Episode 2

FOREWORD with Kevin

In this episode, Kevin chats with Joshua Erhardt, Magnite’s Director of Demand Facilitation. Learn about the latest treads in video stream advertising and what matters to your audiences.
[00:00:14] – Speaker 1

Hello. I’m Kevin Wert, Chief Engagement Officer at Wakeen Pages. I think we can all agree that our advertising universe is evolving at an unprecedented rate, whether we are talking about data or media fragmentation, or shifting consumer behavior. New technology can make things, well, confusing and, for some of us, rather exciting. Foreword with Kevin is a way for us to have a conversation and look at how these converging sorts of technology allow us to reach our audiences intentionally and authentically. We’ll be having conversations with amazing partners across our industry, and we hope that this podcast will be a way for us to not only share information but for us to provoke ideas about how we can move forward in an industry that is not stopping anytime soon

Welcome back to another episode of forward with Kevin, who is me, and we’re just so thrilled to welcome Josh Erhardt, the Director of Demand Facilitation for Magnite. Welcome, Josh!

[00:01:27] – Speaker 2

Hello everyone, thank you so much for having me. Kevin, I’m excited to be here today!

[00:01:30] – Speaker 1

Yeah, Josh and I have known each other for a few years and in different capacities and wh. Whateciate about Josh is he came that from sort of this publisher background and into this more programmatic world and now works king for Magnite, which has gone through some changes. So Josh, can you just share a bit of you know what Magnite is before we get into this conversation thatstreaming video, OTT, Connected TV.

[00:01:56] – Speaker 2

 Yeah, for sure, you know, before we even get into Magnite. My journey, like you, mentioned is pretty interesting, you know. I got my career, and media started out selling yellow pages. I worked with a newspaper company and then eventually made my way to TV was kind of like early on the scene when it came to selling CTV and OTT in the marketplace and developing relationships. My career progressed into e digital side with working for DSPs, working for Google, resellers, and now most recently working for Magnite. So it’s been quite the journey, and along the way, people have asked me, well, how do you learn so much about digital and because I’ve done a lot of training for traditional media teams. And it’s just about, you know, picking things up as you go, and most of the best digital people I know all got their start buying traditional media because the concepts are the same; it doesn’t change.

[00:02:54] – Speaker 1

Yeah, I think part of that is someone might ask you about, well how so knowledgeable about digital. Well, the reality is the industry, whether it be broadcast radio or any other media channel there’s a digital element to that right? So I think what makes you, I’ll call you special in a good way you know, special in that you understand this the dynamic among all the media is because you’ve had that experience with other channels.

[00:03:21] – Speaker 2

Right! I mean everything works together and you mentioned publishers so that’s kind of a good segue into what Magnite is. We really represent publishers as a company, in the CTV, OTT space. I know we’re throwing acronyms at you but it’s basically a streaming tv and these are names that you recognize. Household names like Disney, Discovery but also like device manufacturers your tv like Samsung, LG. They’re also in the advertising business now and what Magnite does for them is we essentially give them the infrastructure; the ad serving technology to serve ads and our whole function as a company is to help them make money and monetize the great content that they have. To understand rate structures, to understand how they can leverage their inventory in the programmatic environment. So it’s kind of coo because we work with every DSP they’re our biggest customers and if you’re buying CTV or OTT through a traditional media company, through an agency, through a DSP; or maybe from us. In all of those situations, it’s likely that you’re getting some of your supply from Maginte. And I guess the last thing I would say about Magnite before I let you go Kevin would be Magnite is a relatively new name in the marketplace but it’s not new when you think of the components. So I was originally hired by a company called spot x that was acquired this year for over a billion dollars by Magnite and Spot X was the leading supply-side platform in the CTV space. Magnetic before it was Magnite was Rubicon project which is the leading supplier of display inventory to the programmatic ecosystem and Tolaria. Tolaria is one of our competitors at Magnite. They’re also a CTV supply-side platform and their claim to fame, I think for most of us, that probably never heard of them before, would be that they’re the way that you can access Hulu inventory programmatically. So the combination of all these companies is Magnite and we really represent the supply side platform space. We’re the largest independent supply-side platform in the industry.

[00:05:24] – Speaker 1

So let me just back up a step because I think the idea Forward with Kevin is really, it’s briefly to educate, it’s to talk about strategy and real solutions that are available to a lot of brands, advertisers, or even agencies but I know that there’s some because I’ve had many conversations over especially, over the last maybe 12 months where we do throw a lot of acronyms and when you look at this digital universe, it’s mind-blowing for media professional alone, someone that you know, maybe have a mid-sized company, is how do I tap into a Hulu or some other kind of digital platform. And so you’re going to hear and we’re going to talk, Josh and I are going to have a conversation about a lot of different things as it pertains to that digital universe and the benefits of looking at a supply side. So just real briefly, when you’re talking about linear tv, were talking about cable, were talking about specific programming that is traditionally purchased the way the media buyers purchased it. When we talk about OTT (over the top) or connected tv we’re talking about serving within those programs on a streaming service. So if someone has an on-demand subscription through sling or even through gaming systems. Where you are actually streaming that inventory, you don’t have a cable subscription. That’s our ability to serve those video ads through a Hulu or another one of those services. So there’s a ton out there and you when you look at that map, that’s where it gets a little bit like Woah! The other thing you mentioned, the demand-side platform. So DSP’s. DSP’s, and correct me if I’m wrong, so when I talk about serving digital inventory I reference DSPs and the supply side, so SSP like Magnite as almost, you’re going to probably say not exactly, but more of like a retail wholesale right. So you’re supplying the inventory, the ability to serve inventory for all of those demand-side platforms that a lot of agencies and a lot of brands are using because it’s this really incredible system of bidding and buying inventory sort of as a stock exchange right? So you guys are sort of that first step in the way that you’re supplying is that correct?

[00:08:08] – Speaker 2

Yeah, I think if I were to try to like simplify what it is that we do in this whole economy in the easiest terms possible. You have agencies and brands that want to buy digital inventory. All “programmatically” means as a term is that they’re using a computer program to do it. So a DSP or a demand-side platform is really a buying tool. It’s a tool/a computer program that’s designed for buyers to buy inventory and what makes DSP’s unique, usually, is the targeting capabilities they have, the relationships that they have, and they kind of like bury it So a supply-side platform if we’re kind of following along with this analogy is a selling tool. So we build software for Disney, for Discovery to help them sell their inventory in a way that’s going to give advertisers the best experience. So the things that we try to solve for are making sure that you don’t see the same ad 12 times in a row.

And as you know, that’s grown a lot just with the examples I’ve shared. But content has gotten a lot more dynamic, so sponsored content has really evolved itself. But put simply it is like paid sponsorship of an editorial piece.

[00:009:08] – Speaker 1

So why would that matter?

[00:09:09] – Speaker 2

We also want to make sure that for Disney and Discovery that shark week, like their best programming, gets the right CPM, or if you want to advertise in the super bowl, that you’re only able to advertise in that content and nothing else. What we do is we really focus on serving the publisher community. I think we’re it starts to get interesting is that it’s never that simple as just buyers and sellers right? So even within the DSP space, within those buying tools, you have tools that are sitting on top of tools. What it does is it creates layers in your buy. Before you know it when you go to place a media buy, you’re transacting with selling tools, buying tools, and along the way your buying power is getting diluted. So where Magnite works with agencies and brands most often is just connecting them directly to the inventory that they want. If you say, “Hey, I want to advertise on HDTV”, we can just get you hooked up with HDTV and make sure that your budget is going directly towards buying the media that you want and that really helps tv like advertisers because they just want to build a schedule

[00:10:25] – Speaker 1

Yeah absolutely. I’m with you 100% and I think you know what I want to do is sort of get into why this is the one if not the most relevant topic right now in the industry. We are still coming out of the pandemic, right? Where we saw time on a device just go through the roof and a lot of those platforms or a lot of those publishers or networks were scrambling, sort of trying to capitalize of giving out homes the ability to watch fresh programming. So it’s a long way to say, and I have a statistic here and there’s tons of statistics I know, you have statistics that we’re going to look at, but streaming time in 2020, streaming time increased by 75%. You’ll see number right Josh, about people cutting cable at an alarming rate, or maybe some people have cable but they also have multiple streaming services. So I think the reason why this is so powerful is brands are saying if you look at the time spent on the device, why do we not/why are we not doing this particular tactic. So part of it Is and what you said about almost like premium inventory right, what I like about Magnite is that let’s be real, all impressions, all delivery is not created equal. So we were not even going to get into fraud or bots, but what we’re trying to evaluate from a very strategic media perspective is what is, how do we best utilize where people are. So if it is shark week, it’s almost like a cross between the way that we buy cable and the way that we buy programmatic, it’s the best of both worlds. So you and I have had this conversion about the premium publisher or the idea of making sure that there’s a library of networks that really fit with not only the brand but the message that we’re putting out there and so how do we measure that. So do you want to talk a little bit about where you’re seeing the trends and how you guys are addressing that demand?

[00:12:55] – Speaker 2

I love that setup, Kevin. You know that changes that happened in 2020, I think the first thing that would be important to address is that they were already happening. I like to use the word acceleration because the pandemic really accelerated trends that were already in place and you know when I say those trends, I’m referring to cord-cutting, the idea that people are trying to save money on their cable bull and there are so many streaming services available but you also have subscription fatigue. I don’t know if I want to sign up for Netflix and Amazon Prime and Apple TV. You kind of want to pick the ones that you like but then the pandemic happened and I don’t know if you’re anything like me but I ran out of stuff to watch and my wife and I actually started watching of old seasons of really feel-good content. Our thing was My Kitchen Rolls and it’s an Australian Cooking Show on Amazon Prime and the point here is that people watch ad-supported content and you can go out there in the street and ask people do you watch ad-supported connected tv content and they’ll say no but the reality is that four out of five people see ad-supported, CTV ads on a weekly basis. So it’s not just the paid subscription to Netflix. There’s this whole other thing that’s happening I think that’s really where you see the skyrocketing hockey stick of viewership occurring. The other thing that happened in 2020, that’s kind of interesting to think about, alright you have roughly 126 million US households, it’s expected to grow to maybe 132 in 2021. How many US Households of the 126 will call it “watch cable and satellite tv”?

[00:14:40] – Speaker 1

Percentage?

[00:14:42] – Speaker 2

Or a number!

[00:14:44] – Speaker 1

Out of 126 million, I would say that number probably had to be 80 million.

[00:14:51] – Speaker 2

Wow! You really know your stuff, Kevin. That is like exactly on! It’s 78 Million Households. So how many households would you say watch “connected tv’?

[00:15:07] – Speaker 1

Out of the 126, I would say at this point knowing being in the industry, maybe 68 million.

[00:15:07] – Speaker 2

Its 84 Million.

[00:15:19] – Speaker 1

84 million!

[00:15:25] – Speaker 2

So that’s the shift. For the first time, more people are watching connected TV than paid subscription television.

[00:15:29] – Speaker 1

Wow! Do you guys know how many actually have cable and are watching the subscription-based?

[00:15:36] – Speaker 2

I have the inverse of your question ready. I don’t have that stack because it’s really hard to get that information and it varies based on where you are in the country but what I can tell you is that 41% of the television viewing audience can only be reached by CTV. That’s the CTV-only audience. So let’s go back to your question earlier. Why isn’t the change happening faster? Why aren’t brands just advertising more in CTV? I think the answer there is that it is misleading and its confusing and sometimes. If I could shed some light on my perspective, it would be that when you look at the cost per thousand ads on tv or a CPM in a schedule, it can appear to be deceptively low because those prices are determined by Nielson rating points and based off a diary and sample size, but the point is that they’re measuring using some more old school methodologies right and less and less people are watching traditional tv. As I said, 41% of that viewing audience is only available through CTV. So what happens is you’re paying that low cost but to reach the same small bucket of people and there’s this other group of people that will never ever see your ad regardless of how much you spend. So when I say that CPMs and CTV are in the 30s, it might not look as attractive compared to linear tv but when you start to adjust your cost and layer tv for the audience that’s actually there, CTV actually looks a lot more efficient and affordable because the targeting is better. It’s more specific.

[00:17:17] – Speaker 1

Do you think one of the challenges too that’s maybe there’s an unfair way that you measure linear tv? So the reason that you would use linear tv versus why you’re using OTT and so I think it’s this catch 22 of a click or what is the measurement of a digital ad? It sort of hovers between traditional media and a digital attribution model. So do you think that’s part of it is that you know I get what you’re saying and I love that graphic of reaching a percentage on a network program of your intended audience at an X cost per thousand? But when you’re specifically using OTT, CTV it’s much more targeted but the way that you’re evaluating the success of that cost is different than linear. Does that make sense?

[00:18:17] – Speaker 2

So with a linear buy, you are going to cap out on the reach that you can get very quickly and at a certain point you’re only buying additional frequency. And to answer your question, it makes me think of the Van Halen song, the best of both worlds because this has been my space selling CTV. I talk to agencies and brands and what they want is the reach and power in tv, but the measurement, specificity, and accuracy of digital. What I try to work with my partners on is this idea that you don’t want to plan for CTV that way. You want to plan for CTV and have it address your marketing funnel. So what that would look like is you have to funnel a campaign line that targeting your adults 25 to 54 maybe, with some psychographics maybe with the schedule focussing on specific networks. We have a mid-funnel campaign that’s a more refined audience with a message that has a strong call to action. And then we have an addressable campaign that’s targeting your customer list at the bottom and each one of those is going to have a different budget maybe with some fluidity. But what we’re not going to try to do is layer all of those things on top of each other and expect the campaign to perform. So I think what you need is something that’s really driving awareness but you also need the leverage, the addressable capabilities of CTV where people get hung up is just trying to do all of that at once and overcomplicating it.

[00:19:47] – Speaker 1

I think that’s where the education piece comes in is that there are these other options and I know that the supply side has been there but I think again for strategists like us, we didn’t really fully understand where the value was and I mean I think we are eager to work with partners like you are educating us on the value that is transparent and authentic and really trying to be our partner in terms of what you’re delivering but there’s, you know Josh, I mean there’s all kinds of people that are coming saying the same sort of, saying other things and part of the challenge for brands and agencies is what is the truth and where are we going to get the most for our dollar in a way that can be managed in terms of expectations of bosses and our clients. I know conversations that we’re having every single month, when we’re reviewing is that all inventory isn’t created equal but we do, it’s our job to manage expectations on why you’re using a specific channel or tactic for that whatever purpose is. But we talked a little bit about, prior to the call about the attribution models right? The idea that you guys on the supply side are working with and I’m not saying put all of our eggs in that basket right, you just got done saying that we have to manage expectations, but there are companies that are doing great things with being able to help monitor and track our attribution aspects of CTV.

[00:21:31] – Speaker 2

So if I were to weigh in on attribution. What is attribution? Its measurement and measurement is largely to me like this idea that you have metrics and KPIs that you want to hit, whether that’s in your business or in the campaign and you know that’s a measure of how we did. Where I think you know CTV could improve this kind of goes to your question of like how do you know what partners to work with. How do you evaluate a partner? Where do you test? To me, it’s about getting the KPIs right so we revisit that funnel concept and we look at awareness, the top and I would argue that’s where the majority of your dollars should be spent in CTV right now. Is in the awareness bucket because as we have talked about earlier, and I can give you some more data as to why viewership has moved, the cheese has moved, and you need to reach those eyeballs so in the awareness campaign, to me your KPI should be delivery and the best premium content possible that aligns with your target audience. You want to look for partners that have that transparency that can show you specifically what publishers, what device makes, that give you control to pick and then also based on kind of the scale and reach of your buy, you can look at things like a brand lift. That’s getting into attribution, frequency, reach, and what shows did you advertise, in what dayparts are the most effective for you. This all sounds like traditional tv because it’s very much empowering those minds to use what they know, which is very valuable, to plan, for a reach-based media campaign. Now as you start to get deeper in the funnel we start to look at conversions. What was the lift in people filling out forms on my website? We can pixel your website. We can look at incremental changes based on a campaign. But I think when you start to look at conversions inherently that leads to well “can I buy CTV on a cost per action basis?”/”a cost per conversion basis?”. For a while, the answer used to be no. like “hey, this is a 32 dollar CPM media, it just doesn’t work that way”. But it’s interesting, I was on a call this week with the Magnite DR Team and what we do is we work with traditional DR advertisers that you would see at three o’clock in the morning on cable that are used to buying just a ton of impressions for like 2 dollars CPMs. What’s so interesting to me is that they’re seeing the shift too. You know they are still having the same challenges that a normal tv advertiser is having because there are less people even at three o’clock in the morning watching tv. So even with the changes in CPMs with CTV, we’re working with those advertisers too and helping them see a return because it’s just about where the eyeballs are. So if I could bring that full circle for you, nobody ever fights me on the fact that people are watching CTV because it’s okay. I’m watching CTV at home. I think advertisers just have a challenge with how do they buy it and there are so many shiny objects out there about well we have the best targeting, we have addressable. I say you should test your mid-funnel and your bottom-funnel capabilities with partners like that. When it comes to reach, you really need to find a key partner that can get you the inventory that you want and ensure you that your money is going to that inventory. At the end of the day, that’s going to make sure that you get the best results.

[00:25:12] – Speaker 1

Yeah! There is a lot of account accountability like we have to move the needle forward on making sure that our dollars are being actually delivered to the intended audience and that there’s a level of visibility into the duplication of that. So you talk about reach and frequency and this idea of it, it’s moved to the impression-based buying without the visibility of really understanding that duplication and where the audience might be consuming. So the question about cable and streaming is because we need to know that on a very basic level. So how is that duplication impacting our bottom line buys? So we are running out of time and I want to touch on and do one more thing as far as what’s next with the industry? What from Josh Erhardt’s perspective being the guru you are, with all things digital, what’s next? And then I have a little bit of a, I’m calling it a media minute quiz, for you.

[00:26:22] – Speaker 2

Sure! I’m excited about the quiz. I know I’ve thrown out some numbers to you so I’m looking forward to seeing what I can do. When I think about what’s next for our industry, first of all, it makes me think a lot about the automotive industry right now. There is so much consolidation in the tier three dealer space and we are seeing that same consolidation in the DSP space. So DSPs are buying other DSPs. Companies are getting bigger but you know those options that you saw on the market, you know the pandemic really made it the best will survive. So I think you’re going to see less partners. I’ll throw one more acronym at you and that is SPO is supply path optimization. The idea there is that you want to limit the amount of partners that you have that add to your cost layer as a brand/ as an agency. You just want to make sure that those partners that do add to your costs are contributing value. That’s commensurate with that and you can apply this SPO concept to really anything in your business but in the advertising space, it’s looking at your DSP partnerships, your agency partnerships, and saying how does it make sense to route things this way. In my business, it’s how can we connect to supply in the most direct way possible. Then if I were to zoom out of Josh’s land and look more broadly at the industry, identity is the things that everybody is talking about and thinking about and that is with the cookie going away and then being a zombie and coming back from the dead. How are we going to solve this identity thing? Is that going to be in Google’s court with cookies or are the true optics of the world going to help us solve this. The true optic is a company that’s worth checking out. Live Ramp is another. These companies are invested in the idea that they’re going to use an identity graph to map out your behaviors from a phone device to your computer to your laptop ad allow them to target you cross-screen. With that cross-screen targeting comes cross-screen measurement. I worked in this analytics space for s short time and brands are looking to invest money in what we called CDPs (Customer Data Platforms) and they want a center of truth to know what is moving the needle for them and for them to be able to have that oracle view into what’s happening, they have to get their data cleaned up. So just like in this media business, we are seeing this shift, brands are seeing a shift now because they realized, I need an online store, I need a customer data platform, I need to know what people are doing so they’re trying to figure this out all at breakneck speed. So it makes flexibility that much more important. I just wrote a blog post on this but where you are today as a brand is not going to be where you are tomorrow. We’re seeing agencies and brands lose headcount, lose teams, add team members, make changes. You might need managed service support, you might need self-service support, you need partners that are willing to be with you as you kind of adapt and evolve.

[00:29:39] – Speaker 1

Yeah! I think that you can look at it almost like a full-time job. Keeping up with all the developments that are happening in this space and that’s one of the reasons why we launched this podcast was just to give a little bit of an insight into that by talking to partners like you. I want to thank you again before we do a fun little, and there are no right or wrong answers to my media minute, this is just a fun way to sort of wrap things up, but thank you, thank you Josh for all of your insights. I think you gave us a lot to think about. I think you gave us even additional partners and the future of what we should be looking at and it’s all from a place of integrity which I appreciate about you. You want to help make sure that brands understand all the options within this sub sphere right of the full ecosystem of digital and so thanks again! I look forward to just working with you moving forward. I think you guys are doing great things!

[00:30:38] – Speaker 2

Thank you so much for that, I really appreciate everything you said, that’s so sweet if you say that so thank you.

[00:30:42] – Speaker 1

Absolutely! so I’m going to I have a couple of questions and it’s going to be a minute, maybe not a minute but it’s sort of what I’m calling the media minute by Kevin so I’m going to ask a couple of questions and you just respond and its really about your preferences. So how many streaming devices do you have in the Erhardt House or streaming services, I’m sorry?

[00:31:12] – Speaker 2

Streaming services – so Disney Plus, Amazon Prime, Hulu, Netflix. I think that’s it.

[00:31:23] – Speaker 1

I think it’s so funny that we have to stop and count right. So Pandora or Spotify as like Josh is in a band so he loves music. Pandora or Spotify?

[00:31:34] – Speaker 2

So this is so weird, I’m the only one that does this but I listen to all my music through Apple Music. My band and everything, we’re on Spotify so everyone is like you have to listen to Spotify but I listened to that and a lot of live concerts on the vault app and YouTube.

[00:31:53] – Speaker 1

So you’re going on a trip, Waze, or Google Maps?

[00:32:01] – Speaker 2

Google Maps. Waze has got me out of a jam but I only turn to it in a crisis.

[00:32:06] – Speaker 1

TikTok – Fad or Here to stay?

[00:32:09] – Speaker 2

OMG! It’s here to stay. Fun fact, TikTok overtook YouTube this month for time spent video in the US.

[00:32:15] – Speaker 1

Wow! Isn’t that insane!

[00:32:22] – Speaker 2

I think that’s just mobile though, not Desktop.

[00:32:25] – Speaker 1

Well, that makes sense. So you have five minutes to scroll through Social Media. Where do you go, what’s your go-to?

[00:32:33] – Speaker 2

I’m old school so it’s Facebook. I’m spending more time on Instagram these days but it’s probably Facebook.

[00:32:41] – Speaker 1

Okay. So are you team Apple or Facebook when it comes to user privacy issues?

[00:32:48] – Speaker 2

Wow! I don’t want to make anybody mad at me. So since the quiz is about me as a consumer, I’m going to say Apple because as a consumer, I like the idea of consent. Well just as a human being I like the idea of consent. I want to consent before you take my data and use it but as a marketer, these changes do make things difficult and I know Facebook is trying to alert advertisers of the potential impacts and adjust their business model.

[00:33:19] – Speaker 1

Ad Blockers – Yes I want an ad blocker or no bring on the ads, I love them!

[00:33:27] – Speaker 2

So the ads are what keep the internet free! But with that being said, yes I use an ad blocker.

[00:33:36] – Speaker 1

That’s awesome!

[00:33:42] – Speaker 2

Man, you’re like hanging me out to dry here. I’m going to get an email from Magnite saying what are you doing Josh?

[00:33:53] – Speaker 1

No, it’s all good. Hopefully. Best original content series and what platform is it on? You mentioned one about the cooking show.

[00:34:01] – Speaker 2

My Kitchen Rules is actually a channel six Australian broadcast TV show so that was made by broadcast.

[00:34:01] – Speaker 1

Nothing like an abstract answer there.

[00:34:03] – Speaker 2

I just got done watching Loki on Disney Plus. That’s incredible. Love that! But I think everybody is watching that show so that’s not really a good tip. The other one I would say that I liked was Mare of Easttown and that was on HBO Plus, HBO Max sorry and that was nominated for a bunch of Emmys

[00:34:25] – Speaker 1

Wow okay. I’ve never heard of that but I’m old. Last question for you, very important, since you’re in Pittsburgh. Pittsburgh Primanti Brothers sandwich or a Philadelphia cheesesteak?

[00:34:42] – Speaker 2

I saw this thing on Barstool Sports of a Philadelphia Cheese Steak inside of a New York slice. Yea you fold it up and it’s called a Philly Taco. That’s what I’d choose. Adam Gollum, if you’re watching, I love Primanti Spread and I think I would prefer the Philly cheesesteak.

[00:35:06] – Speaker 1

Good stuff Josh. Thanks so much! Now everyone knows your viewing habits and food preferences but thanks again for taking the time.

[00:35:12] – Speaker 2

I’m here watching Amazon with a cheesesteak you know, that’s how you need to think of me.

[00:35:19] – Speaker 1

Well, thanks again and for all of those that are tuned in, thank you for your time. We challenge you and encourage you to be intentional about the way that you look at media channels and challenge the conventional, ask questions because that’s the way that we’re going to grow as an industry and we’re going to move this industry forward together. Thanks a lot.

[00:35:39] – Speaker 2

Thank you.

Let’s explore some questions.