Speaker 2 0:02

Welcome to this week's edition of the Dan Rayburn Podcast, the show that curates the streaming media industry news that matters most, unvarnished, unscripted and providing you with the factual data you need to know, without any of the hype, the Pulse of the Streaming Media Industry.

Speaker 3 0:22

Welcome to the Dan Rayburn Podcast. I'm Dan Rayburn, back for another week here with co-host Mark Donegan, Friday May 9th. Wow, what a week of news. We've got a lot to cover.

Speaker 1 0:32

Earnings week. Earnings week Mark.

Speaker 3 0:35

We'll keep this to the point for listeners. I think what we're going to do this episode is I'm only going to call out the numbers they should know, as opposed to calling them all out from every company that we have because we have numbers from WBD.

Speaker 3 0:49

We've got Disney, we've got Comcast, we've got Paramount AMC Networks. You have a huge amount of cord cutting which we'll get into from Altice, echo, star Ding, a Dish, sling TV, comcast quite a lot. Now we have a bunch of sports news from mlb major league soccer fan dual sports network. So let's just jump right in here. Let's start with wbd. So warner bros discovery added 5.3 million direct to consumer subs. Keep in mind, this is not discovery, this is not max, this is direct to consumer because that's max and discovery plus that's right. So wbd now has 122.3 million global direct to consumer subs. Revenue is up eight percent. But all that really matters here is they had positive 339 million million adjusted ebita. So wbd's D2C business still showing positive EBITDA for another quarter, which is great.

Speaker 3 1:49

Now, Mark, I pulled out of this filing from them and they have it listed in terms of on their balance sheet. But I think this is very important for listeners to understand that, of all the D2C revenue, advertising only made up 10.2% of the total revenue. So what does that tell us? It tells us there's a huge opportunity still for WBD to monetize the advertising side of those whose plans have ads, which is the majority of them. A lot of room for growth there. Ads, which is the majority of them. A lot of room for growth there. By 2026, end of 2026, they say, Max will be available in over 85 markets globally. They're launching next year in Ireland, Italy and Germany. They already mentioned that previously.

Speaker 3 2:40

On the linear TV side, revenues were down 4.8%. Sorry, revenues were down 7%. Not too surprising. We know where. Linear TV side revenues were down 4.8%. Sorry, revenues were down 7%. Not too surprising. We know where linear TV is headed. Now, this is something I pulled out, Mark. This wasn't something that they said, but interesting for this quarter. They broke out every segment of its business with its own financials.

Speaker 2 3:08

Isn't that?

Speaker 3 3:08

nice.

Speaker 1 3:09

Yeah, Now why did they do this?

Speaker 3 3:10

Well, in December they reorganized their corporate structure, splitting its linear networks, streaming and studio businesses into two very distinct operating divisions. So with Q1, they're now breaking out all the financials tied to each of those segments. And in q2 of last year they took a 9.1 billion dollar write-off of its linear tv networks will probably remember. So, while they have not yet said they're spinning out their linear assets, like we've seen comcast and disney announce, they're clearly preparing themselves to do so, because when you're breaking up your financials on every line of your business, it's very easy to separate it. Yes, yes. So that is only a matter of time. That is coming for sure.

Speaker 3 3:56

On the earnings call, they also said that it'll take 12 to 18 months to roll out the max password sharing initiative, fully meaning globally, and that messaging on password sharing, they said, will, quote get more aggressive, assertive over the course of the back half of the year and really into 26. So what they're saying is they're not going to crack down too much, yeah, but it's coming, it's coming. And then, just finally, they added 5.3 million subscribers. It's a very clear number. I saw multiple reports in the media with headlines saying they added 5 million. They added just over 5 million. Why is it so hard to report a number 5.3 is the number.

Speaker 3 4:40

That's the number. It's not just over 5 million, it's 5.3 million's. Jump into disney. A couple things here in disney. We have some news on espn as well. So disney added 1.4 million disney plus subscribers. They ended q1 with 126 million total. Hulu s-fod gained 1.3 million. They've just over 50 million Hulu SVOD subscribers. Hulu plus live TV lost 200,000 subs. Espn plus lost 800,000 subs. So it's now 24.1 million.

Speaker 3 5:15

Now the one of the numbers we care about, obviously, in terms of profitability or free cashflow, they all report it differently. With Disney's operating income, soney's ddc business and espn plus combined had an operating income of 336 million. The company also said they expect the final equity value of hulu herman by the end of june. That was a new piece of information in terms of a timeline. Yeah, also quick little nugget here advertising growth in the d2c business was due to an increase in impressions okay, great, they're serving more ads but was partially offset by lower cpm rates. So for all the talk, advertising it's great if you're serving more ads, yeah, but if your cpm rates go down, that's a problem yeah, as cpm still continue to be the drag on ott service revenue, you know they are and they are.

Speaker 3 6:18

I don't know if that's targeting.

Speaker 1 6:19

We don't get any additional information yeah, exactly, but across the board, across the board, a across the board.

Speaker 3 6:24

A couple of things. Iger said the presence of Hulu embedded in Disney, as well as the addition of sports content quote, is definitely having a positive impact. Not only is engagement up but churn is down end quote. But we don't know what churn was before. Yeah, Not a lot of help there.

Speaker 3 6:43

And on the ad side, here Disney noted that while advertising was a bit more challenged than a DTC business, they said it's not driven by a lack of demand but rather increased supply with new entrants in the marketplace. Interesting call out by Disney. And I appreciate them making it clear out by disney. And I appreciate them making it clear they're not coming out and saying, by the way, since now prime video is inserting ads and has so many subs, there's more competition in the market. They're not saying that by name, but we know prime and some of the others coming into the market with advertising has, you know, increased supply. Yeah, that's Now. Disney did not provide an update on launch date or pricing for its forthcoming D2C product, but they did say they're going to reveal the name of the service and pricing next week. So we're recording this the week of May 9th. So if you're listening to this the week of the 12th, the news might already be out. They're putting it out during upfronts Now.

Speaker 1 7:48

Cnbc put out a quick report today saying that the name of ESPN's all access streaming service will be what Mark ESPN.

Speaker 3 7:54

ESPN which.

Speaker 1 7:55

I love You're going to have two products ESPN.

Speaker 2 7:58

ESPN plus.

Speaker 3 7:59

Yeah, keep it simple. Yeah, so we'll see if that's actually the case, but we should have news on that pretty soon. Okay, now let's jump into Paramount. Paramount added 1.5 million Paramount Plus subs, so the end of the quarter was 79 million. Their DDC revenue is up 9% year over year and they narrowed their streaming loss 62% year over year, so they lost 109 million on the DDC business, 62% year over year, so they lost 109 million on the DTC business.

Speaker 1 8:30

These companies are doing a great job in terms of getting to profitability Really really remarkable, or positive operating income, yeah, yeah, so Paramount still has some ways to go, and we know Peacock does as well.

Speaker 3 8:39

Sure, but they are getting there. Now another call out here Advertising revenue is 23.1% of DDC revenue. So interesting numbers here, even 23.1%. What does that mean? There's opportunity for growth on the revenue side with ads.

Speaker 1 8:55

As you were pointing out, with Warner Brothers, correct, yeah.

Speaker 3 8:59

Still an opportunity. And we don't know what Netflix numbers are, but just then, imagine the revenue opportunity for netflix. Yeah, netflix growth wise. Uh, this was interesting mark, so I'll call this out just because they did. They said mob land this new series was the biggest global series premiere ever on paramount plus. And then this yellowstone doesn't seem to ever go away. Incredible, they said internationally, yellowstone continues to be the number one engagement and start driver. And if you remember from last month at the NAB streaming summit, yeah, the CEO of Sky Showtime, monty, still said outside the US, where the service is in Europe, yeah, that Yellowstone was still the number one show, yellowstone and the number one way people were coming into the platform. As far as customer acquisition, Yellowstone.

Speaker 1 9:57

It's interesting they use the term start driver. Yeah, that's kind of an interesting way you know which is acquire a customer, acquire a?

Speaker 3 10:07

user yeah, and we don't know, obviously, if that means they stay on past a month. They only come on Correct.

Speaker 3 10:14

Correct, we don't know, but I like the word start. They're basically saying this starts them into our platform. Yeah, yeah, that's right. And then, finally, paramount still expects the Skydance transaction to close in the first half of 2025. Well, that's not a lot of time left, yeah, so we got to watch that one there.

Speaker 3 10:35

Let's go to AMC real quickly. So AMC Networks lost 200,000 DTC subs. They ended Q1 with 10.2 million subs. But, very important here, amc in this earnings changed its definition of a streaming subscriber. They updated their definition, so you really should go look at that. They no longer include subscribers who received access to their streaming services from distributors through a package that also included access to programming networks. So that number is a bit skewed because of how they changed their definition. So important to call that out. They have 10.2 million subs total.

Speaker 3 11:21

Let's go to some cord-cutting numbers. Altice lost 87, 800 residential pay tv video subscribers. That's up from over 64 000 losses in q4. So they ended the quarter with 1.79 million pay tv video subscribers residential. Wow. And certain eligible customers who are on the Optimum Extra TV and other bundles can get a six-month Disney Plus and Hulu bundle. So that is new. I like this, mark. They talked about broadband, so real interesting here. So Altice announced that they're aiming at the lower end of the market and what they call income-constrained consumers with a new offering called FastPass. So it's 100 megabit speed. It's $25 a month. That is really good pricing.

Speaker 1 12:16

That's really good and, as we've talked before, 100 megabits for a lot of households, even the active, you know, streaming households is more than enough. It really is.

Speaker 3 12:28

Now here's the other thing. You ready for this For that price? It bundles in Wi-Fi equipment and has a five-year price lock.

Speaker 1 12:34

Oh, wow, yeah, so they're not going to get hit with a price bump every year.

Speaker 3 12:40

That's incredible. Now, on top of that, those customers can also get an unlimited line of Optima Mobile for $35 a month. Gee whiz, yeah, I looked the other day I pay $110 a month for one mobile line with Verizon. And I went to T-Mobile and I was like, hey, this must be really high. What do you guys have? And they're like we're at like $98. Yeah, exactly, for a single line. Yeah, so not that I'm switching, but it's it's good pricing.

Speaker 3 13:12

Now let's jump into echo star. They lost, ready for this, 380 000 pay tv customers. Out of that, sling TV made up 198,000 of those losses. So to put this in perspective, sling TV now has only 1.89 million subs. It's been in the market 10.3 years and it's never surpassed more than 2.6 million subs at its peak.

Speaker 3 13:46

I don't see how these guys just continue to keep this going. Really, now, mark, I looked at just all earnings this week and started noticing losses, cord cutting losses. Usually, though, there's some additions fubo, hulu plus live tv, somebody this quarter, we don't know youtube tv, dish, dish TV, sling TV, hulu Plus Live TV, comcast, charter, altice, fubo, verizon and the cable operator Wow, combined lost 1.73 million residential pay TV customers. 1.73 million, it's a big number, that is so I've got to put up a post on on LinkedIn just listing all those. Real quick to the point. I don't think people realize, combined, what the pay TV losses are. Even virtual MVPDs Cause a lot of times, mark, we'll see that from a Comcast or Charter and people just automatically assume oh okay, well, it's going to streaming. Well, sling didn't get any, fubo didn't get any Hulu Plus Live TV didn't get any.

Speaker 3 14:56

That only leaves you with two large ones where we don't know the numbers, and that's YouTube TV and that's now DirecTV. What used?

Speaker 2 15:04

to be called DirecTV Stream.

Speaker 3 15:07

Going on to Comcast here. So Comcast announced that Versant V-E-R-S-A-N-T will be the new company name for the play and spinoff of some of its linear assets. They're saying the new name is purposely not consumer-friendly, right? They're not targeting consumers, so it's not meant to be consumer facing. They did say it's on track to be spun out from Comcast before the end of 2025. It will not launch its own streaming service. Instead, it's going to rely on the brands to develop their own digital strategies.

Speaker 3 15:42

They did a little bit of an interview here with CNBC. They didn't really say too much. They did say they planned to bid on some live sports, but they're not going to bid on the NFL. Large sports leagues is too expensive. They don't have that type of money. They're not interested in F1 as the audience is too small. They're looking at maybe some select MLB games. They said 65% of their programming is live. Some more information to come, but at least we now have. We have the brand there. We talked mark going into youtube and nfl. We talked last week or the week before that the nfl was shopping around games for brazil. Yes, and now there's a report today that says it sounds like youtube is going to be the winner, which we talked about before. But the one new piece that came out is what's being reported is that it would not go to YouTube TV. It would go down to YouTube and it would be free. Free to view US only. That's a good deal, so that's great for consumers.

Speaker 1 16:46

Yeah.

Speaker 3 16:48

So we'll keep an eye on that one. No confirmation as yet. That is just a just a rumor I posted today. Mark mlb sunday lead off, as it's called, kicks off on roku. This sunday, with an 18 18 game schedule, starts at 11 30 in the morning. Because you know who wants to watch baseball at 1130 in the morning on a Sunday ridiculous and the first game is the Mets and the Cubs. And because I track the Mets. In order to watch all the Mets games this year you have to have Apple TV Plus, roku, sny Fox, wp, wpix and ESPN.

Speaker 3 17:25

Terrible, yourible you have to have six platforms, as they say in the LinkedIn post. I will guarantee you, right now, no bar has Roku. Yeah, and on a Sunday that tends to be the busiest day people are going to go watch a game with their friend in a bar. In a restaurant, normally you wait until one or two, not 1130 in the morning, yeah, but what bar is going to have roku? None, so still a completely fragmented fan experience.

Speaker 3 17:56

Uh, let's go to major league soccer. This is interesting mark. So they're teaming up with electronic arts to offer four regular season matches on the ea sports fc mobile platform. So this is the first time the EA Sports FC mobile platform is going to stream live sports and, as we know, the matches are currently offered exclusively on Apple TVs plus MLS season pass. So they're going to have two games in May and the last two in September dates to be announced. They're also saying that anyone who tunes in will get a free month trial of MLS season pass and also get some in-game currency. Someone from MLS was quoted saying the four games that will be streamed this season are an initial phase of the new partnership, adding that they'll see where it goes from here. So what they're saying is.

Speaker 3 18:44

We're just testing this. We're seeing if we get any traction and, based on that, we'll decide if we do more live sports. So, okay, cool, test it out. Let's go to FanDuel. So we got some numbers which is really cool from FanDuel Sports Network. They announced they're nearing 650,000 paid subscribers and is on track to reach 1 million D2C subscribers by year's end. Also, this is a number we never get. Average watch time per game is 92.5 minutes. Interesting. Since the start of the 2025 MLB season, its platform has averaged 250,000 unique daily users. Now for those at FanDuel Sports Network. What is that thing? Yeah, so FanDuel Sports Network, group of RSNs, was formerly known as Bally Sports. It's now operated by Main Street Sports Group, which was formerly Diamond Sports Group. So that's the whole thing that came out of bankruptcy. So that's the new name of the service FanDuel Sports Network, but on track to reach a million DTC subs by the end of the year.

Speaker 3 19:56

Quick little number here from Geostar. Their vice chairman said the company will spend approximately $3.6 billion on programming this year. In 2026, he estimates content spend average 3.8 to 4.1 billion. So always good to get a little number from companies on what they're spending on content. All right, so we got through all the content earning pieces.

Speaker 3 20:19

Now let's go into vendors. Let's start with Vimeo. So Vimeo's revenue is flat from Q4, 103 million, net loss of 4 million. They said they plan to invest up to 30 million on top of the 2024 levels, mainly in R&D, and they call out key area of investments being AI kind of generic solutions Okay, I don't know what that is. Enterprise security in innovative video format. Their enterprise customers again, that's their definition, not ours spend on average $2,052.

Speaker 3 20:57

So that was up a bit. They reaffirmed previous projection of full year 2025 revenue to grow in the low single digits with an operating loss of approximately 5 million, but they did not give revenue guidance. They ended Q1 with 287 million in cash, which was down from 325 million in Q4. Stock is pretty flat. I didn't see much change. Actually, I should have mentioned for everyone we've talked about today earnings wise. There wasn't much move on their stock outside of Disney, and I think that was primarily because they talked about opening up. We didn't cover it. We don't cover park, but they talked about opening up a new park in or was it Dubai, and so the market seemed to like that. But other than that, stocks were pretty flat from everybody after earnings.

Speaker 1 21:49

They're pretty flat at Akamai, who you will get to just a slight, slight boost. But then today was they gave it back and then some. So yeah.

Speaker 3 22:01

So let's, now that you say that, mark, let me pull that up, so we have those numbers, because we're going to go into infrastructure now.

Speaker 3 22:08

So, oh, let's do Kaltura real quick. So their revenue is up 5% year over year. They had a gap operating loss of only $1.6 million, which was down from $7.3 million. So that is great. Subscription revenue is up 9% Full year. Revenue guidance in the midpoint is about 181. So that was good to see. Now let's go infrastructure Fastly. Their revenue is up 8% year over year and not too much to call out from their Security revenue up 7% year-over-year. Network services revenue 7%. Revenue from their top 10 customers and clients 6% year-over-year. It counted for 33% of revenue in Q1.

Speaker 1 22:58

Do you know, dan, did they lose a key customer or did a key customer you know cut back Because 6% is?

Speaker 3 23:09

not insignificant. That's 6% of revenue.

Speaker 1 23:12

So keep in mind.

Speaker 3 23:13

All you need is a couple of pricing renegotiations and boom.

Speaker 1 23:16

Well, yeah, correct, correct, so, yeah, so okay. So there you go, that you're basically answering the question. You're not aware that a customer is left and then that's. It could just be price. I'd prefer not to answer that question. Yeah, I'm not trying to put you on the spot, it's more just. It is 6% revenue, the revenue from the top 10 and the top 10 accounted for 33%.

Speaker 3 23:41

Correct, but keep in mind too, this is network services revenue, not CDN. Network services revenue is an umbrella, of which CDN is one of the services underneath that umbrella, so there could be other services cut that are not tied to video.

Speaker 1 23:54

Oh, okay, okay. Okay, thanks for clarifying that.

Speaker 3 23:57

Yeah, that's right, there's been some ebb and flow of traffic from some of the largest providers over the last quarter or two and that has impacted some of the revenue that comes from delivery across the industry. For sure, Understand Fastly raised slightly, very slightly. It's 2025 financial full year guidance to midpoint is 590. Let's go into Akamai. So Akamai had revenue.

Speaker 3 24:29

That was total revenue up 3% a gap net income of 123 million, which was down a lot. Delivery revenue was down 9% year over year. Security was up 9%. Compute was up 14%. Security and compute revenue represents 69% of total revenue. In the quarter it's up 10%. So that's good. Now they kept their previous full year 2025 revenue projection of just over 4 billion at midpoint. It's about 4.1.

Speaker 3 24:57

Now a couple of things to call out from the call Rack of my CEO said delivery had improved overall traffic growth and a particular customer from the Egeo contract acquisition signed a $16 million commitment over three years which included 100% of their delivery traffic and API and compute-related services. They also said Egeo contracts contributed $23 million of revenue in the quarter, which is what they projected. So for some people who were previous to before their earnings were saying, oh, they're going to lose half their customers once they take those contracts. Well, they didn't in Q1. It didn't happen.

Speaker 3 25:42

Now a couple of interesting calls, of course, from Wall Street. I mean questions on the call. One Wall Street person said since several low cost providers have exited the space, and then they were asking the impact on pricing. Lumen was not a low cost provider. Yeah, egeo was not a low cost provider. Egeo had a higher price than others because their cost was higher and they couldn't afford to go lower. So this idea that Egeo was a low cost provider giving this stuff away again Wall Street does not understand this. It's not accurate.

Speaker 3 26:14

Akamai also said that there are many factors that impact pricing. They said the biggest thing is quote we don't have the same volume growth that we used to. But they also said that they didn't see any big inflections in pricing up or down. I'm still working on my CDN pricing postmark to update that with all the data from Q1 of the CDN survey. But on the largest customers, remember too, a lot of these are bundling in other services. Many don't have commits. They're revenue commits, not bandwidth commits. Some of them are two-year deals. Their revenue commits, not bandwidth commits. Some of them are two-year deals. But what Akamai basically told Wall Street is there's not been a huge influx in pricing variation either way.

Speaker 3 26:56

Also very important to remember Akamai specifically said that the strength in terms of the additional traffic growth. What did they call out? Gaming traffic, software downloads, commerce and other applications. Okay, none of that is video that's not streaming. So it's important to remember there are other delivery components not tied to video that can grow Exactly. Yeah, they said that they were not going to quote call a bottom in terms of pricing, but they said, with this being the third quarter in a row where revenue has been roughly flat sequentially. As far as traffic tied to delivery, they said that they were cautiously optimistic in the trends of where the delivery business is going.

Speaker 3 27:53

And then finally, mark man, we did a good job of getting through all this. Cloudflare had earnings revenues up 27% year over year. They had a gap net loss of 53.2 million. They had a Q1 with almost 2 billion in cash and cash equivalents. They kept their previous full year 2025 revenue guidance. They didn't raise it either. So at the midpoint it's call it just over $2 billion. Now let's go into stocks real quickly. Let's just do for the week. Fastly is, let's see. So Fastly was 778. Let's see so Fastly was 778. Now they're closing at 768. So Fastly really saw not much in the way, actually nothing in the way of a bump either way from earnings. If we do Cloudflare.

Speaker 1 28:40

They definitely saw a bump In the last five days they're up 8%. Yeah, in the last day, 6.5%.

Speaker 3 28:50

So that was good to see Akamai closing out the week. So Akamai was down almost 11% today. Yeah, and they were at $86 on Thursday at 3 pm. They closed today at $76.25. So in the last month they're they're flat in the last six months they're down 16.

Speaker 3 29:14

In the last year they're down 25. Who else do we have to look at? Okay, so let's do comcast. So comcast in the last five days, flat. Last month down 2.5%. Last six months 22%. Last year, 11%. So not much from Comcast, just based on earnings. Disney did see a bump that day, so let me just take a quick look. So in the last five days Disney's up 18, a little over 16 dollars. So after earnings they went from 93 to about 102, a little over 102. So they've seen a good little bump there. In the last six months they're up five percent. In the last year they're flat. They're only up 0.13%. Who else? We got Kaltura. They don't trade much, the volume's so small.

Speaker 1 30:17

Yeah, it is interesting, though In the last year they're up 74%. You know they have a 335 market cap, 335 million, um bright, yes, they've seen some gain here.

Speaker 3 30:33

So let's see, yeah, so you're right. In a year they're up 74%. But let's just put that in context for people that that 74% is equivalent to 92 cents.

Speaker 1 30:44

Um, that is true, yeah.

Speaker 3 30:46

I mean their.

Speaker 1 30:46

Their market cap is 335 million, so you know it's but it's it's growing, which is good yeah, exactly uh, now we've got uh.

Speaker 3 30:57

Last one is wbd. So, if I remember correctly, there wasn't much of a bump. So our niche came out 862. They dropped to 820 and they closed up. So in the last five days they're up 11 percent, but again, 11 percent for them is equivalent to 90 cents, and in the last year they're up 12 to almost 13 percent, which is just over a dollar. But in the last five years they're still 56 percent. Yeah, so I think the the market has treated the companies pretty realistically in terms of what we've expected. I think the Disney bump was really just the fact that they they added more Disney plus subscribers at a in a quarter, which is traditionally weak for them. And I think, from everything I saw Mark all the notes from the institutional investors it was all about opening up a park in Dubai. That's what they were all focused on. That's what they're excited about. Yeah, and I just honestly I don't follow the parks business.

Speaker 3 31:58

I assume, that's a big deal, but I just don't follow it. So that's what we got this week. We got through a lot, which is great. You know, we only have one or two earnings left. We've got Fox on Monday. Other than that there's one or two here. I don't have on my list, mark, but we're pretty much through earnings, which is awesome, cool it's a lot to get through in a short period of time.

Speaker 3 32:20

So appreciate listeners. You know listening to the whole podcast here, which most people do, mark, they listen to almost the entire episode. Yeah, everything we talked about today is online. I got to get up just the combined cord cutting numbers, so I'll do that this weekend. By the time this is up, that'll be up Every other company I've put up. Just a quick hit on LinkedIn of the numbers you need to know from earnings.

Speaker 3 32:41

Now, next week, just a preview. I don't know how much will be outmarking time for us when we record. It should be most of it. But next week is the upfronts, that's right, and we're expecting a whole bunch of news tied to all kinds of different things. I have all kinds of invites to watch live streams from NBCU and Disney and all these others and what they're presenting. Many times it's very high level. We have Tubi who put out some information on what they're doing, some new ad formats. I would say the most important thing we're looking at is just the announcement from disney of the espn product, the pricing, how they're going to package it I think it's super important, since disney has so many options and then just okay, what is the real functionality that's different from espn, plus what it contains and doesn't contain. We know some of that from a content standpoint, but we don't know that from functionality yeah so we'll have that next week.

Speaker 3 33:38

So that's what we got. We appreciate everyone listening. You have any questions, follow-up calls, whatever hit mark and is up on linkedin. We're back for the next at least week, if not two, and then I think we probably have about a break here for travel. But we appreciate everyone listening. You have any questions, let us know. Stay safe, have a good week and we'll talk to you soon.

Speaker 2 33:55

Thanks very much if you enjoyed the show, send it to a friend, have questions for dan or mark LinkedIn at any time, and be sure to check out Dan's blog at streamingmediablogcom.