Thank you for standing by, and welcome to the Seven West Media FY23 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 1 on your telephone keypad. I would now like to hand the conference over to 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 the Seven West Media results for the 2023 financial year. I'm James Warburton, Managing Director and CEO at 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. Seven West Media is Australia's most connected news, sport, and entertainment brand. It's the undisputed leader in the national total television market, reaching 91% of the Australian population every month across all of our assets. In FY23, the group generated revenue of just under AUD 1.5 billion and EBITDA of AUD 280 million. Seven's unparalleled and unmatched national reach underpinned our revenue share in FY23. We achieved our total television revenue share target of more than 39% in the first half and fourth quarter of the financial year. This was a very pleasing result against FY22, which included 2 Olympic Games. Excluding the Games, we achieved underlying share growth in every quarter of FY23, with full year growth of 1.2 share points. This share growth was achieved against a cost base that we managed in line with the outlook we provided this time last year. We drove temporary and permanent savings to offset the first half year of NBCUniversal and other unexpected costs, and held year-on-year cost growth at less than 1%. These outcomes were achieved in a soft total television market that declined 7.9%. Our expanded content deal with NBCUniversal is driving digital audience growth, and is on track to deliver 2 billion minutes of content a year. Next year, we add the biggest winter and summer sports, the AFL and cricket, to 7plus, which will be an absolute game changer. It's the first time in history that these sports will be available to be streamed for free. This will have a huge impact on the growth of 7plus. Underlying EBITDA from our digital businesses increased 17% in FY23, excluding the Olympic and Commonwealth Games. Digital now accounts from 49% of underlying group earnings, up from just 2% 5 years ago. Given this growth, we continue to invest in driving digital leadership. This slide outlines our key financial results for FY23. We see this as a solid performance in a pretty challenging environment. Revenue declined 3% to approximately AUD 1.5 billion. As mentioned, the total television advertising market declined 7.9% during the year. Operating costs were well managed within the context of our continued investment in programming and the ongoing inflationary pressures across our business. Excluding depreciation and amortization, our costs increased by 0.9% over the year prior to AUD 1.2 billion, which was in line with our most recent guidance and reflected the benefit of temporary cost savings. EBITDA declined 18% to AUD 280 million, and underlying net profit was AUD 146 million. Net cash flow before temporary and capital items was $155 million. Net debt of AUD 249 million was down slightly from AUD 256 million in the prior period, with prudent leverage of 0.9x maintained. I'll now hand over to Jeff to take you through the full year financial results in more detail. Thank you, James, and good morning, everyone. Total group revenue and other income of AUD 1.5 billion was down 3% against FY22's result. Revenue for the year was impacted by softer market conditions and some tougher market comparables. Excluding major events, Commonwealth Games and the Olympic Games, the group grew underlying market share during FY23 to partially offset these market conditions. Operating expenses before depreciation and amortization were AUD 1.2 billion. Costs were up less than 1% year-on-year, with tight cost control and temporary cost savings identified to offset the incremental NBCUniversal content deal costs. Overall, costs were in line with expectations. Reflecting SWM's operating leverage, EBITDA before significant items was down 18% to AUD 280 million. Depreciation and amortization increased to AUD 42 million for the year. This increase primarily relates to the amortization of the acquired Prime assets, including the amortizing intangibles. Significant item expense after tax of AUD 1 million was recorded in the period. Underlying net profit after tax, excluding significant items, was AUD 146 million, 27% lower than the same time last year. As has already been mentioned, the total television market declined 7.9% in the period. The metro market declined 10.6%, regional was down 4%, and BVOD was up 6.1%. While the first half of FY23 saw a decline of 4.5%, the total television market softened in the second half as consumers started to feel the pain of increasing interest rates. Against some tough comps, the total television market declined nearly 12% in the second half. Pleasingly, the BVOD market maintained its positive momentum. Having set ourselves an ambitious target to retain an FY22, 2 Olympics, 39% full-year total television share, Seven outperformed in both the first half and the fourth quarter. While we finished the year with a 38.5% total television share, pleasingly, we achieved some underlying growth in every quarter of FY23. Ex-Olympics and Commonwealth Games, underlying share growth year-on-year would have been approximately 1.2 share points. We remained absolutely focused on continuing to improve our offering at the beginning of the calendar year, the smallest quarter by market size. As flagged this time last year, Seven's results now include the full year contribution of Prime and an extra week's trading. These offset the revenue and cost of the 2 Olympics in 2022. Seven's revenue decline therefore effectively reflects the net market decline and share gain experienced in FY23. From a category perspective, we experienced weakness in food, retail, and government, while travel, auto, and insurance all grew year-on-year. Digital revenue and EBITDA were broadly flat on the prior year on a reported basis. Underlying digital EBITDA, excluding the impact of the Commonwealth Games and Olympics, saw a growth of 17% during the year. Over in the West, management remains focused on its strategy of holding the line on print, reducing costs, and turbocharging the digital opportunity. From a digital perspective, growth in audiences to record levels and new products saw digital subscriber revenue up 17% year-on-year. WAN revenue was up slightly in FY23, driven by the 53rd trading week. Adjusting for this week would result in a relatively flat year-on-year outcome. Advertising market conditions remained mixed, with retail a strong performer, while auto and real estate remained weak. The key drivers of WAN's cost growth included paper costs are up almost 100% year-on-year, driven by supply issues, energy, and shipping costs. Pleasingly, these are starting to reduce. The extra week also added to the FY23 cost base. Seven West Media reported a statutory after-tax profit of AUD 146 million, and basic earnings per share of AUD 0.094. Excluding significant items, underlying earnings per share was AUD 0.094. Significant items, pre-tax of AUD 7 million, relate to the Code7+ project being partially offset by gains recognized on our ventures portfolio and property sales. We have changed the way we present the cash flow table in FY23 to highlight the recurring, temporary, and capital items impacting cash flow in the year. Working capital now represents normal movements in typical items such as accounts receivable, payable, program work in progress, deferred income, et cetera. It also includes approximately AUD 5 million of non-cash ventures contract utilized during the year. We have split total tax payments in the year of AUD 86 million into two components, the FY23 related payments of AUD 27 million, and the previously flagged balancing payment for FY22. We should now be in the normal cycle of tax payments. The balance of the recurring cash flows include net finance costs, CapEx, and lease payments. After these outflows, Seven generated cash before temporary and capital items of AUD 155 million in FY23, 19% lower than FY22, in line with the market-led EBITDA decline. Temporary and capital items include onerous contract payments. We're now in the last year of the old cricket deal, onerous should reduce to approximately AUD 2 million per annum after FY24. We also have roughly a year of Project Code7+ implementation costs to go, with a similar number expected for FY24. We spent AUD 15 million on the buyback in FY23. The program has been extended into FY24. We finished the year with net debt of AUD 249 million, a decrease of AUD 7 million from FY22, and leverage of 0.9 times. Maintainable leverage remains a key focus. As we look forward to FY24, we expect CapEx to be broadly in line with FY23. The move from Martin Place to Eveleigh is now complete, meaning for the coming 40 years, everyone in Sydney is under one roof. We will be looking to finalize the exit from Martin Place, either by sublease or exit, as soon as possible. We have determined to keep the dividend on hold, given prevailing market conditions. This will be reviewed again in future reporting periods. Costs continue to be a focus for the group, with FY23 costs ending within guidance provided at AUD 1.208 billion. We look to FY24, the second half of the full-year NBCU costs will be largely offset by Comm Games and extra week costs incurred in FY23. Other FY24 cost increases are expected to be driven by incremental content hours and digital capability investment, with underlying inflation expected to be around 2%. These investments are focused on improving the user and client experience across our product range. FY24 cost base will also include the cost for the current broadcast of the FIFA Women's World Cup. Excluding the impact of the World Cup, Seven West Media's two-year cost growth is expected to be approximately 2.6% for annum, based on the midpoint of the FY24 forecast. I'll now hand back to James to take through the rest of the presentation. Thanks, Jeff. As mentioned before, Seven is the undisputed national total television leader. Our broadcast network was number 1 in reach for FY23. Regional Australia represents 36% of the national population, and Seven is the dominant force of television regionally by a country mile. Our 7plus platform now has 13.5 million verified users. More than 10 million were active during FY23, and nearly 6 million were active during the fourth quarter, before the Women's World Cup had even begun. No one can match our audience reach of 91% across television and premium long-form digital video and all of our other assets. Every month, our television and digital business alone reach 17.5 million Australians. With the launch of the VOZ audience measurement data this year, we now have a singles source of truth about the all-screen reach of consumption of our content. VOZ is also a game changer in terms of monetizing our audiences. It captures viewing that is currently not being monetized, and it reduces friction and complexity for advertisers by providing all the viewing data nationally and across all platforms. A clear and strong focus on national total television means we are competing in a larger market. That market consists of the AUD 3.6 billion metro subscription and regional television ad market, the BVOD ad market, which now stands at AUD 460 million a year, and is expected to grow to AUD 1 billion over the next 3-5 years, and the similarly fast-growing AUD 2.5 billion AVOD market. Underpinning all of this is Seven's audience reach, and the fact that we deliver more mass cultural experiences than anyone else, thanks to our leading content. Seven News and Sunrise have dominated their time slots for years. Our entertainment content lineup is strong, as demonstrated by the success this year of Farmer Wants A Wife, Dancing With The Stars, Home and Away, and The Voice, just to name a few. Our sport is the most watched in Australia, including the AFL, cricket, Supercars, horse racing, and of course, the incredible success that is the FIFA Women's World Cup. Next year, we'll add AFL and cricket digital rights to 7plus. For the first time, Australians will be able to access online the best games and video content, live and free, in a way that suits them. Content and audiences are at the center of everything we do. The decline of television audiences, ironically, gets a lot of column inches in newspapers, and it seems to be a favorite conference topic. To be fair, for years as an industry, we haven't done ourselves any favors by focusing attention on the smallest possible audience number, linear broadcast only. In our view, the constant talk about advertisers moving away from television is overdone. VOZ is, and will continue to be, a game changer for the industry monetization. We're at the beginning of this exciting opportunities to sell the total television story, powered by VOZ. At Seven, we're underpinning rich data from VOZ with our first and second-party data sets, and we are now introducing new tools to allow us to further enhance commercial outcomes, audience acquisition, activation, engagement, retention, and monetization. We still have a way to go with some of the tools. Code7+ remains an essential part of the mix. But others, like AI-driven personalization and other investments in the platform experience, are already making a significant contribution. From an acquisition perspective, television audiences are consuming more minutes of long form than ever before, with minutes increasing by just under 100 billion in 10 years. People are watching more premium long-form video content than ever. Broadcasters have now become much better at audience activation and are taking the lion's share of these minutes. In FY23, free-to-air platforms accounted for more than 70% of total long-form video minutes consumed on free-to-air and paid SVOD streaming platforms combined. Excluding the Olympics, this has grown 5% year-on-year. Engaged audiences are more likely to be retained on platform. Those engaged audiences need to be measured effectively. This chart shows the potential of effective measurement. One episode of Farmer Wants A Wife reached 2.2 million people overnight. After 7 days, that reach had grown 12%. Over the series, audience reach was a staggering 4 times higher than a single episode, at nearly 9 million people, and that was up 20% compared to the 2022 series. Audiences clearly remain engaged with total television, and those engaged audiences can now be monetized. We've only just started telling this story to our advertisers. Selling on a converged basis with our rich attached data, optimizes commercial outcomes for both clients and Seven. We can capture a greater share of market, increase audience reach, and lower cost per reach points. Our aim is to be Australia's most connected news, sport, and entertainment brand, and we will do that by delivering on 4 key objectives. The first is to accelerate our digital future. That involves building Australia's most loved and watched streaming service with 7plus, to drive maximum audience, revenue, and profitability. The second objective is to enhance and elevate our brand. In a highly cluttered and competitive market, we need to ensure that the Seven content and brand remains relevant, compelling, and different. The third objective is to optimize the business. We will double down on our focus to lead the market in audience and revenue shares. We will work on our core assets harder, save sensibly to invest wisely, and drive an efficient business in order to be more effective. We have a strong track record of managing costs, and this will continue, as will our focus on maintaining a healthy balance sheet. Importantly, all our major sports deals are done through until 2031. The fourth and final objective is to partner for growth, and we will look for new initiatives that drive revenue. A great example of this is the One Platform initiative with NBCU, where we contribute to global partnerships, and that enables us to generate revenue from clients worldwide. The foundations of our strategy are in place. We have a strong, engaging content schedule, and the digital rights to the AFL and the cricket are a massive present under the Christmas tree. The VOZ audience measurement system is clearly showing the power of total television and its effectiveness for clients. Our ongoing investment in 7plus is driving increased user engagement, and our new trading platform, Code7+, will improve our ability to increase our share of the AUD 6.5 billion video advertising market. Turning now to the trading update. Our FY24 content schedule is optimized to maximize our total television audience share and to drive our revenue share target. We're targeting a 40% total television revenue share in FY24. Recurring costs are up as we invest in content and digital, well less than inflation over the last 2 years, and we continue to look for ways to drive efficiency into the business. We expect the total television market to stabilize during the first half of FY24 as the market cycles against easier comps for the second quarter. Early trading indicates Seven's underlying revenue is tracking to FY23 market trend in July and August, and currently we're pacing slightly ahead of last year in September. That concludes the presentation. Before we take questions, here's a sneak peek of SAS Australia that airs later this year. Get down! On the ground. Get out of there. Hit him. Deep in the desert, they're just like a speck of sand. Move! Move. The selection process is the most brutal- Hurry up. Come on! Go, go. -hardest military course in the world. What's going on? Give me a readout. You are now in charge of a live grenade. Hey! You trying to kill us? What the are you doing? Do you think if I didn't have dragged you out, you're a dead man. I was found not guilty. You tried to put 1 over my eyes. The selection process is designed to strip you down until you're vulnerable. You are about to be buried alive. Thank you. 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, then two. If you're using a speakerphone, please pick up the handset to ask your question. The first question comes from Eric Choi from Barrenjoey. Please go ahead. Morning, guys. I just had two. Thanks for the questions. First one, maybe for Jeff. I just wanted to confirm some of the TV PCP comps, at least based on what I can see from the SMI data, which I realize doesn't capture BVOD. It looks like you guys are guiding to a flatter second quarter versus, I reckon, a -7% in the PCP. Then when you run into the third and fourth quarters, I reckon the PCP comps turn into sort of -13% and -14%, which suggests growth should be better. Yeah, if you could confirm those comps. The second question, just for James. Actually really appreciate all the slides that you've put in on BVOD, and aggregating the TV if you don't think it's well understood. It looks like the data is definitely there. Just chatting to the industry, I think the view is there still isn't an integrated solution where agencies and advertisers can buy all of that, I guess, aggregated audience together. I guess, you know, some of the agencies are saying the first network to crack this will be the biggest beneficiary. Just your thoughts on how you're going to monetize that in terms of presenting an integrated buying solution. Many thanks. Morning, Eric. I'll take the first one. Thanks for the questions. Just in terms of where market was in FY23. Q1 was -5%. We had the Olympic Games comps in that quarter, so we think the market was probably flattish when you take the Olympic Games out. We started to see the market soften late October into November, the market in Q2 was -4%, and that was clean, as I say, you know, like for like comps. First half was -4.5%. From Q3, Q4, we started to see that market really soften. Q3 was -10.5%. Q4 was -nearly 13%, so the second half was -12%, roughly, and for the full year, -7.9%. We called out in the trading update that we're seeing July and August tracking back towards that sort of FY23 trend of sort of -8% when we strip out the comp games. It was in that sort of 1st quarter for us last year. What we're seeing from a September bookings perspective, so what we've actually got in the book today, that we're tracking up slightly in September. We're doing that, we're calling that with some, you know, pretty solid bookings in, into the month already. Too early to call October, certainly we'd expect that once we get to those easier comps, then we shouldn't be having the, you know, sort of -10%, -12% that we've been seeing, certainly in, in calendar 2023 continue into 2024. James? Thanks, Jeff Howard. Thanks, Eric Choi. You know, the only other thing probably worth, you know, sort of noting is that, you know, Seven is gaining shares. We've started FY24 in a really positive note. We've seen our ambition. We've talked openly about, you know, sort of getting, you know, putting a 4 in front of the share. I've said for a little while now that it's a two-player market. We're seeing some of the worst shares we've seen on record for the third player, and that is actually looking in FY24, going sub-20 into the teens as well. I think that sort of plays into the strength of Seven and our programming schedule, and digital growth. I think, you know, Eric Choi, the, the, the key thing around VOZ is it is going to be the industry standard. You know, there's a lot of work behind the scenes in terms of gold certification, all the different systems and post-analysis systems that media buyers use. This will become the currency in the first quarter of next year. You know, there's a lot of work to get there. People don't really like change. I mean, it reminds me of when we moved from diaries to peoplemeters, some time ago. As this becomes the currency, we start to look for the rich numbers and, you know, that VOZ data at 3:00 P.M., or it's now slightly earlier at sort of 2:00 P.M., is absolutely hidden from industry view. We're really pushing at an OzTAM board level for that to become the standard and for that to be pushed out to the industry much earlier, hopefully by about 11:00 A.M. That's a work in progress, but come next year, we've talked about VOZ for a long time, but it will become currency, and it will have a huge effect on showing the true effectiveness of all the screens on freeway television. The next question comes from Entcho Raykovski from E&P. Please go ahead. Morning, James. Morning, Jeff. I also had a question around just that, the, the near-term trajectory and your comment around September tracking up year-on-year. Thank you for providing color so far, but I'm just interested specifically for September, the fact it's up. Is there any comps impact which is driving that? Or do you think it's just market improvement? I have a couple of follow-ups. Do you want me to ask them now or leave till later? Yeah, go ahead. Go, go ahead, yeah. Go now? Okay. The second one is on BVOD market growth. It's obviously slowed down significantly in FY23. I'm just interested in what you put this down to, whether it's the market, any sort of worries that it's sort of stopping the penetration. It also seems to have slowed down from your prior guidance for BVOD to maintain double-digit growth in the second half of 23. I don't know whether maybe May and June were particularly weak. If you can comment on that, would be helpful. My final question is, this has got a bit of publicity, how do you assess the risk that gambling advertising restrictions will be imposed, and what can you do to mitigate? Thank you. Thanks, Encho. I'll, I'll take the second two, and I'll let Jeff circle back into the September trading. You know, I think essentially, I mean, the BVOD market growth was 6%. That comped against 46% growth the year prior, which of, which of course had the Olympics in it, which had a dramatic effect. I think when you look at the relativities and look at the CAGR across sort of 4 or 5 years, you're seeing, you know, quite a significant level of growth. Similarly for Seven, you know, we had those two big... Well, it was Olympics and Commonwealth Games, really, those two big, you know, sort of drivers. I mean, to put it in perspective, the Matildas through the games that we've had so far is... I think last Saturday was something like 100 million minutes, so it's quite a, you know, quite a lot of inventory from that perspective. We're not really worried about the growth in BVOD, and as my earlier comments around, you know, VOZ and the true reach of, you know, what we're achieving is something that's really important. I think with gambling, it's important to note that that was a parliamentary committee that put, you know, a form of recommendations to the government. You know, free-to-air television is already highly regulated. As an example, we can't put ads in live sport, you know, prior to 8:30 P.M. as it sits at the moment, but yet there's a lot of signage, you know, ground signage from stadiums and, you know, things like that, that drive frequency. It's got to be a solution across the board, from everyone, from, you know, the, from the broadcasters, you know, online, outdoor, and, and the codes themselves. You know, we think we play an important part in that, and, you know, we're obviously working with the government, you know, to do our part. You know, again, we'll see where that regulation goes, you know, in, in the future. I think there's a lot of work to go, work to do on that yet, so far. There'll be more work to do on that, and as I said, it needs to be across the industry. It can't just be on free-to-air television. Sorry, first question, thanks for that. To talk to what James sort of mentioned before, we are seeing- we think we're seeing share growth in, into the quarter, so that's helping us, as opposed to it's not just market, we think. From a comps perspective, there was nothing really in September last year that's not in September this year, so it's a relatively normal month for us. AFL finals obviously are in both years. There's no World Cup impact in September. It's all done by this Sunday. So it's a pretty clean month comparing year-over-year. The next question comes from Ben Rademarten from Goldman Sachs. Please go ahead. Hi, James and Jeff. Thanks very much for the question today. I've just got three, if that's all right. Maybe just the first one on, on the cost base. Now, you've outlined that, you know, you'll continue to look for ways to, to, I guess, drive efficiency into the business. Is that, is that reflected at all in the, in the FY24 cost guidance? Or I guess, would you guys need to see a bit of a deterioration in your ad market outlook, to potentially look at those, those levers more closely? And then the second one, just on the July and August trading, maybe just clarifying, your underlying commentary. Just confirming this doesn't include any, any of the benefits you guys might see from the, from the Women's World Cup, as a one-off event. And then finally, just on the West, maybe Jeff, just on your comments that, you know, the management team is focused on growing digital and, and holding the line on print. You know, is, I guess, this your expectation for FY24, or may the ad market potentially make that a little bit difficult into next year? Thanks. Thanks. Thanks, Ben. I, I mean, I think again, with the cost base, we've been pretty specific in terms of, you know, the 2% inflation, the additional hours. We've, we've tended to run out of content towards the back end of the year, and, you know, really not, I suppose, you know, persecuted, the bigger revenue months of October, November, in particular. And so we, you know, are, are very comfortable and on a bit of a roll, to be honest with, you know, sort of our ratings at the moment and our share growth, and we think we can continue that, from that perspective. Obviously, we're also, banking, and we showed at the Macquarie Conference, you know, how the market after a downturn always rebounds. You know, we obviously will continue to look at levers as we did this year, should the market deteriorate. I think the important thing with the Women's World Cup is that you've got to remember, the audience has been absolutely unbelievable, and we've loved, you know, telling the narrative of this wonderful team, and, go the Matildas tonight and hopefully all the way on Sunday. There's no ads in the telecast. All this notion around. Sorry, no ads during play, during extra time, during penalty shootouts, so it's quite limited in terms of its commercial ability. What I do like about what we've done as a team is there's probably been AUD 500 million spent on soccer rights. We picked the eyes out of this by seeing, how incredible the Matildas were at Tokyo. We thought as a home World Cup, how amazing, this story would be, and it's, it's, it's exceeded all of us, our wildest dreams. It drives our schedule and drives our dominance, moving forward across our higher schedule. All right, Jeff, talk about the West. Yeah, the West. Not, not really expecting any sort of material change in trend in the West. You know, driving that digital revenue forward has been an absolute focus, and that, that continues to, to go pretty well. In terms of digital, you know, advertising revenue, also subscriptions, you know, the products that we're putting out to attract audiences to our products. We continue to roll new products out, and they're offsetting some of the challenges that we see around the, the print advertising categories. We're not expecting any material change in that. In terms of, you know, there's an allocation of, of Google and Facebook into the West. Again, not expecting that to change. It should be, you know, relatively, you know, what we, what we would be normally expecting for the West into 2024. The next question comes from Lucy Huang from UBS. Please go ahead. Good morning, James and Jeff. Thanks for taking questions. I just have 3 as well. Just firstly, if I can clarify on the BVOD point, too. Just wondering if whether you can give us some color as to 1st quarter, where we... Whether we've started to see growth returning back into BVOD markets, noting that 2nd half, we were comping a pretty high comp. And then my 2nd question is just on the target for 40% revenue share in FY 2024. Where are you expecting most of these share gains to come from? Is this metro or regional or BVOD markets? And maybe if you can give us some color as to which types of formats you think would do pretty well this year to drive you up to that 40% revenue share. Thanks. Okay. Do you want to lead with BVOD? BVOD, yeah, we are expecting growth in the first quarter. We're expecting growth in BVOD in every quarter. You know, again, too early to call where the market will land for, for BVOD. It's a bit different to the broadcast, where we can see, you know, really strong visibility out to September, as we've called out in the trading update. The BVOD market is a combination of what's booked, plus also the programmatic stuff. We'll wait and see, and we'll give an update on the BVOD market at the AGM in November. Yeah, Lucy, I think in terms of overall share gains, you know, we, we look at it as a total television, metro, regional, and of course, digital. I think, to be frank, as I said before, it's a two... It's becoming even more so. I've said it for a couple of years, a two-player market. You know, the third player is evaporating relatively quickly from a share perspective. We're probably also taking a small bite out of Nine. Obviously, you know, sort of the big two are going head-to-head and, and, and the third player, you know, is sort of falling by the wayside and getting weaker. The next question comes from Darren Leung from Macquarie. Please go ahead. Morning, guys. Thanks for the opportunity. I might just ask 2, please. Just the first one is to follow up on that market share piece. Obviously 39.5% for the full year. Can you give us a split as to where that was in free to air versus BVOD, please? Then the second one, was just on the BVOD premium piece. Wanted to understand a little bit about how you guys are perceiving or marketing to agencies as to what your price premium is, in BVOD versus free to air piece, please? Sure, Darren. I think with, essentially with BVOD, we don't have any. Well, we don't have any ongoing streaming rights to, you know, sort of regular winter codes, a la AFL and cricket, and that's obviously coming under the Christmas tree for September of next year. So we're around, and Jeff will correct me if I'm wrong, around a sort of a 35 sort of share of the BVOD market, and obviously very strong from a metro and a regional point. We would see that at least growing. I think, again, at, at your conference, the Macquarie Conference, we put out, you know, sort of a range of the minutes that grow and massive upside into, you know, what is becoming an AUD 6 billion video market. Again, in terms of the, you know, I suppose the premiums, selling addressable advertising with data attached to it, in volumes, we're seeing 2 times CPMs to linear television in metro, and 3 times to regional television from a linear perspective in terms of the premium. The next question comes from Brian Han from Morningstar. Please go ahead. Good morning. 2 questions, if I may. Number 1, can you please give us a sense of how much of your BVOD revenue is coming from regional markets? Secondly, James, you've talked a few times about getting into that AVOD space. I'm just curious, how does Seven actually get into that space, and with what kind of content? Sure. Thanks, Brian. Jeff, do you want to start with the- Yeah, so the regional, we, we don't, we don't sort of look at BVOD and split it between metro and regional. BVOD's a national market for us. We look at, you know, what we can achieve nationally from national audiences. We don't sit there and think about, oh, we can, you know, lift, you know, one or the other. Having said that, when we bought Prime, Prime did not do anything about 7plus in regional markets. When we, you know, when we bought Prime, we'd spent a lot of time and effort driving 7plus into those regional markets. We saw quite significant growth in regional audiences over the last 12-18 months post the Prime transaction, and that has obviously benefited the revenue number a bit. As I say, we don't sit there and sort of monitor, you know, where we're underweight from a revenue perspective versus, you know, regional audiences versus metro audiences. We think of it from a national perspective. In terms of the AVOD space, you know, we look at it as advertising money going to people streaming content and on subscription platforms. You know, if Netflix advertising or Disney advertising or Foxtel advertising. We think that's there for the taking for us. If we provide the great content, particularly, as James said, when the sports rights come in from September 2024, we'll be competing in a market where advertising money is going to people consuming content. We're pretty good, Brett, you know, coming up with acronyms. The BVOD market is effectively the AVOD market, so you can add the two things together, and the broadcasters are doing a better job at getting a bigger share of that, and will continue. Again, we've seen that the growth projections from people like PwC suggesting the market will be AUD 1 billion by 2027. The other point is 65% of our content on screen has not been telecast on air, so they're streaming services in their own right. Then we talk about how we get into it in a more effective way. Code7+ is a great example of that. You know, we need to be the easiest to deal with, and we need to actually have a system which can actually sort of trade effectively with advertisers, as effectively as, as they can trade, you know, with some of the other digital giants, and that will make an enormous difference. Obviously, Code7+ will be wrapped up. The investment into it anyway, will be wrapped up through FY24, and we'll phase in and be ready to go from that perspective in getting into the AVOD market. Once again, to ask a question, please press star one on your phone. The next question comes from Alice Li from BofA. Please go ahead. Morning, James and Jeff. Thanks for taking the questions. I just got through. In the past, the way, say, Olympic Games contributes roughly 1% revenue share. Given Olympic Games is going to be hosted on the competitor network from 2024 to 2032. How should we think about Seven's revenue share going to FY25? Second question is regarding BVOD. Obviously, BVOD growth in second half is around 6.9% compared with guidance of double-digit growth. It's a bit weaker. Why is it below expected growth? How should we think about the growth heading to FY24? Thank you. Thanks, Alice, for the questions. You know, I think from an Olympics point of view, it's, you know, it's probably up to, you know, our competitors running it to, you know, sort of do the job that we've been able to do from that perspective. I mean, ultimately, it's the worst time zone for viewing in this market since London, you know, particularly in terms of Paris. A lot of the finals, a lot of the disciplines are between 4:30 A.M. and, you know, sort of 2:30 to 4:30, you know, sort of A.M. It doesn't really have the appetite of the games. More importantly, it's just the losses. You know, it's the losses that, you know, we incurred during the Olympics, as much as we loved it, and obviously the losses that our competitor will, will, will incur. There's no doubt Brisbane will be absolutely magnificent, but we think the games preceding it, you know, will be very, very difficult and, and will make substantial losses in terms of our math. In terms of BVOD market, Alice, I think we've sort of covered that in fair, fair bit of detail on the call. We're not expecting, you know, deterioration in the BVOD market. We're expecting that market to grow. We expect it to grow consistently over time. You know, we think that, you know, that the whole TV market was softer in FY23 than it has been in 21 and 22, so there's an element of that to it. As we look forward out to 24 and 25, as we get those sporting rights and those 3 billion minutes that we've been talking about, we're expecting the BVOD market to continue growing quite healthily into the future. Thank you. The next question comes from Roger Samuel, from Jefferies Australia. Please go ahead. Oh, hi. Morning, guys. I've just got 3 quick questions. First one, just going back to your outlook commentary around September. It seems to be pretty... Yeah, you seem to be pretty positive on your outlook for September. Do you think that the ad market is still short right now, or do you have more visibility into, into the bookings in the next few months? Second question is on your spend on project, Code7+. Is that gonna finish in FY24? Is there any, any more cost for Code7+ in FY25? Lastly, just on the valuation of your ventures, currently at AUD 100 million, how often do you review that valuation as it's mark-to-market? Thank you. Thanks, Roger, for the questions. I'll give Jeff the second 2. I think from a September point of view, we're about 85% booked into September, we've obviously got the very, you know, great clarity in terms of where that's heading. The market is short. If it's helpful, Roger, we're seeing, you know, travel, auto, insurance, communications, and entertainment all trending up, quite well with good outlook. We're obviously seeing government, you know, supporting back what you'd expect from the COVID highs. Retail stagnating a bit, again, off COVID highs. Wagering, you know, moving away a bit, you know, probably in light of some of the, you know, sort of the noise out there around regulation. Sort of food has been a little bit more sporadic. That sort of gives us the, you know, sort of the sense of where things are heading. Hi, Roger. Two questions. The Code7+ question. Yes, we are expecting the project cost to finish in FY24, once we get the project finished. Once we've finished the project, then there will be Making it operational, the costs of that will be then recurring costs in the P&L. Some of that is in that second AUD 15 million of digital capability investment in the FY24 call-out on where we think costs are going. From a ventures perspective, we monitor ventures all the time, but we formally value them every 6 months. There's a number of ways we do that. The, the listed ones, obviously, pretty straightforward to, to mark to market. The unlisted ones, we look at a whole combinations of ways to value them, including, you know, if there's been comps, if there's been a transaction with that entity or in the space, we run Monte Carlo simulations on a number of them. There's a huge, huge number of ways we look at the valuation, valuations of ventures, but as I say, formally done every six months, that, that was, this, this results number, the AUD 100 odd million you talked to. Thank you. At this time, we're showing no further questions. I'll hand the conference back to Mr. Warburton for any closing remarks. Well, thank you, everyone. We appreciate your time this morning, look forward to seeing many of you in the coming days. Of course, go the Matildas!