Blackbird (LSE:BIRD) — Full year results

0:01 Good morning, ladies and gentlemen, and welcome to the BLACKBIRD PLC full year 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 can review all questions submitted today, and we'll publish those responses where it's appropriate to do so on the Investor Meet company platform.

0:31 And before we begin, I would like to submit the following poll. And as usual, if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to CEO, Ian McDonough. Ian, good morning, sir. Good morning, Jake. Thank you very much. And good morning, ladies and gentlemen, and welcome to BLACKBIRD's twenty twenty three full year results. I'm I'm here presenting today with my esteemed colleagues, Steven Streeter, our r and d director Steve White, our COO and CFO, and Summit Rai, our chief product officer. Right. On with the on with the show. So just a quick reminder about who we are and what we do. We are BLACKBIRD PLC. We are an AIM listed business that is in the media tech space. And our core product, BLACKBIRD, is sold to the professional editing community, particularly in the area of of high end sports and news.

1:17 Our new product, elevate dot I o, is a SaaS content creation tool that is focused on the creator economy. Our platform is built around proven patented technology that is highly scalable and efficient, and we have quite a number of marquee customers that I'll cover off a bit later. We're also multi award winning, highly carbon efficient, and as such, we're actually part of the green economy mark on the London Stock Exchange. Previously, we've also won the Queen's Award and it and indeed product of the year at the NAB Awards. So 2023 highlights to date. The platform was used on most sporting events in 2023. This is really really because of its pedigree, its stability, its reputation as being the fastest video editor in the world. As we move into 2024, we'll be used on the the big summer games that happen later in the in the in the summer.

2:07 I'm not allowed to mention which ones they are, but I'm sure you can have a good guess about that. We're also aligning with the fast growing creator space. So this is the this is the the economy the the greater economy that's just below in terms of budgets and in terms of simplicity or complexity that that than the media entertainment space. So if you imagine that the that the 100 meter sprint is on the very top of that pinnacle well, just below that, there is a whole huge market of the greatest great economy that's growing very quickly. The Elevator IO product that I just mentioned at the top is is a very approaching general release at the end of quarter one. And we we have indeed focused on on that product over the last the last eighteen months, which is really a reflection on where how the results have turned at this time. There's been cost trimming across the board in terms of in terms of Blackbird, which means that last May, we actually took out a lot of our sales team, our direct white glove sales team and and marketing team really to make sure that our finite resources were focused on where we think we'll get the biggest return on our our investment, return on our our our efforts, which is on elevate.io.

3:11 Also, a corporate level, we've just accept we just had a new director join our board, Anna Kokhoff. She is she's a real heavyweight hit hit big hitter in terms of SaaS experience and in the b to b and b to c space. She replaces John Honeycutt, who's exiting. We've also recently, just last week actually, done a £1,050,000 placing.

3:35 This has been this week because a number of high net worth individuals showed interest in investing in the in our story directly. And really to give the the the company a small war chest to make sure that when Elevate. Gets, goes to general release at the end of end of March, that we have the right datasets to take to investors later in in the year and and next year. It's really about making sure that the the KPIs that we we have around Elevate, you know, in terms of growth rates, in terms of user adoption, in terms of our rates, in terms of virality, really are the right datasets. So as I mentioned, we were on most May BLACKBIRD was tossed on most of the major events in 2023. That's indeed the the Super Bowl, the Women's World Cup, the Rugby World Cup, every tennis grand slam, pretty much, the Ryder Cup as well. And this year, as I said, we're gonna be on just the the major summer games.

4:28 And that we are we're the fastest video editing platform in the world, and that is why those those platforms really want to use us because the half life of sports content and news content is, in fact, very short. So the faster you can get content to to the viewers, the better. Now the media entertainment sector. In 2021, we took a we took a decision that we felt the media entertainment sector was was not one that we were gonna scale the business in massively. And we raised money at the end of twenty twenty one in order to build out our product for the creator space. The forecast that well, the the the the view, the foresight that we had in 2021 really has really come to pass in the media entertainment space. There's been structural issues, cyclical issues, industry consolidation across the across the board, and widespread layoffs in in the industry.

5:14 And it's it's in advertising in that space is really not is not growing very quickly at all. It's highly competitive. And a lot of the the the the big the big beasts and the big beasts in the media are really trying to find a sustainable business models for their main emphasis now, which is on on streaming. So we felt it wasn't an area that we were gonna grow in quickly. Although, as I said, we have a fantastic reputation in that in that space. I'm gonna pass over to Steve now who's gonna talk a little bit about the numbers, and then I'm gonna talk to you a little bit more about elevate.io. Thank you, Ian. Good morning, ladies and gentlemen. So our revenues for fiscal year twenty three were down 32% to 1,900,000. This was primarily driven by one off items in 2022, the development fees that we got on the EVS technology licensing fee licensing deal and the fees that we got for the winter games.

6:03 There were also a number of deal losses, A and E, which we announced back in May ended at the end of June, and DeltaTray in a nutshell. And you can see that had an impact as well on our monthly recurring revenue, which is down 32% year on year at the end of December. A reminder that this excludes our annual minimum guarantee that we get on the technology licensing deal, which is going to equate to EUR 260,000 in fiscal year twenty four. Next slide, please. Our order book similar similarly took a bit of a hit from the A and E deal loss, but also, you know, because we've got one year less of our major multiyear deals. As Ian mentioned, we're very focused on getting the M and E business to an EBITDA breakeven position.

6:52 And as well as the cost initiatives that we took last year, we've also made some this year, which will add an extra $200,000 to EBITDA going forwards. Our cash position remains strong. We had $6,500,000 in cash in the bank at the end of the year. The reason the cash burn went up year on year was our investment on Elevate. We remain debt free, and our cash position is just over 7,000,000 with the placing that we just recently announced and the management subscription. So elevate.io. Elevate.io has not been created in a vacuum. We've we've engaged the the opinions, and the the the knowledge of over 300 people within developments of the product. That's in a quantitative and a qualitative way.

7:43 And what we learned from the from those those users or potential users is that the markets that the the products that they use today have three distinct problems.

7:53 Firstly, the people at this level of content are being asked to use tools that are already designed for Hollywood. We're talking about Adobe Premiere Pro. We're talking about Adobe G Resolve, and we're talking about Final Cut. So they're complex and they're locally installed products. Secondly, they're not able to collaborate easily with these products. They have to use clunky third party software, and that that causes delays and indeed possibly an impact on the quality of product. And thirdly, there's very limited extensibility currently. So there is no open marketplace, for instance, to look for AI software or for video libraries or indeed special special effects. So our product will have a an open marketplace where independent content creators or developers can add their their

8:41 their wares to the to the the to the and then we can buy you can buy them through Elevate. So it's really about creating a powerful web platform with live multiplayer collaboration so that any number of creators can work together at the same time simultaneously to to either make content together, review content together, or to to to approve it once it's once it's been made if you're a customer, for instance, an agency working with a client.

9:11 The market size we're going to is really huge. The creator economy is is currently estimated by Goldman Sachs to be worth around $250,000,000,000 a year, growing by 2027 to around $500,000,000,000 a year. Now that's a creator economy as a whole. If you're looking at the tools and services part of that, which is where Elevate will be launched into, it's currently around a $20,000,000,000 market a year, but growing, to about a $180,000,000,000 by 2032. So it's really a healthy market, really fast growing.

9:44 Now the service addressable market that we're going into. So imagine that that that pyramid or that triangle of video, where the high end sports is right at the top. As you come down one level to that, we're talking about professional teams, monetized creators, independent filmmakers, podcasters, etcetera. These are these are a group of people that are used to paying for their tools, creating content of value, and making money from their content generally. That market is estimated currently to be around a $7,000,000,000 a year market. So this is not the TikTok market. This is not the Instagram market. This is a market it's very much adjacent to where we are today. We understand the needs of these people. We understand that the the way that they buy content, they buy their software, and that's the area that we're going into. So just in conclusion, just to say that that that well, just to remind you that the technology pedigree of BLACKBIRD is is exceptional. It's used by the the the the highest end of sports and news around around the world. In terms of going to market, this really big market that we're currently entering into, there's a very few players.

10:45 There there there are lots of tools at the kind of lower end of the market. We call them the, you know, the toys that work at the bottom end, or there's the Hollywood tools at the high end. But we're we're we're we're pitching our product, which is the the the powerful content sorry, the powerful web connected, and there is very few tools there. And, also, there are certain poster child companies for, for the products that we're launching. This is a collaborative web based tools. By that, we're talking the likes of Figma or Canva, which had valuations in the tens of billions. So if we get this right, if we crack it in the right way, we believe that there's there's that opportunity for for elevate.io. So it's really a very exciting time, and I invite your questions. Perfect. Ian, that's great. And thank you all for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner 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.

11:49 Guys, we obviously received 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 morning as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And guys, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so, and I'll pick up from you at the end. Thank you.

12:10 Thank you, Jake. Yes. We'll do that now. So the first question is how many people are currently testing Elevate? So Elevate is is gonna be launching into as to joke, it's a general release at the end of March or near the end of March. Currently, are testing with the appropriate number of people that will give us that rich data. So maybe you wanna talk a little bit about how we're gonna be entering the market later in the month? Yeah, sure. So, as most of you know, for the early access period, we've been doing it in tranches and it's really important that we do it in a in a pyramid. So, we really want to focus on a small group of people and slowly widening it wide slowly expanding the crucial entry test. It's really important to understand that what we need in earlier stages was a high amount of input from a few amounts of people and we're slowly widening that. So I believe we've got 67 very poor people who have been involved right from the beginning going through that. But as we get ready in the next fortnight or so, we will be widening it to a much wider market of early access.

13:11 And I know that includes a lot of people who signed up from investment community. So do look out for that. You will get into the products ahead of our general release.

13:21 Okay. And, suddenly, do you want to take the AI AI question as well? So will AI be an integral part of Elevator. Will it be available via third email third party connection? Sure. So AI is such a broad term. There will be elements of the products that we obviously have that technically would use elements of our own AI or AI that we're licensing on behalf of others. But really the biggest opportunity is for us to integrate with the AI services that are already out there. So we've been experimenting for when we're at the right right time with Elevate to open it up to third parties, but we've been experimenting with OpenAI amongst others, a lot of speech engines and and and image generation engines. And the truth is it's impossible for us to compete with these engines. It's far better that we use our tool to syndicate as many of those engines as we can. And then it enriches what we're doing without us having to do the work or make the investment, which in an AI play is in the billions of dollars. Thanks so much. Yeah. It

14:19 really makes BLACKBIRD also elevate the hub of of this industry and gives the creators the choice to use whichever engine they feel is most appropriate. Next question. Is lvake.io on track to be released in q one, I. E, by March 30? Happy to say yes. In fact, one of our, people that we met last week, one of investors that we met last week, was really quite amazed that we were on track because most software projects are not. One thing to note here though is that Elevate will never ever ever be finished. We don't intend to ever to be finished. It's always gonna be iterated on and built on. So when we when we are going to general release at the end of end of

14:50 q one, it is a first iteration premium model, and it is about building community and working in agile fashion so that we can make sure that that that what we add to it, and we've got a list, a really big list of things we wanna add to it, is done in the right order.

15:05 Next question. I assume that the Power BIRD agreement with EVS gives royalties to Blackbird with a contractual minimum royalties payment. Do the royalties receiving currently exceed the contractual minimum? So it's bit it's a minimum guarantee as we call it. Currently, I'm not exceeding the minimum. So it's still you know, that gives some indication actually to the speed of which the m and e markets works. It's it is it is it it is pretty slow. So we're yeah. We're we're hoping that that will that will start rolling out more quickly soon. I'm sorry that you're seeing a lot of slides as fast as but anyway, so that will move faster soon, but currently, it's not exceeding it now.

15:44 We have not heard from Andrew Bentley for ages. Is he still around, and will he be at this meeting? Ignore the question if he turns up. Well, Andrew definitely is around. Andrew was quite instrumental in bringing Andrew Kirkhof on board just recently and is very much a a a great counsel for all of us on the executive committee and on the board to to talk to. So, yes, he's very much around. What is the latest position on enterprise? Can we have further details on the contracts, and will they emerge in some way with Elevate? We have no no plans at this stage to to merge the platforms. Elevate is is gonna be focused on a very much its own segment in the greater space, and we are focused we have a we still have a sales team in place for for BLACKBIRD, really focused on partnerships and and larger deals, particularly in The US. So I think we've said that previously, and that's that's the that's the situation.

16:33 What is the latest position for subscriber numbers? Well, I think we've covered that off with with Summit's earlier response, so I think that's probably fine for now for now. When is Kodak Blackbird 10 and the player to be released? As we understand, they were to be released in January this year. Now there's quite a lot of questions on the player that I've seen ahead of time. So I'm gonna give Stephen the floor now just to talk about Blackbird 10 and I'll talk about SPIT. So we have a very agile system of working here with the teams who work together, the different development and product teams. And the clear the clear result of our discussions from quite a long way back, in fact, not far dissimilar from our fundraising in 2021, is that the editor is the core of the platform. And then from the editor, you hang off the other features.

17:20 And that includes things like the player, but also AI integrations and well, I'll let Summit talk. There's quite a few exciting things there. But the key thing is to focus on getting the core platform to the level that we need it to be before we divert too much resources to the other elements. I will just mention that the whole of Elevate is originally built from the React player, and it's also used in M and E. The players used in M and E by all our clients in the control center where they access their media asset manager. So it's it it is in use, and it does exist. But it's really as a technology tool, it's available for use by the other areas, and Elevate is the area we're focusing on at the moment. Do want talk about the 10? Yes. So Blackbird 10 is similar idea.

18:12 We that's sort of continuing along in the background. But Elevate doesn't need Blackbird 10 for the launch. So we've been focusing on the things that will work. For example, good experience on the public cloud. This is the first time we've had a public cloud product,

18:29 and that is strategically really important because of the scalability. Up till now, M and E Blackbaud editor runs on our own cloud, which is brilliant and very, very efficient. But we don't see our long term as as replacing out servers in a in a rack. We see it as being developing the software in a scalable way. And for the first time, we've been able to use public cloud. So that has led to some technology developments, which BIRD PLC will contribute to. There were

19:00 were things ahead of the queue. So it's all about sequencing in the right order to deliver the best products earlier. So that really summarizes this. Thanks, Steven.

19:12 Okay. Next question. If we're on target for elevate.io, when will we see a share price rise? And is it taking an inordinate amount of time to rise at the share price if elevate.io is to be successful?

19:22 Well, we're not in charge of the share price. We we wish we were in some ways, but, of course, we're not because we're all we're all shareholders. So, you know, it's it's important that, we we hit we stay in a lane. We make sure we hit our numbers, and and and that's that will, we think, result in a share price rise, but we can't guarantee any share price rise because it's there's so many other factors that are involved. How long we have to wait to see if Elevate. Io is going to succeed or fail? And if it fails, what next? Well, we're all in business. We we there are no guarantees in business, and we all we all have to to work with the best information we have at the time. We feel with elevate.io that we've done the research. We've had a vision. We've listened to the community. We've brought we've brought in the very best people. And by by that, I do refer to to to someone joining the team and and others into development team joining. And we think we've created the very best product that we we can. So we've given it every chance of success, but we certainly can't give you any guarantees. So let's see what happens next. We're gonna learn learn an awful lot this year, which we're very excited about.

20:20 Now Elevate. On the horizon, what do you hope for the shareholders' first dividend? Well, that's that's going down the line a bit. Well, I I think we may may all see a dividend when dividend when we start to be profitable. But at this stage, that's a little bit way a little bit off, I would say from you. What will happen to the company at elevate.io is not a success. Well, we don't wanna think too negatively, but we as as I said earlier, we've given every chance to success. So let's let's let's see what happens when we learn. We've created elevators as a as a as an agile platform. So I think that as as it lands, we will already see, you know, you see, and we will

20:55 adapt accordingly. I was just actually at a at a at a focus group event yesterday that Summit organized and hearing from a whole range of skill sets across across the room, you can really see where where elevate.io fits. You know, it it is correct. It is putting a product in the market that does not exist currently and will save an awful lot of time and an awful lot of a a diff additional bandwidth to that editor community. Maybe you want to pick up on that tool? Yeah. I think it's worth mentioning. We we ran quite a large session yesterday,

21:28 which will it had multipurposes. It was to help craft some of the marketing messages, even some of the content that goes into it. But more importantly, it was one of the last passes that we're doing for general release of group testing with complete unknowns because obviously if we test the product within ourselves, we we already know too well. And it was incredibly encouraging. Most of the group had been with us from the beginning of the research process. And each of our each of our groups created a whole collaborative video together. So they were all divided up into groups. They were all given the software, no tuition, no help, no, you know, reason we had to keep our hands off there. And it was fascinating, fun, and really exciting to see everything that the groups came up with and all the things that they know that they want since coming that we is in line already with what we believe.

22:17 So it was good to get that confirmation. But more importantly, everybody saw the future. Everybody understood fully. Okay. We we we all understand where this is going. We understand what you're doing. We're, you know, we're behind it. It makes a lot of sense. And we did have some representation from the M and E side in the sport world, and it was fascinating. They've always been sort of helping us with this because they're clients of ours. They've always been helping, but I think it was the first time yesterday they actually saw, hold on, this actually could be used even in our world. You know? It it's the lines will be will blur eventually between what is a dedicated M and E product and what is a general purpose editor. So that was really quite encouraging. There was one interesting anecdote from from a gentleman that works in the, the corporate video space. He said to work with a traditional NLE, which they're currently using in in that space, it will take a person that's brand new to it that has never edited before.

23:09 It will take about six months to get to the point where they're making content proficiently. And he said if if they're using elevate.io, he said we could do that in probably half a day. And as you can see how the difference is there in terms of the accessibility of the product compared to what is what is being used today, it really does expand the market inordinately and and creates a very, very exciting opportunity. There's another thing I would like to add actually. The one of the things we were absolutely sure of when we planned Elevate was that it was always gonna be a collaborative product. That was always gonna be the main essence of it. That's something that doesn't exist very well at all in the media production world. The media production world is unbelievably linear and it's unbelievably expertise based. So, you know, an offline editor, online editor, sound person, a colorist, a graphics person, and it's very linear process.

23:55 And the one thing about Elevate, and it's it's one of those things where you can only, understand it once you use it. So a lot of the people and we were completely aware of this. A lot of people were gonna be very hesitant to the idea of working on the same project simultaneously. It's a there's a fear factor engaged in it, but it's amazing how quickly you break that. The hierarchy falls in place and more importantly, how much fun people find it. Now that may seem frivolous, but it's not. There's something far better and we've seen this from others, as Ian mentioned, Figma and Canva, and most of Elevate is designed with Figma. And honestly, the the the benefit you get from working collaboratively, it's it transcends the technical advantage or the logistical advantage. It's actually from a human point of view, it's actually quite fun.

24:42 And so we know that as media becomes very, it's changed it's changed in the last twenty years since when we, you know, when so when Steven started the company, the whole market's changed and we're finally all the stuff that we've developed is finally coming of time because now is the opportunity for the kinds of technologies that we've built to be useful. And and so, yeah, we're looking forward to seeing what the general public make of it. Thanks, Amit. Next question. Please explain the plans for increasing the sales achieved by enterprise business and when do you expect this to reach profitability? The focus on on the enterprise business is really to get to EBITDA positive. We are we believe that will happen through focusing on partnerships and focusing on those larger deals in The US. As soon as we stated earlier in our stuff, that's very much still the strategy.

25:29 Next question. Why is John Honeycutt left as a non executive director and as he was very experienced in this field? Well, we have only a few spots for non executive directors. We don't want to overload the board. And John has got amazing expertise in the in the m and a media entertainment sector. As we explained earlier, the emphasis at the moment is really getting expertise into the into the direct to consumer, direct to creator sector, and brings that that experience. Do you have any information you can share regarding how you expect the business with EVS to grow over the next three years? Well, we think that that what we heard is that the the response from the from the customers is very positive. The market the market, as I've said several times, does move pretty slowly. So I do believe that in terms of the the way the the product will will evolve will be slow buildup, but we'll be there for a very, very long time.

26:23 Which which computer is this one? Okay. Next question. Sorry. We've got a I I noticed on computer that the computer might switch off, so I'm sorry to take it that away. Okay. Good. Right. Next question. Grass Valley's website explanations about their AMP SaaS platform reaches very much based on the Blackbird technology, and Blackbird is named as one of their alliance partners. They claim AMP is the future of media production and distribution. Can you please explain whether or not you believe this will translate to significant visible transactions between Blackbird and Grass Valley? If so, what? So great question. And I know

26:59 we have a great respect for Grass Valley. Yes. We are part of one of the we are one of our alliance partners. We're not working with them in terms of a direct sorry, powered by Blackbird model. Next question. I know enterprise is best in class technology, and it's excellent to hear that you think you said it's been used in major sporting events. When you say that, is it just being used by one or maybe a few broadcasts of these events? And is there a potential to sign up many additional broadcasters for each event?

27:27 Is there a potential to increase business at each big event? What are the plans to achieve this, and how feasible is it with very few salespeople in the company? Right? I think it's a it's a great question. And, yes, in in certain aspects, we have been used by multiple content creators on the same event. So, that's absolutely possible. Second thing to say is that, yes, in terms of expanding our our usage at each and every event, on the summer games this year,

27:51 we're not just gonna be used by the by the the host broadcasting service, through an OEM, we're actually also gonna be opened up to be used by by rights holders around the world. So that really gives an idea of the of the flexibility of the Blackbird platform and how it might be able to be opened up to to to numerous groups of content creators on the same event through the same kind the same kind of contract. So it's a it's a different way of doing it. So it's a really good question to kind of allow me to talk about that very, very briefly.

28:22 Okay. So and and salespeople well, the the the salespeople that we have are are US based, they are very well connected. And so I think in terms of that area, which is which is a lot of people, you know, know a lot of people in the same connection, it's it's it is it is it is good to have a kind of small but very well connected team to bring in those bigger deals.

28:42 You said in your interview on in LinkedIn on February 29, elevate.io is is a move into a bigger market than enterprise, it's proved to be so far. You added the Elevate's target video creator marketplace is dominated by Adobe Premiere Pro, DaVinci, and Apple, all using high end machines, lots of storage, and not web based.

28:59 Given the relatively huge size of these businesses and their huge budgets, how do you think they will react to the launch and promotion of Elevate? What is your plan to gain market share? I think that's probably where it's gonna go there next.

29:11 Well, this is really about building a community first. So we we as as Summit touched on very eloquently in in the in the meeting yesterday, had with a whole range of editors. We're offering something new to the market where they can collaborate and they can they can create content simultaneously across the world, across the room or across the world. It's really something very new. It will have its it will definitely have its place, and it will grow in terms of in terms of its complexity, in terms of its richness of of functionality.

29:38 How how we intend to do it is really we'll build it through through a building frequency, first of all, offline, but we won't really have to talk credit very openly. But once we have once we have the the right amount of of functionality on the product, we'll be much more forward in terms of the marketing. So don't expect to see any marketing next next week. You'll see the announcements, of course, that'll be out there, but the marketing will come as we feel more comfortable with opening up to a to a larger community.

30:04 I think there's an important point about that. When building a community for a SaaS based product, there are two ways you do it. You either build a genuine community and you build it collectively as you go and you engage very highly with the users and you go on a journey with them or you bring them on your journey or you go out and just pass to the world easyJet style with, you know, banners and adverts and you're talking at people. The latter doesn't work anywhere near as close as the former. The former is by far the best strategy which has been used by the likes of Figma's and Canva organizations. So what we don't want to do is go out and blow a huge amount of money on a mass market one way stream of marketing sort of in a more traditional style. We want to build our marketing presence in the same spirit as Elevate as a product. And it's a SaaS based thing. It grows organically.

30:58 We grow with people and we lean into opportunities where they are and not just talk at people. So it's really important that don't expect us to go out with huge, big, expensive campaigns that would be a waste of time and money and not suit us well in the long run. Yeah. Thanks a lot. Well, what we call the first one the first one is a multi threaded launch so that we build a community, reiterate what agile in terms of what we do next as opposed to a linear a linear launch, which is the more traditional one where you get a spike and then at one, you know, kind of turns off. We wanna wanna make sure that we get the the community built in the in the most authentic way possible and take them on a journey. Please, can you be specific about how the player product can assist creators? Well, we've I think we've talked about the player already. So Steven's explained how that's how that's fitting into the strategy at the moment. So think we can use the next question.

31:49 Could BLACKBIRD collect and sell the data derived from the player and video audience feedback and usage to third parties, or will it just charge creators if they want to obtain this information for themselves? We haven't built that for the the the plan at the stage. It absolutely absolutely could do, but it's not a not an immediate priority for us.

32:05 Steven mentioned in 2022 that the player on codec 10 hasn't been used commercially so far because not needed for enterprise. I think we've covered off the codec pointers. Yeah. Think so. Yeah. I think we covered that. Do you see the player's introduction? Okay. Player again. If we can move to the next one. How will the player monetize again? I think we've covered off for the the players at the stage.

32:26 Are there any competitors that could offer the same degree of video data analytics? Okay. I another player. So I again, the the the the player will will discuss at the right period when when that's going to come out to the market, but it's at this stage, it's really about the basis of how Elevate's being built on the player, and that's that's the functionality we're talking about currently.

32:49 Okay. Again, the the we can probably get to question twenty twenty seven. Do you see AI video creation is potentially limiting for this market for Elevate? I mean, very much a compliment and and probably accelerator in terms of video content creation. I'm not a competitor. This is something that will be available through the marketplace for people to to make quantum more quickly. Remember, the the secret sauce that BLACKBIRD brings to the party is is the the video codec and the video libraries around that, and that will be aided by by AI.

33:21 In Steven Hold around a quarter of the company, have you discussed the valuation that you would agree to if a third party came in an offer? Do you agree that takeover interest is likely to come given it's likely that Elevate will have many patent protect protected advantages over over credit products? Thank you for your very positive and optimistic view that. We we we agree with you that we'll have it will be a lot of interest. And yet we have we have a number of discussions about about our our kind of our dream scenario. But no. At this stage, I think that we can announce formally. Thank you very much. Do you think that Frame. Io valuation of 1,200,000,000 and fifty times revenues is one off?

33:59 Or do you envisage an appetite amongst the larger players for similar type deals? Well, I mean, it it was it was it was a great valuation. I don't think it was a one off. Steve, you probably could talk more about multiples. Yeah. No. No. There there there has also been one. Adobe tried to, obviously, buy Figma, and that was on a similar 50 time multiple to their ARRs. So it would depend very much on the strategic value to the acquirer in terms of what they're prepared to pay. Yeah. Yeah. I think Loom went last year for just under $1,000,000,000 with a much higher

34:31 multiple revenue. Yeah. So so so interesting that the multiple is still there. If you can crack that market, it's also worth noting that, you know, the the the market that Figma, for instance, is the interface designs interface design space. I mean, it is it is fairly niche when you compare it to video. So, you know, I'm not not saying that we're gonna get a higher valuation of Figma. I mean, you know, we'll be on, you know, this the purview of me in this meeting. But, you know, you can see the opportunity there for for people once what if we crack it right. So I just want to remind you that being on public cloud makes it actually

35:01 viable for, you know, trillion dollar organization to bias as opposed to having something on dedicated hardware that we update ourselves. So you've seen strategically from in previous slides, many of you, the move to public cloud has been a a really important step. Yeah. And that's that's what elevate your IO is doing.

35:21 Yeah. It's it it it it is true. And I'd I'd I'm not sure if I mentioned it earlier, but I would I would like to mention now is that it's it's the public cloud. It's the the freemium model and the virality of the platform that's really important. So those three things, the scale that the public cloud will give give us, the fact that you can try it without without having to sign up and pay, and and thirdly, that you you automatically it very in its very nature, you share it with other people to create content together. So it's got a viral nature to it. So, yeah, that's that's really important.

35:53 Hi, Ian. In early in the last last you mentioned an interview that you were tantalizing the close to giving out projected take up figures on elevate.io. Is this something you can now share, or do you not know this information and since released? I think there's two aspects to that, actually. Firstly, yeah, we don't we we we don't know because we're gonna learn an awful lot this year. It's gonna be very much an agile process. But secondly, we do have ambitions, and we do have our our own targets in mind. But we're we're in a competitive space. It's a it's commercially sensitive information. This this this very video will, I'm sure,

36:24 be seen by certain numbers of competitors, and we don't want to make we don't want to leave ourselves open to to putting too much information in the market at at the wrong time. So when we feel it's appropriate, we'll certainly we'll we'll certainly have a view on that that info. Just seeing the results after twenty five years are very bad. It's just the company doomed of Elevate fails this year. Can the company confirm that they have made mistakes in the past about their direction? We should have gone down this route before concentrating on the large US corporations with Touro as a minnow UK company. Well, thank you for your your summary. We believe that we've explained the the results for 2023, given the fact that that with our finite resources, we've we've really invested in in elevate.io where we feel the market is now right for us to to to get a really big ROI.

37:12 This this market probably hasn't been right for us in the past. People are now talking about creating content in in the cloud where they where they weren't currently. In terms of whether we admit our mistakes, well, we certainly would admit to being early. I think that's that's right. And sometimes people say being early is is as well as much as being wrong is is the same as being wrong. But Steven's a visionary, and we've created something that nobody else has got. And I think that puts us in a very good position now to to to get a return on elevate.io. We're ready to take Stevens technology to the to the very widest market and and and get the best return. Anyone I'd like cover? Anything else on that? Yeah. And I think that sums us up. I mean, Summit is the right person at the right time for this product. Good. Okay. So the timing of the recent placing when there appears to be ample cash reserves of £5,900,000 is it being at such a low price and the fact that the high net worth individuals who approach Blackbird could simply abort in the market instead, suggest the ulterior motive for the raise. Are there expectations that the high net worth will help promote elevate.io somewhere in the future? Well, certainly, the ulterior motives are that the company gets the money directly and can build a war chest to make sure we get the right dataset as we take elevate.io through early through early access into general access and and and as a to to grow the the community as we talked about. So, yeah, the ulterior motive is nothing is nothing other than that. We wanna make sure that we can give it the birthing we can.

38:35 And will the high net worth help from elevate.io? Well, they are they are influential and and, you know, well known in the in in the marketplace. So, yeah, we think they might do and we we hope they do. Can you give some insights into your initial launch marketing strategy and the progress preparations made on this? Anything you didn't cover off earlier, Summit, you wanna talk about? No. I think we covered our our process. Yeah. Are you winding down enterprise contracts to move over to a new Elevate platform? No plans for that. BLACKBIRD and Elevate would do different things. It would never never rule anything else in the future, but it's certainly not part of our initial priorities. It's really about making sure that Elevate is most suited for the market it's going into. And as Summit said earlier on, there is a consumerize a a consumerization of b two b, and we wouldn't rule out the fact that those those contracts might move over in the future or indeed that those entities that that use Blackbird might use Elevate for a different purpose.

39:29 But at this stage, there's there's no there's no plans. Question from Nicholas. Can please, can you be specific about the higher the player product can assist creators in terms of monetization distribution? At this stage, we're not gonna be specific about the player. Again, it's commercially sensitive information, and it also isn't our top priority at the moment. We've got we've got a big project ahead of us in terms of getting Elevate out on time as we promised, and that's that's really where we're focused at the moment. Could so the question of could Blackbird collect and sell the data derived from the play? Yes. We've I think we've talked about that one. So, yes, potentially, we could sell the product, the data, but it's not in terms of it's not an immediate priority. Okay. Think these questions we've had before, actually.

40:14 So Steven Trees mentioned our codec 10. Yeah. So we covered that. Yeah. I think we took covered all of question 36 earlier, I think. Could we go to the next question? A question from JL. Have you have you thought also of the model industry? Sure. I don't wanna miss which models you mean, yeah, maybe you could could give a bit more information what you mean, JL, on that one. Question from Christopher. Given a 100% of the revenue is from enterprise, I'm surprised the lack of discussion about that side of the business. Can you offer more information about the client losses and what that says about the product market fit of the enterprise product?

40:59 Well, I think really it's about the the the competitiveness of that market. It's it is it is it is a competitive market, and we are emphasizing the the development of elevate.io. So, you know, we've we've taken most of the sales team out of of of the Blackbaud side and the and the marketing side. So there is gonna be a natural erosion, and really it's about it's about making sure that we're focusing on those bigger deals that happen in in that marketplace. There was one deal that I I think I've talked about before, which is which is A and E Networks. Probably worth just talking about that one because that's that that is a big hit to the to the order book. A and E Networks signed up BLACKBIRD when it had a product that was just what is a lot as a live program. It was actually, that live program was was scrapped for various reasons, nothing to do with with BLACKBIRD.

41:46 And it went back to being a fairly, you know, documentary library channel, which which wasn't which didn't really need BLACKBIRD at all. So that's that's why that that particular product contract was lost. Okay. So next one from Tim. When should investors get an indication that the launch activities for Elevate are translating into quantifiable sales? Well, we'll let you know when we have that information. Not gonna not gonna let you know anything at this stage, but we we have said before that there will be more information available for Elevate than we did for BLACKBIRD. But we're building this as a in a multithreaded way, community building, as well as iteration of of of the product, which starts this month. We I've been a shareholder for almost ten years. Have you thank you very much. Have you thought about licensing your codec to other companies? Yes. We have. And and we talked about a a powered by BLACKBIRD model over the last few years. At this stage, I would say two things. One is that EVS is still rolling out its its its its product, and I think that will be when it has done that, it will be a great calling card for us. But secondly, Elevate really is like if you like internally licensing the codecs for for the greater space.

42:57 So at this stage, you know, we're focusing on those those those two areas in terms of licensing. Your presentation is also about getting jammed tomorrow, but you're not making money as reflected in the share price. When do you anticipate making a profit? Thank you, Steve. Well, I think I've covered off most of the the the the points there. I don't think that there's there's much to say is that we are all shareholders, and we want to make a profit as soon as possible, get the share price up, and we think we have the right strategy for that. Did any of your elevate.io trialists participate in the latest funding round? The the the latest funding round was with high net worths who are not are not editors as such, so not directly. No. Yeah. Is the is the powered by Blackbird offering still in play or any further licensees likely? Certainly, it's still in play, but it hasn't had the emphasis on it as other things have we talked about.

43:56 From Tim, did any VCTs or any other institutional investors participate in the last funding round? Steve, do wanna cover off what? Yeah. No. No. No. No VCTs took part or whatever, but, yeah, institutional investors did. Yeah. So existing shareholders. In terms of elevator.io investment, have you reached a peak in terms of developing the main product, and what is the likely annual budget ongoing? Well, as Sumit mentioned you know, again, we've all mentioned we're gonna be working very much in an agile fashion. Yeah. We've built the platform in a way as well that there's gonna be a lot of, you know, to it. So we wanna try and keep our marketing costs down, whatever. But, yeah, there could be there could be increased spend over time. You know, we have yeah. We will. The marketing will be released as and when we see fit or whatever like that.

44:48 I don't think that's a marketing question. I think that's a development question. Yeah. So the main product. Think that that would be I I think it's really important everyone understands that we're not we're not building a hotel where you put all your capital investment in upfront and then you expect to hit capacity capacity at the beginning and and that's it. And then it's just a slow decline. The whole point behind this is a SaaS based product as you ramp up. So when we begin to get traction, we only expect to be developing more and more and continue to develop more. It'll be very strange if our development team is smaller in three years than it is today. So Yeah. We continue that ex that's the whole point behind the SaaS business is just a compounding business. It's not a large capital outlay in there and then nothing or maintenance. Yeah. And, yeah, we as we said, it's gonna be an iterative process as well. So ongoing improvements to the platform and everything. Now our team is still relatively small compared to, you know, other competitors in the space. Yeah. I mean, you gotta remember that we're we're we're building something with Elevate that no one else has has done before. And this is, you know, not not those big, you know, fans or magnificent seven as they call now. Know, no one's built this before. So, you know, we've done it with a very small budgets, very small team. So it's really, you know, a testament to the to the skills and the technology that we have in the business. It's also an advantage at this early stage of a product that you do have a smaller team.

46:05 It's a bit like having a smaller, you know, user base to start with. You get a lot more higher concentration of value. So we're comfortable with the team size. It could always be a little bit bigger and they could always be a bit more space and more time and more money, But there's no point us either flooding that development process at the beginning with too many people because you'd be highly inefficient. So it's absolutely doing everything at the right time and scaling appropriately both with how we expect user numbers to grow, marketing spend to go up, support the team to expand, and, of course, the development team to continue. And remember, even though the core, which obviously we bought built a lot of, which will continue to evolve, A lot of the effort in the future will be going and working with third parties to implement, you know, the plug in architecture. So there's no shortage of things to do.

46:54 Everything in the right time and scaling accordingly and in a civilized manner and not out of control or too much at the beginning and you you really run into a problem there. Yeah. There was a question on geographical split for that. I think it was enough, but it said, how can a small London micro cap expect to kind of to market to the world? Maybe Yeah. I mean, that's the that the Internet is that that's the benefit of the Internet. There really will be the end users wouldn't even know whether we're a UK company. And in fact, to be fair, there's a huge amount of effort coming from the Eastern European area and how at the moment with software development there, they're probably doing better than The UK is as a country of actually producing products and selling them into the Western market. So it's a global market. We know The U. S. Will absolutely be the biggest market. There's no debate about that. It'll be the leading market.

47:44 Probably Asia, you know, will also has a lot of opportunity. That's a massive growing market in the video space. You'll see how some of the YouTube channels now are pretty much dominated at the top now by Indian channels, and then the rest of Asia will continue with volume of people. It's absolutely up to us to go where the where the interest is and to follow our nose. So that's another important point about our marketing effort is we go where we're successful and we double down and we let the market take us where we were, you know, where or give us indications as to where to go. And then we take those opportunities. What we're not doing is putting up a signpost on the a 40 and expecting all of our users to be people who pass that one particular signpost that that would be madness and it wouldn't take any advantage of digital marketing, which is by far the base the best way for us to get into the market. Yeah. I think it's about not being too prescriptive as well. We're giving the product to to the users to to develop, know, to to to use themselves and to to take it in the in the direction that they they feel it's appropriate. And I think that's really about following the success.

48:49 So next question is kind of related to that, I think, which is can we expect a flashy exciting launch of elevate.io? And how will the new social media guru be used and have have have they been doing since how will they be doing since they've been employed? Well, I I I'm not sure whether we're flashy, but I think that, you know, over time, there will be exciting content created for elevate.io at the right time when we feel the product has has reached the the maturity stability where it can be taken to a really wide market. And in terms of the the social media side of it, yes, it's all about building community. So that's what that's what we're doing currently. I'm taking that that that community with us, and that will start very soon in the next few days. I think it's really important to stress that we're not gonna do a big flashy, exciting launch of Elevate. That's entirely what we're saying we're not doing.

49:35 I understand the temptation to want to do that and we can smash a bottle of champagne or cut a ribbon, but it it has no value in this market at all. Absolutely no value. Worse, it sets yourself up for failure and it sets yourself up for unnecessary marketing expenses. It's far more important that we lean into this and get that gradual buildup the same way. You only get the benefit of SaaS if you behave like SaaS. And we'll if we go for a massive huge launch at the beginning, we'll only likely hit the wrong market and then end up in a a decline thereafter. So it's really important that we lean into this and we grow with it. And I ask for people's patience in understanding that we're we're we're moving forward. You know, we're taking steps at a time to get up there. We're not trying to make one big giant leap, which you can just get so wrong and end up wasting all the money and then having to, you know, either raise more, know, hell of a lot more to do it all over again in a different way, which would be a disaster.

50:28 So I see. Yeah. And Sumit touched on it earlier, actually, data is gonna be key here. You know, we're double down in the areas where we see that we're we're having success. Yeah. Okay. So, David, in terms of corporate costs, do you see yourself needing more employees or less once elevateplatform.io has launched and the main developer says it could I think we covered that off with with the point that we always want to keep improving the platform, and therefore, we don't see our debt team getting smaller in terms of of size or expenditure. Who are the high net worth individuals who invested? What is their background, and how do they come across BLACKBIRD? I mean, I've I get introduced to people all the time. I'm always pitching the Blackbird story, as you know, as a as a shareholder and a big believer in in the technology and in the opportunity. You know, I'm always I'm always flying the flag. So they're not willing to be talked about openly, but, you know, they they are very important for us in terms of talking to you generally at behind the scenes.

51:24 Ian, do you believe we are a unicorn in a way to I'm not gonna say anything about unicorns. It's really unlucky to talk about unicorns. We believe we've got a big opportunity, and we're in a we're in a big market. We've got the right team and the right technology. So, you know, judge for yourself. Andy, if at the end if the end of q one is a premium product, when you're looking to launch the paid version of the of elevate.io, it will it will be an agile process, Andy, and we'll launch it when we when we feel as though it has enough on it that people wanna pay for. It'll hopefully be, you know, sooner rather than later, but it's gonna be it's gonna be a, yeah, an agile process, a little bit of process. David, you mentioned some of the competitors entering the creative space. Do you see them as competing in the same parts of the market that you're choosing? How much are the threat for market share?

52:10 Yeah. It's and the fact that there are people who are moving more into space, that's great validation for us. There is no you never want to be the sole provider in a market like this. It's impossible. We are encouraged by the efforts that have been made by others. We're confident that our placing of a tool model toy puts us in a great position. We're not going for the mass, mass, mass market. We're not going for the very low end users. We're really going for the reliable everyday tool that can be used by really very competent publishers all the way up to the professional market. So it's encouraging. We still believe we have a massive edge because of our core technology in the way that we're doing it. We also are very confident in the way that we're gonna be placing this in the market that we're not jumping up being right on top of someone else or right next to somebody else.

53:00 We believe that we're placing ourselves appropriately. Of course, that will change with time as more people enter the market, but we we know everybody who's out there. Obviously, we know what they're doing and and and we're comfortable that this is just nothing more than positive validation of what we're doing. Yeah. And and again, to Steven's technology has given us a real head start. Yeah. And then the next question, I mean, just to touch on that. We have a very high gross margin, and it's very no. It's not all the whiz bang. Look at this amazing editor thing. But behind the scenes, we have over 90% gross margin in m and e. And that technology will help us much more users in elevate.io. And the competitors that are out there are not they, you they don't have that technology ideas how to make that so efficient.

53:51 So, you know, they're not even thinking about making a comparable product is what I'm saying there. Yeah. So our next question from from Nick B. Will you will you be exhibiting NAB in April? We will be present at NAB, and we'll be meeting people at NAB. It's really important for us to make sure that we put our our resources, our final resources into the areas where we're gonna get the best return. And meeting people at NAB is important for the for the for BIRD PART product, so we will be there. But it won't be a huge expenditure on a on a on a on a stand or anything. It's really about making sure we we meet the right people in the right place. From Adam, for elevate.io, have you thought about referral program where users can create new users in exchange for perks, a year, free month of subscription referral?

54:37 Something you can Yeah. Yes. Absolutely. That's a great SaaS strategy, and it will be something that we'll be doing. Nick, will it be possible to bring Canva designed graphics into elevate.io? Could this help link Canva users with Elevate? It's not it's not other than exporting them from Canva, then they will be able to be imported through PNGs or SVGs. There is no direct conversion between the two. It's a possibility for one of the input plugins for sure. It's not one that we've hugely explored, but just the general process of being able to export from Canva into Elevate would help. I I I like the thinking though. It's it's something that I'll look into a little bit more. From from Nick e, have have the after the launch of elevate.io, how often will you update shareholders on the take up for both freemium usage and paid subscribers?

55:27 I think this is this is something that we will be sensitive to the commercial commercial sensitivity of the information. We'll certainly be doing our our regular updates with you. And I think there'll be more information available. There'll be more data available that might not just be on on on the actual users, but on how they're using it, how often they're using. Is it a daily driver? How is the the viral nature of it. There'd be a whole host of of data there that we we would like to share with you, which we will take a judgment on whether it's commercially sensitive for our competition. And do you wanna cover off there, Steven? No. I think I think it's it's fine. JL has expanded on the modeling point human modeling. It's very much a large industry with a with international interest. Listen, Elevator IO could be used by any number of of industries. We we don't we don't look watch what people are doing. We're completely against our terms of service where we're not able to spy on what users do. So every industry, as long as they operate and they agree with our terms and conditions operate, can be used by anybody.

56:26 We obviously will make our own efforts into markets that we believe have the highest traction and promote within there. And, of course, as I mentioned in the earlier post about using referrals, we'll also be using, of course, affiliates and other influencers into the spaces that we know are are is the quickest way to grow from a marketing point of view. Certainly, most cost effective way is to go through influencers and affiliates. So we'll push into areas that make sense. Question on product from day to day. How modular would the product be? Very. We have always this I've always described this as essentially a base platform, really more than just a pure product. It is a content creation platform, which will obviously be moving more into distribution in the right time, but we've always explained that there'll always be the ability to connect for people through input, through processing and output. Input could be us working with a capture a camera. So the camera could directly connect to Elevate and content could move straight over. That's called camera to cloud, very popular concepts and will be part of that. Processing wise, we have we believe by far the most opportunity. It's as if anything, the thing that sets us most apart from NLEs and definitely from the other online players. And without wanting to give too much away, plug ins at the moment in the video world are really quite niche. They're quite limited. They're quite complex.

57:51 For us, we see content creation in the way that we're building this tool to help people create content. We want to be able to have as many plugins as possible. If someone wanted to create a graph or bring in a chart or even we were talking about one yesterday with the, with the focus group. If somebody wanted to have a little animated map showing going from point a to point b, well, a plug in could be generated where you just put in the coordinates of a and b, put some styling options and it creates you a nice animated, you know, either flying or or or a road map or something. Things like that are almost impossible with other tools. But with Elevate, because of the nature of the way that we're building the plugins, people will be able to come up with ways to generate content. It doesn't have to be just AI. It could be, you know, beautify this this chart or something like that or or other elements, stock footage, obviously, with other libraries.

58:40 And then, of course, on the output side, we know that we'll be able to output, obviously, to file, obviously, to our own distribution efforts, but also to YouTube, Insta, TikTok, Vimeo, Kaltura, Komu, any of the other destinations. We want our product to be sat there is as a platform working with everything, and we don't have to do the work. That's the best bit about it. It's obviously we want to encourage partners to build the product that works with us. Excellent. Question from GR. Ian, can you please list the companies you classify as big tech? The what I referred to earlier was the companies used to be called Fangs, but, of course, will change their names. And if they're now, I believe, called I was interested in seven, which I think now includes Tesla, I think. But it's a definition. I'm sure you can you can Google it.

59:28 You mentioned that Elevator IO is not for social media, but could a slimmed down version be made for social social media companies for internal comms and domestic or academic use? Honestly, I actually I think that it it is absolutely intended for social media. That's one of the very big use cases that we have for it and internal comms and definitely academic use. And we've been using examples of that. A lot of the people that we were working with during all of the early access period all come from those disciplines. One of the most exciting things that we've seen and it's actually my background is in is in the city and video distribution within the financial markets and everybody that we've worked with or that we've talked to about elevators, we're building it out. Every one of the brokers, the mesh houses, etcetera, every one of them sparks up an intro a genuine interest, not a, oh, that looks really great, but a genuine interest of, you know what? We've always wanted to do. We've we've always wanted to be able to use video more, but we can't because of the complexity of the tools or the effort required, etcetera. But this looks like this could help us. So Yeah. We we there is no we're we're deliberately building the product to be a generic product. Now I think building a generic product is so much harder than building a product that only serves one very narrow market, but I feel very confident in doing that because, you know, the team has done this before.

1:00:45 But in that generic product, we will be usable by anybody. We'll be I think the joke is the canopy could be drunk by a tramp on the street or the president of The United States. And we definitely want to have that kind of ubiquity a bit like Apple does or Nike does where you're able to be used by any part of the market very happily. You know, Microsoft is obviously another great company for spanning the market. I think the confusion might have come from when I said we bought TikTok in the initial stages we're talking about. Yeah. Sure. And I think social media is such a broad topic now. I think it means anyone other than broadcast media now. Yeah. I think it's fair. So, you know what? I think we may have at the beginning been less interested in that side. So when you look at the recent rise so another interest area that's grown up for us in during the trial period only because of our work with others or work on with working with individuals is TikTok shop has gone bonkers. It's got absolutely huge. It's growing at a rate that is just unbelievable.

1:01:44 And they've had a breed everyone can look into how they've exactly done it, but they've essentially opened up the so that everyone can make adverts for the products that they sell. It's genius. They've outsourced their advertising. Well, all those people with the great great creative and smart ideas need a technology to be able to build those little adverts. So funny enough, it is something that we've been looking at more and it may be fair that we've historically not been so pro the short form TikTok content. But when you now look at how that's more from a video of a cat skateboarding down the road for fun into actually very specific adverts, which are aimed at consumers where you do need a slightly more powerful tool, then actually the opportunity is just there. Question about from Mark. Elevate.i will be will it be multilingual?

1:02:29 Eventually, all of the technology that we're using has the capability of multi language, but we'll definitely be English first. Yeah. Another product question. Who will be able to participate in the affiliate program? Can you give us any idea about the deals or rewards? We will it will be open to everybody, and we'll I can't remember the platform off the top of my head. It's that we're using to work with affiliates, but, essentially, you'll be able to sign up, get an affiliate code, and then be able to be remunerated for your anybody anybody who signs up through your affiliate code. Sorry. I can't be more specific, but we we will obviously make that very public when it's when we do it. Great. I think that's the end of the questions. Jake? Absolutely.

1:03:14 Ian, Steve, Summit Steven, thank you very much indeed for being so generous of your time there and addressing all of those questions that came in from investors. 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, just for you to review to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. But, Ian, perhaps before really just looking to redirect those on the call to provide you with their feedback, which 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. Yeah. Of course, Jake. So we we stand now at the the cusp of a general access moment. We're not a not a linear launch. We're gonna be we're gonna be iterating and we're learning as we go building a community. But it's a hugely exciting moment for the for the for the business that we've got the the platforms at this stage. I just wanna say really say, hold your hold your hats, and and thank you very, very much for your support over the years and and and and currently, and hope you continue to support in the future. Thank you very much.

1:04:11 Ian, that's great. Thank you once again for updating investors today. Could I please ask investors not to close this session? It shall now be automatically redirected for the opportunity to provide your feedback in order the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll 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.