Blackbird (LSE:BIRD) — Final Results Investor Presentation

0:02 Good afternoon, ladies and gentlemen, and welcome to the BLACKBIRD PLC final results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, as usual, I would like

0:34 to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CFO, Steven White. Good afternoon, sir. Thank you, Jake. Good afternoon, ladies and gentlemen. Obviously, you know myself and Stephen Streeter. Unfortunately, Ian is unwell today, so unable to join us. But I'd like to introduce you to Sumit Roy, our chief product officer, who joined us from Vegas Pro, formerly Sony Vegas Pro, eight months ago. Sumit, would you like to say a few words of introduction?

1:08 Hi, everybody. Thank you for Stephen, for introducing me. Some of you may have already seen I joined BLACKBIRD eight months ago. I come over from the Vegas Pro product line. But prior to that, I ran or founded in 2002 a video streaming company, a cloud based video streaming company, which was then acquired in 2014 by a Nasdaq company. But prior to that, even I was a video editor and worked in special effects industry. So cloud video and video editing and special effects has always been in my DNA. And having known, BLACKBIRD, the company for and then Stephen Streets, the founder, for over fifteen years, it's wonderful to be, back on home sole in in London and working together to build out our future.

1:55 Thank you, Sumit. Can we move to slide slide three? So most of you are familiar with our story, but we are BLACKBIRD PLC, the AIM listed developer and seller of a cloud native content creation and distribution platform platform, Blackbird. We're also a techno since the end of twenty twenty one, we are a technology licensee for the first time. At the heart of what we do is our core technology where we we have extensive IP. We have 23 patents, including eight pending. We recognize it within the industry and have the media and entertainment industry and have a blue chip customer base.

2:41 Our clients include CBS Sports, Univision, the US State Department, A and E Networks. And, you know, the logo you can see in the top right hand corner is one of our latest acquisitions in terms of customers, which is FIFA, where they used us extensively on the the world football tournament that took place in Qatar in November and December. As well as our customer base, we've been recognized by the industry. In 2022, IABM voted us broadcast media company of the year. We also won the Queen's Awards. And as a reminder, because of the efficiency of our technology whereby we generate up to 91% less carbon emissions than our competitors, we won the environmental sustainability award in 2021.

3:35 On the back of that as well, the London Stock Exchange granted us the green economy mark, which is for companies that that have over 50% of their revenues, from green technologies. Only 5% of those listed companies, actually have that mark. So 2022 was a year of great highlights. Our revenue grew by 38% in a difficult time for the media and entertainment industry to a record 2,850,000. We also successfully delivered against our EVS development deal, our first technology licensing deal.

4:21 This is pivotal, to us. You know, this will give us the the opportunity to scale through EBS' infrastructure. They are a Belgium based company with over 500, customers. They are gold standards leader within the sports and news production world. They have subsequently rolled this out to a US broadcaster, which unfortunately, we're not able to announce, but it's an a list And we look forward to, you know, having hearing more deals of customers that they they roll out to in the future years. We've also successfully, you know, hired a key team to take us to the next part of our strategy.

5:08 Sumit is obviously the most senior of these, and you've heard from him. But, you know, that's a testament to his belief in BIRD. He's also brought it across a couple of other people from Vegas Pro. So Moe Volans here is is an expert in terms of direct customer marketing. And his background, you know, is also in the audio industry. We'll come on to it a little bit more, but as well as video, audio is gonna be a massive delivery, you know, where we can we where we can participate. Morgan Henry, the right hand picture on the chart, is is a a world renowned leader, and he's joined us as VP of engineering to run our to run our engineering team.

5:53 He joins us from Uvu and Improbable, where he has successfully implemented development work on time. What this also has done is freed up Stephen Streeter, to work on the innovation so that we maintain our competitive advantage.

6:17 So looking at the finances, our revenue was up 800,000 year on year. The EVS technology licensing deal accounted for about 600,000 of that revenue. We also saw, expansions with the likes of Univision and our global financial news service and rollout to rollout to FIFA and to NCSA, part of the IMG group. Our MRR was up 6% year on year to just under 170,000. Not included in those figures is our annual sales, minimum guarantee from the EVS tech licensing deal, which in 2022 was worth a €180,000.

7:03 In 2023, it's worth €220,000. Our revenue is still quite lumpy, and that's the nature of working in the media and entertainment space. I've obviously given you visibility over the last few results announcements in terms of our future order book. And as at the end of twenty twenty two, it was $3,430,000 of which $1,600,000 was secured for 2023. This was down slightly on prior year because, obviously, we didn't have technology development license fees in the order book at the end of the year compared to $450,000 at the end of twenty twenty one. In terms of our cash burn, that has increased to GBP 2,750,000 from about $1,500,000 in 2021.

7:57 This was to be expected. So off the back of the December 2021 raise, we've invested some of those funds in getting the team and core hires for our self-service Blackbird SaaS platform, which you'll hear a lot more about today. Development is well underway, and, yeah, we've we've increased the size of our development team from you know, we've doubled it from the start of 2022. Cash burn was also slightly down just due to timing of the payments from a small number of customers. That accounted for about $05,000,000 That's subsequently being paid, after the year end. A reminder in these testing times, you've all heard of the macroeconomic crisis in the banking world at the moment.

8:43 But, you know, we have a very strong balance sheet. We had over 10,000,000 in cash and short term investments at the end of the year, 9,700,000 at the end of February, and we are debt free. So we've presented to you our strategic direction since 2019, which has been consistent. The m and e bubble on the left hand side is our direct deals. These are very high profile. You heard the names I mentioned earlier. But the way that we see our business scaling is these two bubbles. The one in the middle, OEM, of which, you know, the EVS technology license deal is a good example. But we are in conversations with other people around powered by BLACKBIRD who are much larger than EVS.

9:35 That way, we can leverage their infrastructure, and, you know, we don't have to have our own resources. The right hand bubble, you know, we've always said we've got a very scalable, efficient technology. The way that we're gonna bring that to the masses is the way that we're gonna grow this company. So we're here today to really talk to you, you know, a lot more about that that right hand bubble in terms of our self-service model and, you know, how we can scale our business. Over to Samir. Thank you, Steve. So as Steve mentioned, we obviously have, you know, our core technology. We obviously have now partnerships to help us scale into, our existing market in m and e. But in order to get a much broader marketplace, we are going out with a more generic SaaS offering. And that's what I've been working on since I arrived eight months ago with a lot of members of the team. So to explain exactly why we're doing this, we all know the Netflix story and the Zoom story and and and companies that have disrupted an existing but two companies that you may not be as aware of is Figma and Canva, both of which provide design tools and and and in the case of Figma UI and UX tools for in the case of Figma for the professional industry and in the case of Canva for more the SME market and amateur market.

10:59 Now both of these companies have seen considerable growth in what would have looked like a very sewn up market, certainly dominated by Adobe historically in in in in the market of design software. Figma with revenues in excess of $400,000,000 was purchased or is in the press of being purchased by Adobe for over 20,000,000,000. And Canva, whilst not, currently sold, is still a private company but invested into a similar similar, market cap. So there's considerable opportunity that we're seeing within the creative services industry. If you look at design and the examples we've just shown, massive move towards the cloud. The same is happening in three d. The same is happening CAD, and we're beginning to see the beginning of that movement in audio. So a lot of the creatives in services have moved this way. Video has taken longer to move partially because of the vastly largest file sizes and complexity in processing that exists within video.

11:56 Obviously, we have a wonderful history in in in solving that and and what the team has been working on, with the with the founder, Steven Streeter, has solidified our position in the top end of the market, and we've obviously got some successful names under our belt and great projects that we've worked on, but it's now about rolling it out to a wider play.

12:16 So part of the reason the way the way we're doing this is we all know and understand within our business how the media production business works. It's actually quite laborious. Video has this wonderful benefit. It's much more effective than other forms of communication, but it is slightly harder to create. And each one of these blocks within the traditional workflow takes significant time, between them, and, you know, we we we're well aware of how the industry sort of deals with this. And it really is just a lot of labor that goes into it. The loop you see at the bottom is called production hell in the industry, and it's that bit that you get to in a project where you're 90% done, but 90% still to go because of the feedback time that's involved with, actually, with production. And it's a bit akin to, like, legal days of where you would get a document and in the post, and you'd have it with pen. You'd mark it up, and you'd send it back. All of time between the feedback going through. Now with online technologies and and and and whether it's Office three six five or whether it's Google online, you're able to mark up that document directly.

13:21 All of these benefits we bring to the cloud or because of the cloud business that we have, we'll be able to bring to the end user, cutting down their production time, but more importantly, making it easier for them to work with other people. So the way Blackbird SaaS is gonna work is it's a platform that puts content creation right at the heart of the user.

13:40 They're able to access all of their resources, and they're able to collaborate with others at the same time. More importantly, some of those really tiny tasks like file conversion, archiving backup, all of that gets taken care of by our cloud platform, enabling the videographer to get on with what they do the best, which is essentially producing the video and do all the creative work. The six core components of the Blackbird SaaS platform are are are on the screen at the moment. Multiplayer collaboration, we believe this is gonna be a big thing for us. The ability for people to simultaneously work together is really gonna speed up that production timeline. And the benefits of doing that, we've all seen in other software. We'd be lost without Slack or Teams or or Zoom and the ability for us to work collaboratively, especially if we're geographically separated from each other. And but video there's a bit of a joke within the video world that when a project starts on a laptop, the video project will end on that laptop or or that workstation because of the complexity involved with the way video production works. We get to solve that problem, and we get to bring all the benefits that we've seen in productivity software in other industries to the video industry. And we're best placed to do that because of the way that our codec works, giving us the best online experience of editing.

15:01 The other thing which you'll see below that is extensibility. We don't have the monopoly on ideas, and we couldn't possibly take on everything. And one of the limitations of having installed software is it's very hard to connect that to other products and services. Whereas for us, because we're already in the cloud and we have an API and we're building in a marketplace that allows people to create plug ins at the front end, so to get video into us, as well as plug ins

15:25 to the back end published to other third party platforms, but also processing plug ins. So what it means is that we can either license other people's technology and take a revenue share of that, or we can work with organizations who already have products and services in the market and make it so that our product acts more of a platform connecting them together. This will be hugely beneficial. We've again seen moves in similar industries with great success. Really, for us to build a revenue factory that we're we're going for and what is going to drive our growth, we need to become self-service. So the whole of the BIRD SaaS platform will be available to buy to end users online with a credit card. We will have offered it in four separate in in in four plans, four pricing plans, starting with freemium and ending in enterprise. Enterprise will, of course, be slightly more guided, but the core users will be able to help themselves pay for the service online and manage their whole account without any intervention from us, just support where needed.

16:23 The other thing which is obviously super important is we lower the individual user cost is we're gonna appeal to a much broader market. We sit at the formula one end of the industry, the highest top of the pyramid in m and e, but there is such a bigger audience that sits underneath that. And we want to make sure that we're best positioned because we have the technology technological advantage to open ourselves up to a much broader market. The other thing which is important is that it's been always part of our plan to be more involved in video distribution because we already have the video in the cloud, we have a great codec, and we've got great experience in the space. So one thing that will come into the Blackbaud SaaS platform will be our content distribution ourselves. We don't intend to build a a a YouTube or Instagram or or compete with the very, very mass and popular products. But what we will do is take part in slightly more niche areas of distribution, more catered to the to us and where there's more market opportunity to us. This will really help within the proteins environments where people already use a another third party service. If we can bring the whole thing under one umbrella for them, that will be advantageous to them.

17:29 And, of course, this move, whilst we're in the same company with the same technology in in the same office, we are obviously changing drastically the way that we will be presenting ourselves. We will be engaging with customers in a more consumer driven way because direct to consumer obviously requires that slightly higher touch, more emphasis on marketing in order for us to drive awareness and that that that that size of the market. The first customers that we're gonna be targeting with the new platform will be prosumers and proteins. These are people who monetize their work today. They're already used to using a myriad of products and services. So this is not gonna be strange for them to engage in a in in in, let's just say, an average $25 a month charge that they would would would be charged to use our platform.

18:15 But it means that we get ourselves a a very easy set of a very good set of feedback, much better access to a market that's hungry for these kind of tools, and they're the kind of people who have been demanding that there is such an online video platform. We don't believe them. It's not our intention that we immediately replace their existing tools. We have so much value in being used alongside those tools. And, eventually, with time and as we get stronger and they get more comfortable with it, they can take on more and more of that workflow that we showed earlier on with our platform.

18:48 Pro teams is possibly the most exciting space initially for us. It it won't become the biggest bottom market, but it's very exciting beginning because it's something that's quite prohibitive for companies to do right now. And that is for them to bring some of their video production or control over the video production process in house. At the moment, they obviously video production requires quite expensive hardware.

19:09 The software is not trivial. Whilst it's great stuff and wonderful for making Hollywood movies, it's not necessarily applicable for an organization who just really requires to maybe process some events that they've done, some internal videos, some communication to clients. And because of the way that our product works, we can give that put that in the hands of the AV teams and the marketing teams. So that's a growth area that we're looking forward to. And we consider these two industries here or these two market sectors to be slightly the lowest hanging fruit of of of of our product. Of course, as the product gets

19:44 further embedded and we get more capable with it, we're able to push it more out back into the m and e space and complement our existing product line, strengthening that, and, of course, eventually access a wider market with the consumer play. This is just an in an indicative screen grab of the product as it stands at the moment in work that we're doing. As I said, I arrived eight months ago, and we've started work pretty quickly. We've got a large raise of the of of of the employee and the development base that were needed to develop this consumer grade product. The UI, we're very proud of it, and everything that the user sees and touches is critical in this market. And we've invested significant time and effort in building a product that just makes sense for people.

20:30 And we've obviously throughout this whole development process, we've run concurrent user groups, ranging from YouTubers to students to pro video editors to Hollywood editors. So we've covered the market, making sure that we're building the right tool that is applicable the same way that it's the same iPhone that's used by a teenager, a businessman, and and and a grandmother at the same time. So we know that we're building a product that's suitable. And, of course, just like an iPhone where you add apps to customize it, because of our marketplace, we will be able to be suitable not only to support the industries that specific users are in, but also it will again help us with that broader market appeal. Steve alluded to something at the beginning of the conversation that the audio industry is also very large, and it's what we've seen a massive growth in is podcasting.

21:15 And what's interesting about podcasting is it tends to be video and audio together. And the same way, we've seen audio production tools move more towards the cloud, and it's a great indication of where the video world goes, where audio goes, because they tend to be slightly ahead because of the reduced complexity and the size of the files and the complexity in processing. So what we have done is we have built video sorry, audio tools directly into the product. And a number of reasons for that. One, there's no point being a cloud video editor if you have to only then download the video to process it offline in in on audio tools and then push it back, we defeat the object of being in the cloud and keeping that cloud workflow clean. But more importantly, it gives us access to a much bigger market because the podcasting market and, and, of course, because of the marketplace, we can interface with some of the online doors, the digital video workstations that enable people to create music and have them connect and send over directly to us for things like music videos and for the final video production.

22:12 So we're really excited about this. We've got some great expertise within the company and knowledge of this area, and it's it's also just like the video industry. It is a massive growing industry out there, and we wanna take part in that. Of course, today, the hot topic is AI, and we want to be clear to users that we are not investing significant effort ourselves in the development of AI, but there's an awful lot out there that we can take advantage of. Again, because of our extensibility and marketplace approach, what we'll be doing is leveraging the best in breed technologies either available in the cloud or for us to run within our cloud and providing them to end users either as just part of our offering or potentially part of a a plug in that they can or that they're able to pay extra for to access, you know, complex features.

23:00 Now one of the things that we're sure of is that AI isn't going to replace the video editing end to end process anytime soon, but it is gonna assist massively with certain tasks. The most obvious ones are speech to text and text to speech language translations for help with subtitling and for voiceovers. This is something that the human version of is really quite expensive, but it's very good, and it's exceptional quality now to do this with AI.

23:25 But, also, in order to really reduce that workflow, we're going to be looking at color matching and object detection. Color matching makes it very easy to bring your video into line. Of course, colorists who do it by hand can always add a bit of an edge in that that hand finished, feel. But certainly for the proteins and the prosumers, it's a great advantage to the videographer in in reducing their time to finish their video. And object detection and things like this will really help us with as because we're in the cloud, as you begin to use Blackbird SaaS more and more, your entire video library is built

23:57 up by us and stored by us and managed by us. So being able to recall and access maybe some content that you've used in a previous project, especially when you're working within a team, that becomes incredibly useful. So we're gonna be utilizing as many technologies as we can from third parties, partnerships, and others who want to integrate with us. What you when you look at the total addressable market, what you can see is that this is a unbelievably large growing market. If you consider that twenty years ago, the entire market was pretty much dominated by film and television, but now it's the absolute inverse. And what we've seen is not only the movement of creators and having their own YouTube channels, but also within the enterprise, we're seeing a lot more of a move towards wanting to be able to use video. It's akin to when PowerPoint arrived. It was something that historically presentations were produced by a graphic team, either in house or outsourced.

24:48 And, of course, PowerPoint put the power in the hands of people. And what we're wanting to do with video is at least allow people to be part of that process and to bring more of that production in house. Or because of the collaborative nature of our product, make it very easy for you to extend and have a freelancer work on your project. So there's great market opportunity. The market is growing significantly. We know the timing is right. We're in a great position because of our technology to take advantage of that. What you can do again is see, as I mentioned before, we're sitting at the top of the pyramid right now. And it is the formula one end of the industry, and it's incredibly prestigious. And we learn a lot from doing that. It's what's created our technology. It's what we've battle tested our technology in. But now the market is there for us to take opportune to take the opportunity to get into that professional services sorry, professional teams and prosumer market.

25:38 And, of course, after our success there and we've established the product further and and and and been able to scale that, we can then move it into the much broader market, which is more toward heading towards the consumer end of the market, which is obviously incredibly large in size, but slightly different, and we need to be be ready for that.

25:59 So in summary, thank you, Sumit. We're really excited in terms of where we are today. We have the key hires in place. Sumit just been one of them. We we are well on track in terms of scaling our core IP, and the market timing is right, for disruption in the video content and creation industry.

26:22 Steve. So if I may just jump back in then, thank you very much indeed for your presentation this afternoon. And, Steven, if I may, just ask you to bring back up your camera there for the q and a. Thank you very much, sir. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the top right hand of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard.

26:54 Guys, we did obviously receive a number of pre submitted questions ahead of today's event. And as you can see there in the q and a tab, we've also received a number of questions throughout your presentation this afternoon as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And Steve, if I may hand back to you perhaps to chair the Q and A session with the team, and then I'll pick up from you at the end. Thank you. Lovely. Thank you, Jake. Yes. So our first question was, as the years passed by, the risk of different solutions being developed by competitors to solve the problems that our world beating tech answers must surely increase.

27:29 If that is indeed the case, there will there will there is a window within which the company could be sold to a major player who has the resources to roll out, promote, and market our tech to get get it to where it deserves to be? Is it now time seriously to consider a sale to avoid being remembered as the of our field? Well, on this one, I think we're at a really exciting stage in terms of the next part of our strategy evolution. You know, to to hand the reins over to somebody else and not realize the value that we know we can create would be wrong, and we're hopeful that you'll come on this journey with us.

28:10 Second question, in regards to EVS, have we reached or exceeded the minimum contractual payments in deals yet, or do we have an estimated time this will be achieved? But we haven't. The only took started taking place towards the end of twenty twenty two. So, obviously, we'll be able to give you more updates as the years progress by. Third question was, has there been any expansion on the Sky News Arabia deal? The answer to that one is no, but they are a happy customer. We have seen expansions, as I mentioned earlier, though, with the likes of Univision, with our global financial news service, post the year end, via CBS to Telefe and during '22 to to NCSA who are part of the IMG group.

29:05 Next question was, did Ian ever make it to America to promote the OTCQX market?

29:11 Not yet. We've been incredibly busy, in in, you know, evolving the business, whatever. It is the intention to go at the right moment and post our self-service platform launch next year, I think, would be a good timing for that.

29:28 Next question is at the last presentation, you mentioned the possibility of updates specifically for shareholders. What's happened to that idea?

29:38 Continue to to give shareholders updates as and when we can. We've introduced the sound bites on our website. So so take a look at that for the latest information on the company. So, mate, would you like to talk a bit about, you know, how we can get shareholders involved as as the product our new self-service product evolves. Absolutely. We have talked about the idea of actually having a small group of early access into the product as it's, you know, nearing the later stages before going to market.

30:09 The plans of that are not set yet, but certainly, it will start with a open demonstration and and an explanation in further detail as to how it works. And then, obviously, as we already expand, we already have testers which we've contracted with who are helping us through this process, but, you know, we'd love investors to take part in that too. Yeah. I just mentioned I mean, for our original product, we did involve shareholders. We have a couple of thousand individual shareholders, We really welcome the feedback. It's been very useful. And as Sumit's version is rolled out, we will be looking to enroll any of those who are interested in video and, obviously, distribution as well. So So I think that would be very, very interesting and allow you to keep in touch.

30:57 Next question was in May 2022, I am said, that's Ian, said, we expect further licensing deals to close soon. Did they or what is their current status? So as we mentioned in the presentation, we are in conversations with parties around other powered by BIRD deals.

31:16 It takes a lot of trust and confidence, I'd say, to, you know, put your reins in someone else's technology. EVS were very brave, and, obviously, we've developed a good relationship with them. But these deals take time or whatever. And so, yeah, look out for look out for more deals in the coming years.

31:37 The next question was naming no names or countries. How many licensing deals that were not being progressed in May 22 have been concluded successfully since, and how many are still being pursued? Well, I think I've answered that one with the the previous question.

31:54 Given that Hargreaves Hale attributed in a report on their investment success that the fact that BLACKBIRD was their worst performing stock to the no announcement policy unless it was a major announcement. What is the board of directors doing to modify influential institutional investors concerning the collapse in the share price between September 21 and now and to restore their confidence in the company's prospects.

32:18 Well, as as, you know, there are macro factors which are beyond our control. There was global sell off of technology stocks towards the start of last year. And obviously, we were on the back as well of of a COVID bubble. Yeah. What we've done what we would continue to do is to engage with our institutional, shareholders. Hardgroves Howe has been a strong supporter of us, throughout the years and continued to be so.

32:46 What we're doing is obviously is evolving our strategy. So it's given you sort of a real sense of the direction that we're heading. And we hope that you're so you know, you're excited as we are about this. And, you know, we look forward to sort of realizing the value of our core technology.

33:07 Next question is The US is now the most significant area of the world for sales of the company's software. How many of the company's staff were based there at June 2022?

33:16 And how many of the new staff appointed since then are or will be based there? Well, as we mentioned, on the strategic direction slide, yeah, we will scale the business via two routes through our OEM partnership routes and through our self-service BLACKBIRD SaaS platform route. We're very lucky to have found such talent talented executive as Summit, you know, here in London. You know, obviously, with the remote tools that exist in different industries, we don't rule out having other people waste around the world. We wanna get the right skill sets in. But but yeah. No. Those would be their

33:52 two routes. And, you know, and, you know, you know, we feel that, you know, we don't necessarily have to have the the people based in The US to attack that market, which is obviously the biggest market. Yeah. There's there's no debate The US market dominates this, and it's where we expect the majority of our sales to come from even in the new platform. But because our route to market is slightly different than having, you know, people sort of running the the streets and and and knocking on doors. We're able to cater for that much easier from here. But, you know, my previous teams were based out of Wisconsin and Silicon Valley and Minneapolis. And so it's a market that it's a it's an area that I'm very well well aware of. And as we build out that part of the business, we will explore, you know, how to get some feet on the ground where necessary where anywhere necessary. Next

34:40 question is why has there been a lack of news which seems to have spooked the market? Shareholders seem to have gone off invested in BLACKBIRD. I go back to our strategic direction slide again. We've been saying to you over the last few years, it's about fewer, bigger, better deals. That culminated within the EVS deal in September 2021, which is twice as big as our previous deal. We are in conversations, as we mentioned, to even larger players. So look out for news in the coming months. Next question is, what is the latest position about all the licensing agreements which we've told were imminent? I think we've answered that one previously. And we've got a question about what is the latest on OEM model contracts and what revenues are are accusing under them.

35:34 We published, obviously, our annual reports and accounts today. You you will see that together with powered by BLACKBIRD, OEM is the lion's share of our revenues to date, which accounted for about 1,600,000 of our 2,800,000 of revenue. What is the latest on public cloud, and is this new idea of the creative space going to substantially increase revenue? Sumit's answered a lot of that with you during the course of this presentation, but anything else you'd like to add? Obviously, it takes us time to ramp up being a SaaS business. So, obviously, we we still expect for the foreseeable future revenues to come from the OEM and m and e space. However, obviously, the growth real growth opportunity and the revenue factory does exist much greater in the SaaS side of the business. And, obviously, the conversations that have taken place within our management team and Ian is absolutely set for running and continuing the existing business.

36:31 Obviously, we've got huge investment there and there's huge opportunity as we build up that revenue factory, which will obviously the SaaS business, which will take time to get going. But once it does, it's incredibly fruitful. Thank you, Sune. Next question is for those of us counting on Blackbird to deliver life changing wealth, are we deluded? I say to that one, no. As you as you know, the boards and, you know, large amount of the management team also invested invested significant sums in BLACKBIRD, and we're really excited about our future prospects. Yeah. I think I'd I'd add to that that the there has been significant excitement within the organization in the in the last few months. Obviously, it's very hard to portray that publicly, but, I think even Steven Street has said that last week that we've never had such exciting times ahead of us. And Ian, obviously, leading the charge here and and bringing in a lot of new faces, and and it's it's a great time for change. So internally, we're seeing a lot of growth, and people are very, you know, very confident in that. And as Steven mentioned, we are you know, a lot of us are investing as well in in into the business, and we also expect it to deliver some seriously life improving and ideally, changing wealth.

37:49 Next question. Steven, would you like to say this one? Is is the player being released this year? Have we gone further than the prototype stage so it can't start can start earning money this year? Yes. We have gone further. The key of new innovation will be Blackbird 10, which is well underway at the moment. And the player is gonna be part of the new platform with the editor. But it makes sense because the player is so powerful at acquiring viewers to have somewhere to steer them, and the thing that we need first is the editor. So the policy is to work on the new the new version of the editor running on public cloud with all the scalability. And then the player will be almost like the sort of the the next stage of that.

38:35 Thank you, Steven. Next question is, what is the latest position of Tata Communications? We were led to believe that this was going to be a game changer for BLACKBIRD. Is the OEM model working as as as far as shareholders' concerns? Well, going back to Tata, we've we've mentioned this on the last two investor calls. It has been a disappointment for us as well, but we still continue to have a number of deals through them, but it hasn't scaled the way that we were hoping it would. Next question is due to NDA, I can understand you cannot disclose the first powered by BLACKBIRD customer, a major US based broadcast and media production company. However, with a simple yes or no answer, is it either of the following?

39:21 I'm not gonna read that out. You you you correctly stated, yeah, we can't disclose who that is. But, yeah, you know, what we have said in conjunction with EBS is it is a major US based broadcaster. Yeah. On in on March 2022, you posted a video during which you commented that investors could look forward to more power buy back deals and post stocks being put in the market. Again, as as as we reiterated, we're working on those deals. They take time to close. In in terms of the other side, in terms of prototypes, whilst we haven't put them into the public market, significant development I mean, the BLACKBIRD team has never been development team has never been bigger than it is today, and significant effort is going into that.

40:11 Right. Next question really is around the b p three program, which was launched in January 2019. It's quite a long question, so I I shall summarize it. So what were what were your hopes for this scheme or what are your future plans for this scheme? Well, this was really a way of maintaining the revenue from these SOHO's postproduction houses without having the high touch and resources that was required. So effectively, the Soho houses became our OEM partners. We don't see that scaling significantly. That's not a core part of our strategy, but, you know, it's a nice revenue stream, which is much more light touch now and and will be ongoing. Are the deals with companies such as Delta and nine g based upon annual fees, usage basis, or a combination of both, we can't say too much, obviously, on individual customers, but, yeah, they've they've been recurring customers that you've seen over the years, and they tend to have annual license fees.

41:14 Next question was what was the impact of exchange rate gains during the year? If these are stripped out of revenues and development fees ignored, what would be the like for like revenue growth figures? Exchange rates probably didn't have as big an impact as everyone would be expecting. You've got to remember we do annual deals. So the second half of twenty twenty one, we would have done deals which will generate revenue in 2022, and we charge them the and typically charge the annual fee up front. So the impact was actually lower than 2% in the year. I don't think it's right to strip out the the development fees because, you know, that is part of our strategy going forward. We think technology technology licensing and OEM, as I mentioned earlier, is 1,600,000 of our 2,800,000 of rep revenues.

42:07 On 10/08/2022, Ian Staples of traders had an interview with Vox Markets. During this interview, he mentioned the company being in talks with Microsoft and Amazon. Can you please expand? Well, that's base that's that's our existing platform. We work with customers both on the Microsoft Azure and the AWS platforms. I think it's also worth saying that at NAB, we will be on Microsoft stand in Las Vegas for the show there. So we're doing a good sort of joint partnership with them on that in in in terms of promotion. That's right, Sumit. Yeah. We continue to remain place to both parties. So on 12/08/2021, BLACKBIRD undertook placing as part of this placement agreement was made with our core business in Reed in Root Health. What led led you to make this comment, and what would you consider to be Root Health?

43:02 Well, we did the placing on the back of the EVS technology licensing deal, which was our biggest deal to date by a factor of two. And that's why we we thought it was, you know, the the we were in root health. As I say, we continue to look at further deals within the industry with potentially bigger partners. In December 2021, as part of IBC's accelerator media innovation program in 2021, the team of sports broadcasters, rights owners, and technology vendors delivered an English premier league production workflow trial to support the goal of a net zero carbon future for live productions. Was part of this solution, specifically working with BT Sport. Has there been any progression in regards to moving such events wholly to the cloud and Blackbird's involvement therein?

43:47 If not, do you anticipate this might happen and in what sort of time frame? There hasn't been a huge amount of developments, but, you know, what we are seeing is that ESG is becoming increasingly, important to our customers. They you know, they're starting to have targets that they need to meet And then solutions such as BLACKBIRD where, you know, we generate up to 91% less carbon are really gonna help them do that. I can't con comment on a time frame, but, you know, it's more and more important as the gears go on. Next question is really around Eurovision, and it was listed on an investor presentation in December 2021.

44:34 Has there been any further expanding expansion with Eurovision, and what are your future hopes for this customer? Again, I'll combine this with another question. They have just been taken over. Unfortunately, Eurovision is no longer a customer of ours. Obviously, there's opportunity to talk to that combined group or whoever and, you know, watch this space. How many town news stations currently use BLACKBIRD? It's around 70. So we've had small expansions during the course of 2022 from where we were. Avid's fourth quarter twenty twenty two results include an increase in paid cloud enabled software subscriptions of 23% year over year. We've previously heard comments about certain offerings not being true cloud products. They could have bolting wings on a train, etcetera. Given this, why is it the case that BLACKBIRD appears appears to be achieving growth rates a little better than its non cloud native competitors?

45:34 Well, what I would say is that we're really pleased to see that, you know, the the the shift to the cloud to the cloud is is happening. Obviously, that is their next next phase of our strategy evolution. It does take time within the media and entertainment world for people to change their infrastructure, which which is why we're working on those two other bubbles, the the licensing and OEM model, and also our self-service self-service platform where we would take that revenue line more under our control via payments on a credit card. Yeah. I mean, to add to that, and and specifically the first part of the question, it's very hard for the current products that are in the market that are installed on end users' workstation for them to take advantage of the cloud as well as we can because we're fully 100% in the cloud.

46:22 All everything our product is accessible through a browser. Every single part of it exists in that space. Whereas when you look at some of the traditional products, you are just inherently they they they have to be installed. So even if they're accessing the cloud, they're still physically installed on the machine, and therefore, you get a lot of benefits with the connections that they do have to the cloud, but it's not the entire benefit of being in the cloud. So we expect that to accelerate actually, and it's definitely a part of the you know, we we we know that the existing platforms in the market aren't going to be moving in the way that we are to, you know, fully into the cloud for some time. They have so much investment in the existing way that they do things. And quite that's quite understandable. But that's why we're gonna experience a faster growth aligned with cloud growth.

47:13 Can I just add one comment there, which is just one more comment, which is that our cloud is super efficient, which is 95% gross margin last year for our accounts? And most public cloud very inefficient, but we can apply our efficiency skills and our green credentials skills to the public cloud as well, which means that when we move to public cloud fully, we'll not only have the massive scalability, but also we will be much lower cost base than our competitors. And that's because we have this technology for efficiency. Thanks, Steven. Next question is, do you think that merging with another company could be a consideration in order to collectively offer a bigger, wider, and more market leading solutions to which both companies could benefit rather than trying to grow and survive alone?

48:04 Well, I think as we've set out today, we've got a very exciting, you know, future of our own. I mean, we continue to monitor the space, you know, for for opportunities, but, you know, we've we've we've not found something which would would enhance the company at this stage. How many years have you penciled in the accounts before you see a cash breakeven situation with the creator side? Again, you know, we can't talk to you about, you know, sort of the number of years and everything today, but, you know, this is a massive opportunity as Sumit alluded to. It would depend on the the the detraction, when we launch the product in terms of when we hit profitability. Have the board signed off a budget for the creative development plan? Would you intend to spend whatever it takes to succeed even if that means more fundraising?

48:55 Yes. The board have signed off a plan for our self-service Blackbird SaaS products and platform. We don't intend to spend whatever we can or whatever. What we do have is and we're very lucky to have is a very strong balance sheet at the moment. We have the resources to bring us to market and see that if we can gain traction with that product. Do you see relationships with the likes of small players like Knox Media being used to help access more valuable broadcasting areas within Spain? The answer to that is yes. You know, people like Knox are very important to us, you know, as are other OEM partners. In 2022, BLACKBIRD was seen at a show in Brazil for which there was a strong global presence.

49:44 Can you make any further comments on possibilities within that market and with global? I can't say much more than that you will hear an announcement when, you know, any deals are happening, but, obviously, we continue to talk to, you know, large broadcasters throughout the world. Next question is from Duncan. If things are so amazing, why are you struggling to commercialize and make money out of the technology? Well, we've set out our plan to you today in terms of how we intend to scale. It's not it's it's difficult within the media entertainment space, and, you know, we wanna bring that revenue line under our control, which is why, you know, we're looking at those two bubbles, you know, on the strategic directions slide. Sure. Then can I just remind Duncan, we've had five years of record sales?

50:35 And one reason we're looking to expand the market is because we think we can increase much faster if we add new markets to that. Yeah. Thank you, Steven. Sean m says, when will the shock wave begin? Well, as we said, we're very excited, you know, about the future prospects of the company. Yeah. I think it's clear it's it's also very important to be clear that what we've shown today is is very much work that's well underway, and we've been working at this now, you know, really for the best part of the last three quarters of a year. And, there's obviously still more to come, but it's I I wish we could show more about what or really how far we've got or or could express that more.

51:21 K. The next question is from Gareth. Are you talk about being in discussion with other potential powered by Blackbird customers? Why would we believe this in good faith when every other announcement has been pushed back or been proven incorrect? CDP Public Cloud has been pushed back by years. Blackbird ten has been pushed back by a long time. The first Power BIRD announcement was pushed back by months. SaaS has now been pushed back to next year. The great Tata partnerships we were told about has locked. What I would say to you is that we've we've we've made these comments in good faith. Sometimes it takes longer to get to the position that that you want to get to. But, know, as I said, we, you know, we are in a very good position now. We've brought a great, you know, great team on board to help us, you know, leverage our core technology, and we are very excited, you know, about the future.

52:10 Steven, do you wanna talk a little bit more about BLACKBIRD ten? Yes. So one thing that actually Steve is that we have expanded management team, including Morgan who's running the the engineering department. And that's freed me up to do much more of the technology research, which also answers the earlier question. So whereas before, I would be spending most of my time, you know, historically, just running the company. And then what I've been able to do is to hand over more and more of the tasks. All the important accounts works done by for example. All the product works done by Summit and the marketing. We have a marketing department. You know, these are things that I would be doing historically. And now I'm spending almost all of my time on the technology with a dedicated team who previously would have been working on the product and on in individual features for m and e customers, and now they're much more focused on actually the technology.

53:06 So I think we're we are way ahead in in capacity where we were even a year ago now, and certainly more than two years ago. So, yeah, I'm quite I'm quite positive about that. But we also have a direction with this with this new market, which we've it's not a completely new idea because we've experimented from a technology point of view as some of you may know. We've done a glass to glass mobile editor, which is really good, which we just did as an experiment. That audience is now $20,000,000,000 market, mobile editing. We've done consumer editor, which was very well received, and that's allowed us to develop new codecs. That's the roots of our current Blackbird nine codec came from the mobile. We've done the first video social network, which, you know, TikTok's taken over. That was an experiment as well, and we said we wouldn't charge for it, but obviously, it wasn't very economical at the time.

54:05 But we have a load of technology experience and well, actually, technology itself, which Summit has got available to him. Now we're increasing the market and the audience of our product. So I think I I can't comment on individual commercial deals, but, obviously, we have five years of record growth. So, So, you know, it's not all bad. But from the product point of view, we are now very well placed to expand into this new area. Next question is, have you considered offering a basic version of the platform for free with enhanced features for professional use? Sumit, do you wanna talk a bit about freemium and how that is you know, helps with SaaS based products? Sure. So the the new product will be a freemium based product. So there will be a an initial free account.

54:56 And there's a number of reasons behind that. One, it gives people the ability to try and use the software up to a a a fair limit. Obviously, it doesn't have all of the most fun features and and and and the large amounts of storage, etcetera, but it performs a really important function. The other and just just before I explain that function, the other three tiers are a creator tier, a pro tier, and an enterprise tier. The creator tier is for the average person who's using the video team product. The pro tier is more for the people who are in a lot larger teams and require higher security. And enterprise, again, is just another notch above. All of the plans will have the same sort of feature set, but it's just the limits with which with what you can do within them, which will vary, and obviously, the cost will vary accordingly. Now this is the major reason why free is so important to us. A core component of the product is its collaboration.

55:47 And what it means is that if I'm sitting here and we're working we we want a video and we're working with a freelancer, and that freelancer is is is is creating the video within BLACKBIRD, they're able to actually send the link to us and we get the link. And the the process of us just approving that work or viewing it or commenting on it turns us into freemium users. So now it becomes very easy for us to monetize and and where we get a bit more of a viral growth element associated to that. And in order to for us to build the revenue factory, we obviously need to take both paid social. So where we go find people, we need organic growth, just inherently people looking for our product service. And then, of course, this viral element will really help us with the revenue factory in terms of getting it going and being more in control of the revenue than we historically are because we're obviously very much at the hands at the moment of the media industry. This gives us a lot more power in a bigger market.

56:44 Thank you. The next question was, will the board be looking at purchasing shares to help with investor confidence? What I can say to that is I think our share price is very good value at the moment. As you are aware, I I participated in the last sort of placing round at 28p. From David H, we have when will we actually start to see meaningful revenues? Again, you know, what we are doing is evolving our strategy. We you know, via the route that we took you through took you on earlier in our strategic direction, moving across the page to those that OEM model and the self-service model, we believe that will help scale the business to meaningful revenues as quick as possible. David h has gained nice try. He said, look. Can you give us time frame about the the when you believe the company will reach cash profitability?

57:37 Again, we've kind of answered that one around, you know, it depend on sort of market traction and, you know, the number of deals that are achieved. Jason has got a very timely question. Where is your cash? And is it is it insured? Yeah. The majority of our funds are held via, you know, HSBC accounts or whatever. So we we don't put it in speculative banks and everything. We weren't affected by Silicon Valley Bank, but, you know, we were pleased to see the the reaction to support the technologies industry by other players. Jason s, you have lots of great customers. You've won awards, and it all amounts to less than 3,000,000 revenue. Realistically, when you're gonna make money, I think we've answered that one.

58:26 David h saying there seems to be a shift in strategic focus. Again, dressed up as a continuation a couple years back. Ian was talking feast about the revenues that could come from the licensed model powered by, yeah, there was net nothing to missing. This market is never going to amount to large revenues. That's not the case. As we mentioned, we are in conversations still with people there. And, you know, it's always been you know, Steven developed a very scalable, efficient technology, and it's always been the case that we knew that, you know, it's got a as it's got such a light footprint, it will be via the mass market that we will get to scalability. And that's the direction that we're taking you across today. Craig says, EVS deal, what turnover can you expect this year from them? We don't need them. Again, you know you know, we are part of their technology stack. What we do know is that they are rolling out their IPD via create products of which our technology is part part of. And, you know, they've got a massive installed base. We see this really as a long time annuity for us. Whilst we only have a five year deal, the industry tends to work within ten year cycles in terms of replacing existing equipment.

59:38 So, you know, watch this space over the coming months and years. Given minimal budget for marketing, can you give some insight into your strategy for selling, commercializing the creative products? I mean, I I mentioned in in in when I previously spoke about the different routes that we're gonna get to market. But the main issue main thing is that it's not it's not gonna be a minimal budget for marketing at all. I mean, we bought on a a super heavyweight in the product marketing industry, and Moe, obviously we him and I worked previously in in doing this. We're well aware of what it takes to create that revenue factory and to go out and get those users and get them over the line. It is going to be a very different type of marketing from that that you see from our core, let's say, corporate marketing, which will continue as it is. But the direct to consumer play will begin, and it will be different.

1:00:32 So, Grant, what do you make of the share price direction to today's figures? All I'd say is I thought we're a good value before the yesterday's share price, even better value today. Is the new product based on native HTML rather than the chip j model used by the pro editor? Correct. The new product is based on the very latest sort of web based technologies. So we we don't rely on any other third party or proprietary run times for it to work. So Craig has a question really about revenues, which we've covered, but he he'd like to know who are your main competitors and what is their sales what sales growth is left? I mean, I think, again, we've answered that via, you know, sort of, you know, our our strategy and, you know, that's the self-service model and the power by backlog model.

1:01:26 Given the excitement, can you outline your expected EBS revenues? We can't, you know, as you know, what we did when we did the deal is we underpinned it with minimum guarantees. But, you know, we'd hope as the years progress, we're gonna far exceed those minute sales minimum guarantees. We will all obviously give you as much of an update as we can. You know, we have to have, you know, royalty reports through from them. So whenever we can, we will give you an update in terms of how that's progressing. Does the need to progress patent applications delay the release of any of your products? Steve, do wanna ask this one? Oh, well, it doesn't. I mean, it has done historically, but we have a really good patent agent now who is he does TikTok and PLC.

1:02:11 So gives you an idea of the sort of level he is. And they make sure that we don't get any delays. They do lots of work on the preparation that I used to have to do myself. It's one of the very time consuming jobs I don't have to do. Just get them the designs, and then they write the 50 page applications. So, yes, it doesn't delay us. In fact, should I just take the next one? Stephen, there's no interest to you from Dan s. Stephen Street, congrats on expanding your dev team. There's so many quality engineer hires. Are there more hires to them? There will be some more, actually. And we're being quite picky about who we have. But as I mean, we're quite fortunate as a tech company. No money in Silicon Valley Bank. You know, 8 figures of cash at year end. And we're in quite a good position to hire also with people at Summit leaving our new products side.

1:03:02 We're quite attractive company to work for now. So I think we will get really good quality people continuing to join us. Colin's asked a question. What is being done to expedite EBS sales of the BLACKBIRD product? There is a sense that it's just another module for them, but with little urgency on their pushing this solution amongst the dozens of other parts of their solution. Should BLACKBIRD be much more proactive in helping its partner sales teams to understand BLACKBIRD's value, providing in house expert implementation to push sales over the line? Same question pertains to likes of Tata, LiveView, Zixie, and others. On the latter, know, Tata, Live View, ICSI, yes, we do reach out to their teams or whatever and try and push the products that, you know, you know, obviously, we are, you know, a part of their solution, and we rely on them as well selling those into the marketplace.

1:03:49 EVS, our technology is at the heart of their solutions, so we can't dictate how EVS rolls out their their products. Paul has asked what are current enterprise retention rates you'll see in the annual report released to date. You know, with the revenues we had in 2021, we had, you know, sort of mid 95% retention of customers. David, why are you doing Sandbox when you already have other communication areas on the website? Is Sandbox just highlighting what is elsewhere? Should I talk a bit about that? So there are things that we wouldn't put in an RNS or even an RNS reach those are, you know, named customers, big deals, some more significant news from the point of view of the commercial side. Sound bites allows us to give a bit more color. And for example, to talk about new technologies we're inventing just to say what they do. We can put examples. We can put links on.

1:04:45 And as Sumit rolls out his product, he'll be able to put invitations out and highlight certain features we're adding that wouldn't, on their own, warrant a whole press release and a website news review. But we'll just let people play with and see where we're going with all the things we're doing, including development side, which we haven't haven't really included in our in our product press release with our commercial press releases. But obviously, links to things like RNS. So you've got a one stop shop just to see what's going on, and you'll see you can see the history. So So you don't have to look in different places for different types of news. Thank you, Steven. Richard B has asked, what assurances can you offer to a twenty year investor who's lost confidence in the company?

1:05:31 All I would say is we're a really exciting pivotal point. I don't think I'd be more you know, in in the four years since I've been at BLACKBIRD. We've brought on board a great talent. You know, we're executing against our strategy. You know, we're firm believers in the business. You know, we've invested as a management team unlike some other companies. So, yeah, I can, yeah, I can add I can add something to that. Obviously, you know, I've been working now for long enough to see how we're operating and how quickly we're changing and how willing we are to to to understand what we need to do to build that revenue factory. And Ian is, you know, really open minded, and and we're we're making the right decisions about what matters and what doesn't matter. And the other thing which is super important is the internal culture and morale of the team in their focus of of the future and and and how the staff feel about it is very, positive.

1:06:25 Now the timing is right. You know, one argument and I've had this joke with Steven having known him for fifteen years on and off that he was way too ahead of his time at the beginning of this cloud video editing story. But the timing is absolutely now, and then, obviously, timing is the most critical component, especially in the new technologies world. So whilst we may be an old company, what we have is solved a lot of very, very complex and high end problems, and now we have the most compelling strategy for actually monetizing that. Whereas rather than being beholden to the m and e industry, which is very slow, very lumpy, buys on their terms. We take more control and and and and and, you know, enter a market that's growing much faster. So we can't blame the market for our conditions or or our success at all, but we are going to fish in a much bigger pond with with where where the timing is now right.

1:07:19 So Colin's asked on the creator tool. Isn't the video market already saturated with a range of excellent prosumer video and audio tools, some of which are free? What gives you confidence to assume that it's not just going to be another market entrance, just seen with hundreds of other hopefuls? Yeah. There there there whilst there are some other cloud players out there, there's a huge difference in the way they operate. They are tools that are possibly useful for creating a very small short form video, usually consumer or very, very SME focused. Our product is the only product that can actually edit a full feature length video within our product. In fact, because of the way we work in sports, we're able to cope with hours and hours and hours of footage and making that read that experience really feels like a desktop experience, but all of the content's in the cloud.

1:08:06 It's a totally different market. It's the it it's a tool, not a toy, and nothing to nothing against the the the tools which are very make make very good for short form. There's been wonderful businesses built around them, but that's not who we are. And that's that that is the crowded space, and it's already dominated. Instagram already owns that space. Space. What we're sitting in here is a pro market, a market that we understand better, is plentiful in its opportunity, and it it requires much, much tougher technical solutions, which we already have to satisfy. So we we're staying in our lane. We know where our lane is. We know exactly where we go, and the market is there ready for us. So next question is given how big the global market is, do you have anywhere near the budget to market this effectively?

1:08:53 What we have said on this, you know, I reiterate from earlier is that we we have got the funds to launch our products and gain market traction. We'll obviously invest behind the curve, but we'll also be able to give you, you know, with the the self self-service platform is a set of SaaS KPI metrics. So it give you much more visibility in terms of how revenue is coming in than, you know, the lumpy revenues that we have now where we're behest to legal and procurement teams. Calling to ask, can you easily plug in existing effects and other packages, or do you need developers to build or adapt their existing tools? If the latter, what gives you the confidence that they have the motivation to do so? The the video industry is there are some standards which already exist for things like process and effects, and we are already in talks with the world's, by far, leading effects company, the the most celebrated and the most pop and in terms of how we utilize their technologies as part of ours. Now even though we they they don't have to do actually any work because of the way that they provide their technology, is useful to other products, we're able to build into the cloud part of it. So we present it to the end user, but, actually, the processing is done already in the cloud in the same way. So there's not a lot of effort for the processing companies. There are other it it there's not only one way to do that. There are several ways to do that. But, of course, we're not expecting on day one of the recent of our product YouTube to build the plug in that enables you to publish YouTube. We will build that, and there'll be some that we will build.

1:10:20 But we've already been talking with a lot of asset management products where they have an API. We have an API, and this marketplace exists. And, you know, is there a coeffort to build some of the connectors, for example? But, in fact, we definitely there's a healthy market out there, and we're not deviating from the standard way that video effects are created, which is open effects. And so we will we will we we should be able to leverage a lot of third party value. It comes more down to the commercial and the model, than the the commercialization of it and how the model will work than it does about the actual technology fit. Thanks, Amit. Another question from Colin is when will we show prototypes, and when will you launch? Well, we I mean, we we we so it's not prototypes, to be clear. We're building the product. We we we're way past the prototype stage.

1:11:10 And, obviously, a lot of the core components in new product come from the existing product. There's a they're they're in the same family. We will be doing investor days where we do a demo show and tell, and, you know, we'll be in the market by the end of this year for sure. But we also want to be sure about how we we launch, and we we we are doing early access programs. And I I I think we'll know more. We'll show you more in the investor presentation, and then they will provide information about how to become part of that early access program. Steven, a question for you from Gavin. How disappointed are you with it that the technology you've created is not being adopted by the sector wider? Yeah. Well, I mean, we knew broadcasters. That's a sustaining technology. It's hard to break into an existing market, and it's actually quite small. The real fun is now just starting with the creator economy, cloud and the cloud as well. The public cloud is making us very easy to put our technology for a mass market.

1:12:04 And the thing that is really disappointing is it's taken twenty years for people to realize they should all be making videos and making not just for, you know, consumer videos, but actually business videos. Because one thing that may not be clear that our audience with this new product is still businesses. It's small businesses who make videos. And so that's sort of a bit disappointing that it took a long time. But I think the thing that really triggered it was the smartphones with high quality cameras and the ability to run things with browsers with the latest JavaScript. So I think, yeah, it is slightly disappointing that it took so long, but but it's it's definitely happening now with the audience there, which it hasn't been historically. Thank you. Dennis, it's so great to have you in the team. Yeah. We believe that too. We're very, lucky to have found him and, you know, his background.

1:12:52 But also, like, the team that he's brought across with him, it shows you the confidence that he's got in BLACKBIRD's core technology. I think that is all the questions. So back to you, Jake. Steve, absolutely. And Sumit and Steven as well, thank you very much indeed for being so generous of your time and addressing every single question that came in from investors this afternoon. And, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended for you to review. To then add any additional responses, of course, where it's appropriate to do so, we'll publish all those responses out on the investor meet company platform. But, Steve, just really before redirecting those on the call to provide you their feedback, I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great.

1:13:43 Okay. What I'd like to say is 2022 was a great year for BLACKBIRD. Huge progression. We brought on onboard some key talent. We have a fantastic market opportunity ahead of us. And, you know, we're seeing that this is the way that the industry is going in terms of moving to the cloud. So the timing is right. We've got the right team in place, and, you know, we've got the strategy in place in terms of, you know, to be able to recognize that and monetize that going forwards. Thank you. Steve, that's great. And thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected and for the opportunity to provide your feedback in order that the management team can better understand your views and expectations?

1:14:29 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of BLACKBIRD PLC, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.