Thank you for standing by. Welcome to the Seven West Media HY 2023 results call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. James Warburton, CEO and Managing Director. Please go ahead. Seven West Media acknowledges the Gadigal people of the Eora Nation as the traditional custodians of the country we are meeting on today. We pay our respects to elders past and present, and extend that respect to all First Nations people present today. Good morning, everyone. Welcome to Seven West Media's first half results for the 2023 financial year. I'm James Warburton, Managing Director and Chief Executive Officer of Seven West Media, and joining me today is our Chief Financial Officer, Jeff Howard. Today, we'll take you through our results, our key priorities, and then provide you with a trading update. After the presentation, we'll take questions from investors and analysts. The first half of FY 2023 saw Seven West Media continue to reap the benefits of the strategy we introduced in 2019, which was to create the country's leading total television company and continue the rapid growth of our digital businesses. Seven ranked as Australia's most-watched television network for the second year in a row in 2022. For the first half, we achieved a 39.3 total television revenue share, and we're tracking in line with our target for the full financial year. Since June 30, we have successfully negotiated three important and long-term broadcast and digital rights agreements with three valuable partners, the AFL, Cricket Australia, and NBCUniversal. Our digital businesses, including 7plus, was a standout performer in the first half with underlying EBITA growth of 35%, and that is excluding the Olympics. Digital represents approximately 40% of our earnings and continues to grow strongly. During the year, Seven West Ventures also made a significant investment in the rapidly expanding property business View Media Group. The financial results we announced this morning reflect the impact of the Olympics in the prior year, the inclusion of Prime's first half, an extra week, and softer conditions in the advertising market. Group revenue was largely flat at AUD 815 million. Group EBITA was AUD 205 million, which was broadly in line with expectations. Expenses were just up 1% to AUD 610 million, a modest increase that was well below inflation and reflects our ongoing focus on costs and investing only where we see a return. It's important to note that this period covered 27 weeks. Operating cash flow generation was strong at AUD 205 million, up 55% year-on-year. Underlying NPAT declined 4% to AUD 123 million, which also reflects lower interest costs, offset by the inclusion of Prime's depreciation. Reported net debt at the end of the half was AUD 187 million. When we include a AUD 37 million adjustment for payment timing differences, adjusted net debt was AUD 223 million. Turning to the three significant long-term content deals I mentioned earlier, all of which underpin our success in the years ahead. In early September 2022, we secured the AFL media rights from 2025 to 2031, covering broadcast and for the first time, the digital rights. AFL is Australia's number one winter sporting code and an integral part of our overall content strategy. The comprehensive package of digital rights to the AFL for 7plus is an absolute game changer. For the first time, fans will be able to access the best AFL games and video content live and free in a way that suits them. Our AFL rights fee will increase 14% in calendar year 2025, and then 2% per annum after that. That represents a 3.6% annual increase in rights fees over the life of the new agreement compared to the final year of the existing deal. The new agreement with Cricket Australia, announced in January this year, covers tests and BBL broadcast rights to 2031, and again for the first time, digital rights for 7plus, meaning 7plus now has digital rights to Australia's biggest summer and winter sports. Cricket Australia has committed to improving the BBL and is financially incentivized to do so. This is a very good deal for Seven in terms of gaining access to digital rights and improving the quality, particularly of BBL. The new deal will deliver a AUD 50 million cash saving compared to the current agreement. Our rights fee will be reduced 13% to AUD 65 million in 2024 and will increase 2% a year thereafter. In October 2022, we announced a multi-year content agreement with NBCUniversal, one of the world's leading entertainment and media companies. The agreement provides thousands of hours of additional content to Seven Network and 7plus, creating significant new revenue opportunities. The agreement also enabled the launch of a new female skewed channel, 7Bravo, on free-to-air and 7plus. It launched on January 15th. Without sports streaming, 7plus has achieved the most growth in minutes of any network with a 27% increase over summer. This agreement with NBCUniversal will help underpin growth in Seven's broadcast and BVOD revenue share. As has been reported, we walked away from negotiations for a new Olympics deal. In a nutshell, our digital strategy is focused on 2 key things: procuring digital content at sensible rates to drive growth in minutes and inventory, and putting the tools in place to maximize its value. We are making strong progress on both fronts. The upside of the AFL, Cricket, and NBCUniversal agreements in terms of increasing the audience and revenue of 7plus is significant. In 2022, 7plus had a 36% share of BVOD minutes. On a pro forma basis, we expect our BVOD minutes and our share to grow to 42% with the addition of NBCU and sports rights. This slide highlights the revenue potential in BVOD, which is important given the significant growth we expect in consumption. The CPMs we are attracting in BVOD over broadcast are material. Two times in metro markets on total people, three times in regional. There are several factors behind this, including stronger targeting and deeper insights, both of which attract an advertising premium. 45% of our digital ad impressions sold now have a deeper data overlay. That's why we continue to invest in 7REDiQ. One of the key factors with targeting is that we can sell all the inventory, which allows us to drive higher revenue from our audience. The willingness of advertisers to use BVOD is greater due to lower relative cost of entry and the ease of buying. This attracts three times the number of advertisers. Another factor attracting new advertisers is our new suite of digital products. We continue to innovate our ad products with interactive or shoppable ads that drive greater engagement and simplify the path to purchase. I'll now hand over to Jeff to take you through the first half financial results in more detail. Thanks, James. Good morning, everyone. Total group revenue and other income of AUD 815 million for the half was relatively flat year-over-year, back 0.5%. This period includes the full half contribution from the Prime Media Group assets, also reflects a slightly softer and tougher market comparable with the Olympics in the prior year. Operating expenses before depreciation and amortization were AUD 610 million. We have performed better on costs and have identified some savings, which means we'll offset some of the incremental NBCU content deal costs. Depreciation and amortization increased to AUD 20 million in the period, with 65% of the increase relating to the acquisition accounting on Prime. EBIT before significant items was down 9% to AUD 185 million. Underlying net profit after tax before significant items was AUD 123 million, 4% lower than the same time last year. Significant items before tax of AUD 13 million were recorded in the period. Seven secured a 39.3% total television share in the first half 2023, which is tracking in line with our target share for the 2023 financial year. Total television market declined 4.5% in the period, which included metro down 6.4%, regional down 1.7%, and BVOD up 5.4%. As previously flagged, Seven's results also include the full half contribution of Prime and an extra week's trading, offsetting the revenue and cost of the Olympics in the first half of 2022. Seven's revenue was effectively flat at $730 million, with growth in digital offsetting a small decline in broadcast and program sales. Costs are tracking in line with expectations up 1.3%. Seven's EBITDA declined 4.6% to $196 million. Seven digital EBITDA represented 41% of EBITDA. WAN revenue was relatively flat year-on-year at $85 million, includes $2.5 million from the extra week. An uplift in paper costs in the extra week resulted in costs 1.8% higher. Excluding the extra week, costs would have been down 1.2% year-on-year. Advertising market conditions remain mixed, with retail the strong performer, while auto and real estate remain weak. Management remains focused on its strategy of holding the line on print, reducing costs, and growing digital. The business continues to perform strongly from an audience perspective, with multi-platform audiences up and a strong performance from thewest.com.au, up 16%. Digital subscription continues to grow, with revenue up 28% in the period. Seven West Media reported a statutory profit after tax of AUD 114.9 million and basic earnings per share of AUD 0.074. Excluding significant items, underlying earnings per share was AUD 0.08. Significant items of AUD 13 million relate to the CODE 7+ project. We delivered strong cash flow generation in the period with operating cash flow before interest and tax up 55% to AUD 204 million. This was bolstered by the timing of certain material payments that fell into the second half. We expect a working capital outflow for the full financial year. Tax paid of AUD 82.3 million reflects PAYG payments for FY 2023 year to date and a tax balancing payment of AUD 61 million, which relates to the 2022 financial year. The company is now making PAYG payments where cash tax should closely track P&L tax. Net finance costs declined 29% to AUD 16 million, reflecting the reduction in net debt over the last 18 months and the lower interest costs on our debt facility. Closing net debt for the period was AUD 186 million. Adjusting for material payment that fell into the second half would have been AUD 223 million. At 0.7x net debt to EBITDA, we remain within our target range. The on-market buyback is active in the market for up to 10% of shares on issue. To date, we have spent AUD 7.5 million on the buyback. The board has also determined to keep the dividend on hold given prevailing market conditions. This will be reviewed again in future reporting periods. CapEx for the full year is still expected to be approximately AUD 40 million. As previously flagged, we will also incur AUD 25 million cost of investment in project CODE 7+ in the 2023 financial year. We continue to work through the onerous contracts with cash flow set to improve materially in FY 2025. I'll now hand back to James to take through the rest of the presentation. Thanks, Jeff. Turning now to our content and some other key priorities. Seven was the number one network across calendar 2022, winning 38 of the 52 weeks. That success was driven by our multifaceted content-led growth strategy, the revitalization of our own entertainment content schedule in recent years, our market-leading sport content led by the AFL, and the ongoing dominance of 7NEWS, Sunrise, Home and Away, Better Homes and Gardens, and our multi-channels. The latter, of course, is now even stronger with the addition of 7Bravo last month. Our success has continued since the end of the first half. In the first five weeks of the 2023 calendar year, in terms of audience shares, we've had our most competitive start to a year in total people since 2018, and our best start in 25-54s since 2019. We've grown our television audience share year-over-year, thanks to 7NEWS, Home and Away, cricket, and Australian Idol. 7plus saw a strong 27% increase in minutes viewed across December and January without any sport content. While conditions in advertising markets have softened in recent months, the pattern is not uniform. As this graph shows, three large categories, retail, automotive brands, and insurance, grew during the six months to December 31. There was also very strong growth in the home and travel categories. The latter more than doubled, fueled by post-COVID travel and an increase in travel companies' marketing activity. Auto is also expected to recover strongly as supply dynamics improve and new launches come through. On the flip side, there were declines in ad spending by governments, restaurants, banks, and communications companies. Turning now to the performance of Seven Digital, this chart highlights the dramatic growth of our digital businesses. Seven's digital earnings have soared from AUD 3 million in the first half of FY19 to AUD 80 million in the most recent period. Seven Digital grew its underlying revenue 29% in the first half of FY23, that is excluding the Olympics, with underlying EBITA up 35%. The BVOD market grew 18% in calendar year 2022, its ongoing growth will underpin growth across the total television market. Growth over summer and the start of 23 has been strong and includes only two weeks of NBCU content. We expect the growth of Seven Plus to continue as we add key new content, including AFL, cricket, and more from NBCUniversal. The ongoing growth of 7plus and other services shows that Australia's appetite for streaming is still on the increase. It's a fundamental shift in how people consume our content. There is a lot more growth to come. At Seven, we're driving both sides of the business. We've established an unbeatable number one national broadcast television business. We are supercharging our digital business for growth. This year, the full launch of VOZ audience measurement data will drive new demand for BVOD, giving our clients an improved picture of the reach of content across the total television ecosystem. Late last year, we ran Australia's first fully converged advertising campaign across Seven and 7plus with leading consumer brand Dove. This end-to-end campaign was the first in the country to be delivered in full across linear television and digital screens at the same time, with audiences moving across the screens of Seven while the campaign was live. The result was a phenomenal 28% incremental unique reach on top of the linear viewing reach. Only 4% of the total audience was duplicated across Seven and 7plus, simply demonstrating that diversifying audiences across both linear and BVOD screens increases the available audience and reach. VOZ was used at every stage to help move the campaign across the different devices and content to reach the brand's target audience in the most effective and efficient way possible. We're seeing positive progress in our key digital priorities for FY 2023. The federal government remains committed to ensuring the prominence of free services on connected television platforms with a public consultation process is currently underway. The industry group Free TV is taking part in the review of the anti-siphoning regime, advocating for it to be extended to the global streaming companies that operate here. We're continuing to improve the personalization of 7plus in order to increase usage and engagement. The early results of our new dynamic user experience indicate a 15% increase in engagement. The first stage of the rollout of CODE 7+ is now live, and the second phase is expected to be completed by mid-2024. This new trading platform spans broadcast and digital and will simplify the buying process, support national and converged buying, optimize inventory, and drive increased revenue. The biggest move by Seven West Ventures in the half was an investment in the rapidly expanding View Media Group. Like all Seven West Venture investments, it was media-led. We invested AUD 12 million in cash and AUD 24 million in contra to help grow the business. Led by industry veteran Antony Catalano and backed by ACM and Thorney Investments, View Media is a real estate, digital media, and agent services business. It comprises a suite of property technology platforms, which offer consumer and business solution in Australia's AUD 300 billion real estate transaction market. There is clear opportunity for View Media to disrupt the property industry. It has a very clear strategy that includes rolling up strategic assets to build its position and setting up group businesses such as a listing portal, real estate marketing agencies, and AI-driven property lead platforms and services. Seven West will be an active shareholder driving the development of View Media Group. In early February, ANZ joined the share register, investing AUD 50 million into the business. You've heard me talk about cost vigilance in the past. This continues into FY 2023. The only changes from six months ago are the inclusion of NBCUniversal costs for the second half of FY 2023, offset by some savings identified to offset market conditions. Total costs for the year are now expected to be between AUD 1.22 billion and AUD 1.23 billion, a reduction compared to the update at last year's AGM. Turning now to the trading update. Early indications suggest that the market may decline mid-to-high single digits in the second half of FY 2023. We have limited visibility at this stage. Within that, the BVOD sector is expected to maintain double-digit growth. We expect to increase our share of the total television market in the current half. Our January and February revenue was weaker year-on-year, in part due to one-off events. While March is tracking slightly better than the first half total television trend. Across the company, we have identified AUD 15 million-AUD 20 million in cost savings to offset the market conditions. That concludes the presentation. Thank you for your time, and we're happy to take your questions in just a moment. Fans are on the edge of their seats. It's building. It's building. It's electric at the moment. Hands on heads. Fans slump. They can't believe what they're seeing. There's the siren. Oh, it's a meal! It is offside. What are we seeing? Just incredible. The Blues fans' hearts break all around the country. It just doesn't get any better than that. It just doesn't get any better. What a feeling. The legend becomes immortal. When we believe. They've blown his skull open. Listen to the crowd. Look at the excitement. How they love it. What a moment. They call my name. The emotions bubble over here at the MCG. The make it happen. Well, if that doesn't give you goosebumps, nothing will. It's the climb you can get to your life. What a feeling. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Entcho Raykovski with Credit Suisse, please go ahead. Hi, James. Hi, Jeff. I've got a few questions. I might ask them one by one, if you don't mind. The first one related to your outlook commentary. You're obviously guiding to some weaker trends into the second half versus the first half. Can you talk to perhaps what's driving that from a market perspective? I'm conscious that there's no Olympics comp, which was reasonably material in 1H 2022. Are you seeing essentially further softening in the market? Yeah. We're gonna go one by one. Look, I think essentially we've still got limited visibility. You know, we've got, you've seen what we showed in terms of January, February or the commentary around that and obviously March. But, you know, the market is short, so we have limited visibility. Are we being conservative or cautious? You know, perhaps. But I think when you look at the range, Entcho, when you look at the numbers, I mean, 5% still means, you know, the market is up, 4% on 2019. Even at the highest end of guidance, you know, the market will still be up 1% on, 2019. You know, with all the sentiment out there and, you know, what we're seeing, you know, I think it's, you know, it's obviously, you know, where we see things. Categories we've split out for you. You know, much stronger retail period. A lot of government spending. We're cycling against that, plus of course, Olympics. We are seeing, you know, some strong category growth in things like automotive as the supply chain catches up as well. You know, time will tell, and we'll see where the market lands. You know, that is obviously, you know, where we feel comfortable from a guidance point of view. Okay, that's very useful color. Secondly, the additional cost savings that you've identified. I appreciate there's probably a number of areas, but can you give us any more color on where they're coming from? Is there any concern that perhaps they'll impact revenue in any way? Yeah, I mean, I think to be very clear, they're operational savings. You know, Prime's achieved much more than we thought it would, you know, from an operational point of view, and that's been sort of a big area. A bit of discretionary, you know, sort of spending. The gentleman sitting to my left, you know, I think our cost control, you know, and our rigor on costs, has been extraordinary and continues to be so. You know, as we've said many times, if it's not a dollar to drive revenue and if it's not a dollar to reduce debt, then the dollar's not spent. I think you can see that in all the deals that we've done, you know, particularly around sports rights, you know, economics over ego, which we've said consistently. I think very clearly, you know, to put a fine point on it's not about headcount reduction, it's not about reducing content. It is absolutely about operational savings, which, you know, we're seeing across a range of areas. Okay, great. Final one from me. I mean, obviously you signed the new cricket deal recently. How confident are you that it can deliver a break-even outcome, I guess or better for that matter? I'm just conscious that you're taking at the moment an onerous contract provision of, I think it's about AUD 35 million on the existing deal, but you're getting a AUD 10 million saving on the new deal. Whilst, I mean, it looks, I mean, it looks like a really good outcome in the context of sports rights, is there still a concern that it might end up being a loss-making property? I mean, we wouldn't have done the deal if we hadn't, you know, done the math. Our expectation is that it's not an onerous contract. In fact, you know, we're very confident to say that. You've got to remember, Entcho, that, we've got the digital rights So, you know, the streaming of particularly summer sports, you know, let alone winter sports. Between the AFL and the cricket, if you look at current run rate, it's about three billion minutes, you know, across the season. If you think about that whole season running, you know, winter sport dominant, summer sport, and you start to put it together. The Big Bash alone, with the improvements that Cricket Australia made this year of, you know, the test players playing, of clearing out the white ball season at the end of the year in future contracts, more prime time games, you know, bigger crowds, more meaningful results, you know, we're extremely confident, you know. Quite frankly, Cricket Australia are motivated financially to make the BBL work. They've made some good gains from that perspective in terms of what we saw this season. We're very confident with that deal moving forward. Your next question comes from Ben Rada Martin with Goldman Sachs. Please go ahead. Morning, James and Jeff. Thanks very much for the questions this morning. I might just ask three, if that's okay. Sure. First one's just I guess on capital management. You've obviously kept the dividend on pause, given the kind of market that we're seeing at the moment. Maybe just interested to see what kind of, what kind of difference you would need to see to move back towards that one to 1.5 times leverage position, knowing you guys have a bit of headroom now. Then my two other ones, second would just be on trading commentary. Obviously acknowledge your Jan, February, and March points. Just interested, is this relative to what you did in the Seven Group for the first half, so the need of 0.3% growth, which is kind of an underlying measure if you strip out Prime and Olympics? Finally, just on the NBCU, you know, take the point on growing share through that added content. Interested, is it right to assume that you kind of, you guys are baking in about a 2% increase from that slide 6 chart you provide? Thanks very much. Okay. Thanks, Ben. There's a few there. You know, I think from a, you know, dividend point of view, you're right. The board felt it prudent, given prevailing market conditions, to keep the dividend on hold. Obviously, we will address that and reconsider that in six months. I think the important point to, you know, really focus on is getting out of the onerous contracts. You know, doing good sports deals, which include digital rights and sort of, you know, getting to a point which we've always talked about around FY 2025 of making and generating significant cash. The options remain open to us. Certainly from a leverage point of view, if things make sense, and again, I go back to the point that we've been extremely patient. We've only done good deals. You know, we will not do deals. Speculation always flies, you know, around Seven in terms of what we're looking at, what we're doing. I can tell you right here and now, we're very focused on digital growth, getting out of all the onerous contracts and obviously paying down that debt. They're the focuses for us. I'll let Jeff talk about trading commentary and NBCU. Sure. From a trading perspective, Ben, what we talked about was the market being down in that mid to high single digits. Seven taking share in the second half, expectation that we take share. We come back to a different perspective on how is trading so far in the half. What we've seen so far is January and February below the first half trend of that sort of -4.5% from a market perspective. Bearing in mind that February last year, we had the Winter Olympics in Beijing, so we're comping against that. March is tracking relatively better compared to January and February, so slightly better than that trend from the first half. In terms of NBCU, you know, we haven't given a share target update, you know, a share target sort of guidance on what we've done from an NBCU content perspective. Yes, you can assume that, you know, we're looking to increase share on the back of the NBCU content that we put in place from middle of January this year. Yeah, I mean, December, January, when you look at the market, which had two weeks of NBCU, we grew 27% to, 347 minutes in the market- This was on 7plus. On 7plus. In a market that grew 18%, and that was a huge focus of particularly the VOD category of NBCU. You've seen the growth we've achieved in EBITDA and obviously in overall minutes without sports rights. We're at pains to show the digital future with the content deals we've done between NBCU, Cricket and AFL, obviously. The next question comes from Darren Leung with Macquarie. Please go ahead. Good morning guys. Thanks for the opportunity for the questions. I had three as well, please. Just on that market share piece and the content piece. We can obviously see that there's aspirations for BVOD to get to that low 40 mark. I wanted to confirm, I think in the past we had a target to get towards over 40% in total TV. Does that target still stand? Yeah, absolutely. I mean, we talked about getting to 39% in FY 2023, which we're on track to do, and then from 2024 to get to 40+. I think what that chart is showing, though, Darren, is actually the overall potential on today's run rate in a performer. It could well outperform that in terms of our expectations. You know, hopefully the market can see we're conservative in terms of the deals that we do, number one. Number two, you can actually drive higher revenue shares, you know, based on the content as well. We're already, you know, we split out a total television share. We don't necessarily split it out, but we're already north of 40% in our share of the BVOD market. You know, I would think we'd be, you know, looking pretty good in that area, when you sell it from a conversion perspective. Yep. Understood. Just the second one was on the cost savings. That AUD 15 million-AUD 20 million identified. When we sort of compare the new cost guidance that you guys have compared to what we had at the announcement of the NBCU deal, it looks like it's only down 5%-20%. I'm just trying to get a feel for what the change is. Yeah. that NBCU deal. I mean, obviously, there's continuous pressure from an inflation perspective, Darren. We're constantly looking at that. The aim is to get the target to the target that we've laid out in the presentation for the year and continue to keep tight control over costs going forward. Got it. Just a final one. I'm sure you guys have seen the media speculation around M&A. Any comments you could provide there would be of interest, if it's around, you know, thoughts on the balance sheet, the appropriate leverage. I mean, as I said earlier, Darren Leung, there's always speculation around us. I can unequivocally say there is nothing on the table. There is nothing we've put in front of the board, there's nothing we're considering. We told the journalists that on Sunday, again, you know, they choose to write it. There's absolutely nothing that we're looking at at this point of time. Our focus is on continuing digital growth. We just had a huge six months, obviously, in terms of sports rights, which I talked about in terms of all the, you know, various sports rights that came through. Our focus is on, you know, making sure that we're well-placed in growing our share into the recovery, you know, that we feel will come. The next question comes from Tom Beadle with UBS. Please go ahead. Oh, hi, guys. Thanks for the opportunity. I think most of my questions have been asked, but I've still got a couple. Just, sort of follow up, just, I guess, on costs. Just obviously, you've managed them really tightly in recent years. You know, how much more flex is there now in the cost base? Just both, I guess, for investment if conditions improve, firstly. Secondly, to lower costs further if conditions do happen to deteriorate, either towards the end of the half or in next year. Look, I think you've always got options. You know, like I think NBCU was a great example of that. You know, something that was gonna be meaningful to drive our digital earnings. You know, and we've said that before, as long as it makes sense. I think it, you know, goes the other way. If there was a prolonged downturn, you know, then we could look at a range of, you know, sort of things across the business. You know, when we came out of the previous downturn, I think our share was around that sort of 35%-36%, from memory. Probably. You know, getting back to that 39, seeing a path to be 40+. You know, total television, you know, both linear and VOD is now a two-player market. We're determined to keep on, you know, really pushing ourselves forward in that sense. The next question comes from Roger Samuel with Jefferies, p lease go ahead. Oh, hi. Morning, guys. I'll stick to two questions as well, and I'll ask them one by one. Firstly, so you launched 7Bravo in January. Just interested to hear from you how's that channel tracking. Obviously, you've got an impact from the tennis in January. Yeah, how is February tracking for 7Bravo? Yeah. Look, it's doing what we expected. It's launched to around a sort of 1-ish share, and then, well commercial share is higher and doing very well in the female demographic, which we talked about. It's, it's a channel, but it's also, you know, a massive VOD catalog on 7plus. You know, I talked earlier about the growth in minutes and what we're seeing, you know, from that perspective. You know, we launch it officially to the market on the 24th, which I think is Friday week from memory. You know, it's been well received by the buyers and, you know. We always talked about a ramp-up period. People need to find it on channel 75, and then people need to, the buyers need to see a trend. You know, so far so good and, all on track in terms of our expectations. Okay. My second question is on the investment into CODE 7+. I think you gave some guidance into how much you invest in there, AUD 5.3. With the projects gonna be completed by mid-2024. How much more are you gonna spend in FY 2024? Roger, I think from memory we said six months ago that the total project was about AUD 40 million over the term, and so AUD 25-ish in this fiscal year and the balance in FY 2024 to get it fully rolled out. I think from memory, we called out 6 months ago payback on that project's about two years. Still confident in that one delivering to plan Okay. All right. Lastly, just on your investment in View Media Group, do you expect any potential synergies with your existing assets, for example, Prime? I mean, I think, you know, we look at ventures through the lens of, you know, what can we do to drive them? You know, from the possibility in terms of digital growth, and accelerating, you know, a company of that, you know, sort of magnitude, is something that we think is pretty exciting and, you know, it's great to see ANZ come in with a AUD 50 million investment. For us driving it, you know, and integrating it through, you know, our assets, that's where the value is for the View Media Group, if anything. Yeah. I mean, the data piece is interesting too, right? Yeah. You know, a lot of data in those businesses and, you know, we've got a pretty substantial data platform with 7REDiQ. We'll be looking to, you know, integrate that where we can and drive some benefit back towards Seven from that investment. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Brian Han with Morningstar. Please go ahead. Good morning, James. I'm interested to know, do you think, economic sensitivity of BVOD revenue is less than that of linear TV, or do you think it's pretty much tied together now that you're going with this total TV concept? Total TV. Look, you know, again, I think when you look at something like the Unilever Dove campaign, you know, which we put out a, you know, press release on. I mean, the results are, you know, pretty staggering when you look at the fact that only 4% of the reach was duplicated. You know, what we're seeing is people are still talking about overnight ratings. The seven-day ratings, you get the catch up, but you actually get the BVOD and VOD number over seven days. VOZ is... I can put my hands on it. I can almost touch it and feel it, being a director of [OzTAM]. It's not that far away, and that's been talked about for a long period of time. Convergence is, you know, sort of where it's at, which is why things like CODE 7+ and the way in which you trade are so important for us and being easy to deal with. You can see the value of it. You've got a mass broadcast reach with Seven, and you're selling that ad, and you're getting to as many people as you possibly can. I don't think there's any more effective medium in doing that. With BVOD, you've got a highly targeted, you know, addressable campaign that you can sell many times over. You can sell to every demographic and sell in every way with data. You know, incredibly powerful. The BVOD CAGR. I mean, when I started back at Seven, it was a $100 million market. In the ThinkTV numbers that came out, it's closer to AUD half a billion, and it's got a CAGR through to 30%, which is in line with where PwC talked about in sort of getting to 2026. It will become increasingly important, and we need to measure it properly, which as I said, is not far away. Hopefully that answers your question. The next question comes from Jonny Hunt with Evans and Partners. Please go ahead. Hey, guys. Thanks. Just two from me. The first one being with BVOD growth and the generating increased ad yield, is it mainly customers paying more or are you seeing it come from different customers? Like, how much of the revenue is coming from kind of, you know, linear TV versus incremental spend and taking from digital advertising? The second question I had was just the impact of, you know, the streaming platforms like Netflix and Disney coming to advertising revenue. I know three months ago they had challenges getting up and running, but have you seen anything different since then? Thank you. I mean, I think with BVOD, we called out, I think at the last results presentation, that we had a significant number. I can't remember the number off the top of my head, but we had a significant number of new clients that were coming in chasing quality video, you know. We're starting to, you know, swim in that extra pool that was dominated by YouTube. They serve their impressions on two seconds or three seconds when you're waiting to hit the skip button. We only measure them on sort of, you know, the 15 seconds. The quality of the video, the brand safe environment, you know, and the fact that, you know, it's reputable content, you know, something that clients have really sort of leaned into with BVOD or will continue to do so. We also package, you know. When you look at our major sponsorships or our major sports, you know, people will always package, and they'll take, you know, both, usually, you know, sort of take both, you know, sort of linear television and then obviously the BVOD service as well. From a streaming point of view, not really yet. I mean, I think there's sort of ramp up periods, you know, with Netflix and those types of things, but, you know, again, there's not a lot of measurement, you know, for them and, you know, serving ad impressions and all the rest of it. I think it's too early to make a general comment, you know, on how that's, you know, what shape that looks like at the moment. Your next question comes from Fraser McLeish with MST Marquee. Please go ahead. Yeah, thanks. Just a quick one probably for Jeff. Just to help with our modeling, if you don't mind. We obviously still model the market, like probably most people do in terms of metro, BVOD, et cetera. Would you be able to just confirm what your metro market share was in the half? That would be very helpful, please. Sorry, Fraser, we're not gonna hand out the metro market share number. We're a total TV national business now, so that's the number we're reporting. You know, sorry, but happy to help. You know, post the call, try to, you know, sort it out. You know, we're not giving out metro, regional or BVOD splits at this point. There were no further questions at this time. I'll now hand back to Mr. Warburton for closing remarks. Well, thank you very everyone for your attendance this morning. We look forward to seeing you on the roadshow. We think there's very exciting times ahead for Seven West. Thank you.