 18:22
  of
• 18:22
  kids
• 18:23
  now
• 18:24
  who
• 18:24
  turn
• 18:24
  on
• 18:24
  the
• 18:25
  TV
• 18:26
  and
• 18:26
  what
• 18:26
  is
• 18:27
  served
• 18:27
  to
• 18:28
  them
• 18:28
  on
• 18:28
  a
• 18:28
  connected
• 18:28
  TV
• 18:29
  is
• 18:29
  a
• 18:29
  suite
• 18:30
  of
• 18:30
  apps.
• 18:31
  And
• 18:32
  more
• 18:32
  often
• 18:33
  than
• 18:33
  not,
• 18:33
  YouTube
• 18:34
  is
• 18:34
  sat
• 18:34
  there
• 18:35
  next
• 18:35
  to
• 18:36
  iPlayer,
• 18:37
  next
• 18:38
  to
• 18:39
  Hulu,
• 18:39
  HBO,
• 18:40
  Max,
• 18:40
  whatever.
• 18:42
  This
• 18:43
  is
• 18:43
  where
• 18:43
  the
• 18:43
  YouTube
• 18:44
  is
• 18:44
  TV
• 18:45
  debate
• 18:45
  rages
• 18:46
  on.
• 18:46
  Is
• 18:47
  it
• 18:47
  TV,
• 18:47
  is
• 18:47
  it
• 18:47
  not
• 18:48
  TV
• 18:48
  if
• 18:49
  it
• 18:49
  is
• 18:49
  an
• 18:49
  app
• 18:49
  that
• 18:50
  sits
• 18:50
  next
• 18:50
  to
• 18:51
  traditional
• 18:51
  TV
• 18:53
  apps,
• 18:53
  bvod
• 18:54
  apps
• 18:55
  on
• 18:55
  your
• 18:55
  connected
• 18:55
  TV
• 18:56
  screen,
• 18:56
  to
• 18:56
  them
• 18:57
  it
• 18:57
  is
• 18:57
  tv.
• 18:58
  It
• 18:58
  is
• 18:58
  appearing
• 18:59
  on
• 18:59
  the
• 18:59
  tv,
• 19:00
  you
• 19:00
  press
• 19:00
  play
• 19:01
  and
• 19:01
  some
• 19:01
  content
• 19:02
  appears
• 19:02
  on
• 19:02
  it.
• 19:03
  To
• 19:03
  them
• 19:03
  it
• 19:04
  is
• 19:04
  tv.
• 19:05
  So
• 19:06
  that
• 19:06
  is
• 19:07
  a
• 19:07
  lot
• 19:07
  of
• 19:07
  the.
• 19:08
  Adults
• 19:08
  as
• 19:08
  well
• 19:08
  now.
• 19:10
  Yeah.
• 19:11
  And
• 19:11
  I
• 19:11
  think
• 19:12
  that
• 19:12
  is
• 19:13
  YouTube.
• 19:14
  Of
• 19:14
  course,
• 19:14
  YouTube
• 19:15
  want
• 19:15
  TVs
• 19:16
  ad
• 19:16
  dollars
• 19:17
  and
• 19:18
  they
• 19:18
  are
• 19:18
  promoting
• 19:19
  a
• 19:19
  more
• 19:19
  premium
• 19:20
  TV
• 19:20
  like
• 19:21
  viewing
• 19:22
  experience
• 19:22
  because
• 19:23
  it
• 19:23
  is
• 19:24
  sitting
• 19:24
  as
• 19:24
  an
• 19:24
  app
• 19:24
  on
• 19:25
  a
• 19:25
  connected
• 19:25
  tv.
• 19:26
  But
• 19:26
  similarly,
• 19:27
  one
• 19:27
  of
• 19:28
  the
• 19:28
  things
• 19:28
  that
• 19:28
  came
• 19:29
  up
• 19:29
  several
• 19:29
  times
• 19:30
  in
• 19:30
  Lisbon
• 19:30
  was
• 19:31
  that
• 19:33
  there
• 19:33
  is
• 19:33
  so
• 19:34
  much
• 19:34
  content
• 19:34
  out
• 19:35
  there
• 19:35
  now
• 19:36
  actually
• 19:36
  there
• 19:37
  is
• 19:37
  a
• 19:37
  swing
• 19:38
  back
• 19:38
  towards
• 19:38
  this
• 19:40
  more
• 19:40
  curated
• 19:41
  TV
• 19:42
  like
• 19:42
  viewing
• 19:43
  experience
• 19:43
  rather
• 19:44
  than
• 19:44
  this
• 19:45
  bombardment
• 19:46
  of
• 19:46
  content
• 19:47
  that's
• 19:47
  just
• 19:47
  thrown
• 19:48
  at
• 19:48
  you.
• 19:48
  And
• 19:48
  we
• 19:48
  all
• 19:49
  get
• 19:49
  paralyzed
• 19:50
  by
• 19:50
  that
• 19:50
  content
• 19:51
  choice.
• 19:52
  And
• 19:53
  now
• 19:53
  you've
• 19:53
  got
• 19:53
  this
• 19:54
  move
• 19:54
  back
• 19:54
  to
• 19:55
  actually
• 19:55
  let's
• 19:56
  watch
• 19:56
  more
• 19:57
  intentionally,
• 19:58
  maybe
• 19:58
  a
• 19:58
  little
• 19:58
  bit
• 19:58
  slower
• 20:00
  and
• 20:00
  if
• 20:01
  somebody
• 20:01
  can
• 20:01
  curate
• 20:02
  that
• 20:02
  experience
• 20:03
  for
• 20:03
  us,
• 20:04
  great,
• 20:05
  we'll
• 20:05
  have
• 20:05
  that.
• 20:06
  Well,
• 20:06
  that
• 20:07
  feels
• 20:07
  very
• 20:07
  tv,
• 20:07
  like
• 20:08
  old
• 20:08
  fashioned
• 20:08
  tv,
• 20:09
  like.
• 20:09
  So
• 20:10
  it's
• 20:10
  interesting
• 20:10
  how
• 20:10
  what
• 20:11
  goes
• 20:11
  around
• 20:11
  comes
• 20:12
  around
• 20:12
  ultimately.
• 20:13
  And
• 20:13
  I.
• 20:14
  Yeah,
• 20:14
  absolutely.
• 20:15
  And
• 20:15
  I
• 20:15
  also
• 20:16
  think
• 20:16
  there's,
• 20:16
  that,
• 20:17
  there's,
• 20:17
  I
• 20:18
  think
• 20:18
  a
• 20:18
  growing
• 20:19
  recognition
• 20:21
  amongst
• 20:22
  producers
• 20:22
  as
• 20:22
  well
• 20:23
  that
• 20:23
  YouTube
• 20:24
  is
• 20:24
  going
• 20:24
  to
• 20:25
  become
• 20:25
  a
• 20:25
  platform
• 20:25
  that's
• 20:26
  part
• 20:26
  of,
• 20:27
  part
• 20:27
  of
• 20:28
  their
• 20:28
  flywheel
• 20:29
  of
• 20:29
  content.
• 20:31
  So,
• 20:32
  so
• 20:32
  they
• 20:32
  would
• 20:33
  like
• 20:34
  that
• 20:34
  platform
• 20:34
  to
• 20:35
  both
• 20:35
  be
• 20:36
  a
• 20:36
  place
• 20:37
  in
• 20:37
  which
• 20:38
  their
• 20:38
  viewers
• 20:39
  and
• 20:39
  audience
• 20:39
  were
• 20:40
  safe,
• 20:41
  but
• 20:41
  also
• 20:42
  a
• 20:42
  platform
• 20:42
  in
• 20:43
  which
• 20:44
  there
• 20:44
  was
• 20:44
  a
• 20:45
  potential
• 20:45
  for
• 20:45
  them
• 20:46
  to
• 20:46
  kind
• 20:46
  of
• 20:47
  make
• 20:47
  money
• 20:47
  from
• 20:47
  their
• 20:48
  content
• 20:48
  so
• 20:49
  they
• 20:49
  could
• 20:49
  produce
• 20:49
  more
• 20:49
  of
• 20:50
  it.
• 20:51
  And
• 20:51
  I
• 20:52
  think,
• 20:53
  I
• 20:53
  think
• 20:53
  that
• 20:54
  there's,
• 20:54
  there's
• 20:55
  such
• 20:55
  a
• 20:55
  kind
• 20:55
  of
• 20:56
  a
• 20:56
  growing
• 20:57
  recognition
• 20:57
  of
• 20:57
  that,
• 20:58
  that,
• 20:59
  that's
• 20:59
  kind
• 20:59
  of
• 20:59
  what
• 20:59
  makes
• 21:00
  me
• 21:01
  a
• 21:01
  bit
• 21:01
  more
• 21:01
  optimistic
• 21:02
  that
• 21:03
  solutions
• 21:03
  will
• 21:04
  be
• 21:04
  found.
• 21:04
  And
• 21:05
  even
• 21:05
  if
• 21:06
  those
• 21:06
  rules
• 21:07
  aren't
• 21:07
  amended
• 21:08
  that
• 21:08
  effectively
• 21:09
  there
• 21:09
  are
• 21:09
  sort
• 21:09
  of
• 21:10
  smart
• 21:10
  minds
• 21:11
  around
• 21:11
  how
• 21:12
  to,
• 21:13
  how
• 21:13
  to
• 21:13
  kind
• 21:13
  of
• 21:15
  maximize
• 21:16
  the
• 21:16
  opportunities
• 21:17
  within
• 21:18
  the
• 21:18
  framework
• 21:18
  that
• 21:19
  exists
• 21:19
  already.
• 21:20
  Yeah.
• 21:20
  And
• 21:21
  one
• 21:21
  of
• 21:21
  the
• 21:21
  things
• 21:21
  that
• 21:22
  came
• 21:22
  up
• 21:23
  when
• 21:23
  we,
• 21:25
  the
• 21:25
  panel
• 21:26
  that
• 21:26
  was
• 21:26
  moderating
• 21:27
  with
• 21:27
  Banerjay
• 21:28
  and
• 21:28
  Warner
• 21:29
  Brothers
• 21:29
  Discovery
• 21:30
  and
• 21:30
  Wild
• 21:30
  Brain
• 21:30
  and
• 21:31
  Sesame
• 21:31
  talking
• 21:32
  about
• 21:33
  digital
• 21:33
  distribution.
• 21:36
  We
• 21:37
  talk
• 21:37
  about
• 21:38
  it,
• 21:38
  we
• 21:39
  basically
• 21:39
  were
• 21:40
  talking
• 21:40
  about
• 21:42
  platform
• 21:42
  native
• 21:43
  or
• 21:43
  platform
• 21:44
  first,
• 21:44
  not
• 21:45
  platform
• 21:45
  everywhere.
• 21:46
  And
• 21:47
  we
• 21:48
  spoke
• 21:48
  about
• 21:48
  how
• 21:51
  we're
• 21:51
  now
• 21:51
  using
• 21:52
  those
• 21:52
  platforms
• 21:53
  much
• 21:53
  more
• 21:53
  intentionally.
• 21:54
  So
• 21:54
  yes,
• 21:55
  you
• 21:55
  need
• 21:55
  to
• 21:55
  be
• 21:55
  on
• 21:56
  YouTube,
• 21:57
  but
• 21:57
  it's
• 21:58
  not
• 21:58
  all
• 21:58
  about
• 21:58
  YouTube
• 21:59
  and
• 22:00
  thinking
• 22:00
  about
• 22:00
  YouTube
• 22:01
  as
• 22:01
  an
• 22:01
  endpoint
• 22:02
  and
• 22:02
  a
• 22:02
  monetization
• 22:03
  opportunity
• 22:04
  is
• 22:04
  maybe
• 22:05
  too
• 22:05
  blinkered.
• 22:06
  If
• 22:06
  you
• 22:06
  think
• 22:07
  about
• 22:07
  YouTube
• 22:08
  as
• 22:08
  one
• 22:09
  node
• 22:09
  in
• 22:10
  your
• 22:10
  content
• 22:11
  ecosystem,
• 22:12
  then
• 22:12
  you
• 22:13
  kind
• 22:13
  of
• 22:13
  think
• 22:13
  about
• 22:13
  it
• 22:14
  as
• 22:14
  a.
• 22:14
  It
• 22:14
  can
• 22:14
  be
• 22:15
  top
• 22:15
  of
• 22:15
  funnel,
• 22:15
  it
• 22:15
  can
• 22:16
  be
• 22:16
  a
• 22:16
  routine,
• 22:16
  it
• 22:16
  can
• 22:17
  be
• 22:17
  your
• 22:17
  front
• 22:17
  door.
• 22:17
  But
• 22:18
  then
• 22:18
  actually
• 22:18
  you
• 22:19
  then
• 22:19
  might
• 22:19
  migrate
• 22:20
  those
• 22:20
  audience
• 22:21
  or
• 22:21
  those
• 22:21
  fans
• 22:23
  to
• 22:23
  a
• 22:23
  fast
• 22:24
  channel
• 22:24
  or
• 22:25
  to
• 22:25
  your
• 22:25
  22
• 22:26
  minute
• 22:26
  TV
• 22:27
  episode
• 22:27
  with
• 22:27
  your
• 22:27
  streaming
• 22:28
  partner.
• 22:29
  And
• 22:29
  that's
• 22:30
  one
• 22:30
  of
• 22:30
  the
• 22:30
  things
• 22:30
  that
• 22:30
  both
• 22:31
  Banijay
• 22:31
  and
• 22:32
  Monica
• 22:33
  Ohman
• 22:33
  from
• 22:34
  Warner
• 22:34
  Brothers
• 22:34
  was
• 22:34
  saying.
• 22:36
  We
• 22:36
  think
• 22:36
  about
• 22:37
  it
• 22:37
  now
• 22:37
  at
• 22:37
  a
• 22:38
  much
• 22:38
  higher
• 22:38
  level.
• 22:39
  We
• 22:39
  think
• 22:39
  about
• 22:40
  how
• 22:40
  we
• 22:40
  articulate
• 22:41
  our
• 22:41
  IP
• 22:42
  across
• 22:42
  all
• 22:42
  of
• 22:43
  this
• 22:43
  network
• 22:44
  and
• 22:44
  try
• 22:45
  not
• 22:45
  to
• 22:45
  get
• 22:45
  too
• 22:45
  sucked
• 22:46
  into
• 22:46
  how
• 22:47
  much
• 22:47
  Money
• 22:47
  is
• 22:47
  just
• 22:47
  YouTube
• 22:48
  bringing
• 22:48
  us
• 22:48
  in.
• 22:49
  And
• 22:49
  actually
• 22:50
  what
• 22:50
  is
• 22:50
  YouTube
• 22:50
  doing
• 22:51
  for
• 22:51
  us
• 22:51
  outside
• 22:52
  of
• 22:52
  hopefully
• 22:53
  it's
• 22:53
  bringing
• 22:53
  some
• 22:54
  revenue.
• 22:54
  But
• 22:55
  how
• 22:55
  is
• 22:55
  it
• 22:55
  funneling
• 22:56
  people
• 22:56
  into
• 22:56
  our
• 22:56
  IP
• 22:57
  ecosystem?
• 22:58
  How
• 22:58
  can
• 22:58
  we
• 22:58
  use
• 22:58
  it
• 22:59
  to
• 22:59
  help
• 22:59
  show
• 23:00
  our
• 23:00
  licensees
• 23:01
  to
• 23:01
  the
• 23:02
  best
• 23:02
  effect?
• 23:02
  If
• 23:03
  we've
• 23:03
  got
• 23:03
  toy
• 23:03
  partners,
• 23:04
  you
• 23:04
  know,
• 23:04
  Totally
• 23:05
  Spies.
• 23:06
  Dan
• 23:06
  from
• 23:06
  Banerjee
• 23:07
  was
• 23:07
  talking
• 23:07
  about
• 23:08
  Totally
• 23:08
  Spies,
• 23:09
  which
• 23:09
  is
• 23:10
  a
• 23:10
  great
• 23:10
  IP
• 23:11
  because
• 23:11
  it's
• 23:11
  an
• 23:12
  IP
• 23:12
  that's
• 23:12
  got
• 23:12
  fans
• 23:13
  that
• 23:13
  are
• 23:13
  both
• 23:13
  9
• 23:13
  years
• 23:14
  old
• 23:14
  and
• 23:14
  29
• 23:15
  years
• 23:15
  old
• 23:15
  because
• 23:15
  it's
• 23:16
  kind
• 23:16
  of
• 23:16
  multi
• 23:16
  generational.
• 23:17
  So
• 23:19
  even
• 23:19
  using
• 23:19
  the
• 23:19
  digital
• 23:20
  ecosystem
• 23:21
  as
• 23:21
  a
• 23:21
  way
• 23:21
  to
• 23:21
  talk
• 23:22
  to
• 23:22
  different
• 23:22
  sectors
• 23:23
  of
• 23:23
  your
• 23:23
  fan
• 23:23
  base,
• 23:24
  Sesame,
• 23:24
  case
• 23:24
  in
• 23:25
  point,
• 23:25
  they
• 23:25
  use
• 23:25
  TikTok
• 23:26
  to
• 23:26
  talk
• 23:26
  to
• 23:26
  adults
• 23:27
  and
• 23:27
  grownups
• 23:27
  about
• 23:28
  the
• 23:28
  Sesame
• 23:28
  and
• 23:28
  what
• 23:29
  it
• 23:29
  does
• 23:29
  and
• 23:29
  its
• 23:29
  mission.
• 23:30
  But
• 23:30
  they
• 23:30
  use
• 23:31
  YouTube
• 23:32
  and
• 23:32
  of
• 23:32
  course
• 23:33
  its
• 23:33
  streaming
• 23:34
  partners
• 23:34
  to
• 23:35
  access
• 23:35
  the
• 23:35
  kids.
• 23:36
  So
• 23:37
  we've
• 23:37
  moved
• 23:38
  away
• 23:38
  from
• 23:38
  the
• 23:39
  okay,
• 23:39
  we've
• 23:40
  got
• 23:40
  access
• 23:40
  to
• 23:40
  all
• 23:40
  these
• 23:40
  platforms
• 23:41
  and
• 23:41
  our
• 23:41
  digital
• 23:42
  strategy
• 23:43
  is
• 23:43
  just
• 23:43
  spray
• 23:44
  and
• 23:44
  play,
• 23:44
  spray
• 23:45
  and
• 23:45
  pray,
• 23:45
  put
• 23:45
  everything
• 23:46
  everywhere
• 23:47
  to
• 23:47
  now
• 23:47
  this
• 23:47
  much
• 23:48
  more
• 23:48
  intentional,
• 23:49
  selective,
• 23:50
  platform,
• 23:51
  native,
• 23:52
  not
• 23:52
  platform
• 23:52
  everywhere
• 23:53
  thinking.
• 23:53
  And
• 23:53
  I
• 23:54
  think
• 23:54
  that's
• 23:54
  a
• 23:54
  great
• 23:55
  term,
• 23:56
  a
• 23:56
  great
• 23:56
  shift.
• 23:58
  And
• 23:58
  yeah,
• 23:59
  I
• 23:59
  think
• 24:00
  people
• 24:00
  are
• 24:00
  becoming
• 24:00
  far
• 24:01
  more,
• 24:02
  I
• 24:03
  mean
• 24:03
  it's
• 24:03
  always
• 24:03
  been
• 24:03
  there.
• 24:03
  But
• 24:04
  that
• 24:04
  sense
• 24:04
  that
• 24:05
  you
• 24:05
  make,
• 24:06
  you
• 24:07
  make
• 24:07
  content
• 24:07
  for
• 24:09
  your
• 24:09
  kind
• 24:09
  of
• 24:09
  context
• 24:10
  aware
• 24:10
  so
• 24:10
  you're
• 24:11
  aware
• 24:11
  of
• 24:11
  the
• 24:11
  context
• 24:12
  in
• 24:12
  which
• 24:12
  your
• 24:12
  content
• 24:12
  is
• 24:13
  viewed.
• 24:13
  So
• 24:14
  whether
• 24:14
  that's
• 24:14
  the
• 24:14
  living
• 24:15
  room
• 24:15
  on
• 24:15
  a
• 24:15
  connected
• 24:16
  TV
• 24:16
  or
• 24:16
  a
• 24:16
  mobile
• 24:17
  phone,
• 24:18
  whether
• 24:18
  that's
• 24:19
  social
• 24:19
  media
• 24:20
  or
• 24:21
  subscription,
• 24:22
  whether
• 24:22
  that's
• 24:23
  pay
• 24:23
  per
• 24:23
  view
• 24:24
  or,
• 24:25
  or
• 24:25
  a
• 24:26
  live
• 24:26
  event,
• 24:26
  that
• 24:27
  basically
• 24:28
  the
• 24:28
  context
• 24:29
  in
• 24:29
  which
• 24:29
  that
• 24:29
  stuff
• 24:30
  is
• 24:30
  delivered,
• 24:31
  that
• 24:31
  that
• 24:31
  is
• 24:32
  the
• 24:32
  medium
• 24:32
  is
• 24:32
  the
• 24:33
  kind
• 24:33
  of
• 24:33
  the
• 24:33
  message
• 24:33
  ultimately.
• 24:34
  And
• 24:34
  we've
• 24:35
  seen
• 24:35
  people
• 24:35
  understand
• 24:36
  that
• 24:36
  nuance.
• 24:37
  I
• 24:37
  do
• 24:37
  think
• 24:37
  they're,
• 24:38
  that
• 24:38
  they
• 24:38
  do
• 24:39
  understand
• 24:39
  it
• 24:39
  more.
• 24:39
  And
• 24:40
  again,
• 24:40
  you've
• 24:41
  heard
• 24:41
  me
• 24:41
  talk
• 24:41
  many
• 24:42
  times
• 24:42
  about
• 24:42
  need
• 24:43
  states
• 24:43
  and
• 24:43
  it
• 24:44
  plays
• 24:44
  into
• 24:44
  that
• 24:44
  as
• 24:45
  well.
• 24:45
  You
• 24:45
  know,
• 24:47
  the
• 24:47
  medium
• 24:48
  is
• 24:48
  the
• 24:48
  message
• 24:49
  equates
• 24:49
  to
• 24:49
  thinking
• 24:50
  about
• 24:50
  the
• 24:50
  need
• 24:51
  state
• 24:51
  of
• 24:51
  your
• 24:51
  audience
• 24:52
  at
• 24:52
  a
• 24:52
  particular
• 24:53
  time.
• 24:54
  If
• 24:54
  you've
• 24:55
  got
• 24:55
  a
• 24:55
  14,
• 24:56
  15
• 24:56
  year
• 24:56
  old
• 24:56
  who's
• 24:57
  on
• 24:57
  the
• 24:57
  bus
• 24:57
  on
• 24:57
  the
• 24:57
  way
• 24:58
  to
• 24:58
  School,
• 24:59
  a
• 24:59
  15
• 24:59
  second
• 25:00
  TikTok
• 25:01
  that
• 25:01
  catches
• 25:02
  them
• 25:02
  up
• 25:02
  on
• 25:02
  something
• 25:03
  that
• 25:03
  they've
• 25:03
  missed
• 25:04
  is
• 25:04
  the
• 25:04
  most
• 25:04
  valuable
• 25:05
  content
• 25:05
  for
• 25:06
  them
• 25:06
  at
• 25:06
  that
• 25:07
  time.
• 25:07
  It
• 25:07
  services
• 25:07
  their
• 25:08
  needs
• 25:08
  state
• 25:08
  best.
• 25:09
  They
• 25:09
  haven't
• 25:09
  got
• 25:09
  time
• 25:10
  for
• 25:10
  a
• 25:10
  90
• 25:10
  minute
• 25:11
  movie
• 25:11
  and
• 25:11
  they're
• 25:11
  on
• 25:11
  a
• 25:11
  bus
• 25:12
  looking
• 25:12
  at
• 25:13
  a
• 25:13
  phone
• 25:13
  screen.
• 25:14
  So
• 25:14
  it's
• 25:14
  thinking
• 25:15
  about
• 25:15
  how
• 25:15
  you
• 25:15
  articulate
• 25:16
  your
• 25:17
  IP
• 25:18
  to
• 25:18
  best
• 25:19
  service
• 25:19
  your
• 25:20
  fans
• 25:20
  in
• 25:21
  those
• 25:21
  particular
• 25:22
  moments,
• 25:22
  in
• 25:22
  those
• 25:22
  particular
• 25:23
  need
• 25:23
  states.
• 25:23
  And
• 25:24
  in
• 25:24
  that
• 25:24
  context
• 25:25
  that
• 25:25
  you
• 25:26
  rightly
• 25:26
  say
• 25:27
  that
• 25:27
  doesn't
• 25:27
  mean
• 25:27
  to
• 25:28
  say
• 25:28
  that
• 25:28
  on
• 25:28
  a
• 25:28
  Friday
• 25:28
  night
• 25:29
  they're
• 25:29
  not
• 25:29
  ready
• 25:29
  to
• 25:30
  lean
• 25:30
  back
• 25:30
  and
• 25:31
  watch
• 25:31
  a
• 25:31
  two
• 25:31
  hour
• 25:31
  movie
• 25:32
  with
• 25:32
  a
• 25:32
  bucket
• 25:32
  of
• 25:32
  popcorn
• 25:33
  and
• 25:33
  that's
• 25:34
  when
• 25:34
  they're
• 25:34
  feeling
• 25:34
  more
• 25:35
  passive
• 25:35
  and
• 25:35
  ready
• 25:36
  to
• 25:36
  be
• 25:36
  indulged.
• 25:37
  But
• 25:37
  it
• 25:38
  requires
• 25:38
  a
• 25:38
  much
• 25:38
  more
• 25:39
  nuanced
• 25:39
  understanding
• 25:40
  of
• 25:40
  how
• 25:41
  you
• 25:41
  show
• 25:41
  up
• 25:42
  platform
• 25:43
  natively
• 25:44
  to
• 25:44
  the
• 25:44
  best
• 25:46
  service
• 25:46
  of
• 25:46
  your
• 25:46
  audiences.
• 25:47
  And
• 25:47
  it's
• 25:48
  great
• 25:48
  to
• 25:48
  see
• 25:48
  how
• 25:49
  that
• 25:50
  again,
• 25:51
  Monica
• 25:51
  Oman
• 25:51
  from
• 25:52
  Warner
• 25:52
  Brothers
• 25:53
  was
• 25:54
  very
• 25:54
  articulate
• 25:55
  saying,
• 25:55
  you
• 25:55
  know,
• 25:56
  that
• 25:57
  required
• 25:57
  a
• 25:57
  development
• 25:58
  of
• 25:58
  a
• 25:58
  new
• 25:59
  skill
• 25:59
  set
• 25:59
  and
• 25:59
  a
• 26:00
  new
• 26:00
  lot
• 26:00
  of
• 26:00
  competencies
• 26:01
  within
• 26:02
  media
• 26:02
  people.
• 26:03
  And
• 26:03
  actually
• 26:03
  now
• 26:04
  that
• 26:04
  is
• 26:04
  beginning
• 26:05
  to
• 26:05
  gather
• 26:05
  pace
• 26:05
  within
• 26:06
  the
• 26:06
  Banerjays
• 26:06
  and
• 26:07
  within
• 26:07
  the
• 26:07
  wbds.
• 26:09
  So
• 26:10
  yes,
• 26:11
  there's
• 26:11
  always
• 26:11
  inevitably
• 26:12
  a
• 26:12
  lag
• 26:12
  when
• 26:13
  there's
• 26:13
  a
• 26:13
  big
• 26:13
  shift
• 26:14
  or
• 26:14
  a
• 26:14
  big
• 26:14
  technological
• 26:15
  development
• 26:15
  in
• 26:16
  terms
• 26:16
  of
• 26:16
  those
• 26:16
  skill
• 26:16
  sets
• 26:17
  and
• 26:17
  competencies
• 26:17
  catching
• 26:18
  up.
• 26:18
  But
• 26:18
  it
• 26:18
  does
• 26:18
  feel
• 26:19
  like
• 26:19
  that
• 26:19
  they
• 26:20
  are
• 26:20
  now
• 26:21
  one
• 26:22
  of
• 26:22
  these.
• 26:24
  I
• 26:24
  was
• 26:24
  going
• 26:24
  to
• 26:24
  ask,
• 26:24
  did
• 26:24
  you
• 26:25
  feel
• 26:25
  like
• 26:25
  there
• 26:25
  was
• 26:26
  a
• 26:26
  different
• 26:26
  perspective
• 26:27
  or
• 26:27
  nuance
• 26:28
  on
• 26:29
  that?
• 26:30
  On
• 26:30
  that,
• 26:30
  on
• 26:30
  those
• 26:31
  issues
• 26:31
  from
• 26:31
  the
• 26:31
  different
• 26:32
  conferences
• 26:33
  that
• 26:33
  you,
• 26:34
  you're
• 26:34
  at
• 26:34
  Lisbon.
• 26:37
  I
• 26:37
  mean,
• 26:38
  it's
• 26:38
  interesting
• 26:39
  because
• 26:39
  I've
• 26:39
  been
• 26:39
  reflecting
• 26:40
  on
• 26:40
  the
• 26:40
  differences
• 26:41
  and
• 26:43
  obviously
• 26:43
  the
• 26:44
  content,
• 26:44
  heavy
• 26:45
  content
• 26:45
  Europe,
• 26:46
  it
• 26:46
  comes
• 26:47
  with
• 26:47
  people
• 26:47
  who
• 26:48
  are
• 26:48
  very,
• 26:48
  very
• 26:49
  passionate
• 26:49
  about
• 26:50
  what
• 26:50
  they
• 26:51
  do.
• 26:51
  And
• 26:51
  because
• 26:51
  it's
• 26:51
  kids
• 26:52
  media
• 26:52
  add
• 26:53
  an
• 26:53
  extra
• 26:53
  layer
• 26:53
  of
• 26:54
  passion.
• 26:54
  Quite
• 26:54
  rightly
• 26:55
  too,
• 26:55
  because
• 26:55
  we
• 26:55
  need
• 26:56
  that
• 26:56
  advocacy
• 26:58
  and
• 26:59
  almost
• 27:00
  bloody
• 27:00
  mindedness
• 27:01
  to
• 27:01
  make
• 27:01
  sure
• 27:01
  that
• 27:02
  we
• 27:02
  move
• 27:03
  out
• 27:03
  of
• 27:03
  what
• 27:05
  could
• 27:05
  be
• 27:05
  called
• 27:06
  market
• 27:06
  failure
• 27:06
  at
• 27:07
  this
• 27:07
  moment
• 27:07
  in
• 27:07
  time.
• 27:10
  So
• 27:10
  I
• 27:11
  found
• 27:11
  less
• 27:11
  of
• 27:12
  that
• 27:12
  at
• 27:12
  Stream
• 27:12
  tv.
• 27:13
  But
• 27:13
  what
• 27:13
  I
• 27:13
  liked
• 27:14
  about
• 27:14
  Stream
• 27:14
  TV
• 27:15
  was
• 27:15
  almost
• 27:15
  this
• 27:16
  kind
• 27:16
  of
• 27:18
  dynamism
• 27:18
  hustle
• 27:19
  factor.
• 27:20
  Okay,
• 27:20
  things
• 27:21
  are
• 27:21
  moving
• 27:21
  quick,
• 27:22
  let's
• 27:22
  spot
• 27:22
  opportunities.
• 27:23
  I
• 27:23
  think
• 27:24
  we
• 27:24
  could
• 27:24
  borrow
• 27:24
  some
• 27:25
  of
• 27:25
  that
• 27:26
  energy
• 27:27
  in
• 27:27
  kids
• 27:28
  media.
• 27:29
  So
• 27:30
  I'm
• 27:30
  hoping
• 27:30
  that
• 27:31
  we
• 27:31
  can
• 27:31
  embody
• 27:32
  that
• 27:32
  and
• 27:32
  some
• 27:32
  of
• 27:32
  the
• 27:33
  conversations
• 27:33
  had
• 27:33
  would
• 27:34
  really
• 27:34
  take
• 27:34
  that
• 27:35
  and
• 27:35
  let's
• 27:36
  Hope
• 27:36
  that
• 27:36
  we
• 27:36
  can
• 27:37
  run
• 27:37
  with
• 27:37
  that
• 27:37
  baton.
• 27:38
  One
• 27:38
  of
• 27:38
  the
• 27:39
  other
• 27:39
  things
• 27:39
  that
• 27:39
  I
• 27:39
  wanted
• 27:40
  to
• 27:40
  point
• 27:40
  out,
• 27:40
  which
• 27:40
  I
• 27:41
  thought
• 27:41
  was
• 27:42
  perhaps
• 27:43
  still
• 27:44
  in
• 27:44
  that
• 27:44
  lag,
• 27:45
  we
• 27:46
  spoke
• 27:46
  about
• 27:46
  competencies
• 27:47
  and
• 27:47
  skill
• 27:47
  sets
• 27:48
  evolving
• 27:48
  and
• 27:49
  catching
• 27:49
  up.
• 27:50
  Is
• 27:50
  this
• 27:52
  maybe
• 27:54
  because
• 27:54
  of
• 27:55
  the
• 27:55
  tech
• 27:55
  platforms
• 27:56
  and
• 27:56
  the
• 27:56
  tech
• 27:57
  companies
• 27:58
  now
• 27:58
  almost
• 27:59
  algorithmically
• 28:00
  making
• 28:00
  content
• 28:01
  decisions
• 28:02
  driven
• 28:02
  by
• 28:02
  those
• 28:03
  engagement
• 28:03
  metrics
• 28:05
  rather
• 28:05
  than
• 28:05
  valuing
• 28:06
  that
• 28:06
  craft
• 28:06
  or
• 28:07
  that
• 28:07
  child
• 28:07
  development
• 28:08
  expertise?
• 28:08
  And
• 28:09
  you
• 28:09
  know
• 28:10
  the
• 28:10
  length
• 28:10
  of
• 28:10
  time
• 28:11
  it
• 28:11
  does
• 28:11
  take
• 28:11
  to
• 28:12
  grow
• 28:12
  fans
• 28:12
  and
• 28:12
  it's
• 28:13
  something
• 28:13
  that
• 28:13
  Emily
• 28:14
  has
• 28:14
  spoken
• 28:14
  about
• 28:15
  for
• 28:15
  a
• 28:15
  long
• 28:15
  time.
• 28:17
  Well,
• 28:17
  we've
• 28:18
  all
• 28:18
  spoken
• 28:18
  about
• 28:18
  it.
• 28:18
  You
• 28:18
  don't
• 28:19
  speed
• 28:19
  run
• 28:19
  fandom
• 28:20
  where
• 28:20
  kids
• 28:20
  are
• 28:20
  concerned.
• 28:21
  It
• 28:21
  takes
• 28:22
  time.
• 28:22
  There's
• 28:22
  almost
• 28:22
  a
• 28:23
  natural
• 28:23
  pace
• 28:24
  to
• 28:24
  it.
• 28:24
  Discovery,
• 28:25
  you
• 28:25
  build
• 28:26
  affinity,
• 28:26
  then
• 28:27
  it
• 28:27
  becomes
• 28:27
  love
• 28:27
  and
• 28:27
  then
• 28:28
  it
• 28:28
  becomes
• 28:28
  fandom.
• 28:29
  And
• 28:29
  actually
• 28:29
  that
• 28:33
  you
• 28:33
  can't
• 28:33
  force.
• 28:34
  And
• 28:34
  I
• 28:34
  do
• 28:34
  wonder
• 28:35
  if
• 28:35
  in
• 28:35
  recent
• 28:36
  years
• 28:36
  we've
• 28:36
  perhaps
• 28:37
  devolved
• 28:38
  too
• 28:39
  much
• 28:39
  of
• 28:39
  kids
• 28:40
  content
• 28:41
  measurement
• 28:41
  and
• 28:41
  success.
• 28:42
  We've
• 28:43
  devolved
• 28:44
  the
• 28:44
  measurement
• 28:45
  and
• 28:45
  the
• 28:45
  definition
• 28:45
  of
• 28:46
  that
• 28:46
  to
• 28:46
  the
• 28:47
  tech
• 28:47
  companies.
• 28:47
  And
• 28:48
  that
• 28:49
  maybe
• 28:49
  is
• 28:49
  then
• 28:50
  meant
• 28:50
  that
• 28:52
  people
• 28:52
  look
• 28:53
  at
• 28:53
  kids
• 28:53
  media
• 28:53
  as
• 28:54
  something
• 28:54
  that
• 28:54
  you
• 28:55
  can
• 28:55
  measure
• 28:56
  and
• 28:56
  you
• 28:56
  can
• 28:56
  invest
• 28:56
  in
• 28:57
  in
• 28:57
  the
• 28:57
  same
• 28:57
  way
• 28:57
  as
• 28:58
  tech
• 28:58
  companies,
• 28:58
  tech
• 28:59
  companies
• 28:59
  or
• 29:00
  SaaS
• 29:00
  companies
• 29:00
  or
• 29:01
  whatever.
• 29:01
  And
• 29:02
  actually
• 29:02
  it's
• 29:03
  not.
• 29:03
  You
• 29:03
  can't
• 29:03
  do
• 29:04
  that.
• 29:04
  And
• 29:05
  so
• 29:05
  if
• 29:05
  there
• 29:06
  is
• 29:06
  investment
• 29:07
  that
• 29:07
  comes
• 29:07
  into
• 29:08
  kids
• 29:08
  Media,
• 29:09
  I
• 29:09
  think
• 29:10
  we
• 29:10
  need
• 29:10
  investors
• 29:11
  who
• 29:11
  fully
• 29:11
  understand
• 29:12
  the
• 29:13
  concept
• 29:13
  of
• 29:13
  patient
• 29:14
  capital.
• 29:15
  There
• 29:15
  is
• 29:15
  value
• 29:16
  to
• 29:16
  be
• 29:16
  had
• 29:17
  there.
• 29:17
  We
• 29:18
  know
• 29:18
  that
• 29:18
  Pokemon
• 29:19
  is
• 29:19
  a
• 29:19
  brand.
• 29:19
  It's
• 29:20
  an
• 29:20
  IP
• 29:20
  that's
• 29:20
  worth
• 29:21
  $150
• 29:21
  billion.
• 29:22
  There
• 29:23
  is
• 29:23
  value
• 29:23
  there,
• 29:24
  but
• 29:25
  it
• 29:25
  cannot
• 29:25
  be
• 29:26
  invested
• 29:26
  in
• 29:26
  and
• 29:26
  measured
• 29:27
  and
• 29:28
  then
• 29:28
  exited
• 29:29
  for
• 29:30
  a
• 29:30
  10x
• 29:30
  valuation
• 29:31
  in
• 29:31
  three
• 29:32
  years
• 29:32
  like
• 29:34
  tech
• 29:35
  products
• 29:36
  are.
• 29:37
  And
• 29:37
  I
• 29:37
  think
• 29:38
  maybe
• 29:39
  we've
• 29:39
  perhaps
• 29:40
  allowed
• 29:40
  that
• 29:40
  measurement
• 29:41
  system
• 29:42
  to
• 29:42
  proliferate
• 29:43
  into
• 29:43
  kids
• 29:44
  media
• 29:44
  and
• 29:44
  it
• 29:44
  just
• 29:44
  doesn't
• 29:45
  work
• 29:45
  that
• 29:45
  way.
• 29:46
  And
• 29:46
  again,
• 29:46
  we've
• 29:47
  also
• 29:47
  allowed
• 29:47
  streamers
• 29:48
  like
• 29:48
  Netflix
• 29:49
  who
• 29:50
  measure
• 29:50
  success
• 29:51
  of
• 29:51
  content
• 29:51
  in
• 29:52
  28
• 29:52
  day
• 29:52
  windows.
• 29:53
  Again,
• 29:53
  that
• 29:54
  doesn't
• 29:54
  work
• 29:54
  in
• 29:54
  kids
• 29:55
  either.
• 29:55
  And
• 29:55
  perhaps
• 29:56
  we've
• 29:56
  let
• 29:56
  that
• 29:56
  happen
• 29:56
  and
• 29:57
  we've
• 29:57
  not,
• 29:57
  we've
• 29:57
  not
• 29:58
  saber
• 29:58
  rattled
• 29:58
  enough
• 29:59
  and
• 29:59
  said,
• 29:59
  no,
• 29:59
  no,
• 29:59
  no,
• 30:00
  measurement
• 30:00
  and
• 30:01
  capital
• 30:01
  needs
• 30:01
  to
• 30:02
  be
• 30:02
  deployed
• 30:02
  in
• 30:02
  an
• 30:02
  entirely
• 30:03
  new,
• 30:03
  unique
• 30:04
  way
• 30:04
  in
• 30:04
  kids
• 30:04
  media.
• 30:05
  And
• 30:06
  maybe
• 30:07
  lobbied
• 30:07
  for
• 30:08
  that
• 30:08
  a
• 30:08
  little
• 30:08
  bit
• 30:08
  louder.
• 30:09
  Yeah,
• 30:10
  I
• 30:10
  think
• 30:10
  that's,
• 30:11
  that's
• 30:12
  a
• 30:12
  very,
• 30:13
  very
• 30:13
  good
• 30:13
  point.
• 30:14
  And
• 30:14
  I
• 30:14
  feel
• 30:14
  like
• 30:15
  maybe
• 30:15
  that's,
• 30:15
  that
• 30:16
  shift
• 30:16
  is
• 30:16
  happening
• 30:17
  even
• 30:17
  outside
• 30:17
  of
• 30:18
  kids,
• 30:18
  that
• 30:18
  there's
• 30:18
  that
• 30:19
  recognition
• 30:20
  that
• 30:20
  some
• 30:20
  of
• 30:21
  these
• 30:21
  seeds
• 30:21
  take
• 30:22
  longer
• 30:22
  to
• 30:23
  grow
• 30:23
  than
• 30:25
  kind
• 30:25
  of,
• 30:25
  maybe
• 30:25
  they've
• 30:26
  necessarily
• 30:26
  been
• 30:26
  given
• 30:27
  in,
• 30:27
  in
• 30:28
  more
• 30:28
  of
• 30:28
  the
• 30:28
  kind
• 30:28
  of
• 30:28
  the
• 30:28
  recent
• 30:29
  period.
• 30:30
  Maybe
• 30:30
  that's
• 30:30
  a,
• 30:31
  that's
• 30:31
  a
• 30:31
  kind
• 30:31
  of
• 30:32
  good
• 30:32
  optimistic
• 30:33
  place
• 30:33
  to.
• 30:33
  To
• 30:34
  end
• 30:34
  the
• 30:35
  chat
• 30:35
  on.
• 30:36
  Absolutely.
• 30:37
  Green
• 30:37
  shoots
• 30:38
  of
• 30:38
  growth
• 30:38
  and
• 30:39
  optimism,
• 30:40
  and
• 30:40
  we're
• 30:41
  proponents
• 30:42
  of
• 30:42
  optimism
• 30:43
  at
• 30:43
  the
• 30:43
  kids
• 30:43
  media
• 30:43
  club.
• 30:43
  So,
• 30:44
  yes,
• 30:45
  let's
• 30:46
  end
• 30:46
  it
• 30:46
  there.
• 30:46
  But
• 30:46
  it
• 30:47
  was
• 30:47
  great
• 30:47
  to
• 30:47
  hang
• 30:47
  out
• 30:47
  together
• 30:48
  in
• 30:48
  Lisbon
• 30:49
  in
• 30:49
  real
• 30:50
  life.
• 30:50
  And,
• 30:50
  yeah,
• 30:50
  really
• 30:51
  good
• 30:51
  fun.
• 30:51
  A
• 30:51
  box
• 30:51
  in
• 30:52
  a
• 30:52
  podcast
• 30:52
  studio.
• 30:53
  So,
• 30:53
  yeah,
• 30:53
  it
• 30:53
  was
• 30:53
  great
• 30:53
  to
• 30:53
  hang
• 30:54
  out.
• 30:55
  Yeah,
• 30:56
  always
• 30:56
  good
• 30:56
  to
• 30:57
  kind
• 30:57
  of
• 30:57
  see
• 30:57
  people
• 30:57
  in
• 30:58
  person.
• 30:59
  But
• 30:59
  yeah,
• 30:59
  no,
• 30:59
  it
• 30:59
  was
• 30:59
  great.
• 31:00
  Really
• 31:00
  good
• 31:00
  fun.
• 31:00
  And
• 31:01
  you
• 31:01
  did
• 31:01
  a
• 31:01
  fantastic
• 31:02
  job
• 31:02
  moderating
• 31:03
  and
• 31:03
  hosting
• 31:04
  the
• 31:04
  session
• 31:05
  that
• 31:05
  I
• 31:05
  was
• 31:05
  a
• 31:05
  part
• 31:05
  of.
• 31:07
  Expertly
• 31:07
  guiding
• 31:08
  the
• 31:08
  discussion
• 31:10
  seems
• 31:10
  to
• 31:10
  be
• 31:10
  Magnesia,
• 31:11
  and
• 31:11
  we
• 31:11
  threatened
• 31:12
  to
• 31:12
  take
• 31:12
  it
• 31:12
  kind
• 31:13
  of
• 31:13
  off
• 31:13
  the
• 31:13
  rails.
• 31:15
  Well,
• 31:16
  yes,
• 31:17
  due
• 31:17
  in
• 31:17
  no
• 31:17
  small
• 31:17
  part
• 31:18
  to
• 31:18
  having
• 31:18
  done
• 31:19
  a
• 31:19
  podcast
• 31:19
  for
• 31:19
  six
• 31:20
  years.
• 31:20
  So,
• 31:20
  yes,
• 31:20
  it's
• 31:21
  paid
• 31:21
  dividends
• 31:21
  in
• 31:21
  that
• 31:22
  sense.
• 31:22
  Yes.
• 31:23
  Good
• 31:23
  training.
• 31:24
  Okay,
• 31:24
  that's
• 31:25
  great.
• 31:25
  So
• 31:25
  I
• 31:25
  hope
• 31:26
  you
• 31:26
  guys
• 31:26
  enjoyed
• 31:26
  that
• 31:27
  chat
• 31:27
  and
• 31:28
  we
• 31:28
  will
• 31:28
  see
• 31:28
  you
• 31:29
  all
• 31:30
  next
• 31:30
  week.
• 31:30
  Please
• 31:31
  like
• 31:31
  and
• 31:31
  subscribe
• 31:32
  and
• 31:32
  listen
• 31:33
  to
• 31:33
  us
• 31:33
  on
• 31:33
  the
• 31:34
  usual
• 31:34
  platforms.
• 31:35
  And
• 31:35
  yeah,
• 31:35
  we'll
• 31:36
  see
• 31:36
  you
• 31:36
  next
• 31:36
  week.
• 31:36
  Thanks.