How is UFC doubling media rights revenue whilst killing off pay-per-view?

25:09Chris Stone:That's an easier sell versus just from a pure ratings perspective because there are so many other factors at play when you're just part of the mix of the ecosystem. Bigger audiences, but maybe not as needle moving and like your personality might be not as a key metric in there to draw audience, if that makes sense. So I think it is going to mean they're going to have to take a very different approach. I don't think it could just be even just on ratings alone. They might do, but it might even change the way they construct, what do you call them, the cards, basically. All that type of thing might change now as a result, perhaps.

25:46Chris Stone:Who knows?

25:47Nick Meacham:Yeah, we will see. It'll be interesting. That deal doesn't technically, I think, officially start until 2026, so we're not going to see any fights there in the coming months, but I'm sure it'll be something when we get to the start of the new year, we're going to come back around and keep an eye on how some of those first couple of events go. Yeah, for sure.

26:04Chris Stone:I think two things that I'll wrap on here is one is it will be super interesting to see what ESPN now do for this next 12 months. Will they continue with the pay-per-view model? Will, because the relationship's ending. So will they try a different approach? Will they wrap it in, take away that pay-per-view barrier and just actually bring those fights onto the platform to see if it creates an inertia for subscribers? Could be a nice acquisition tool on the new flagship product. and just with this deal in place just important to emphasize that this could really push UFC and combat sports into the mainstream way more than ever now that's really significant so if they get it right and UFC will have to be smart about this because they might have to get more focused again on building up the personalities in the sport they need another Conor McGregor or to those those really those those names and those figures that transcend fight sports to be just a personality i want to see fight if they can find a couple of those to hang their hats on back them support them then in a few years time as this deal plays out and you have the storytelling of skydance perhaps wrapped around this to tell more stories around the ufc i mean yeah ufc itself as a competition and combat sports and MMA could be in a whole nother stratosphere if this all plays out

27:26Nick Meacham:the way they want it to yeah well like so we'll definitely keep an eye on it as things go one of the things you mentioned Nick through there a little side note was around the advertising form taking place at Sports Pro Madrid and you know it's something we we've briefly touched on we did an episode reviewing one of our Streamtime Connect events but I think it's just worth giving the people an update on how that is you know the Streamtime membership which is obviously off the back of the stream time sports podcast that you're all listening actually it's not even a podcast anymore nick we're doing full-blown video it's the show it's a show yeah yeah it's not it's not a podcast it's a show um at the moment nick my my master right we're up to 19 members now so just shy of 20 that number's continuing to grow as we go along um we had our first event at the snap offices in london we've got future events coming up we will have an event at ivc um you know as far as i'm aware one of the largest broadcast shows um in the world annually uh there will also be the vip dinner taking place at sports pro though signing the ott summit the sports pro media summit nick you know the times are always changing you got to get it right um which we host annually madrid um there's also already a date booked in february of 2026 to be hosted um maybe i'll keep that a surprise a secret but uh i don't know if it's official official yet nick but we know it's happening in february 2026 but quite a few things from a stream time member perspective people getting on board like i said ibc event will be a great one just where that's being hosted at but just giving people a little bit of an update on where we're at with that nick yeah absolutely

28:52Chris Stone:we've got plenty of things happening we probably don't talk enough about what we're doing behind the scenes around connecting um our community around these types of things the fact we've reached as many members as we can now for those that aren't familiar with it these are company members so they aren't individuals so they're companies that we are having as part of the membership community and we are limiting the number of this i don't know unless we'll have to reshape the the membership offering if we keep uh signing up too many more members so something for us to keep focused on but our our effort and our energy is around building a community that really is a connective tissue of basically sports properties and platforms connecting with people who are in around the technology and service aspects of the industry and creating a real place where they can come together and build relationships, share learnings in a much more intimate gathering than your big massive trade shows like the IBCs and ABs of the world that are many of the real technical people focus on.

29:48Chris Stone:But we want to blend obviously business and tech like we do at all of our events as well. So really happy with that, how that's shaped up. We may have to look to evolve it soon, whether it's adding more events or doing other things around the side of it, but we've had a really great response from the audience to this point. And if anyone has any ideas and wants to share what we should do from a content perspective, supplementary to what we do from the podcast, do reach out to us because we are being toying with some ideas, but the more feedback we get from you, the easier it is for us to make sure we're serving you better.

30:23Chris Stone:So thanks everyone for your support so far and lots more to come on that

30:26Nick Meacham:front absolutely and you know if you become a member i am essentially uh you know it's not my i'm the community leader i lead it off with every show but for all intents and purposes i will be your account manager so if you enjoy the podcast you'll enjoy being account managed by me even more join your dulcet tones more than just on the uh on the podcast airwaves absolutely um so nick moving on to the next story again one of the things i found really interesting and like maybe I didn't pay enough attention in the past or maybe our content's involved a little bit. It's just these stories that continue to kind of play out.

31:00Nick Meacham:And we've been following Ligo and it seems like at least the last two years trying to figure out where exactly they were going to go with their tender. You know, former partners in Canal Plus pulling out, deal to zone coming apart. And it's probably the sports media story of the decade, maybe.

31:18Chris Stone:I'm trying to think of anything, any single sports property that's had a ride like they have. I can't think of anyone else.

31:27Nick Meacham:Yeah. Well, the crazy thing, Nick, as of recording this, it is Friday, August 15th. Ligoon season starts today. And I think we've only just got a news earlier this week about a distribution deal with Amazon Prime. And cutting the margins quite fine in terms of being able to roll these things out. And I'm sure Amazon, to some degree, has some white label principles that they can probably fairly easily, you know, stick some stuff in and play it. But, you know, Nick, the stories continue to play out. We've cut we literally couldn't cut it any closer, really, to the start of the season. What do you make of this with Legume Plus being launched as a streaming service?

32:07Nick Meacham:Is Amazon Prime actually kind of the white knight coming in at the last second to save them? Is it on a scale of one to 10? How relevant is this?

32:18Chris Stone:Look, I don't think it's as big a deal as people might think it is to see Amazon pop up because they got to remember that what is happening is that Ligun has created its own platform and product powered by Endeavor Streaming or Delta Tray now, whichever, however they're working together now, basically powered by Endeavor Streaming as the base and they're creating a product. And now what they're doing is they're getting distribution deals to have that product as many places as possible. Now, Canal Plus has still said no to working with them for the moment. They didn't like the economic agreement that I'm sure there's a political tension still existing there that's led to that.

32:52Chris Stone:But Amazon, for those that have followed this journey for a number of years or those that haven't, is Amazon actually came in and quote-unquote saved the day when the media pro-disaster happened for them and picked up the bulk of the rights the previous cycle and had them on the prime channels. Then they stepped away from having that deal in place and that went to DAZN last year. And obviously now that's played out. So now League Un has gone proper solo. And here we are now. So Amazon basically doubled down their focus on being an aggregator. So they're just adding another product to their offering.

33:29Chris Stone:We'll probably make sure that there's some extra marketing behind it to give it extra visibility and awareness. but ultimately it's just a distribution deal with probably a rev share component to those subscriptions and that's the basically and that's basically it so i don't think it's that big a deal and because it's not a media rights deal it's a distribution deal i would have been shocked if they didn't work it out and if they hadn't worked it out i would have looked really much more towards the lfp and said hey guys like what are you expecting from some of these partners if you can't get a deal with these companies that are actively trying to be aggregators i don't feel like prime would be the top of organization that would absolutely hold a gun to their heads and say you have to take it or leave it in a way that they probably did to others along the journey so i'm not being close to any of it i haven't heard firsthand but i just can't imagine like i think the timing on this is weird a bit bit late in the day however it could be strategic but it could be that we want to wait to announce it the week of so we get more interest and awareness with the launch to come and come to prime to access the subscription maybe because what's going to happen is when a product like this launches and you've got the seasonality of it and there's kickoff today 95 percent of people who are going to be a subscriber by the end of the 15th will do it on the 15th probably yeah so waiting being patient on when you announce it is probably a little bit bit of a move to make sure there's more more inertia behind the people don't forget they've

35:02Nick Meacham:got it yeah well to your your payment point um the zone has now failed to renew my nfl game pass subscription for about the 14th day in a row i've woke up with a notification um from monzo those who don't know monzo basically three it's it's great if you're a traveler because basically you can put money in your domestic currency you can travel abroad no sort of tran uh fees for exchange rates things like that so i switched it to my monzo card nick because last year they took my renewal and i wasn't quite ready for and i was like i was gonna buy it anyways i just would have liked to plan when i wanted 180 pounds to leave my wallet sort of thing um but to your point i will renew my nfl game pass subscription but i probably just won't do it until like this saturday before the first bangles game sort of thing so i agree with you and i think it is worth noting with the the legume plus service is basically it's not too dissimilar than what the zone offered last year the only difference is they basically kind of slash the price in half um i think last year it was around 30 quid a month if you're going on a monthly basis now it's about 15 pounds a month or euros i should say using the right uh denomination and amazon basically but they've come i don't know if this is what amazon has said or what legume has said about their but their goal is to have 1 million subscribers by the end of the first year and targeting 2.2 to 2.5 within the first four years.

36:23Nick Meacham:So I don't know how realistic those numbers are. I don't know if that was Amazon saying that was the number they were trying to hit or if that was Legoon saying what they were trying to hit. And I think also, if I read correctly, Nick, you do not need to be an Amazon Prime subscriber to access Legoon Plus via Amazon.

36:39Chris Stone:Yeah, that's correct. So look, I don't think Amazon's going to have too many expectations on what they're going to achieve and bring in, Because ultimately, when you're a platform like Prime Video, you can dial up the visibility and dial down the visibility. So they can have quite an impactful impact. Let's go with impactful impact to the success on their platform. But remember, this product will be available in a bunch of other places. It's going to be on through Orange, through a bunch of the telcos.

37:09Chris Stone:SFR and also Free is another platform. I don't know what that is. but basically it's going to be available in a bunch of places for subscription so i don't think amazon's really precious about how well it performs i'll make it available they can then test and see who's willing to buy uh it is interesting that it's not part of the prime or it's not an add-on for prime members i thought that was quite a surprise to see that you didn't have to be a prime video subscriber but again that would be linked with a type of deal uh that they china's trying to um orchestrate with lfp but remember like amazon's uh amazon's uh frictionless experience or near frictionless experience on like one click purchase and one click subscribes is really their secret sauce right so even if you're not a prime member you still could be able to buy and subscribe with one click of the button versus the the process i've been through a bunch of subscribers is horrendous where you're going to jump between phone to smart tv back to phone and then you're bunching through web browsers and apps and it can be a nightmare so if they can just make sure that is as seamless as possible they make it as easy as anyone can to access the platform that is really a pretty big win for them but the the key thing out of all this is that we got it i don't know where what sort of numbers we're going to see along this journey right i think there's going to be um some hopefully good reporting done let's say around this but the price point is so low like it is now the best priced major european league to watch by country mile to any other of the major top five leagues that exist is that price point that low price point when you slash like you said it's half of what the zone we're asking is that enough to get people to go look actually i'm not going to watch it through piracy or other means that i am going to commit to this because it is what is it only 15 euros and they even have an under 26 offer if you saw as well there that's that's pretty unprecedented i've not seen people actively target that at the the big league level so i really hope that this works because it's a bit of a if it works it will work out a bit like a classic tech company where we'll have a low price point we'll probably try and get people hooked and enjoying the experience and then it'll probably inch its way up over the coming years like any good media platform.

39:25Chris Stone:I just really hope it works for them and for the industry in many ways.

39:29Nick Meacham:Yeah. Following this story for the last couple of years, Nick, this won't be the last time we talk about it. So we'll see how things go. We'll check it out this weekend. Like I said, the season kicking off to see how smoothly that transition is because we know you can't take for granted when you launch a new platform or you have a new broadcast partner. You think back to the zone with Syria and Italy. you know I feel like we've gotten better with our products these days but you never know so we'll definitely hopefully not have to come back and tell a story about how the product launched in its first week and hopefully we can give a little bit of time to have the small victory of having a successful first weekend.

40:05Chris Stone:I really hope it works I've got a production partner that's pretty solid but I don't think it has a strong background in sports they've got good they're in good hands with Endeavor streaming most likely there but we know that there's so many factors that can throw a good they need so many systems to work well their subscription systems the payment system the cdns like everything in the mix there has to deliver for them so i'm crossing my toes and fingers that they are having a good weekend at the time of this recording and they'll come out the other side with quite a watershed moment for them hopefully so moving from one european football

40:44Nick Meacham:league to another we'll talk now about la liga who have extended their broadcast deal with premier sports in the uk and ireland um i think just for context we talked about on our bonus pod with sky sports in the premier league that they were going to show a minimum of 215 games we talked about that being a really impressive number uh premier sports if i've done my research correctly they're going to show over 340 la liga matches so like you know we've talked about you know in international markets you can be you can deliver a little bit more you can have those all in packages but like they are delivering the the kitchen sink is a proverbial phrase but the other part of this story that i found interesting nick or i think stands out is that disney plus has come in to get a is it a prime time saturday game uh once a week i believe is what it is where they get their choice of a prime time game and i find this interesting because of all these little i guess you say the culmination of different moves disney plus is seeming to do in the european market with just these kind of small hand-picked rights because i'll be honest with you like it's saturday night i don't have anything else to watch if you know i can go watch lamina mall on uh disney plus i might go do it it's not something i would have it didn't have great stumble ability for me we're gonna we're gonna drill that word into the people's uh normal use of phrases nick but like It's definitely not in the dictionary.

42:11Nick Meacham:I could say that. Yet.

42:15Chris Stone:Yet. Yeah, it might be in the urban dictionary, maybe. Yeah.

42:18Nick Meacham:Yeah. But, so Nick, what do you think about this in terms of, you know, I feel like the Premier Sports is relatively straightforward. I think it's a positive, just the sheer amount of content that's there. But like I said, I find the Disney Plus angle, even though it's a very small set of rights, I just find it interesting how Disney is continuing to pick little things.

42:38Chris Stone:Yeah, really interesting. I just guess they're testing the waters in every market to see how much they can move audiences from one place to the other. But it's just tricky when you do it with a lower-tier sport to see if they get any meaningful inertia off the back of that meaningful insight. What's interesting with La Liga as it relates to the UK is they have a couple of really top players, top English players who play there. In Madrid, you've got Drew Bellingham and Trent Alexander-Arnold.

43:06Nick Meacham:and is it Conor Gallagher who plays at Atletico Madrid as well? He does, yeah.

43:11Chris Stone:So I'm not sure if there's anyone else there that I'm missing but my point is making sure that those games are accessible and easy to get to I think will be a really important focus, should be a really important focus point for La Liga because if they do it, they will definitely get a lot of people following them. I'm sure if you said, oh, Drew Bellingham's going to be on on Saturday night, People got to tune in to Disney Plus and see him in action, particularly if that Saturday night lineup is regularly one of the bigger teams. And you're really only talking about Barcelona, Real Madrid, maybe Atletico again if Conor Gallagher is playing from a UK perspective.

43:49Chris Stone:And obviously there's different layers of fans and someone will tell you this. The league has got beautiful football, etc. We're talking on the masses here. Reality is there's a big tier, a big threshold, right? and they have to cover um so i'm all for it i don't think i think it's a no-brainer now it's a no-brainer for both la liga and premier sports i think because if people do get a chance to access the liga through disney plus which is a mass consumer subscription service and they like what they see that they might go on to premier sports and subscribe if they really want to watch more and more of that action so for premier sports i don't think it would be uh something that i'd be disheartened by it by seeing that their content's being made available on other channels and let's face it it is only one game a week anyway i still think that the la liga have to try and be patient but find a premium partner for el classico and those broad big marquee it feels like such a missed opportunity i'm sure it's good for premier sports that's they're probably their acquisition driver that's probably what they're paying for but we know premier sports is is knock of the weight behind it some of the other major platforms do and if they did have sky or tnt in particular seems the one that jumps to mind for me as part of that then i think that would be given some much needed visibility outside of premier sports as their core partner so then if that's ever going to happen or what not but i think that's what they need they should be focusing on as a as a like a result perhaps of the premier sports and disney setup and they can still keep that relationship with premier sports they have to do all 340 matches with them but they have to just really find other ways to get more visibility i think though they are very very good on youtube that's what they're largely gonna get a lot of credit for through a lot of different channels is their visibility of highlights what i was gonna say nick for anyone

45:42Nick Meacham:that's ever watched la liga coverage don't know if you have la liga have invested a ton of money on the production side akin to sort of what uh dfl digital was doing for the bundesliga i'll tell right now it is some of the most aesthetically pleasing football in terms of like the production value like they've gone all in with you know the the ak cameras all that stuff like in terms of the way the game's presented don't know if you've ever watched any league coverage they do a phenomenal job it is beautiful to look at on the screen like they've done a really good job on the the display of it and that's someone that's used to the nfl having all the spider cams and all that kind of crazy stuff.

46:19Nick Meacham:La Liga does an excellent job on the actual production side. Interesting. I mean, everyone tells you that Spanish football is more beautiful

46:27Chris Stone:to watch aesthetically as well. So it's nice that they've married up those two parts of it, the production and the on-field experience. So I'm really not sure where La Liga is going to go to. I'm a bit perplexed. Like in a lot of ways, they've been really good at building audiences and visibility through YouTube, through social. They seem to be really good at creating content. um obviously they got that cvc deal which was a cash injection which is built around digital transformation or so they said they're pretty well managed on cost control through the the rules and regulations of la liga where did that but it feels like in markets like the uk uk is a bit of a weird one like syria had to go the different approach liga and had to take a different approach la liga they had to take very obscure approaches and my guess is that sky is like guy being the the big monolith that it is and basically like well we don't need these rights we've got so much football content we just don't need to pay pay for those things and the others don't really see the value of basically buying them from an acquisition perspective so and then you layer football's challenges around advertising integration there's not many ways of driving monetization out of football if you don't have a real subscription acquisition play there so So I'm just curious to see what La Liga and these others do in markets like the UK, whether this feels like there's such a missed opportunity for more visibility and more people, more eyes on it, basically.

47:54Nick Meacham:Yeah, we'll see. I'd be interested. Maybe we need to get someone from South America back in again because language, I think, does matter. But again, Real Madrid, famous for all of its different Brazilians that it's always had in, Messi being from Argentina. I'd be curious to know if they do better in markets like Latin America, South America, where maybe the language is an issue. And obviously commentary, like they do in English, it's not like that's a foreign concept or anything like that. But I'd be curious to know how they do in different markets outside. Because like you said, the UK, it seems primarily Barcelona, Real Madrid, everybody else, kind of, that's the general take.

48:32Nick Meacham:I wonder what it's like in different markets. I don't know.

48:34Chris Stone:I have seen some data on that before. And La Liga is massive in Latam. They are in a really good place there. So definitely the Spanish connection is really strong there. So whilst they might not be strong in other markets, I would have expected more visibility. I think they're doing pretty well in a bunch of other markets and their deal in the US is still really significant. Whether they can continue that is a third question. With basically Messi not being there when they did that deal, Ronaldo's left when they did that deal many years ago. Can they keep the momentum and excitement around the Liga?

49:08Chris Stone:potentially if the uh the latin american market which is you know a strong subset of the population of the u.s is still really into that there maybe it's still got some serious legs there yeah so

49:19Nick Meacham:the last story of the day we're going to cover nick again is another story that is seemingly dragged on i don't want to say dragged on but it's had multiple chapters in its story and it seems like we're going to finally get an espn fox sports bundle if we go back in time it was the two of them plus warner brothers discovery they were looking to launch venue sports which eventually um legally got shut down however you want to phrase that canceled whatever um largely in part have i told

49:48Chris Stone:you that we um were involved uh or we had uh were used in the court proceedings i think you mentioned

49:57Nick Meacham:the david gandler fubo disgusted offline he had mentioned that uh mentioned that to me that

50:04Chris Stone:basically he came up in uh in the court proceedings and actually then i looked on i went on watched the youtube and i watched the listens and there was a big spike around that time they use a transcript from uh the interviews that he did with us uh i think uh in that case a long obviously that's long settled now since but uh yeah there you go so i'm not sure i'd say that it didn't really lead to a big massive ongoing bump of audience for us i don't think a bunch of lawyers are really our core target market unless they're working on sports media rights. But yeah, nice little shout out for us in the Supreme Court of the US or wherever it was.

50:43Nick Meacham:There we go. You'll love to hear it. But to that point, that joint venture did not come together. Some of that might have to do with Fubo being acquired, where that might end up. But nonetheless, ESPN and Fox Sports are still going to come together with a bundled package. ESPN, we know earlier this year, is going to launch their flagship digital platform. Something that's been talked about for a long time. Interestingly, Fox is launching Fox One, which Fox has really been a late mover when we think about streaming. They're really the one U.S. major broadcaster. Just hasn't really touched it at all.

51:17Nick Meacham:They're officially going to go and launch their product ahead of primarily the college football season kicking off. So we're seeing both of these massive platforms in the U.S. launching their streaming platforms. and they're also going to do a bundled package altogether. So a lot of things happening this fall, Nick, with both of those sides. And now we finally have some sort of conclusion on a bundled package.

51:41Chris Stone:Yeah, I mean, I sort of work out what the bundle would actually work out to be because they're two different media companies. I'm guessing it basically just means you get a code or something and you put it into the new app that they've launched and you get access to both platforms. That makes obviously the cost point much lower. it's a pretty media set of rights that they get to access because Fox are pretty solid and ESPN obviously are solid as well I mean when we saw the venue uh announcement at the time when we saw Warner Brothers Discovery there that was and then the NBA deal dropped obviously that was a pretty um impactful loss of rights out of that mix that Warner Brothers were also bringing to the table I mean it doesn't have the excitement of a standalone platform it still means you have to subscribe to basically two different platforms completely.

52:29Chris Stone:And I'm guessing then also that still makes the trickiness of like bouncing between platform to platform still really prominent. So you need to know what's going on where, you know what I mean, like in terms of like the calendar of events, where it's not all in one app experience, which just makes it a bit clunky. So I think it's nice for them to bring a discounted offering to the market and hopefully gets them some momentum on sales. but I think it's just a bit of a poor man's venue, which is not even a poor man's venue sports. And what's the two major plays coming together? I don't think it makes that much of a difference, really.

53:09Chris Stone:I think that your point around what Fox have done today, I think they've been one of the ones, as you've pointed out, they basically sat tight, focused on their business. They basically did the numbers and said, well, we're not going to lose hundreds and hundreds of millions or billions on launching streaming services, trying to grab market share. We'll wait, keep using advertising revenues, keep doing our thing. And they've probably netted the best out of everyone as a result of that. But they are late to the party. So can they grab market share along with all the others being so late? That is the question when there's so many subscription offers out there that I just don't know they'll be able to get cut through.

53:49Chris Stone:Except for all those Fox lovers out there in the US where there is a certain type of demographic I think that I'm sure that will buy what they've got to sell.

53:57Nick Meacham:What I find interesting is the actual launch date. Both Fox and ESPN are launching in late August, which will coincide with the start of the college football season. I'm super excited about it, Nick. Maybe other people. Texas and Ohio State playing each other week one is going to be a phenomenal way to start off the college football season. But both of them launching their platforms in the beginning of August. This joint platform, this joint offering, isn't launching until early October. So there's a part of me, it's a bit sort of how successful is it going to be? Because I imagine you've probably already paid for your subscriptions and I imagine you're not going to get a refund later on if you've already paid for both.

54:31Nick Meacham:So I am a little bit curious just to know how successful it will be at the offset. Maybe I'm just not looking at it from the correct angle, but it does feel a little bit weird. Yeah. I'm sure there's some reason. Yeah.

54:44Chris Stone:Basically, they want to get that initial influx of people who would subscribe at any price, get them on board, and then see if they can use that as a hook. once they're through that initial wave to get them to sign up. I'm sure it's very intentional to do that. And look, as I said, I don't think it's one platform. I think it's two different platforms and you just get access to both somehow that we'll manage that service. So I think it's just a bit of a strategic play to make sure that they've got another marketing bump, basically, to help with acquisition once they get that initial wave of people that would just buy at basically any price.

55:15Nick Meacham:Yeah, and it is worth mentioning as a note that this particular bundle does not include Disney Plus or Hulu within it. The other ESPN flagship digital part, I believe, does include that, or there is maybe an extra price you can pay to incorporate that. This is strictly just a sports bundle, which for some people, we've talked about this before, if you're a parent, one of the benefits of the ESPN side of things is you can justify it to say, oh, hey, there's some children's content there on Disney Plus as well. like this is strictly just the sports offering there is no other additional um of the entertainment which we know fox has a ton of we know espn being part of the disney platform has a ton of this is

55:58Chris Stone:just strictly sports and maybe that'll be the next step on this partnership if it works then we have to see what happens with fubo and hulu coming together as well with obviously with that with that relationship so still lots of things just happen there it never seems a dull day particularly in US sports media. Transferring it to Europe, I'm just wondering if we'll ever see more of these bundle partnerships happen with more competitors. There are types of relationships like that, but not to this level, not this clear, here's two products you get, two for the price of one. They're wrapped in other stuff going on.

56:31Chris Stone:So I'm fascinated to see how much of that transfers over here.

56:35Nick Meacham:Yeah, because he said you can access TNT Sports via Sky Sports. They're more than happy for you to have that subscription, but you go through the SkyOS system to go and do that. But it isn't a bundle deal. Who knows, Nick, maybe we were talking about the impacts of piracy. Maybe piracy will push them to do something like this. And that's not me saying I hope that piracy is successful. Of course not. Who knows? Maybe it'll be the next unintended consequence.

57:02Chris Stone:Maybe. We'll have to wait and see. But there's not as many players, obviously, in those markets. That makes it a little bit less needed to do so. But there is a few countries in Europe that could potentially benefit from taking this type of approach. We'll have to wait and see.

57:18Nick Meacham:Absolutely. Well, everyone, thank you for joining us for another packed day of news. Pleasure as always to be with you, Nick. And I hope you have a great weekend. Cheers, mate. Thanks. Thanks. And same to you. Thanks, everyone.