OverActive Media Corp. (0RB.F) Earnings Call Transcript & Summary

Good afternoon, everyone, and thanks for joining us. Apologies for the few minutes of delay. We've been facing some technical issues, unfortunately. To start, I'll give you a little overview of OverActive, and I'll pass the call to Adam. OverActive Media is a digital media and entertainment company with operations in Toronto, Madrid and Berlin. The company combines high-margin digital revenue streams, sponsorships, content licensing, creator monetization and in-game digital sales with ownership of 2 of the most valuable esports franchises in the world. With global partners Telefonica, Bell, Pepsi, Red Bull and AMD, OverActive is positioned as a scalable media platform backed by rare appreciating franchise assets. The company is listed on the TSX venture under the symbol OAM on the OTC under the symbol OAM CF and on the Frankfurt Exchange under the symbol 0RB. Today, Mr. Adam Adamou, Co-Founder and CEO of OverActive will provide an overview of the business, including the company's growth strategy and clear road map for ActiveVoices, OverActive's proprietary AI-powered creator monetization platform. At the end of the session, we'll also address the questions investors have submitted by e-mail. Over to you, Adam.

All right. Thanks, Babak. First of all, let me start by apologizing if we were using the ActiveVoices platform instead of the Zoom platform, I think this presentation would go off without a hitch. One of the challenges that we're having with Zoom right now is that we have a number of slides here that require sound on your end. And we've got some ActiveVoices examples. Obviously, ActiveVoices is all about sound and language. We've got some event samples that require sound and for whatever reason, even though every time we've done this before, it seems to work. Now when we're going live, it is not working. And obviously, we're out of time here to work out the technical difficulty. So I'm going to go through that anyway. I'm not going to change my presentation here. I'll go through the voice areas pretty quickly. And I apologize in advance because I think those sound clips make a big impact here in what we're doing. But if you are kind enough to come and join us here on this webinar, I will be kind enough to kind of come back and offer a direct follow-up if you're interested, where I can go through these with the sounds that they deserve, okay? So apologies upfront, Zoom is what it is. And if it was ActiveVoices, it would work, I assure you. In any case, my name is Adam Adamou. I'm the CEO of OverActive Media. Thank you so much for being here. Let me start with a bit of context. OverActive is a global entertainment and technology company built around one of the most passionate fan communities in the world. And that community is our engine. It's large, it's young, it's deeply engaged, and it gives us a distribution footprint that most companies in esports or media never achieve. Everything we built our content, our partnerships, our digital products and now our AI technology grows out of that fan base. That's the core of the company, okay? And it's the foundation for the story I'm going to walk you through today. Before we go any further, here's our disclosure about forward-looking statements, okay? The key point for you is this, though, okay? The strategy you're going to hear today is grounded in real fans, real engagement and real revenue chance. Our perspective on the future is based on what we're already seeing inside of our ecosystem right now. And to understand OverActive, the first thing you need to grasp is our reach. We connect with more than 100 million fans around the world. And these are audiences in Canada, in the United States, in Europe, in Latin America and China, and they follow our teams, our creators and our content. And these are young digital native consumers with strong purchasing power, as you can see here from these statistics. If you're not deep in esports, think of this as one of the most active global used entertainment audiences in the world. And OverActive sits right in the middle of it. And with the global audience we've built, this real business momentum, okay? And our revenue curve has been climbing and margins are strong, and we've been taking significant steps, I would say, over the past year, 2 years to simplify the business, focus on what scales and build a model that moves towards profitability. And this isn't driven by any one region or any one brand. This is the product of a global fan base and a more focused operating structure that we've been implementing inside of the business. And this is the engine that drives our business worldwide, okay? Esports brings fans into our world. And then content and creators keep them connected and then membership creates these predictable recurring revenues. And our technology, especially ActiveVoices lets us take that entire system global across languages and markets. And that flywheel will get stronger every single time we add a new fan in every single region, okay, fan after fan after fan, the business grows as the fan base grows. And because of that engine, we now operate as a global entertainment and technology platform. Esports is a starting point, but the value is in the layers that we build around the content creators, merchandise, licensing, membership programs and now AI because these layers sit on top of this massive global fan base. And the economics become more scalable, as I said, a more diversified as that fan base grows. And that's how we grow the business without adding any unnecessary complexity to what we're doing. Now let's go back to our team. Our teams compete in 2 of the most important ecosystems in global esports, League of Legends in Europe and Call of Duty in North America. And these franchise positions give us long-term stability and visibility. They anchor us in basically 2 of the biggest markets in gaming. And the engagement levels we get back reflect all of that, okay? When you look at that global viewership, our brands consistently sit among the most watched teams anywhere in the world, okay? You can see that in the chart up here. These are the most popular esports team communities on Twitch, but communities of any type on Twitch, okay? And we're right there. This is like a monthly chart here. Every single month, we're in the top 3 to 5, I would say, biggest communities on Twitch, in the world. And that reach drives our long-term partnerships and our commercial strengths. Now for anyone not familiar with Ibai Llanos. Ibai is one of the most influential digital personalities in the world, okay? His broadcast outperformed the biggest global entertainment brands. The scale you see here makes that very clear. You can see here, that's an Apple event of 2.8 million. That's an Nintendo event at 1.5 million, and you can see Ibai's event at 9.2 million. He is bigger by a multiple, okay, of these huge Apple and Nintendo events, okay? That's the scale. When Ibai goes live, he reaches audiences that rival the biggest moments in digital media anywhere. Okay? And his involvement with us was KOI, gives the brand something incredibly powerful, cultural momentum, not because KOI needs it, but because it amplifies the passion that already exists within the community. And Ibai brings an energy and a storytelling style and a global audience that deepens what KOI stands for in the minds of the fans. And that's why KOI has become such a phenomenon. It's the combination of the teams and the creators and the players and that shared identity and the community behind it and Ibai is part of that community. His presence accelerates it, elevates it and helps turn KOI into a cultural force. And as I said, Ibai is not only a shareholder, he's a business partner. These are a big component of the KOI brand that we work with together every day. And that's what makes KOI special, okay? It's at the intersection of the competition, the players, the creator culture, the global digital fandom and of course, Ibai's connection to that ecosystem is one of the reasons the brand carries so much cultural weight. Now I'm going to go to my first video without sound. But look, the numbers can't tell you the scale, but they can't show you the identity, okay? They can't show you that identity. You have to see it, okay? You have to feel the emotion and the energy behind the community. And to truly understand that you have to experience the culture around it, okay? You have to see how the fans show up, how they celebrate, how they connect with each other and how the creators and players sit inside of that ecosystem, right? So I'm going to give you a window into that. Again, apologies, Zoom no sound, but I think it will -- I think you'll get a sense of the heartbeat here, okay? Okay. I cut that a little bit short. I mean there's no point if there's not the sounds, but let me just kind of go back to that slide I'm preempting here, okay? And look, what you're seeing there is why KOI is so powerful, okay? If you could hear the sound, there was like cheering, there was streaming. There was crying in that particular video. When you see the flags that they showed there these are flags that fans made themselves or butted in. Now the Jersey and the other stuff we sold to that, okay? But the fandom is real, okay? And it is like something that when you were there you probably have never seen before, okay? And that's why KOI is so powerful. It's not casual viewership. It's belonging. It's fans identifying with something that's bigger than themselves, something they participate in and something that they co-create alongside us, okay? And that level of connection doesn't just happen by accident. It comes from years and years of building a community around those creators, these players in these shared moments that actually mean something to people. And KOI sits right at the intersection of all of that stuff, okay? And that's why the brand travels so well. That's why fans follow it across platforms, languages and markets. It's why all this engagement is so strong and the numbers consistently outperform almost every other organization in the world, okay. And when you understand that emotional connection behind KOI, the business model becomes pretty intuitive, okay, inside of games, like League of Legends or Call of Duty, fans buy these digital items. And things like these like team branded skins, you can get weapon designs, character outfit, you can get banners, you can get emotes, you can get in-game cosmetics. These items don't improve performance in the game like they don't make it play better but they express identity, and they tell other players who you support and what community you belong to. And when fans feel disconnected, those purchases become part of how we participate in the culture, they buy that to be a part of the culture. The same way people wear jerseys or collect merch or rep brands in the physical world, they do the same in the digital world. And our digital sales grow because the community expresses its identity through these items. And fans buy these items directly inside the in-game stores on these platforms like PlayStation or xBox or Battle Net or Steam and they -- in many cases, they're impulse purchases but they're visible to everyone in the game, and they're recurring. New items come out every season. And people want to represent that they are part of this community in the game to other people, okay? And that's why our digital item revenue crossed over $8 million last year. And the economics of this are exceptional. These products cost almost nothing to us to deliver because there's no inventory, there's no shipping, no physical cost, and that's why the margins are north of 95%, I would say. Our brand has cultural weight in digital items like this become one of the most efficient revenue streams in the business. So these digital items are how you express your fandom inside of the game. And Fénix is how you express it outside of the game, okay? Fénix is our subscription-based loyalty platform, okay? It's a fan membership platform, okay? And what it does is it gives fans access, rewards, early content behind the scenes experiences and like a feeling of belonging to something that they're proud of, okay? You got a physical card like this, okay? And we also offer a digital card. And the vast majority of our fans pay an extra $15 to $20 to get the physical card so that they can put it in their wallet because they want to be physically close to the brand. This is only available in Europe right now. We only launched it a few months ago, but it's a very strong start. And for us, it creates recurring revenue, direct relationships, first-party data and stronger sponsor value. Membership is incredibly powerful and fan-driven businesses like this, okay? It transforms the fan or the viewer into like an actual participant and a participant into someone that we can connect with as well, okay? And the margins are exceptional, 99%, okay? This is the beginning of a direct-to-fan ecosystem. It's not just an audience, okay? And it's something that we're going to scale around the world. And when you have the fans and when you have the customers, okay, business becomes easier. The hardest thing about business is finding the people to sell stuff to. And as I said, we've already got these people, okay? The next wave of growth sits directly on top of the community we already have, okay? When you look at loyalty, when you look at owned media and merchandise and licensing, the others items that I've got on this list, and there's others as the well, we can see more than about $20 million of revenue potential with our existing fan base. Okay. In many cases, they are asking for these things, and we just haven't been able to put together the capability until now to deliver them, okay? And this is incremental revenue at very high margin, okay? And we see this $20 million in revenue potential sitting there, low-hanging fruit, okay? It was about $10 million in incremental adjusted EBITDA. And this is entirely from channels that make sense for the fan base we serve right now, okay? And like I said, what's important is that none of these require new fans. They simply deepen and monetize the relationship with the fans that we already have. This is the compounding effect of a culture-driven brand like we have. All right. So we talked about how our community engages and we talked about how they buy and how they participate and identify with what we've built and so on, okay? And that entire system sits on top of a fan base that is not only large, but it's global. And that's where the opportunity becomes even bigger. Because while our fans are everywhere, content is still limited by language. And most creators speak one language, and most fans consume in one language, and that's the bottleneck and it's a big one. And it's the exact problem we're solving with ActiveVoices. For those that haven't heard because we've been tuning our horn quite a bit lately, okay, ActiveVoices is our AI-powered localization. It's a language localization platform. And it unlocks something that creators have never had access to before, okay? It allows them to speak to global audiences in their own voice in multiple languages instantly. It's not -- it's a dubbed voice. It's not a synthetic replacement. It's their voice, their tone, their emotional delivery, their storytelling. It's recreated across to up to a dozen languages, okay? And that means that a single video to become native content in English, in Spanish, Portuguese, Arabic, Mandarin, French. Yesterday, somebody asked me if we could do this in Somali. I asked our team, okay, it's not more of the 12 languages that we're launching, which could we do it in Somali, the answer was, yes, we can do it in Somali as well, okay? So -- but you can do this without new teams, without editors, without cost scaling with the languages that you're offering it in, okay? And for us, strategically, it takes OverActive from being purely a team and content business into something much more powerful is something we become a participant in the global creator economy, okay? We become a technology provider. And it integrates perfectly with what we already have, our fan base, our content ecosystem, our creator network, okay, gives us a high-margin globally scalable business that's built for the next decade and beyond. All right. So here's how the platform works at a very high level, okay? We start by capturing the creator's voice, okay? So just a couple of minutes of audio. And then the system learns their tone, pacing, emotional delivery, okay, then it translates the content using models that understand the context, the humor, the intent. It's not just a vocabulary. It's a delivery, okay? And from there, ActiveVoices distributes directly into YouTube, Twitch, TikTok, Instagram, whatever platform that you're using on your end, it distributes directly into the platform, okay? So creators don't need extra software, editors, post production and all of that stuff, okay? And because all of this is automated. Each new language version cost almost nothing to produce. And for creators, it's the first time they can reach a global audience without multiplying their workload. For us, its recurring revenue with extremely attractive economics. Now here's my examples that you're not going to hear. So I'm going to go through them pretty quickly. But what we show here theoretically from your perspective is we show a version in English, okay, taken from our documentary, and I'm going to go through this really quickly. So we go through that video in English, okay? And then we have an example here where we do it via ActiveVoices Spanish, okay? It's the same video, but now the creator with their real voice, okay, their cadence, their emotional identity is translated into Spanish, okay? And it's not about, it's not an impersonation, okay? When you see it, you can see it, but that's -- we show that to creators and they respond very strongly to it because for the first time, they can speak directly to fans, they were shut out from, okay? And these capabilities sit on top of a bunch of strategic advantages that make this platform uniquely valuable. That's Tobi speaking in Spanish here. And then we have another example where we show it in Mandarin which is also very effective, but I'll kind of go through this really quickly here because we can't hear, okay. So let's just go back to the differentiators here and speak about why this is the right product for the right market at the right time, okay. Because there's a lot of AI to -- there's a lot of AI tools emerging out there, okay? And this is specifically designed at first for the creators space, and we've designed it as a product that fits that market in 3 ways, okay? Because we understand this space, this is where we come from, okay? We have credibility with these creators in this space because we are so big, okay? And so the first part is authenticity. It preserves the creators personality. That's very important if you're a creator, right? That's why people watch you, okay for your personality, okay? And it maintains that, okay? Fans connect with creators because of their identity, the voice, the tone emotion, okay, personality keeps all of that authentically intact. Second is scale. Once the model is trained, creators can convert their entire content library into multiple languages, so nearly 0 marginal cost, okay? That is incredibly powerful for creators with hundreds of thousands of videos like true that you've got them. And third, particularly for this market, but it should matter for every market is protection, okay? The voice model belongs to the creator. Their IP is secure and they control how and where it is used. That is their most valuable asset is their identity, okay? This preserves that asset with that. They own their identity. Now add to that fact that the platform is API ready and large partners like telecoms, media companies, agencies can integrate it directly into their own workflows. And that gives ActiveVoices value far beyond any typical consumer tool, okay? And the strategy to scale this is pretty straightforward, okay? It's proven in the creator economy. We understand how this works. We do it all the time, okay? We start with the big creators, the major ones. And okay, these are people who already have strong audiences and who immediately benefit from multilingual reach, okay? They give us case studies and visibility and credibility out there, okay? Those are the leaders. The next layer is agencies and creator networks. This is where the steel accelerates quickly because like a single partner here can onboard dozens or maybe even hundreds or thousands of creators at once. And then finally, the long tail is like the millions of creators who don't have editors, translation teams and who desperately want global reach and who simply need an affordable automated tool, okay? And each one of these phases strengthens the next. Each one compounds usage and each tier grows the margin. But you have to do it in that order to build the credibility to dominate it. All right. So the scale of the creator economy is pretty big, okay? Creators earned more than $24 billion last year. That's excluding Asia and in particular, China, okay? And that's not every platform. That's just the big range of the platforms that are really the low-hanging fruit in the West, okay. It's $24 billion last year. But that number reflects only the audiences that they can currently reach one language, one market at a time, okay. And ActiveVoices changes that. It turns every creator into a global creator. When someone adds English or Spanish, Portuguese, Arabic, Mandarin, Hindi, the revenue that follows them is entirely new. New views, new ad dollars, new sponsorship value, none of it exists today. So when we talk about capturing 1% of the market, it isn't taking share. It's creating it. We're growing the pie, not redistributing it. At that scale, that becomes $240 million that move through the platform, okay? And then $70 million to $120 million comes to us directly, okay? And all of that is revenue that would not exist at all without ActiveVoices. And that's the opportunity, unlocking global audiences, expanding the creator economy and doing it with a high-margin technology leader that's scaled with every single creator who signs on and opportunities like that come down to execution, right? The question is always who is building it and do they have the team and the partners and the structure to scale it globally, okay? So let me show you the group that's doing exactly that. This is the team executing the strategy that we have leadership across esports, media, technology, operations and commercial growth. These are people who understand how to turn global audiences into global businesses. It's a group that knows how to scale, how to partner and how to operate at the intersection of culture and technology, frankly. And you can see the same strength in our shareholder base. We've got institutional partners global telecoms. We've got cultural leaders like Ibai and PK and the weekend. It's a rare combination, right? It's strategic capability and cultural relevance, and it gives us reach and credibility in markets most companies can't access. And underneath this leadership group is a corporate structure that is built for long-term execution. It's that we've got aligned ownership, stable governance and frankly, the financial foundation to scale the platform. Here's a snapshot. It's a focused capital structure. As I said, strong insider alignment, got a shareholder base that's invested in the long-term success of the company. And it gives us the stability to operate the flexibility to grow and the confidence to invest in the areas that matter most, okay, culture, content and technology. So let me close with this, okay? OverActive began with a global community that cared about what we built. And that community created a cultural engine with real scale, and we built that to $30 million in revenue, 29%, I think CAGR on the revenue side, the margins that we have, the business that we have, the reach that we have, the global scale that we have, okay? And now with ActiveVoices, we're adding a technology layer that opens markets and revenue streams, most creators have never been able to reach. So esports gave us the foundation, creators gave us the connection and technology now gives us the global scale, all right? So we have the audience and the strategy and the platform to build something really meaningful here over the long-term, okay? And we're focused on executing exactly that. All right. And that's the end of my presentation here. Thank you for joining us. Very much appreciate your time. And as I said, reach out directly if you want to get the full clips there with the audio. Babak, when I turn it over to you. I think you've got some questions. Let me know if I can stop sharing my -- I'm going to keep the screen here. I'm going to keep the screen here. So why don't you go with the questions.

No problem. Well, thanks, Adam. Yes, we have received a few questions by e-mail. So the majority of the questions are on ActiveVoices, but we've got a few questions on the esports part of our business as well. So I'll go through those first, and then we'll move over to ActiveVoices questions. The first question asked, what is the construction status of the live arena in Toronto?

Live arena in Toronto. Okay. So look, that's still part of our long-term plan. That is still kind of out there in the Easter as it has been for a long time. I don't have anything new to talk about on that. But you can be assured that if there's a change in status, we will publicly announce it. We're not going to keep that a secret. I think, look, that's an opportunity that needs to be. And when we go forward, we'll absolutely be accretive to what we're already doing. But that's not something that I wake up every day and focus on right now. As you can see, I've got enough on my plate right now. And when that happens, we'll add that.

Very good. The next question I ask, with your presence in the League of Legends and the Call of Duty League, how do these franchise assets contribute to your long-term value and differentiate OverActive from all the other esports organizations out there.

Well, okay. So there's 2 points there, right? One is, how do they contribute to our value, right? And I think this is something obvious to a lot of non-endemic like of sports fans, okay? When you take a look at the numbers, they see that the value of franchises have just grown exponential like in the 1980s, early 1990s, you could probably buy an NBA franchise for like $20 million, $30 million, okay? And now like it starts at $1 billion if you buy like the smallest market team, okay? It goes up to $5 billion or $6 billion or whatever the number is. We see WNBA and all these other things that are basically huge valuations on those franchises. And we own in terms of -- in particular, let's just focus on League of Legends, okay? Our League of Legends franchise, a viewership and reach of that is as big as many of these traditional esports, okay? In terms of viewership, in terms of numbers, in terms of fans, but it's got a younger core, right? So the average age of our -- of the viewer of League of Legends is probably at least a decade younger than any other sport out there. And we bought our franchise for roughly less than 1/3, okay, of what you would need to pay to buy that slot today, okay? So we've seen an increase in those franchise values already right? We own them outright, okay? This isn't something that I need to pay anybody any more money to own. We have Call of Duty as well on the side over here. But when we take a look at our -- the value of our franchise in terms of third-party transactions, we see that in the north of $30 million range. So by that, what I'm saying is that to buy a League of Legends franchise in the LEC, okay, which is our league, okay? Just the slot, okay? Not the business, not the revenues, not the branding, not the name, not the players, okay? Just for the right to play in there, those rights have been selling for between third parties north of CAD 30 million, okay? So we believe this is a franchise asset play, okay? These -- our fans are going to grow. They're not going to wake up one day and decide they don't want to watch this, okay? Like you just don't wake up one day and say, you don't want to watch hockey anymore. These are long-term fans, and we think these are long-term values. They're scarce and they're growing in value, okay? Now in terms of what differentiates us from other esports organizations, look, we have one of the largest fan bases in the world, okay? And we can host events that have 10,000 people show up, like you saw in that video clip, okay? And that is a key differentiator. What we are seeing is the market differentiating between organizations like us that have huge passionate fans and those that don't, okay? And the value and the sponsors and the publishers are moving in the direction of bigger fandom, which is what we have.

Perfect. The next question asks following the integration of KOI and Movistar Riders what operational improvements or performance milestones should investors expect from your esports teams over the next 12 to 18 months.

Okay. We're about half the way. So we have a 3-year plan for the integration of the acquisitions, right? The first year is kind of getting to know everybody, right? Second year is starting to put the right pieces into place and the third year is finding the synergies and putting the pieces together in the most optimal way. And we're about halfway through that process. We're about 1.5 years, maybe a little bit more than that through the process. We bought these, I think, March of 2024, and we're in November of 2025. What we've seen is kind of just an explosion in reach, in audience and fandom in sponsorships. So we're one of the few companies of any type in any industry, in any kind of place where we've seen good, solid growth in sponsorship revenue over the last couple of years, I would say. And that's because of our expanded reach, okay? So I would say things are going very well between the pieces here. I think we've done a fantastic job. The team has really come together. I think over the next 1.5 years of our program. We're going to start tightening things up a little bit more. We know what works, okay, and what needs to change now, and we have the plan to basically make those adjustments. So I think you're going to see more accretive growth, and more profitability, okay, and a simplification of the business model. And I think all of those things are coming together. Look, like this is one of the easiest consolidations I've ever done. And I'm very proud and happy of the team that's really been assembled to put it together with me.

Thanks, Adam. The next few questions are all focused on ActiveVoices. So the first one asked, can you walk us through the long-term vision for ActiveVoices and how it fits into the OverActive strategy as a digital media company rather than a traditional esports operator.

Well, okay, the esports and the culture and all of the stuff that I talked about in the first half of my presentation, all go together as ActiveVoices, okay? We wouldn't be as strong in that market if we weren't who we are elsewhere, okay? The technology behind it is interesting and it's fantastic, and I'm very proud of it, okay? But it's not a play that relies on the technology itself. It relies on what we are doing beyond that, okay, to bring it to market and to execute on that side, okay? What we offer as a credible trusted source in the creator space is more valuable than the underlying technology. I really don't ever go into a meeting with somebody that basically says, "Hey, this is a technology thing. Let me compare it with something else. I don't know that anybody knows of anything else that you can compare this to, okay? What they're basically saying is, we trust you because you know us, okay? And so we want to work with you, show us how the stuff works so that we can basically figure it out alongside you. okay? So that's -- those things go together. And if we weren't who we are, I wouldn't be as excited about that product, okay? Because we are able to open doors that other people can't and that's the key, right? So let me kind of put that over there. That's kind of our critical advantage in that market. Now what we see here in terms of ActiveVoices is exactly what I said in the presentation, okay? Most creators have their one voice, okay? And they target one audience. And if you think of the Kardashev scale of creator content, you've got your local market, okay? Then you've got multiple languages and then you've got global culture. And nearly every creator is stuck in that level 1 of their local language, local market, okay? What is does is it immediately opens up Phase II in the multiple languages, okay? And that allows them to basically become culturally relevant in the entire world. And that I believe is among the most explosive opportunities available out there. Look, language has been solved. We are going to be able to basically move into a world where language doesn't matter okay? And the audience that some of these influencers, content providers and everybody else out there that is doing this can reach and expand by a multiple, okay? And all of that revenue is accretive. Like we're not eating into stuff, we are growing the market, and that's why it's so exciting, okay? So that's Phase I though. When I was doing the presentation, I talked about Phase I, Phase II, Phase III about our execution strategy. We're going to go straight to Phase I, and I hope to share announcements with you over there because we're doing a lot of exciting things. But Phase II is when you bring the agencies, the influencer agencies and the other groups out there that basically want to offer this to their creators and influencers as something that they can basically add as a value add, okay? And we have interest over there as well, okay? And then beyond that, this is an infrastructure play, telecoms, movie, [indiscernible], okay? If I can take a video game. I was having this discussion, okay? If you publish a video game, I'm not going to mention any games because I don't want to kind of have people thinking about who I'm talking to and who I'm not. But if you think of a video game, a video game is published in a whole bunch of different languages, you public or in English, then you got to do German, Spanish Greek, whatever the language are, okay? And then you've got to hire voice actors for all of those things, okay? That have to basically read the script and understand the intimation and all the other stuff. What if you could do that with the one language, put it through the model and the model could use that same voice, use that same tone, use that same presentation, and now you can do it in not only 12 languages but 50, okay? That is the scale of what I'm talking about, okay? And that is how we're going to work through the system.

Thanks, Adam. The next question is, how scalable is ActiveVoices from a cost structure standpoint? What does gross margin look like at scale? And how quickly can it become a meaningful contributor to digital or to your digital revenue?