Nine Entertainment Co. Holdings Limited (NEC) Earnings Call Transcript & Summary

Okay. We can't start a meeting without a reel, so that's quite cumbersome sometime. But anyway, look, welcome to Nine. Delighted you're here with us today. First of all, what I would like to acknowledge the Cammeraygal people of the Eora Nation as the traditional custodians of the land on which this meeting is held. We pay our respects to elders past and present and recognize the continuing connection and contribution to this land and waters. Hope you're enjoying that. That's a special painting that was done for Nine as part of our reconciliation action plan that was earlier this year. So that's that. Okay. I've been in the role now just about a year. So it doesn't feel like a year, but it's been a year, and it's been a very interesting year. And so it's really good for us to share the story of where we are at this point in time and what the future looks for us. A number of things that we're very proud of. We've changed the structure of the business, introduced a number of execs. And so we're really pleased to showcase our execs to you today. We went through the process of selling Domain and creating a lot of shareholder value through that point as well. And really, probably one of the really good things is the first -- the second half of this financial year, we -- the last FY '25, we had growth in both revenue and EBITDA, and we just signaled to the market that we see continued EBITDA growth in this half we're having at the moment. So we think that this business is set up for growth. And as we go through this, I hope you will see that as well. I'll introduce in a minute, Amanda Laing, and she will take you through the streaming and broadcast business and the changes that we're making there and the growth that we see there, not just in revenues, but also in the cost, the way we use that efficiently through the business, so we'll do that. Matt is going to come up and talk about the sales strategy, Matt James, and how we are there, the premium nature of this and how there's an opportunity in the $12 billion streaming and broadcast business for us to attack. Tory will talk about publishing, and she'll go through and show you a little bit of showcase about the 33% margin business that we have there and especially draw out the AFR, which we see as a sort of infrastructure asset and where that is going forward. So we'll draw that out. And then Alex will talk about the investments we're making and how this is tied together through the product, tech and AI investments we're doing, which we feel will leave us as -- and it does leave us as the premium integrated audience ecosystem that we have in Australia. We'll then do -- as we go through that, I'll do a wrap up at the end. What we'll do is we'll save questions to the end, and then we'll have a Q&A session individually, I'll pass over to the team. And then we have actually a bag for you to take home with you. But hopefully, you'll join us for a quick refreshment on Level 2 after this as well. So strap yourselves in. We're going to go through. I'll give you a couple of slides to start with. And this slide revisits our strategy of where we are. It's the same pretty much as where we were with Domain. We've sharpened it up a little bit from where it is, but it relies on 3 unique capabilities that we have as an organization. First one around premium content and the premium content that we have, whether it be in TV shows we do or the journalism we have, we'll continue to invest in this content, and we -- and that will be unmatched in this marketplace -- in this market from anyone else in there. Secondly, around the data, around the 22 million users we have out there and relationships we have with them out then. Those 2 areas, the premium content and the data coupled together allows us to drive this integrated consumer platform we have, people around our platform to different options and opportunities with us. So we're very proud of that through there. And finally, really, I suppose, the more ways to monetize these platforms. You'll hear a bit about that from the team today through there. I've sort of -- there's a slight different blue on product and tech, application of AI and Power of the Nine Group because we will talk about those as we go through the sessions today. First of all, though, I thought I'd just orientate you around our business and the shape of our business before the team talk in a bit more detail. So the business over the last 6, 7 years is actually -- the revenue has actually grown by about 2%. Now what I would say is that we do have the FY '25, we did have the Olympics in there. So -- but if you strip that out, it's still a relatively flat revenue line through there. We will get ups and downs through there. Publishing interestingly is relatively flat through that period. And what we've seen there is the revenue from digital subscription specifically really offsetting some of the print declines. And you can see that going through. And what Tory will talk to you a bit more about is where we are now and where we are set for the future as we've hit that inflection point. Streaming, which is mainly TV, it's got radio there as well, but it's really TV there, the 9Now and the Stan business, that's grown at 22% over the last 6 years, a real sizable part of our business now, a real material part of our business we have. And then you've got the broadcast TV and radio, pretty robust still sitting there, minus 3% CAGR going through that period. However, you see on the left-hand side of that chart, broadcast TV revenues were about 60% of our revenue. They're now at 45% of our revenue. So you can see the shift in our business, and that will continue. As we go into FY '26, you'll see that shift again for the mix of our businesses we have out there. Now if we get into a bit more detail around that, you can see subscriptions through that period. The subscription in that business is in the right-hand side of the axis, has moved from 14% to 32%. So it's 32% of our revenue now comes through subscription side of the business from a 14% 6 years ago. And digital is nearly at 50%. And as you can go forward from there, you can see what will happen. That trend will continue as you go forward as an organization. Interestingly, in FY '25, we had 16% growth in digital subscriptions, and we had 12% growth in streaming, okay? So we don't -- we see that continuing forward, maybe not quite at that pace sometimes, but we see that opportunity to continue to grow that side of the business. So we've got a business there we think is set up in a really, really good way from a macro point of view as a business as we adopt micro strategies around this. But we think we're in a very strong position to do that. We've reshaped the business into 3 divisions, okay? And these 3 divisions are coupled with centers of excellence in product, tech and AI as well. So you've got streaming and broadcast. And we see all 3 of these divisions opportunities for growth. Each one of these, we see there will be growth going forward. Streaming and broadcast, we'll talk about the opportunities. Amanda will go through the opportunities there where she sees opportunities to use those assets in a better way together going through. Matt will talk about the advertising opportunity in that business as well. Publishing, Tory will talk about the opportunities there, where we're at, digital subscriptions and licensing, how we see that growing going forward. And whilst we won't talk about marketplaces a lot today, we still see good opportunities for our partnerships in probably more of a capital-light way, but we do see good opportunities in marketplaces going forward. Just recently as well, just to finish off there, we see the very strong disciplined cost base. We announced last week another $10 million cost-out efficiencies into the business going forward. Okay. So I'm going to leave you with 3 key takeaways. And I'll -- and these takeaways, I'll come back to the end. And hopefully, you'll see that when the team take you through where we sit. Streaming and broadcast, the way we think about streaming and broadcast now is traditionally, we probably thought about the broadcast business, especially in a $3 billion free-to-air market. We now think of this as a $12 billion video market. And we'll show you the breakdown of that video market and where we think there's opportunities to go at. But also not just that, even within the businesses we've got, where we see opportunities to cross-pollinate around those businesses and to drive audience and commercialization through it. Tory will talk about publishing. She'll talk to you about the digital inflection point and where we are with that business there. And probably, we're going to share a little bit more about the AFR today and what a business that is. And as I said, it's around -- we think of it as really an infrastructure asset. All of you in this room, I'll be very, very surprised if you don't have a connection with the AFR and look at it every day, probably the first thing you do when you get up in the morning, a lot of you, as you go through. It is an excellent product, excellent brand, and we see -- I think it's been very underappreciated by the market. And finally, Alex will take you through some opportunities we see for growth as we knit and tie the back end together through the product, tech and AI of our business. So those are the 3 key takeaways. I don't want to take any more thunder off the team. So I'm going to hand over to Amanda Laing, who's just joined us -- well, joined us now a few months ago, and she'll take you through streaming and broadcast.

Thank you, Matt. So as Matt said, the Streaming and Broadcast division was established in about June of 2025. And we're now entering the sort of the second phase of the transformation of the operating model that began in June 2025 and delivering to the stated rationale and ambition of the structure and driving cost efficiencies. As Matt said, there's a significant opportunity in the digital video market in Australia at $12 billion and growing. So we've got loads of opportunity, which we're already seizing on with more upside to be chased. And given the size of that opportunity and as the media sector continues to evolve, now more than ever, it is absolutely critical to take an audience-first approach to content, product and all investment decisions. And by establishing the Streaming and Broadcast division, we can leverage our strong brands, our content, our talent and our platforms to take advantage of that audience-first approach, which we're taking in order to drive that growth. Establishing the division also accelerates the cultural and the strategic transformation across all of the teams, and we'll give you examples of that through the presentation today. Even within the first 6 months of the establishment of the team, we're really seeing some significant wins as we begin to realize the competitive advantage of the Nine Group, doing things which literally no other media company in this country can do. And we're going to dive into those in more detail to give you real examples of how we're doing that. But let's start and have a look at the growth. And this is the top line growth trajectory for the Streaming and Broadcast division through a diversified revenue base. So leveraging the assets, as I said, to grow share with digital revenue, as you can see, representing just 17% of the total back in FY '19 and growing to 43% in FY '25. But almost more importantly, this shows you how I am looking at the business as a whole with a strategic focus on driving diversified total growth across the portfolio, which has revenue coming, yes, from free-to-air linear broadcast revenue still, and Matt James will talk to this, still a massive part of our revenue, very, very important. The BVOD advertising revenue, streaming -- subscription streaming it has both subscription revenue and advertising revenue and off-platform and social ad revenue, that is going to be an increasingly big part of what we can seize, which is monetizing it off platform, but also using that to push to places where we can directly monetize. And that's going to be a big push for us strategically in the next 6 to 12 months. And within that portfolio of revenue, I am absolutely going to be accelerating and diversifying the digital growth. And that is absolutely subscription revenue, and we'll show you some examples of that, the ad revenue in BVOD and in Stan Sport and our off-platform revenue. So we're just getting started, as you know, with Stan Sport. We've only just introduced advertising to Stan Sport. So that opens up a growth market with material upside. So we're investing in the people and the products and putting in place the right operating model and structure to support this growth with that ambition. But to drive all of that revenue, we need audiences and we need engagement. So this is from OzTAM’s Streamscape report, and it really demonstrates the strength and depth of engagement with 9 brands in Australian households. And of course, that engagement also means strong engagement with our advertisers and our sponsors. The remarkable statistic here is that more than 20% of the viewing on the largest screen in the household is of our products, Channel 9, 9Now or Stan, 20% of the viewing. So we speak about the purpose here of the Nine Group as Australia belongs here. And this is why. We speak to Australians every day across news and current affairs, game shows, reality, movies, dramas, our sports coverage. So our content and our talent and our stories have a deep relevance in the lives of Australians every single day, and that 20% really speaks to that. The share of time spent obviously holds true in the core 25 to 54 demo with greatest time spent on 9Now and Stan than probably you might have expected. But it also highlights the strength of the streaming and broadcasting portfolio in delivering and monetizing our content to audiences where and how they want to consume it. And that is increasingly important. The total BVOD viewing is still larger than time spent with Netflix or YouTube for 25 to 54s, and 9Now has a strong share of that. When you pair that consumption with our integrated consumer platform, our ability to connect audiences and content starts to become very clear. We can understand Australians better than anyone else and move them between our platforms, and I'll give you some examples of that as we move through the presentation today. This slide is also important in relation to the so-called hard-to-reach demo of 18 to 39. But it's worth noting that in the 18 to 39 demo, broadcast and BVOD is still over half of their total viewing, and the Nine Group has 17% of that share. So that hard-to-reach demo, half of their viewing is still broadcast and BVOD. And in that 18 to 39 demo, we have seen incredible growth in our free streaming product, 9Now. Married AT First Sight saw a 39% increase year-on-year in 18 to 39s on 9Now. We were able to grow Rugby League in the 18 to 39 demo across the NRL season 43% in the 18 to 39s on 9Now this past season. And that is a remarkable push into that younger demo that is important for us as a broadcaster, but also very important to our sporting partners. And you might also be surprised to learn that The Block, which is probably show that people mostly associate with a more traditional free-to-air audience. The Block in season 21, the season just gone, grew 30% in the 18 to 39 demo on 9Now. These are very strong and probably surprising statistics for many people. So the 9 Group platforms remain powerful with strong reach and engagement in the moments that matter most to Australians. And the growth, of course, is not limited to 18 to 39. That strength of engagement is demonstrated in growth across all of the key 9 properties. You can see this here across all dayparts, the NRL, Australian Open, Married At First Sight, the Block, 9News and the Current Affair, all seeing growth with the 2-year growth trends for many properties in double digits. Again, a surprising statistic for many. The growth in the regular season, NRL and State of Origin and Grand Final would be the envy of broadcasters and sporting organizations around the world. And we've already spoken about the push into the 18 to 39 demo in Rugby League. The key assets driving BVOD growth are also worth noting. Love Island Australia Season 7, 93% of consumption of Love Island Australia is on BVOD. And we've seen 62% growth so far in the current season in that 18 to 39 group on 9Now. So 93% of consumption is on 9Now and incredible growth in that 18 to 39 demo. So we've built this year-round slate of key news events, entertainment events and sport tentpoles. So we've got an always-on audience and consumer engagement across 9 and 9Now. Our content continues to connect with Australians because it's created by Australians, for Australians by a company that understands them better than anyone else in the market. And it's not just the 9 properties that are strong. Stan has remarkable content and consumer engagement. And again, it's fueled by deliberately 365-day calendar across local and global sports, key tentpole moments of local scripted and unscripted content as well as a strong pipeline of international content. Stan has this really unique combination of sport, local and global content. So going through them, our acquired content, you see really strong titles there like Blood of My Blood, which is from sort of the Outlander multiverse for those who are fans, which did incredibly strong numbers for us off the back of what we knew was a very, very strong fan base for Outlander. We're able to nab that title. Hunting Wives, a bit of a surprise package, did better than expected, very spicy, very modern. So that pipeline of acquired -- big acquired tentpoles is still performing very strongly. But of course, our investment in local originals remains core to our offering. And the importance of this local content came through in a recent Telsyte subscription entertainment survey where over half of SVOD users spoke to the importance of commissioning local content representing local voices and local stories. And that commitment by Stan is unwavering. And we see this in our own numbers. 6 of the top 10 highest reaching titles on Stan are local original titles, things like Black Snow, Scrublands, Bump, those titles. So 6 of the top 10 highest reaching titles on Stan are our own original commissions. And we also -- we have a strong pipeline of original series coming up. We have the much anticipated Bump Christmas movie. We have Beast in Me with Russell Crow, beautiful drama about called Dear Life with Brooke Satchwell around organ donation really beautiful series coming early in the new year. But then we have the hero of this slide in many ways, which is Stan Sport, which is performing particularly well. Let me take you through some of the things that make that such a standout. More Stan Entertainment subscribers than ever are spinning up to take the $20 Stan sport tier. So we currently have the highest percentage uptake of Stan Sport ever, increasing 50% year-on-year with over 1/3 of entertainment subscribers taking that $20 sports tier. We've seen a 66% increase year-on-year in the number of subscribers engaging with our sports content every week. So we've got more subscribers spinning up and more engagement with the content once they get there. Further, Stan Sports subscribers are watching more entertainment content than ever before. So we're keeping them more engaged because we're making sure that they are -- we are creating and curating the entertainment content for the enjoyment of our sports subscribers as well. So that consumption of the Stan entertainment content demonstrates the power of the curation, the selection and the commissioning of that entertainment content with 66% of sports customers watching entertainment content monthly and the overall consumption as in the overall minutes watched by those sports subscribers also growing year-on-year. It's also significant that the subscribers who have sport and entertainment churn 5% less. They watch more content per week as well. So we've got more sports subs than ever before. We've got more entertainment subs spinning up. They're watching more, They're paying us the most, and they're staying the longest. This is not an accident. This is completely deliberate in the curation, the commissioning, the presentation, the marketing and the customer communications. And finally, the streaming and broadcast structure has actually meant that we can establish and exploit what I'm sort of calling pathways to stand. So from Channel 9 and 9Now, we are -- this is just within the Stan ecosystem. But within 9 and 9Now, we're pushing people to Stan using direct merchandising and links on 9Now and also advertising on Channel 9. And I'll give you some examples of exactly how we're doing that soon to bring that to life for you. So the strategic and operational transformation of the division is obviously ongoing. Our Dance Card is fairly full. And there are a number of strategic initiatives underway across the group in relation to audiences, content, product and tech, operation, ways of working and really making the most of the Nine Group and that as a superpower. There's a snapshot here of just a few of the key work streams underway. I'm going to focus on a couple of them in the next few slides being around content optimization, Future news, which is a really big transformational project we're undertaking and group activation. So I'm going to take you through, but they are one of many things and many transformational strategic initiatives, which are currently underway. This slide is worth spending a little bit of time on because it kind of is a real driver of revenue. So one of the first areas we looked at was trying to make sure we're getting more revenue from every existing or future dollar of content spend that we make. There are a handful of examples now of different ways that we can achieve that, deploying that content and maximizing the value of the content. So looking at the first, that is leveraging free content that we have free rights to and leveraging that onto -- between Stan and 9Now. So Bump is a great example. Bump is one of the most successful Stan originals in the history of Stan. Season 1 of Bump is 6 years old. You can imagine it's not getting a lot of watching on Stan where it's been sitting exclusively for 6 years. We took Season 1 of Bump, and we put episodes after The Block on Channel 9 and 9Now. So that met expectations of what would normally have stood in that time slot at nil incremental cost. But what we saw was not only did it do a great job on 9 and on 9Now, what we saw was a whole lot of subscribers, people going across to subscribe to Stan, so new and returning subscribers going to Stan because they love what they saw, they wanted to binge the rest of the season and/or they wanted to watch it ad free. So that is revenue on 9, revenue on 9Now, new revenue into Stan and greater engagement. We also saw existing Stan subscribers reengaging with Bump and binging through all the seasons, all of which is driving noise and coming to the crescendo of the Bump Christmas movie, which I mentioned previously, which is dropping in November. So this is an example of that nil incremental content cost suddenly being able to drive incremental revenue. And it actually pushed Bump to the #1 in the first watched on Stan for a few days after that Channel 9, and that ran across a couple of weeks with The Block. So -- so that -- and there's lots of other examples. We're going to put Season 1 of The Hunting Wives after Married At First Sight next year ahead of season 2 of the Hunting Wives dropping on Stan, building that noise, building that momentum, again, at nil incremental content cost. One -- another of our superpowers is the ability to leverage our incredibly strong IP. The biggest show in Australia is Married At First Sight. Whether you like it or not, it is the biggest show in Australia. It is an absolute juggernaut with a total TV average audience of 2.6 million Australians every night watching Married At First Sight. So what happens after the Wednesday episode drops is that those voracious Married At First Sight fans who cannot get enough, they go to radio, they go to print, they go to digital, they go to podcast. They go everywhere they can to find out more information or engage with other fans to talk about the show. And while that is great for us because it continues to keep that show at the top of the national conversation, we're not necessarily making money off every one of those people who are talking about our IP and our product. So enter after the dinner party. So on Wednesday night, after Married At First Sight drops on Channel 9, those fans will find themselves compelled to subscribe to Stan because after the dinner party drops every Wednesday, is not another episode of Married At First Sight. It is a completely new format where there are alumni Married At First site, there's behind-the-scenes content. There's stuff that you cannot get anywhere else. There's stories, there's celebrities. There's everything that a Married At First Sight fan might want. Now here's the best part, using our consumer -- our integrated consumer platform, we know there are 2.3 million Australians who have watched Married At First Sight on 9Now who are not current Stan subscribers. So 2.3 million Married At First Sight fans who watched on 9Now. That's not counting the ones who are watching on Channel 9 who are not current Stan subscribers. So we have the ability now to have a pathway to Stan for those people on 9Now with the click of the button, they can become Stan subscribers as well as obviously running promos for after the dinner party on linear television as well. So again, making more of every dollar of content spend. Another tool we have is this sort of teasers. What you knew is a very young, very modern, very sort of spicy Stan original drama. And so we're just dropping one episode after Golden Bachelor just to whet the appetite of those who might be interested in that. And we did that a few weeks after it dropped on Stan. So we got the first wave and made sure we maximized all of our marketing spend, and then we're just trying to pick up some extra subscribers by dropping in an episode for free to whet the appetite of Australians in that fairly spicy show. Finally, rights redeployment. I mean it's just -- honestly, it's an embarrassment of riches what we've got here. So Love Island Australia, absolutely massive. I've spoken to you about some of the statistics. It's on Channel 9 and now 9Now, as is Love Island U.K. We also have because too much love is never enough. We have Love Island U.S.A. But it was going to get a little bit lost amongst all the other love on 9Now. So we took Love Island U.S.A., and we put it exclusively on Stan behind the paywall. Almost 20,000 new subscribers came to Stan to watch Love Island USA. So it actually -- and then what we're also doing is after Love Island Australia has dropped on Channel 9 and 9Now on a Friday, we put those 4 episodes on Stan ad-free for people to binge. So the whole Love Island ecosystem and multi-verse just increases the noise, increases the talkability, again, 0 incremental content cost, driving more revenue from all of those opportunities. It's worth sort of just to put some of that in perspective. For every 10,000 subscribers, and remember, there's 2.3 million Married At First Sight fans watching on 9Now. For every 10,000 subscribers that you might get on Stan new subscribers, that could deliver between 1.2 million to 1.5 million positive EBITDA result. So you can see the scale of doing these sorts of using these tools and what that could deliver to the bottom line. So the power of the Nine Group, Matt touched on it. I'm in love with it, is really our competitive advantage. So leveraging the whole of our ecosystem. And the best example of this is what we did with the Premier League. We secured the rights to the Premier League, and we activated it across the entire Nine group to really bring it to life and drive the subscribers. So the first 3 games, we put after the NRL game on a Saturday night because we have NRL on a Saturday night through the final series. So that was essentially a big 2-hour ad for Stan Sport on Channel 9 and 9Now. And on 9Now, a touch of a button, you could flow through and subscribe to Stan if you found yourself excited by the Premier League for free. So that drove 2 million -- had a 2 million audience reach for those 3 free-to-air games on 9 and 9Now, driving subs into Stan. On the eve of the season, we -- the publishing assets also really lit up around Premier League. One great example was through our contacts with the Stan contacts into Premier League, we facilitated an interview for the SMH with Pep Guardiola, who I'm informed is one of the most famous managers in the football world. Matt will confirm. It was the most read story on the SMH that day. So that did a great job for the SMH. The SMH pointed to the exclusive rights that Stan had to the Premier League. So again, using all our assets to push to each other and drive revenue everywhere you look. And all of that led to a huge number of new subscribers for Stan game-changing and the statistics you see there in relation to the most watched football match, albeit when we did have Ange Postecoglou in the seat, but also the biggest viewing day in the history of Stan Sports. So this whole of football execution was not only successful to push the Premier League, it actually created a bit of a blueprint where everyone from the people in Tory's team, the guys in Channel 9 and 9Now, the people in Stan, creating that connective tissue that we can now deploy to other sports news and entertainment brands to amplify and monetize. So I talked about -- I mentioned earlier, Future News. So Future News is a really transformative program, multiyear and very significant, and it transitions all of our newsrooms to being story-centric, multimedia and cross-platform. The news and current spend currently totals about $160 million per annum and includes some of our biggest and most important and strongest brands, of course, Nine News, the current affairs, 60 minutes, 60 hours of content every week is in news in current affairs. And the future news programs takes what is currently very manual, incompatible systems, very clunky and time-consuming and time spent away from the story gathering, the journalism, the reporting, the turning on the diamond updating the story through the course of the day is all quite manual and time-consuming. We want to get rid of all of that and get our people spending their time where it matters most to drive revenue. So this is a -- it's tracking well. It will be a very strong return on investment using proven technology to improve processes and better cover all of those stories. So this is a multiyear and we will cover all of our newsrooms across Australia. We'll be rolling out in a staggered approach over the coming sort of 12 to 18 months. So that has been a whistle-stop tour, but I think I hope it's sort of demonstrated that by bringing together the Nine's streaming and broadcast assets. We create a business with absolutely top line growth potential with real visibility of how we can achieve that. And there is significant opportunity in growing the diversified digital-first video ecosystem in a way that no other media business can. The structural changes to streaming and broadcast provide the foundation for that future growth and really also drive that cultural transformation and driving that connective tissue across the business. We've already seen significant success in the first 6 months across key properties, and I'll talk you through those and ways of working and I think we talk about when you bring the full power of the Nine Group, it's sort of like a symphony where every individual part is kind of powerful on its own. But when you bring them together, that is really can be quite impactful, quite extraordinary and deliver cultural connection at scale, which Matt's team will then monetize. So it's fast, ambitious strategic, cultural and operational transformation program that's underway here in order to better kind of deliver those opportunities and drive those cost efficiencies. So leveraging the power of the Nine Group, that is our competitive advantage, and we obviously intend to maximize that opportunity. I'll hand over now to Matt James to talk you through the sales strategy.

Good afternoon, ladies and gentlemen. Amanda is obviously keeping me on my toes from a content perspective and from a money perspective, mine is not going to be as s*** as Married At First sight and Love Island, but hopefully, I can get s*** with some numbers with you for this afternoon. I think, look, I've been in this industry 36 years, both on the agency side and collectively for 10. And I think we are -- there's no doubt from an advertising marketplace, we are probably at one of the most highly complex, sophisticated and probably diversified moments from an ad marketplace perspective. And this obviously is going to give us significant opportunity from a revenue side, but also it's putting extreme pressure, particularly from the global players as well. And I think really what I want to talk to you about today is really sort of 3 things from a streaming and broadcast perspective, obviously, the opportunities and growth that we have around our premium content, obviously, the opportunities for growth we have, particularly in the video marketplace and then also just give you a sort of snapshot of the strategies that we have in place in regards to where we see pressures around our business as well. So firstly, I just want to give you a helicopter view of the revenues in our marketplace. I'm sure many of you may be familiar with the types of numbers that we have on this slide. But ultimately, as Matt already talked about, we're talking around a sort of $12 billion market if you include the SVOD subscription revenues as well. Of course, over here, we have the traditional broadcast metro regional market, which is $2.7 billion, of which we have just about a 42% share of that market. You have the BVOD market at currently $523 million, of which we are close to nearly 50% of that market. But I think the important thing, and I'll touch on this a little bit later, is within the BVOD marketplace, the estimates are probably more like $800 million in this particular space because of that $500 million, that additional $300 million, there are tech fees and margins that are taken within this space. And this is actually an opportunity for us in terms of how we think about the value. We've obviously got a burgeoning and growing SVOD market, which is growing very, very quickly. It's very hard to put estimates on that, but it's estimated around sort of $200 million to $400 million in the Australian marketplace. And obviously, this is where we're seeing both proliferation from the players coming in and obviously, where we represent HBO Max and importantly, have launched Stan Sports. And then, of course, you've got the beast over here that is the YouTube and the social space estimated at around $4.5 billion. And again, I'm going to talk to you about the opportunities we have there from a video marketplace perspective. So from my side, we're looking at a total advertising market opportunity of nearly $8 billion on top of the overall $12 billion market. I'll leave the other $4 billion to you, Matt, if that's all right. So I'm going to really focus on this. But as you can see, this is the significant growth in this space, and there are huge amounts of opportunity for us, particularly within the premium side. So I'm just going to break this down because this is really, really important, particularly in terms of what you just heard from Amanda and why we've obviously both strategically and structurally thought about our business, particularly from the streaming and broadcast and ultimately implications from the publishing side as well. So we think about this in terms of 4 pillars for now. And this is our core broadcast revenue base, which is effectively Metro TV plus VOD, not including regional. So we have 4 pillars. The first one is our Tier 1 Premium, and that's where we see obviously significant growth. This is our AO Mass. This is our juggernauts. This is the NRL. This is The Block. And this is where we see huge demand for our content. And ultimately, this is where we have unprecedented integration and a competitive point of difference within the marketplace because only we as Nine as local media players can obviously operate in this space. And obviously, this is a major chunk of our revenues and still incredibly strong. In Tier 2, we have what we call Premium. These are still incredibly important shows, an incredibly important part of our portfolio. This is the Love Islands of this world and the Lego Masters. But also in here, this is the big mainstays of the today's shows and obviously, the tipping points that account for nearly $70 million of the revenue. And things like today's show, which obviously are on all year, offer huge integration opportunities for our clients growing revenue at 11%. And also things like Tipping Point, which is obviously launched in February 2024 and replacing Hot Seat, has seen triple the revenue growth versus Hot Seat in its latter years and hence, why, obviously, we made that decision. So these 2 are obviously significant in regards to nearly $800 million of our premium revenue. Now obviously, when you get into this space, which doesn't look so pretty, this is obviously what we call our Tier 3 placement and our run-of-network inventory, which accounts for nearly $300 million. And this is ultimately where we have a lot of the other shows, the joys of the RBT, should you love that, some of our smaller sports like the Australian growth, some of the grand slams, but it's also really the rest of the inventory across our network. It's the spots and dots that advertisers buy in this space. And this, as you can see from a revenue perspective, is where we are under probably the most pressure and the reason for that, as I touch on when we come looking at the video marketplace is because, of course, this is where we then start to get into our YouTube territories, into our global territories. And where we have really significant differences in obviously our competitive yield position within that marketplace. This is the difference up here of being in a, let's call it, a triple-figure CPM for things like NRL over $100 versus a $16 play in the YouTube environment around this type of inventory. So as you can see, it's really important for us to understand how we break this down and how we are starting to think strategically about the way that we structure, obviously, our inventory and the way that we go to market and also what we focus on and what we concentrate on in regards to obviously amazing content and monetizing that. So of course, as I've got down here, the opportunity is obviously an expansion of that premium integration. I'm going to touch on something in a moment from Chemist Warehouse. This is really key for us in terms of how we can build the business and obviously, even think from a retail media perspective. When you go back to that $12 billion chart, there's probably numbers on there that aren't even covered. There's an estimated another $7 billion that comes from the SMB market. There's another $2.1 billion, which kind of gets murky of where that's accounted for in the retail media space. And this is going to be a really big play for us. And then obviously, over here, and I'm going to go through this of the strategic initiatives, there's some really big opportunities of how we can start to penetrate that $8 billion market, put more value on the inventory that we have here, but then obviously drive the growth as we drive our own inventory base into that $8 billion. I'm going to just touch on the premium piece because this is really, really important. I don't know if anyone had the pleasure of attending the Sigma Healthcare, which is obviously now a $35 billion Chemist Warehouse upfront, supplier upfront in Rod Laver Arena. It was very impressive, made our upfront look very cheap. I don't know if you know Mario, he actually came in on a parachute as part of the Mission Impossible. I did try for this presentation, but Mario was having none of it. But I think what's really, really important is they had 1,200 of their suppliers plus all of their media publishers there, including the global tech companies. And as you can see here, [indiscernible], who is obviously a very big client of ours, we see 5% to 6% growth from Chemist Warehouse. They're our second biggest spender within the Australian marketplace. But ultimately, within the marketing section, he was fundamentally backing the fact around premium content because it is so critical for them as a brand in Australia to build brand equity. And ultimately, Chemist Warehouse today, they are in -- they're in the AO, they're in mass -- they have full deep integration into The Block. They have bought into Winter Olympics, and they're also obviously heavily involved in the NRL because they understand the value that global tech players cannot give this level of unprecedented integration. The other really second important point to this is the retail media piece. And Chemist Warehouse is not alone. We have actually pivoted from both a revenue and sales perspective around the way that we thought about retail media. And now we are heavily involved working with them in their endemic brands who actually then integrate now into our shows. So we are starting to take revenues from endemic brands that we never had and starting to work with the Chemist Warehouse. We do this with Bunnings. We do this with Coles. We're doing it with Woolworths. And so this is a completely new territory, and we are plowing the right forays in regards to the importance of premium content while it enables the big top 50 of our brands, which accounts for still nearly 50%, 60% of our revenue to actually be engaging in these big cultural moments. And the more we invest in this and the more we get this right and the more we work with the amount of streaming broadcast, then we can grow revenues in this space and the same from a retail media perspective, which is why I say that $2.1 billion for us is incredibly important. So you will see me in a parachute at the next upfront. I will make sure of that. So let me just -- these are -- I'll try and fly through these, but these are -- this is a snapshot of some of the strategic initiatives that we have within -- certainly within the business and within sales and where we're also investing. And these are really, really important in terms of not just growing our premium content and staying relevant, particularly against the Metas and the YouTubes and the Googles, but also this is also our strategy in terms of, again, growing and penetrating into that $8 billion market. So in no particular order, but firstly, the increased use of data and analytics, as you can see down here that we have already started to make significant investments on a number level. The attribution piece for us is really, really important. Firstly, today, of course, we are -- we have good attribution tools that basically enable advertisers to measure at the top of the funnel, right? So we're very good because of our premium content around awareness and consideration. But obviously, now we operate in a global space where there are full funnel analytics, and they can understand, obviously, the absolute brevity between going from awareness to transaction. And that is a space that we now need to be operating in. The TikTok Symphony and the Meta advanced analytics, if you had the joy to see those are where we now need to compete. So we are investing, and you've heard around the integrated consumer platform as well as in our own attribution tools. So we're building attribution tools within this space so that we can start to provide that from an advanced analytics perspective, and it's really, really important. We're also working as well at an industry level around these attribution tools as well because we understand that, particularly from a unification side. The other piece and why this is very, very important is, of course, today, we have 65% of probably our inventory, particularly in the video space, actually has some form of data attached to it. And ultimately, we've got to get that then to 100% within this territory as well. It means then we are already developing products that we can start to compete so I know this is a lot. If you can start to compete then in that Tier 3 running network, YouTube $4.4 billion. This is really fundamental for us. So we're looking at how do we develop a competitive yield position without undermining the rest of our inventory while supporting new attribution levels and new analytics levels within our business, and we started that investment process. The second one is the VOD strategy and our video marketplace, video-on-demand unification as well. We've obviously got 9Now. We've got HBO Max. We've got Stan Sport that we launched. And then hopefully, further down the line, we'll have Stan Entertainment in this. We have been moving very quickly in terms of the unification of our assets. Alex will talk a little bit about the fact that, Matt's mentioned, yes, we do have 22 million unique IDs within the business. So we have unified that. So our data set is ready, unified, ready to go, but we've still got ad tech and data to unify around these platforms as well. It's really critical for us because we need that scale in the market. We need that scale to compete, obviously, against our global tech friends. And ultimately, with the agency consortium, it means we can start going into private exchanges with the unification of that data set as well. And we are on that path. And very quickly on this one, I mentioned the $527 million versus the actual $800 million, which are kind of relatively real numbers. And this is ultimately we sell our inventory at one price. It goes to the advertiser up here to another. There are tech fees and margins. And what's happened is basically as that market has matured, there have been more intermediaries and more managed services involved, and that's basically diluted the actual working media within this marketplace. So we are already on a significant DSP and SSP strategy that is about reclaiming that value, giving more transparency. And we are working at an industry collaboration level with our friends around town to ensure that we can come together, unify that asset base, put our inventory out into that market and basically, one, give us a better margin back on the business in terms of the value that we should be getting for our inventory. But most importantly, we actually can allow advertisers' money to work harder, and that is as important. Embracing the long tail or the FELTs, as we like to call it, the fat end of the long tail. As you know, our Nine Ad Manager product has been very successful, and we are now scaling the capability of that Ad Manager product. And we have got new tech development, and we're growing our sales team so that really, this is huge for us. And I think we have only scratched the surface in regards to the small, medium business market and obviously, those mid-tier clients. And so this is now going through a new phase. We've got new launches coming out in November, and we're going to be driving very, very hard into this market. This is where we can start to hit that $4.2 billion. And I think we've got huge potential within this space. Notwithstanding, it means we can start looking at again an industry collaboration level. We've seen the success of ITP Channel 4 and Channel 5 come together with the Universal Ads Manager in the U.K., and we'd be looking eventually to take Ad Manager into that space as well. So we're very, very excited about this and think this has got huge potential. And then the last piece, just to finish up from my side, is about improving processes, which probably doesn't really do it justice in terms of what we are looking to invest in. We are now investing in our trading platform. And there are a couple of things in there just in terms of ease and frictionless trading from both the Metro and Regional. And that's actually really, really important for us in terms of obviously ensuring that we continue to offer a very good return on effort for both agencies and even into this particular market here from a trading perspective. But as importantly, you may have seen there has been a huge shift, and I'll come back to my opening comment around from an agency consortia, there has been a huge shift and expectation from us as a business because Google and Meta have been doing it for the last 3 to 5 years of us effectively working seamlessly from an open intelligence perspective into those agency networks so that we can streamline and give effectively self-serve integrated campaigns with AI predictive targeting. If you're not familiar with this space, get yourself into AI federated models because that obviously also is going to start to support the privacy issue that we have around the way that we use our data. So we have investments now running across all 4 of these individual pillars. As I said before, this for us is, firstly, of course, we will continue to build our premium content asset base. It's a fundamental part of what we do and the demand there is incredibly high. And these 4 pillars here ultimately then enable us to grow within the video digital marketplace and as importantly, help protect those existing revenues that we have against that Tier 3 and run of network inventory. So that's it for me. I'm now going to hand over to Tory to talk about publishing.

Thank you, Matt. It occurred to me while Matt was talking about the integrated consumer platform that this room might be interested to know one of the insights out of that we got this year is that more than 20% of AFR subscribers have logged into 9Now to watch mast. So I don't know where that fits in the repertoire of the Symphony, Amanda. And there's probably many, many more on free-to-air. So I don't know which part of this room is represented in that cohort. So thank you. I am going to be focusing today on the part of the publishing business that we refer to as the mastheads, which includes The Sydney Morning Herald, The Age, Brisbane Times, WAtoday and the Australian Financial Review. So most of the figures I will be showing refer to that part of the business. I promise this slide will be the shortest history lesson you've ever had. I won't stay on here for long. But the reason I wanted to show it to you is because the history of our subscription strategy does inform the point that we reached in FY '25, which has been a big milestone for our business. And you can -- the way the business has been run up to this point does explain some of the points on the journey that are slightly different between the AFR and what I refer to as the metros, which is the SMH and The Age. The AFR hard paywall was brought in, in 2006, which was historically early for the publishing industry, not just in this country but right around the world. It was a hard paywall. It was in those days, even more expensive than it is now, which was a bit of a shock to people, but it was a very sensible decision at the time in 2006. Most of you would have enjoyed reading the Sydney Morning Herald's high-quality journalism for free for quite a number of decades even after we introduced a paywall on those mastheads in 2013. It was a metered paywall, not a hard paywall, and you could access 30 articles a month for free, which meant that most people never hit that paywall. We -- in 2020, we introduced the B2B business for the AFR and started selling enterprise and team licenses to corporates in Australia, which has contributed a lot to the growth in that business and continues to be an ever-increasing part of our subscription revenue. And then in 2023, we introduced a hard paywall on a portion of the metros content. So across the SMH and The Age and the other 2 smaller mastheads, anything now that we consider to be unique and enterprise like investigations, scoops, expert analysis, data journalism, anything that has had any time spent on it by the premium content team is now for subscribers only, and that is approximately 40% of all of the articles that we publish on those mastheads. You can still -- the meter is still in place. It has been brought down now to, I think, 5 free articles a month because there is a lot of sort of public service journalism that appears on those mastheads. When there is a big breaking news story, people flock to the Sydney Morning Herald and The Age, and we want them to be able to see that journalism. And the meter is still a good channel for us for acquisition, but it is not nearly as powerful now as the hard paywall. So all of that was happening in the subscription strategy while there was an enormous amount going on in print operations. Outsourcing printing and distribution has been a game changer for our business and also an enormous amount of work in the newsrooms to transition them into being fully digital. So our hundreds of journalists every day no longer consider themselves to be newspaper journalists. They are digital journalists, and there happens to be a high-quality newspaper produced out of that newsroom at the end of the day. History lesson over. I told you it wouldn't take long. This slide is what I really wanted to focus on because this shows the transition for our business and the milestone that we reached in 2025, where the growth in digital revenue in the business has exceeded the decline in print revenue. So we now really can call ourselves a digital business. The FY '22 was a bit of an outlier because there was after the big drops in '20 and '21, a big increase in advertising, but everyone knows that print has been in structural decline for quite some time. We are managing that very carefully. Print is still very profitable for us, but we are very vigilant on making sure that we are keeping a very close eye on distribution runs. We're not in the business of running anything unprofitable in that space. So we are managing the decline carefully. But what we are really excited about is the fact that the digital revenue has overtaken it. This slide, the other important point about this is that this is all masthead's revenue, including subscriptions and advertising, but it does not include the digital platforms revenue. So the Meta and Google revenue is not included in here. And the reason for that is that it indicates that our underlying business is in growth and is very healthy and is not relying on the digital platforms to be so and to be sustainable and to grow. I will talk a bit about where we are with the News Media bargaining incentive in a little while. But I think it was really important to make sure that we are not just relying on that source of revenue. I know you're all probably going to spend a lot of time trying to back solve exactly what these margins are. But we did want to show you today that there is a difference between the AFR business and the metros business. And it can be summed up in that they are on different points of the same journey, a journey which started in 2006 for the AFR and didn't start until 2013 for the metros and properly until 2023. So the AFR is at a much higher margin than the metros. The total margin for the mastheads business is 33%, which, as I will show you later, is an outlier in the industry, both here in Australia and internationally. But inside the business, the AFR is definitely the golden child. I'll talk a little bit about what's happened with the margin here at the metros because obviously, for a little while there, the line was going in a way that we were not that thrilled about. There is a range of factors that went into that, particularly in the post-COVID -- the big high of the COVID advertising bump that started to come off. But at the same time, in the metros, we were experiencing increases in costs around printing, distribution and even paper and petrol and staff costs. There are even more factors that have gone into how we have turned that around. A big focus on costs. Everyone saw our cost out last year. It was very noisy, very emotional for the newsrooms. We over-indexed that cost out into the Metros business. But more importantly, it's also a revenue story because the strategy of dropping the hard paywall on the Sydney Morning Herald and The Age and actually forcing the vast number of people who have been enjoying that journalism for free has really paid off. So there has been excellent growth in subscription revenue in that business. But the reason it is behind the Fin Review, you can see here is that the Fin Review is 73% of its revenue is digital. And at this point, the metros is still at 41%. It is headed in the right direction, but it is behind the progress of the AFR. To focus a little bit more deeply on how the AFR is performing, the story here really is about the digital subscription growth and to a smaller extent, the events business and which also now includes thought leadership and interaction and engagement with the newsrooms. So what has contributed to that 6-year CAGR of 16% ARPU has accounted for more than half of the subs revenue growth in 2025. We have been particularly aggressive on pricing in the business in the last 2 to 3 years after a period of sort of price stability for quite some time. We do think there is still more headroom in pricing on the AFR and the metros as long as we continue to invest in product development so that we are giving our consumers more for their money. But volume also continues to grow, and that is really important because we need the top of the funnel. We need as many people as possible hitting that paywall so that we can then keep putting the prices up on them once they're in. So the reason that volume continues to grow is the tighter paywalls and also a much more data-driven newsroom. So from January to August this year, subscriber page views on the AFR grew 14%. For the same period, app page views grew 21% and total traffic is up 26% year-on-year, which is not a universal experience in the publishing industry in Australia and around the world, especially as people are seeing -- having a lot of trouble with search referrals, but the AFR has a very big direct audience. Talk a little bit quickly about the events business. The AFR events calendar, I'm sure you all attend AFR events. It is very jampacked. Every single month, there is a big summit, and it is great for the newsroom because they provide really good stories. There's always someone who gets up on stage and talks about how young people need to work harder to afford a house. However, they are also a very heavy lift for the newsroom from the editor and chief down, the whole newsroom is involved in those events. And you also need the content areas that people are interested in. So the events calendar is pretty full. So we are looking at diversifying that business by organizing smaller, cheaper events for younger audiences as well as doing white papers and thought leadership and roundtables. So that is a very healthy little business, as you can see, has a 6-year CAGR of 40%. We have also, just on Monday, signed the first enterprise license with a big corporate client to provide a feed of AFR content straight into their own enterprise AI model. This organization has a deal with a big global AI company. And they need -- they recognize that they need the information that their staff are accessing to be grounded in fact and they are willing to pay us to have the feed from the AFR go straight into their model. We see this as a really big opportunity. It is a brand-new product for us, and we are talking to some of Australia's biggest companies about providing feeds not just of the AFR, but the Herald and The Age journalism as well so that everyone wants to avoid a hallucination. So this is a fun slide because it is a bit of a challenge for this room, this slide. I also really like it because to put it together, we had to go to some of the biggest and most well-known and successful publishing brands in the world to find anyone comparable to our business. You can see here, we are comparing the AFR to Dow Jones and the New York Times. And on all of these top 3 metrics of percentage of circulation and subscription revenue that is digital, percentage of total revenue that is digital and non-advertising, the AFR is comparable to Dow Jones and the New York Times. On EBIT CAGR, also comparable. On margin, however, we far exceed them. So that is -- we have put up the total mastheads margin. I know you would all like to know exactly what the AFR margin is. But as you saw on that previous slide, it is markedly higher than the SMH and The Age compared to 25% for Dow Jones and 19% for the New York Times. However, the valuation here in Australia, the consensus is between 5 and 7x earnings. For Dow Jones, it is 16 to 18x. And for the New York Times, it is 15 to 16x. So that is the only line on that graph where things are not comparable. And we are certain that our publishing business is undervalued, particularly the AFR. So that's for you guys to dwell on. Before I hand over to Alex, I just want to give you a quick sense of where we are thinking strategically in our business because there is a lot going on. Everyone is very interested in how AI is affecting news media because it is not just about the use and implementation of AI. It is also about the threats to journalism from that development. So there are 3 key questions that we are focused on inside the business at all times. The first one is what is scarce in a world where everyone can afford 10,000 writers. And the answer to that for our business is to really lean into our heritage and our brand, both in the way we conduct and present our journalism. We consider that trust in our newsrooms and our mastheads has never been more important than it is right now. What we do is scarce. Well-funded exclusive quality journalism bound by regulatory, legal and ethical constraints is a premium product. Therefore, we look at the AI revolution as an opportunity for us. There is a reason why AI models are trying and at the moment, failing, thanks to Alex and his team, to scrape our journalism at a rate of 10x a second. It's because they see value in what we do. We are very focused right now on getting the right regulatory landscape in place to allow us to negotiate commercial deals for the content that those models value so highly. But obviously, we have to look at ways to monetize that and which is why I'm really excited about the enterprise license opportunity that we have. The news media bargaining incentive also fits into this. As you know, that was announced last year, supposedly starting on January 1 this year. It has been a tricky time for us with the geopolitical threats to the relationship between Australia and the United States. But we are very confident that the Australian government is still behind the News Media bargaining incentive, and we're hoping that it's not going to be too much longer until we get a discussion paper. And we also know through our constant conversations with our digital platform partners that as soon as we have that consultation paper, we can start having meaningful conversations with them. The second big question is where is our subscriber revenue growth going to come from other than just increasing prices. That has led us to focus very much on volume and win back. When we dropped that steal gate in 2023 on the metros, we did scoop up a huge number of people who were already big fans of our journalism. And we continue to do so, but we don't expect that, that cohort of people will just continue to grow. So we have to find ways to get more people in the door. And so our data also shows that a huge number of people that are showing up as new subscribers for us are actually former subscribers who have lapsed and they are coming back because of a special offer or because of a story that they couldn't say no to. And so it's changing our thinking about our lifelong relationship with our readers even if they happen to cycle in and out of subscriptions. And then the third thing that we are always focused on, as is every business, I'm sure, is who is going to engage with our products into the future. We -- one of the initiatives -- we have a lot of initiatives designed to engage with young readers and train them to respect what we do. But the one I wanted to talk to you about is the Campus Access product, which launched just towards the end of 2024, starting with the University of Sydney, and it is rolling out around the country now. As soon as we announced a deal with Uni of Sydney, every other university in Australia contacted us. They are buying enterprise licenses from us to provide subscriptions to their students and their academics. And we are now very focused on having got those tens of thousands of young people in the door on how to build a relationship with them beyond their studies so that when they no longer have a Uni of Sydney e-mail address, we still know how to have a relationship with them. So to conclude, I know people are always asking about our view on the outlook for print. It's a fair question. our print operation is still very lucrative and still in very healthy profit. We've just signed a new 5-year deal with News Corporation to print our newspapers, and we fully expect print to be a very strong revenue stream for many years to come. But the revenue inflection point we reached in 2025 is very important for our business. It gives me a lot of confidence that these mastheads, which are not just vital to Nine, but vital to Australia and to our democracy and our society are not just going to survive beyond the print horizon, but are being set up to stand very strong and to continue to grow, which is something I think we should all be very proud of and so should our investors. So I'm now going to hand over to Alex.

Thank you, Tory. Good afternoon. So I just wanted to talk to you today about our singular view on technology here at Nine. This hasn't always been the case coming from a fragmented part largely due to M&A. We found ourselves with multiple systems often doing much the same thing. We've more recently begun the process of aligning our teams and our platforms where practicable to converge to a single platform approach. This approach enables us to create multiple differentiated consumer experiences off a common application. A simple platform approach will allow our business to accelerate through a single consumer view across the entire Nine ecosystem, focusing on group-wide opportunities such as lifetime value, group ARPU and bundling. And finally, the fine-tuning of that engine and creating new differentiated cross-company products through the optimization of our technology approach. We've actually already begun to realize the benefits of this unified approach across our core platforms of consumer advertising, data and AI. Historically, our key assets across streaming, publishing and audio were often operating independently on separate but similar platforms. And we're partway through the consolidation of that into 2 key consumer platforms, streaming and publishing. Across advertising, data and AI, we are aligned. We sell across all platforms now using the [ NUID ] , which is short for the Nine user ID as the common identifier for all clients. We have a single data lake across the business, and we've now delivered a single AI platform across Nine as well. Our focus next is on the complete convergence of our consumer platforms, driving greater efficiency and value across everything and importantly, the acceleration of AI throughout our entire business. I'll now spend a little bit of time taking you through our consumer platform and AI in some more detail. Sorry, I jumped ahead there. Consumer streaming is an illustrative example where we currently operate on 2 tech stacks. We'll be integrating the best parts of the Stan technology platform and the 9Now technology platform into a single unified StreamCo technology platform. Stan brings with a unique strengths such as on-demand, personalized experiences, subscription and billing as well as its content approach, whereas 9Now on the other hand, brings its unique strengths across live streaming, massive scaled events and also the advertising capabilities that it has. By combining these, we also share some common strengths in there through presentation logic, video management, video playout, our work on cloud and our work through data as well. And this creates really a powerful common technology platform that can support not only these 2 brands, but multiple brands with a unique consumer experiences, driving both scale and cost efficiency. And we're now starting to see examples interestingly of global players attempting the same outcomes, most notably the RTL businesses across Europe, Sky and ITV and more recently, Netflix and TFI. Our approach to AI is focused on a centralized development with decentralized application across the business. And that's quite important, centralized development and decentralized application. And this program is expected to deliver material cost savings and revenue outcomes for our business over the coming years. This list here is by no means exhaustive. And in fact, this year, we've already delivered about 25 to 30 tactical AI initiatives across the business. However, I wanted to illustrate some specific examples in that delivery. And our AI delivery approach really spans 3 horizons with strong progress across the first. And you can't quite see it here, but I've bolded out a few of these so I have to talk about. So Gemini rollout. We've rolled out Gemini as our AI platform across the business in March -- earlier this year in March. It feels like it was, on one hand, a lot longer ago, on the other hand, just last month. We've already found that staff are using this to become more efficient and more effective on a very regular basis with more than 70% of our staff using it on that regular basis. We've also rolled out some AI optimized SEO headlines. So Tory spoke before about the challenges in SEO. What this does is actually take the work that our content creators do and creates SEO-optimized headlines on the fly for those creators in order to get a better outcome. And we've also, interestingly, created some automatic identification of FBT exemptions in our finance team, which actually saves the company a material amount of money. Moving forward, as we reshape through the remainder of this year, Matt touched on earlier around Nine Ad Managers. So improving our AI ad generation and campaign reporting to get that FELT market more and more and also AI-assisted software engineering. So on the software engineering front, really helping us to increase not only the efficiency of which we produce software, but also the quality of which we produce software as well. And then further into the future, personalized recommendations on 9Now stand and publishing, not individually, but across the board, so we can actually create that content and push that throughout the entire Nine ecosystem. And also, Matt mentioned earlier on about turbocharging our ad sales approach through AI proposal generation, AI campaign optimization and predictive ad targeting. So this decentralized application allows all parts of our business. So in this example, Amanda, Matt and Tory to adopt AI in their areas of expertise. So rather than me just saying we should be doing this, it's actually all of us together to increase our efficiency and effectiveness while maintaining, of course, strong technology governance and consistency in our approach. So finally, I want to just talk to you a little bit about a project that we're embarking on, which is what we believe is a historic project for Australia, and that's digitizing Nine's massive content archive. Nine's archive is a unique asset with significant cultural, social and financial value. And this project is specifically designed to drive widespread use and commercialization. We have approved an upfront investment in order to create this unique asset, which involves the digitization of both our TV and publishing content archives. That's 194 years of print or about 20 million items and 69 years of TV content or around 10 million hours. So next year is going to be a big year, 195 years of publishing and 70 years of streaming and broadcast. But this isn't just a digitization project. It's the unlocking of a national treasure, a truly significant asset that's going to open up new and diversified revenue opportunities, not only for Nine, but also for Australia. And we're incredibly excited about the potential of this unique asset. But let's have a couple of our people. We'll have Peter and Kate tell us a little bit about the story of this archive. [Presentation]

Lovely. So the core message here is clear that a single technology vision creates material opportunity for our business. And we're not just about adapting to the future, we're about actively building, ensuring every asset from our daily consumer experiences to 194 years of print history is positioned to drive maximum commercial and shareholder value. Back to you, Matt.

Thanks, Alex. Just a few more slides to finish off, and then we'll go into questions. Thank you. Okay. Just a few more slides. So I thought I'd just talk about radio for one slide because obviously, we've been going through a strategic review. We've had some interest in our radio business, and we're not surprised it's a very strong good business there. I just want to make the point, that doesn't mean that we don't think audio is an important part of the media mix. We think it's a very important part of the media mix, whether we sell our radio business or keep our radio business or whatever. We do think we have some opportunities from a digital point of view from our organization. And we're already starting to see this through the use of text-to-audio, AI, et cetera, and so forth. But leveraging video production and distribution capabilities, there's obviously convergence between video and audio going on at this point in time, we are well placed to take advantage of that. We have distribution points both on 9Now, Stan and our mastheads as well as if we wanted to go to Spotify, YouTube, LiSTNR, et cetera, through there. And obviously, we've got a world-class sales team there as well to commercialize that as well. We're not calling this a big, big bet for us. I'm not saying that, but I just wanted to make the point that there is a digital audio strategy out there for our business, and we see it very complementary to the business we have in place at the moment. So I obviously get asked by yourselves and other investors around our CapEx profile and what we're doing and why is our CapEx so much bigger than, say, for example, some of our local rivals. Let's say, we are in a bit of a different situation with the structure of our team. We have about $85 million to $90 of ongoing BAU CapEx, which is about 4% of our revenue through there. We have indicated that we will invest a bit further than that this time around, where we are, especially with the strong balance sheet that we have. And the team have talked a little bit about areas like the sales trading platform. It's very, very important, the sales trading platform from a point of view to invest in that to make sure we're doing easy to do business with is a real critical point at this juncture with the big agencies and so forth, the integrated consumer platform, AI acceleration, archives you've just seen there, Future News that we talked about. So there's a lot of investment going through there, but we think it's the right thing. And I would say we do go through quite a disciplined process around each product we go through. Obviously, you get some maintenance products from a CapEx point you have to do. But we have a long list that the team put in front of us all the time of request of what we want to do. We obviously have to be selective about that. And we actually go through a very vigorous process returns around that, making sure that those returns are very true. But as we become more and more digital as an organization and our revenue and our business is more and more digital, we do have to invest in product and tech and AI and so forth. So I just wanted to make that point. One last point before I sum up on the slide here. The capital allocation of where we are, we are concentrated very much in the past. And one of the things around the Domain situation or the sale of Domain, it has allowed us to focus a lot more on the core of the business and really double down. And hopefully, you're seeing what we see some real great opportunities in this business. We really do see these as growth businesses in their own right. And we've been investing behind that. Some examples there, consumer platform, we talked about enough, ad tech, very important, the ad tech side of this to keep in check with the global players, AI, Nine Ad Manager. We launched that a few years ago. It's been a bit bumpy. It's working. There's growth in there, but we see with the technology changes, AI advancements, et cetera, that's just going to get better and better. We have to have a self-serve platform out there to reach all of these different consumers. We have a good size, and I tell Matt, it's a big sized sales team. We have a good-sized sales team. And -- but to reach even more to get to the FELT, as we call it, the fat end of the long tail, very important that we have self-service models, et cetera. So really important there through that. And then the archive, which is a really interesting one. We took it to the Board and the Board backed us on this as well. There's a return on this. But we are actually -- it'd be interesting to see how this goes, especially with AI and so forth. This is really, really rich, really rich data that we have here. And some of that -- some of this stuff is really interesting and will be good business models going forward. Yes, of course, we do look at M&A and we look at opportunities, inorganic opportunities. We do have desires to grow and build. But we have sort of a very clear mandate around making sure it's got scale, diversification, we can add to it, et cetera. So we do look through. We have looked at a number of acquisitions. You don't hear about the ones we do look at. You only hear about the ones or sometimes we hear about the ones even in the paper we don't look at. But yes, we do look at different opportunities. At this point in time, there's -- nothing's really fitted to where we wanted to get to. And then you obviously got the capital management, which we continue with the consistency around the 60% to 80% payout from a dividend point of view. And obviously, there's potential for further capital management given our balance sheet at this point in time. So before questions, sum up to me, and I used this slide earlier. Hopefully, you've seen where the team have got to with some of the opportunities we have in this business. We are a very, very different business to where we were 2, 3 years even ago, definitely where we were 6 years ago. We're in a different place. We feel we're in a very strong place. Each one of our business units, whether it be Streaming and Broadcast, whether it be Publishing or whether we talk about marketplaces, we do see very, very good growth opportunities in there. Streaming and Broadcast, Matt talked about the $8 billion element of that advertising business that we've got there. Good upside there for us to talk about. We traditionally, and I think the investors also talked to us about more $3 billion. We think about this $8 billion. We'll have to be very careful in how we think about the off-platform stuff. We obviously want to keep our content on our own platforms and monetize that the most. But we have a long tail of content, long, long tail of content that we can commercialize on off platform. Other media companies have been doing this way more than we've done it, and we have got great opportunity there. And then you've got the streaming side of that where we still see good opportunities in that extra $4 billion there. And Amanda has talked about how we help grow revenues. Some of these numbers are not small, okay? When we talk about 20,000, 30,000 people seeing Love Island USA on one platform moving to the other platform, 30,000 on Stan, it's worth millions of EBITDA, okay? We also have churn in there as well, but we have good opportunities. I think there was even on the Bump season 1, drove 3,000 extra people subscriptions, I think it was, 3,000 subscriptions just from Bump on season 1, 3,000 times $15 to $20 a pop per month, you start to add up, right? So we've got good opportunities to push through there. Tory talked you through the publishing assets. And the fact is we have hit this digital inflection point for our business. We see the growth -- continued growth in the digital side of the business. Print is still very profitable. In fact, it's actually been a lot more resilient than probably some of us did think it was going to be. And actually, if you look at the U.K., there's actually increase in advertising on print. In fact, I think in the AFR, there's increase in premium advertising in print continues, okay? So these products are still not there. We've got the opportunity of 2 streams, whether it be print or digital and the digital is going ahead at the moment. The AFR, hopefully, you got some sense of it of how a great product that is a great brand that is and the upside we think that there is in that business, not just from organically, but where we can see adding to that business, the product extensions we can do, the product enhancements, as Tory talked about through that. So we feel that's very underappreciated by the market. And then Alex talked a little bit about how we tie this together with our product tech and AI that we've worked through is really important. We have a long list of opportunities to go through. A lot of the time is a time and also money and resource to be able to push that through. So look, those are where we're at, at the moment. We're delighted to share it with you. I'm delighted that the new team came together today to show that. Hopefully, you can see the quality of the team we have in there, the structure of the business we have, and we think we're in very good shape going forward. But obviously, there will be challenges through there. There always are, but we set ourselves up well for growth in the future.