Thank you for standing by, and welcome to the Seven West Media FY24 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. Jeff Howard, Managing Director and Chief Executive Officer. Please go ahead. Thank you, and good morning, everyone, and welcome to Seven West Media's results for the 2024 financial year. I'm Jeff Howard, Managing Director and Chief Executive Officer of Seven West Media. Joining me this morning is Chief Financial Officer, Craig Haskins. I'd like to start by acknowledging the Gadigal people of the Eora Nation as 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. There is no doubt that FY 2024 was a tough year for Seven West Media and probably many in the sector. Today, we'll take you through our results, our strategy, and then provide you with a trading update. After the presentation, we'll take questions from investors and analysts. Across FY 2024, our content strategy drove audience growth in both linear TV and digital and helped underpin a total TV market revenue share of 40.2%, up 1.7 percentage points on the prior year. We saw strong audience growth on 7plus, with its minutes viewed increasing 39% across the year. Also, in the digital area, we launched the highly successful new digital news platform, The Nightly, as well as 7NEWS.com.au's app. Early days, both are performing very well. Our revenue was impacted by continued weakness in the total TV advertising market, which declined 8.2% across the year. Our cost growth of 2% was in line with guidance and an expanded FY 2025 cost out program commenced in June. Also in June, we announced and completed an organizational restructure to support a refreshed strategy that will ensure SWM is well-positioned to meet the challenges and opportunities of the changing media landscape. Under the new model, effective from FY 2025, SWM comprises three divisions: television, digital, and the West. While each division will operate as an accountable and transparent profit center, they will work collaboratively to drive group revenue, productivity, and cost efficiency outcomes. We are already starting to see the benefits of the changes made and are totally focused on delivering valuable outcomes for shareholders. The results for FY 2024 reflect the ongoing decline in advertising markets, which was partially offset by growth in Seven's revenue share of the total TV market. Group revenue at AUD 1.4 billion was down 5% on FY 2023. Operating cost growth was held to 2% in line with guidance. The first phase of the announced cost reduction program delivered AUD 25 million of savings in the second half, which saw a 4% decline in costs versus the same period in FY 2023. Group EBITDA before significant items of AUD 187 million was down 33% on FY 2023. Statutory net profit after tax of AUD 45 million was down 69% on FY 2023, while underlying net profit after tax, after excluding significant items, was AUD 78 million, down 46%. I'll hand over to Craig to take you through the financial results in more detail. Thanks, Jeff. Television revenue was down 6% to AUD 1.24 billion, driven by the AUD 84 million or 7% decline in advertising revenue. This is partially offset by an increase in other revenue, which is largely program licensing and content fees. As mentioned, the total TV market fell by 8.2% in the year, led by the metro market, which was down 12.1%, and regional, which was down 5.5%. The BVOD market grew 12.7%. After a 9.1, 9.1% first half decline, the second half moderated to be down 7.2%. The metro decline eased to 10.9%, regional remained down 5.5, and BVOD was up 12.9%. Broadcast audiences were up 0.5% for the year, driven by solid performance of our entertainment, with our five of our 10 tentpole programs increasing audience year-on-year and achieving solid growth in major sport audiences. Minutes consumed on 7p lus increased by 39%, which skewed to younger demographics across both live viewing, which was very strong, and our on-demand library content. BVOD consumption accelerated in the second half. Our NBCU content on 7 Bravo and 7p lus also performed well in attracting younger female audiences in line with our plan. The strength of content drove consistent and growing audiences and led to a gain in the total TV revenue share of to 40.2%, which was up 1.7 share points on FY 2023. That share growth was achieved in all four quarters of the year. Share growth was worth AUD 44 million and went some way to offsetting the AUD 99 million impact of the market decline. The difference then in the year-on-year advertising revenue decline is the impact of the extra week and the Comm Games in FY 2023, less the one-off impact of the Women's World Cup in July. Despite solid growth in BVOD revenue, we're still under-indexing on our digital revenue growth, which is one of the key drivers behind the recent organizational changes, which Jeff will talk to later. The continuing tough economic environment has had an impact on most advertising categories. Discretionary retail, travel, banking, and telecommunications were all down, as was advertising on household goods and consumer electronics. Interestingly, automotive and real estate were bright spots. There's also an emergence of advertising in certain seniors categories. In the case of gaming, industry spend was well down on the prior year, which we believe is attributable to the anticipated legislative changes. Television, television operating costs increased 2% on FY 2023 to AUD 1.068 billion. As a reminder, we experienced a 7% increase in first half costs versus the same period in FY 2023, which was largely attributable to content investment. However, as we guided to, second half costs were actually declined by 4% versus the second half of 2023, thanks to the AUD 25 million cost-out program. Second half costs were AUD 498 million, down AUD 19 million on the PCP. So with a 6% revenue decline and a 2% increase in costs, television EBITDA fell AUD 93 million, or 35% for the year. The second half EBITDA result was a significant improvement on the first half, which, as you recall, fell 41% or AUD 80 million. The moderation in market decline, continued share growth, and the positive impact of the cost-out program, saw second half EBITDA fall by AUD 13 million, or 19% on the PCP. The decision to restructure and step up the cost-out program in June was necessary to meet the challenging and uncertain advertising markets, as well as to address the impact of a number of other factors, such as the end of the benefit of the onerous provision on cricket, as well as continued inflationary pressures across the business. Turning to Slide 5 in the West. Management's delivered on their strategy of accelerating digital growth while holding the line on print and maintaining a sustainable cost base. The West continues to grow its digital subscribers, and as Jeff mentioned, launched The Nightly in late February, which is a digital-only national newspaper. Total digital audiences between The West and The Nightly are now 4.5 million, with about 60 million monthly page views, which is up 10% year-over-year. The West's revenue was up 1% in FY 2024. Advertising revenue was flat year-over-year, and circulation revenue was down 3%. The West continues to capitalize on commercial print opportunities, and this is driving new revenue at a positive, albeit lower margin. Excluding the incremental commercial printing costs, FY 2024 costs have been held flat, including the cost of new digital product launches. The EBITDA decline of 13% on FY 2023 reflects the move from high-margin circulation revenue to low-margin commercial printing. Turning to Slide 6 and the statutory results. Seven West Media reported a statutory profit after tax of AUD 45 million and basic earnings per share of AUD 0.029, both down 69% on FY 2023. Net profit, excluding significant items, was AUD 78 million, which was down 47%, and underlying EPS was AUD 0.051. Significant items before tax were AUD 44 million. Consistent with prior periods, we recognized AUD 19 million of Phoenix build costs as a significant item, as these are not able to be capitalized due to accounting standards. The AUD 17 million dollar fair value loss on investments primarily relates to the day one loss adjustment on the ARN investment made in November and subsequent unrealized losses on the cash-settled swap. Restructuring costs of AUD 10 million were recognized, which relate to the cost-out program announced at the AGM, as well as a new cost-out program that commenced in late June. The program valuation adjustment of AUD 15 million relates to a one-off program write-off, as well as an increase to the onerous provision of a legacy studio contract. It should also be noted that the onerous provision relating to our old cricket deal was fully utilized in 2024. These significant expenses have been partially offset by a one-off gain recognized on the change to the expected term of a property lease, which was discussed at the half year. Cash flow before temporary and capital items was AUD 54 million for the year. The year-on-year decline in cash flow was driven by the decline in EBITDA and a net build in working capital, offset by decreases in finance costs, as well as CapEx and lease payments. The working capital increase reflects a decrease in year-end payables, program work in progress, and around AUD 15 million of contra advertising. Temporary and capital items include the AUD 23 million tax refund received in the first half, and the onerous contract impact of AUD 39 million, which is largely attributable to the cricket provision. As mentioned, the new cricket contract commenced in FY 2025, so going forward, we expect the onerous provision to be around AUD 2 million per year. The AUD 19 million build cost for Project Phoenix is also recognized as a significant item and is nearing completion and due for launch later in the fiscal year. FY 25 build costs are expected to be around AUD 13 million. We also spent AUD 7 million on the share buyback program and in refinancing our debt facility. We finished the year with net debt of AUD 301 million, an increase of AUD 52 million from June 2023. Closing leverage was 1.6x, and excluding the impact of the ARN investment, reported leverage would have been 1.3x, and net cash generated of AUD 15 million. Improving our cash generation and maintaining appropriate leverage is a key focus, and our cost-out initiatives announced reflect this. The board has determined to keep the dividend on hold, given prevailing market conditions, and the buyback program will not be renewed. Both will be reviewed again in future reporting periods. As we look to FY 25, our CapEx is currently forecast to increase as we relocate our premises in Melbourne and finalize the Martin Place exit. Both moves come with make good obligations, which the group is managing carefully. I'll now hand back to Jeff to take you through the next part of the presentation. Thanks, Craig. Turning now to the strategy for Seven West Media moving forward. The organizational restructure announced in June this year is designed to drive accountability and performance, to maximize our revenue, to embed cost discipline across the company, and to drive profit and cash. It creates three focus priorities via the adoption of a profit center model: digital, television, and the West. The profit centers own the end-to-end value chain and have complete accountability for delivering audience, content, and earnings. Our overarching aim is to build a better digital media business, to take control of our own destiny, to redefine what success means for Seven West Media, and then to look ahead. Delivering a digital future is our first key priority. In a market that is expected to grow faster than most other media segments, SWM has a huge opportunity to position itself as an outperformer. 7plus is a very successful digital platform, and we can do more in the entire digital space to drive growth for SWM shareholders. At the same time, we will optimize our traditional assets in television and print. Managing cost responsibility is a key focus, as evidenced by the expanded cost-out program that we've announced in June this year. Importantly, a clear ambition is to find new revenue streams and new opportunities for the business. Going to slide 10. Our digital strategy is all about growing, engaging, and monetizing a digital audience and driving exceptional return for shareholders. Our content and platforms are critical to that strategy, and importantly, our content is market-leading across digital, television, and publishing. We can, however, do a better job in monetizing our digital business. Our new structure will improve our ability to deliver a digital future. Group MD of Digital, Gereurd Roberts, has full control of the total digital value chain, from audience acquisition to engagement and content strategy. The digital team will also ensure our go-to-market strategies position SWM to fully address the revenue growth opportunity in the BVOD and broader digital advertising market. 7plus is a, if not the leading brand, in terms of awareness and frequency of visit in the premium BVOD category, and ranks well ahead of many premium SVOD operators. Our challenge is to convert that awareness into audience growth, increasing consumption and inventory monetization. As we've mentioned earlier, minutes were up 39% in FY 2024, while BVOD revenue is up 10%, leaving us with a significant opportunity in this space. We've seen a 30% increase in consumption of on-demand content, driven by exclusives such as the highly successful UK series, Mr. Bates vs The Post Office, which was a big hit on 7plus earlier this year, and we keep looking for those exclusives. Across the year, we saw a 50% increase in consumption of our live content, including the FIFA Women's World Cup and our tentpole programs. We are seeing clear momentum into the AFL Grand Final, Australia versus India Test Cricket Series, and the BBL, all of which will be on 7plus this year. We are creating a new digital-first go-to-market strategy to help to drive a step change in BVOD inventory monetization, which is skewing, in particular, to younger demographics. As we've talked about before, we are doing a lot of work in the AI area with partners, including AWS and Databricks, to better serve the content 7plus users want to see and to create new opportunities for our advertising partners. Having already shown an ability to accurately predict audiences on 7plus 28 days in advance, our Databricks partnership is moving into a new phase. We are implementing an AI factory. AI leaders, engineers, and data scientists from Databricks will be embedded into SWM to deliver new advanced products, train our teams, and help put Seven at the forefront of the Gen AI revolution. And of course, we'll be very focused on how we commercialize this for the benefit of our shareholders. 7NEWS.com.au is Australia's fourth biggest news website by visitation. In June, we launched a new app to drive traffic and strengthen user loyalty to the website. While early days, we'll be pursuing substantial growth from 7NEWS.com.au in FY25. With our television and print assets, our aim is to create resilient earnings and cash flow by proactively and effectively monetizing our market-leading content and our mass audience reach against a sustainable cost base. Our content strategy was successful during FY24, evidenced by our television and digital audience growth across the year, driven by news, sport, and general entertainment. Free-to-air television remains a very powerful vehicle for advertisers and marketers, and we must, as an industry, continue to promote its strength, its reach, and its effectiveness. Our television business is focused on maximizing revenue, earnings, and cash flow, notwithstanding in advertising market conditions, through discipline cost control to ensure maximum operating leverage when market conditions improve. Like digital, under Group MD Angus Ross, television now has end-to-end control of its value chain from audience acquisition via marketing, content strategy and execution, and monetization and cost accountability. Similarly, the West, under CEO Maryna Fewster, has total ownership of SWM's operations in WA. They've been operating on this basis for some time, and quite frankly, performance in the West has been relatively better as a result. This ownership and accountability mindset has also seen the West innovate and drive change faster than Seven has over the last couple of years. We need to find new revenue opportunities across television and publishing and are working hard in that area, including the creation of new go-to-market strategies. Phoenix trading platform will launch later this year, enabling significantly more effective inventory management and driving up yield. Greater collaboration across all of Seven West Media's business is in full swing, and it steps up since the organizational restructure in June to ensure that we achieve incremental promotional and revenue opportunities and that we leverage shared services. Our cost discipline remains in place. At the same time, we are very focused on ensuring we maintain editorial and content quality. As mentioned, the cost-out program announced at the FY23 AGM was expected to deliver AUD 25 million of benefits into FY24. That did happen, and the balance of AUD 35 million into FY25. In response to the continued market challenges, committed net cost increases, including the higher utilization and inflation, the group has reset its FY25 cost-out program to AUD 108 million. We've already locked in nearly two-thirds of this program, with the balance identified and to be secured over the course of the year. FY 2025 cost guidance of AUD 1.2 billion-AUD 1.21 billion will deliver a net saving of roughly AUD 20 million-AUD 30 million compared to FY 2024, and we will be aiming for more. The revised operating model entrusts all departments to continually challenge the operating processes, structures, and ways of working to expand this program into 2025. The Nightly is a fantastic example of how we are finding new revenue opportunities. Launched in February this year, The Nightly is a digital-only newspaper, website, and app delivered free to devices every weeknight at 6:00 P.M. Eastern Standard Time. In less than six months, The Nightly has become an extraordinary success. In June, it had a unique monthly audience of over 2.3 million and more than 5 million page views, making it the fastest growing news brand in Australia. It's now a credible challenger to established news brands such as The Australian and The AFR. The Nightly was launched with a particular focus on the East Coast, where it has found its biggest audience since day one. It has also received strong support from advertisers. It's attracting a premium in terms of advertising and driving incremental revenue for the group. Most importantly, we expect it will be EBITDA positive in FY 2025 after breakeven first 5 months. We have big plans for The Nightly over the next 12 months to continue building its audience and revenue. Turning now to slide 14 and trading update. The Total TV advertising market is expected to grow modestly in July and August, although Seven's share will be impacted by the Olympics. Our September and October bookings are currently tracking down 4%-5% as compared to the same time last year. As mentioned, our FY 2024 total TV market advertising revenue share was 40.2%, and we're targeting to increase that again in the new financial year. Our cricket ad bookings are tracking 11% up versus the same time last year, and our full-year costs are expected to be AUD 20-30 million lower than FY 2024, based on the cost-out benefits identified to date. That concludes the presentation. Before we take questions, a quick acknowledgment of the people at Seven West Media. We have a great team at SWM, and for some, it has been a tough few months. I want to be really clear that the actions of some individuals do not reflect the values, behavior, and attitude of the business as a whole, which is home to some of the best, hardest-working, and most passionate media professionals in Australia. As I've said in a number of forums, a number of people who have displayed behavior that doesn't reflect Swim's values have already been removed from the company. As part of the changes we've made, we are focused on building a stronger, high-performance-based culture that enables our great people to thrive and where unacceptable behavior is not tolerated. Thank you for your time, and we are now happy to take questions. 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 two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Entcho Raykovski with E&P. Please go ahead. Morning, Jeff. Morning, Craig. My first question is probably quite an obvious one, but I think worth asking. Can you talk to the share, the specific share impact of the Olympics? And if not for the quarter, because I realize it probably will be significant for Q1, then what do you think it's going to be for the first half and then the full year? And you've obviously usually provide a share target for the year. I don't know if I can try and pin you down on what would be a reasonable share target, given that you'll have the Olympics impact, and then, but then you'll see the benefits of digital sports rights from November onwards. That's the first one. I've got a couple of others, but I might leave that with you first. Yeah. Okay. Thanks, Entcho. Morning. I think as we've looked at Olympics over the years where we've had them, you know, we've probably seen a share point or two move, you know, from the industry to the holder of the Olympics. You know, so we would expect that probably to happen in this case. Obviously, you know, we also see a market growth on the back of Olympics, typically as we go through an Olympic sort of cycle. So we'd be sort of expecting some sort of market to be up a bit and then share to be down a bit, so to blend each other out. In terms of share target, yeah, we have sort of given share targets, historically, given those sort of uncertainties around Olympics and, you know, where we're at at the moment, the sports rights coming in, we've called out, particularly in the trading update, that we are expecting share growth, but we haven't put a number on it yet. We might look at that as we get closer through the year. Okay. Thanks, Jeff. And then the 4%-5% decline in September, October, is that just for the avoidance of doubt, is that for the total TV operations? And are you continuing to see a dynamic of growth in BVOD offsetting some of the linear declines? Yes. Okay. So, so yes, Total TV. And I mean, what's the... Can you give us any sort of broad split? Is BVOD still growing in the double digits, or is it slowing down? Again, with Olympics over the last couple of months and coming out into September, we've got AFL Grand Final and Brownlow on 7plus this year, heading into Bathurst and cricket season. So we're seeing roughly that sort of behavior, but it, it is moving around a bit. That's why we called out minus 4 to 5 from a Total TV perspective for us, and that's bookings, compared to same time last year. Okay, great. And then just the final one, I mean, obviously you're taking pretty significant action on costs, but, are you worried about that expanded cost-out program having some impact on revenues as well? I, like, I appreciate you need to take action, it's a tough market. How do you balance, I guess, that need for lower costs versus minimizing any subsequent revenue impact? ... A really good question. It's something we actively think about, and, you know, we called out that. You know, we're focusing on driving those cost actions, but maintaining editorial and content quality. So that's been really important. You know, what we've done is, you know, we've had to make some tough calls, but, you know, as you say, it's necessary to do that in a market that we're in. And, you know, while we're delighted with the share gains, it's the absolute revenue number that helps pay the bills. So we have to, you know, balance all those needs out. But as I say, focusing on where we can, preserving our ability to drive the content quality, you know, both in television and in publishing, and, you know, just being more effective and more efficient on everything where we can. Okay, great. Thank you. Your next question comes from Lucy Huang with UBS. Please go ahead. Thanks. Morning, Jeff and Craig. I've got three questions as well. Maybe if I can start with the share improvement we've seen in Total TV last year. Just wondering if you can give us rough magnitude in terms of what you've seen in terms of share gains across Metro versus the VOD and Regional. Was there one that kind of stood out a bit more than the others? Hi, Lucy. Yeah, we saw pretty good growth from a metro perspective in share. We saw growth across all three. But, you know, metro was, you know, slightly better than the other two categories. We saw growth in every quarter. So we're pretty happy across the year from a share perspective, getting growth in every quarter and across all three categories that we're pursuing. Yep. No, wonderful. And then just a question on the content deals. I mean, we've seen Meta pull away from the Australian market. Just how are you thinking about... I know Google's probably about a year away still, but, what are your thoughts on the potential ability for them to, to want to come to the party to renew that deal? Yeah, good question. I mean, obviously a bit reluctant to talk about, you know, where Google's at in the conversations we've had with them. You know, there's obviously a lot going on from a Meta/Facebook perspective with the government and the social media inquiry, you know, designation or not. So we're active in that. But, you know, obviously we're in pretty good conversations with Google. We have a couple of years to go on that deal, so we'll keep in conversation with them about, you know, where to as that comes to an end. Yep, understood. And then just one other one, on, I think in the U.S. are starting to see some generative AI deals being signed across the industry. Any color you can share on where, where at, with this in Australia? Do you feel like it's still really early days, or are we starting to hear some conversations, being struck at the moment? Yeah, I think there are some conversations starting to happen, so we're actively participating in those conversations where we can. And we're also looking, as I said, from a 7plus perspective at how we build, you know, models and Gen AI capability into everything we're doing every day. Great. Thank you. Your next question comes from Darren Leung with Macquarie. Please go ahead. Morning, Jeff. Morning, Craig. I just have three as well, please. And I might just follow on intro's earlier question. So it sounds like the cost-out program is a bit more targeted as the, the sales team. Can I start to confirm that? I guess, I'm trying to reconcile that against the comment to sort of grow market share. Like, isn't it a bit more sensible to kind of assume market share growth will be more like years two or three, just given a bit of a change in the go-to-market strategy? Morning, Darren. I'll just make sure I understand the question. So there's the cost out that we've done is across the entire organization. We haven't specifically targeted any part of the organization more than any other part of the organization. So we haven't sort of gone, you know, gone for nothing on certain parts of it to avoid or, you know, minimize impact. Everywhere has been looked at, we continue to look at everywhere. Our desire to grow share isn't impacted by our need to find, you know, efficiencies from, you know, a sales department or a content department. Yep, sensible. Just confirming the AUD 102 million, is that the full period benefit, or will we see a little bit more into FY 2026? So the 108 is the benefit that we will get in FY25. To the extent that, you know, some of those things happen a bit later in the year, then there'd be some full year effect into FY26. Thank you. Just a second question. On the September and October trading, can I just confirm from a dollar million perspective, it's roughly flat month on month, and it's really just a soft PCP that's resulting in the sort of improvement growth rates on a year-on-year basis? September, October? Yes. Yes. So what we called is that the bookings. So what we've got in the book now, compared to the same time last year, we're down 4%-5% across those two months combined. Okay, but I mean, month on month, are they sort of largely static? So between September last year and September this year, and October last year and October this year, do you mean? Or do you mean between October and September this year? October and September this year. Yeah. Obviously, it'll be down this... Yeah. All right. Yeah. Okay. Okay. So October's a good month for us, but September's our biggest month of the year with all the AFL finals going through that period. So there's always a trend between September and October. That's hence why we're sort of combining the two and giving a sort of forward view as to what we can see in the book up this- ... Got it. Thank you. Just a final one from me. Obviously, a bit of a step change in terms of the go-to-market strategy. Could you confirm or remind us, is the current sales team selling free-to-air and BVOD together, or are they selling the products separately? And what's the thinking on sort of the change with the go-to-market strategy, please? So at the moment, we've got a television sales team that sells television only, converged between television and BVOD. We have a digital sales team that sells BVOD. We are working through what that will look like. I don't expect that there will be a fundamental shift away from a model like that, but we are looking at our go-to-market proposition, and we'll be coming back to the market, in the next month or two to take everybody through what we think. No, that's sensible. Excellent. Thank you, guys. Your next question comes from Eric Choi with Barrenjoey. Please go ahead. Hey, morning, guys. I'll just ask two really quick ones. First one, it's a bit of housekeeping, a bit of sensitivity, just taking together everyone's outlook, questions, and comments. I feel like a low single-digit revenue decline is a possibility? 'Cause obviously, with the digital rights kicking in from November, and WAN doing a bit better than TV, you'd hope for a bit better than that 4%-5% decline. So if we assume that, and you've obviously given us cost guidance of AUD 105, I think, based on the outlook anyway, you're sort of suggesting an EBITDA number in the ballpark of AUD 160-AUD 170. So I'm just wondering if there's any major building blocks in that that I'm missing. Morning, Eric. Obviously, we haven't given out a number, but on your observations, you know, is it possible to achieve a low single-digit revenue decline? Yeah, if the market... You know, so we saw market moderate from a -9 in the first half to -7 in the second half, and it feels like it's moderating a bit again. So if we can see that happen, if we can drive the share, as we would like to, and, you know, maybe not as much as we delivered in FY 2024, in terms of the 1.7 share points gain, but drive the share a bit harder. The other piece around there is the swing around the cost piece. You know, we've targeted AUD 108 million, you know, at the beginning of the year, and as I said on the call, you know, the guys that are running the divisions are tasked with delivering results, not just revenue and not just costs. So, you know, we'll be able to focus on the costs that we need to work on to make sure we're getting to the targets that we're chasing. Got it. Thanks, Jeff. Just a second question, and a wider question on, is there anything the industry can do just to kind of work together better? I'm just looking at two aspects, which is sort of your broadcast audience is up 0.5%, and I don't... If you could remind us of the timing of your key ad negotiation, that might be helpful. But I'm just wondering, what can you guys do together to monetize those broadcast audiences a bit more? And then, obviously, Nine hasn't reported yet, and we don't get visibility into Ten, but I suspect if we combined everyone's combined EBITDA or EBIT pool, it's probably shrinking to negligible. So it just feels like something needs to be done, on the cost and revenue front, maybe a bit more cooperatively. Any comments on that? I agree. I think we've got a good track record of having done some stuff in the past, and I'm very keen to explore whether there are ways for that to be expanded as we go into FY 25 and beyond. Got it. I'll leave it there. Thanks, guys. Your next question comes from Roger Samuel with Jefferies Australia. Please go ahead. Hi, morning, guys. I've got two questions. First one, just turning to your digital strategy, how are you going to better monetize your BVOD asset, 7plus? I mean, do we have to wait for virtual ads to be widely adopted by the market? And, yeah, what do you think about the competition from the ad-funded streaming providers like Disney+ and Netflix? In terms of how we better monetize those BVOD assets, I think there's a whole raft of things we need to be looking at and doing. You know, we've started actively looking at that in the last sort of six weeks under the new structure. And as I said, we'll be coming back to the market in the next month or so with, you know, a revised go-to-market. The launch of Phoenix towards the back end of the year will bring us a completely new opportunity to monetize audiences across, uh, television and digital products. So there's a lot of work, Roger, going on into, you know, how we can drive that improved return. As I called out, we drove our minutes up by 39% in FY 2024, but the BVOD revenue is up 10%, so I think we think there's a huge opportunity there to drive that in the right direction. In terms of competition, from the streamers, you know, it's fascinating that, you know, the models that were meant to survive on subscription revenues are now coming after advertising as a way to survive and, and to thrive, which will, I think, drive more money into the segment. When we look at PwC's outlook that came out a couple weeks ago, there is a substantial growth in that sort of online video advertising expectations, whether that be short form or long form. We have a lot of conversations about how we play in that space every day of the week. Okay, great. My second question is, in terms of your cost of content, what are you seeing in terms of, yeah, the inflation? I mean, you've already given us a guidance of AUD 8 million increase for AFL and cricket, but how's content cost in general? ... Yeah, Roger, we obviously called out when we renewed the AFL deal and the cricket deal, what we were seeing in terms of the contracted cost uplift. So that's obviously a big part of that opinion, and the AFL is only a part-year effect in FY 25, 'cause it, it's only a half year of the new contract in FY 25. Across the board, we have, you know, inflation impact right across the business, and I think we've done a pretty good job over the last few years of containing that inflation as best we can. But there is no doubt that, you know, everybody that's providing us content is experiencing the same sort of inflationary pressure that we are, and so it's constantly working with those content providers to work out ways to optimize the costs. And if we have to, we make decisions on the content to, you know, keep it at effective rates for us. Examples I think we've talked about in the past, of what we did with Australian Idol at the beginning of this year, how we managed to achieve a better program result, a better audience result, on a lower cost base. So that's sort of how we look at that, as we go forward. That's great. Thank you. Your next question comes from Brian Han with Morningstar. Please go ahead. Jeff, I want to pick up on what you said before, and your predecessor's sort of desire to get into SVOD. But when you see all the subscription players getting into advertising, does it make Seven more desperate to get into the SVOD space, or does it make you think maybe getting into SVOD would only cannibalize your VOD business quicker? Yeah, good question, Brian. Obviously, there's been a lot of speculation on Seven and SVOD in the past. I think my predecessor used the line that, you know, doesn't believe in last mover advantage, but maybe that does exist in this case, as we've seen everybody try to create spaces for themselves and need to pivot to try and find sustainable models. I don't think we're more desperate or less desperate to get involved in that space. I think the models that are out there, you know, can be used complementarily to drive audiences across both platforms. No doubt we'll see one of our local peers talking about that in a few weeks' time. It's not something we're currently chasing actively. But, you know, clearly subscriber-based revenue stream is something that we think about, particularly when it comes to some of our publishing assets. Great. Before I go, just a quick one: Are there any more restructuring costs related to your cost-out program, which will be recognized this year? We provided for a chunk of it at the end of FY 2024. Some of that will need to be paid during FY 2025. If we obviously expand the program further again, then we might need to incur further restructuring costs, but at this point, we haven't, we haven't identified the need for any more than what we've provided. Gotcha. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Fraser McLeish with MST Marquee. Please go ahead. Yeah, thanks. Hi, Jeff. Hi, Craig. Jeff, just, well, I just wanted to ask about BVOD yields, and if you're kind of seeing much pressure on them with sort of new SVODs, advertising industry coming into market. I think, I think you previously used to talk about BVOD yields being double linear, and if that's still the case, and also just maybe the difference you see between live BVOD yields and, and sort of and on-demand. Thanks a lot. Morning, Fraser. Good question, coming off the back of Olympics, where there was obviously a lot of digital inventory floating around. You know, we've focused pretty much on maintaining or slightly improving our BVOD yields over the 12 months. You know, so that's something that we stay pretty focused on. As we go into 2026, you know, we'll be looking at all the levers we need to pull to, as I said earlier, drive that BVOD revenue opportunity even harder. So, you know, we'll keep an eye on that one. In terms of the difference between live and on-demand, yeah, it's why we're so excited about the live sport coming. We think we can get a fantastic result from live sport, driving the minutes and monetizing those minutes, across the platform. Thanks. There are no further questions at this time. I'll now hand back to Mr. Howard for closing remarks. Thank you, Opera. Thank you everyone for joining us this morning. To the extent we're catching up with people over the next few days, look forward to talking more about Seven West Media. Thanks, all. Have a good day. That does conclude our conference for today. Thank you for participating. You may now disconnect.