Q3 2020 Grupo Televisa SAB Earnings Call
Good morning, everyone and welcome to what then that leaves US third quarter 2020 conference call.
Before we begin I would like to draw your attention to the press release, which explains the use of forward looking statements and the place everything will discuss in today's call and in the earnings release I will now turn the call over to Musharraf once or that quite yet.
Co Chief Executive Officer.
Lisa Please go ahead Sir.
Thank you Victor and good morning, everyone and thanks for joining us today.
With me today are south or full field cable.
<unk> expenses for New York's Guy a pitcher will kind of thing, maybe so studios and not see kind of a scary.
I will start with our consolidated financial results followed.
The financial results do not contemplate.
Then I will turn it over to but they feel suddenly you're not mix.
We will then use the tigers anything to answer your questions.
The macroeconomic environment continues to be challenging and there is still uncertainty, but we're seeing signs of improvement out there.
I believe you said, we're on our way to returning to normal activity.
Cable and Sky, we have operated at full capacity throughout the years, we have mr. given goes Henderson personnel, either working from home or no trading in their offices.
Our field personnel costs continued to worsen nonstop under strict sanitary conditions to satisfy the needs of our customers for connectivity you know.
Clinton Division the production of our new Skus continued uninterrupted and we resumed full production of non news going.
We're currently producing six drama three realities and Threed daily shows.
How does the American <unk> production facilities are 16 sets are operating at full capacity under strict sanitary conditions.
In spite of difficult circumstances, but another one night are encouraged by the milestones achieved by our cable and sky operations and improving trends in our quantum division during the quarter.
In cable we added 448000 revenue generating units were RG use the second highest base of organic growth and record your.
To date Schaible added 1.2 million RG use.
Year over year growth of 10.6%.
Most importantly, we have other net additions have been in broadband.
Sky added video customers for the sixth consecutive quarter and a record 92000 broadband customers.
With a combined total of 8.1 million argues.
Got it closed the border with the highest number of RG use on record.
In conclusion, our productions continue to work very well with our audiences both in Mexico and in the United States to Univision.
Alex its not work delivered a year over year growth weekly ratings of 30% during prime time.
On the other parent <unk> other businesses segment continued to be significantly affected by the lockup.
Our gaming sites the points I would say your lover magazine.
Our stadium and the movie theaters, where all those were partially closed.
This all relates to Covidien and the impact should reverse as soon as we have a full opening of that going on.
We have already seen that piece is starting to happen.
Let me now address our consolidated third quarter results rather.
Revenues were down 7.1%, reaching 23.9 billion pencils and operating segment income was down 1.7%, reaching 10 and a half billion pests.
Excluding the results of our other businesses segment, which has been materially impacted by told me that I mentioned, the combined revenue of our three core operations Gonten cable and Sky was relatively flat and the combined operating segment income was up by five.
5.3%.
We think this is a great results considering the very difficult circumstances, we experienced.
As we mentioned in the previous call in response to the impact of coli, we implemented a comprehensive cost and expense reduction program across our organization.
This was a massive effort by everyone at the company, which meant restructuring or number of various re negotiating contracts and learning to do things differently. So that we could protect our margins. We put together a task force, which would amount to a nice yet to implement and enforce the cost reductions.
[music].
In the case of our constant operation we are on track to deliver savings of approximately 2.1 billion barrels for the full year when compared to 2019.
Along these lines during the third quarter content costs and expenses were lower by 808 million pets.
He has made it possible for us to deliver a strong operating segment income growth of 5.9% and a margin of 41%.
In our cable and Sky operations, we also implemented many measures to eliminate redundancies and become leaner and more efficient.
These initiatives allowed us to deliver an operating segment income margin more than 40% in all three core businesses cable sky and gone and reaching.
And reaching a consolidated operating segment income.
Almost 41% the highest since 2016.
Moving onto our content segment, let me briefly address the financial results.
Throughout the quarter, our concert business continued to be impacted by Colby with revenue down, 7.2%, which is an improvement when compared to the second quarter.
Advertising revenue was down 13%, but substantially better than the dropped by 33% in the second quarter.
While government advertising remained weak we saw a recovery across most categories. Among our private sector clients, having said that some of our clients are still not open for business or are not operating at full capacity, which means that they have reduced their advertising spend substantially.
Network subscription revenue was up seven and 8% I seem to pre prior quarter. This growth was mostly driven by a price increase and to a lesser extent by the 14.7% depreciation of the pencil on the portion other revenues none are dollar denominated.
Finally licensing and syndication revenue was down by 3.7% when compared to last year.
Univision royalties reached $92 million or 8.1% lower than the same quarter last year, but sales.
About six but 15.6% higher than the prior quarter. The balance of this line item, mostly exports our content to the rest of the world what's around 36% lower as most of our clients continue to deal with a slowdown in their own markets. Both of these effects were partially.
Compensated by the depreciation of the pets.
Let me now turn it over to police or will set of Televisa studious.
Thank you for calling so during the quarter beautiful color nightly news for all of them remains very strong with more than twice the fuel that Apollo self is competitive.
Well not quite at the year over year growth.
Quite a bit year over year growth days primetime ratings, Oh, well flex in that book well fed obtained why.
Why they combine well all free food.
<unk> Air Network was 11% Oh nice.
They seem a little tiny shoals watching during the weekdays on free to air television work to limited by the Levy.
Our delavan, forming opinions, making regular duty deployment for example, the seasonality.
Our drama in Philadelphia was the most watched program for five deals across all day parts also and that's.
And that it would be helpful. Paul I'm going I'm going to be.
I'd say most wanted problems can denied that he intends to love scene itself.
16.
And as far as our programming huh.
To call it not only soccer tournament, but also MBK and sales on an LP.
The Mexican Soccer League.
All this schedule these gains so people see some uptick in phase I.
Ladies hasn't been very soft.
Yes, the success of our content continues to be a strong rate in fiber and that key <unk> defense, Yeah, you fall in India.
Let me be telco due to both the strong ratings during the third quarter, then even year over year primetime audience grow we've been many you English language both doesn't have those until they moved reported audience declines.
They're going to be showing that we're close to the 2019 2020.
The fastest growing family of TV networks, with 8% year over year growth.
Thanks Wade.
[noise], we showcased two notable when you might want the fastest growing major bulk natural during the 2019 2020 pizza.
Although the year over year audience growth.
And among all key demographics.
Also Univision will have seen that then if he is going to return a blanket benson's fault. That's so can we talk in July with the new the MX pizza and the conclusion I'll just jump in when they see something Oh.
No good to be caught it we'd be shown continue to see improvement in advertising revenue.
This stability in distribution revenue.
Thank you, but they soon before turning it over to Sandy I would like to mention that we're extremely happy with the relationship. We have developed with a way Dave is the next CEO of Univision and Eric Sinter Hopper from Searchlight capital, who leads the Investor Group noted spine Univision from the current partner.
Yes.
They have a very clear vision for Univision, which but another one may share.
Over the last few months Univision has made significant progress on many fronts.
There's took a massive cost and expense reduction plan very similar to ours.
They renewed their affiliation agreements with six of the top seven pay TV distributors they.
They also entered into a series of refinancing transactions to extend the maturity profile and.
And made many programming changes that have allowed them to make better use of our content and the liver ratings growth and regained leader leadership.
We are ready to implement together with Eric and wave a series of transformation initiatives as soon as the transaction closes you will.
You will see very soon a very different Univision.
Now, let me turn it over to suddenly folk CEO of cable.
Thank you and functional.
During the third quarter, we were able to deliver strong operating and financial results.
Total marched yours reached 13.9 million after adding 448008 years.
Net broadband additions were 234000.
This is the second fastest pace of growth.
For a quarter right.
Separate usage among our customers remains strong.
At close to 300 gig per month.
With important investments we have made over time, our son in unreliable network has had the capacity to satisfy this increasing demand.
[noise] social restricting measures.
Create the demand for broadband services.
Including larger uplink and downlink that I've requirements for our customer base.
Yes fair.
No we can't technological advancements in this front, especially in operating speeds and.
And this represents an opportunity for us to continue gaining market share.
According to the telecom regulator, approximately 35% of existing broadband customers in Mexico, our steel connected yet yes.
This continues to present us with an honorable pool of potential profit cost.
In the quarter, we continued to gain market share in a growing market, which is great news.
We also continue.
Voice services I saw that you paid well.
We have 189000, new customers into Florida.
I think happens with proper.
Continued to gain market share.
In video the number of large deals remain flat at around 4.3 million.
There is no doubt that video into service that has paid more headwinds.
We continue to work on strengthening our your offer and including growing sports content.
This is Brian.
During the quarter, we added additional exclusive matches of the Mexican food Bovie and that weekly NFL game to why we're actually seeing an adverse in China.
Additionally, we are deploying our new video set top box based on Android TV technology.
I went to bundling strategy continues to deliver great results.
Three years ago less than that varies a part where customer base, what subscribe to a triple play offer.
That figure has grown to about 50% of our <unk> total customer base at the end of the third quarter.
Finally in July I would I be have no Serbian launched last quarter.
He added 26000, new wine skews during the far reaching 40000 subscribers.
In terms of homes passed we closed the quarter with approximately 15.7 million.
That means that the penetration of fiber broadband services, we need network footprint, it's a seasonal close to 34%.
Our financial results were also strong revenue was up 7.9%, reaching 11.4 billion pesos Oh.
Operating segment income was up 7%, reaching 4.8 billion pesos.
We now were cable operation revenue in our missiles business grew 6.5%, while our enterprise business.
Growth was strong at 20.6%.
Household income in the markets, where we operate it's under significant pressure. So far we have not seen any impact on collections, but it's something that we continue to watch very closely.
And now were enterprise segment via accelerate shipment growth is related to some new contracts with large customers and it's in line with our plan to consolidate that turned around discipline.
Our capital expenditures are being driven in large majority of the type of growth in the number of large deals I need a number of new customers on the enterprise business.
Capital expenditures for I went division reached 173 medium during the quarter in line with last year.
Given the acceleration of growth both in the enterprise segment and the higher than expected pace of growing are you now.
And now we're in missile business, we estimate that our working capital expenditures for 20 point would be approximately $650 million, which is lower than the capex that we had last year.
Thank you cited the great results now, let me turn it over to Alex Benassi on Skype.
Thank you our phones.
During the quarter, we remain very focused on satisfying the needs of our existing and new customers.
And use resulted in continued growth in the number of review and broadband customers.
Oh video subscriber base.
Remained a healthy.
Adding 15000 during the quarter.
It has now been six consecutive quarters.
This guy has added video customers.
Collections among those video customer base was strong.
And those in Brisbane blends recharging their services up does like to leave for us the bayes them before.
Oh, a broad band are Jews sequencing of growing steadily.
Adding 92000 in the quarter, reaching close to 600000.
The success of our.
I'd been ghafar golfers the strength of our brand.
The efficacy of our operations and the loyalty of around 7.5 million video customers.
As for the third quarter, we closed with a combined 8.1 million feet you brought them to use.
Which is the highest number all records for Scott.
In terms of revenue it grew 4.9% so.
Two five boys six dealer business.
This is now the fastest pace of revenue growth in 15 quarters.
Operating segmenting gun reaches 2.4 billion pesos and the margin was 43.5%.
Oh, gosh, two expenditures, which $65 million during the quarter.
Given the fast pace of adoption of our broadband offer.
Our GAAP opex for the blended Glenn you are now estimated to reach $250 million.
Thank you Alex great results as well.
Moving on we are happy to report that we maintain our strong balance sheet and closed the quarter with a liquid position of around 52 billion pests.
Given the solid performance of cable and Sky.
Improved trends in content and the gradually reopening of the economy on October six we prepaid our revolving credit facility, which we can re borrow through March of 2022.
Even after prepaying the facility, we continue to maintain a strong position of liquidity of approximately 37 billion versus a net leverage ratio of 2.7 times operating segment income.
And we have no significant maturities until 2024.
In terms of our capital expenditures, we believe that we will close the year with approximately $950 million. This for you.
This figure is higher than our previous guidance, but slightly lower than last year.
Simon and Datamyx mentioned, just now capital expenditures are being driven almost entirely by growth in the K.
In the case of cable year to date, we have added more than 1.2 million RG use this is equivalent to a year over year growth of 10.6% in.
In Sky year over year, we have added 250000 RG use.
Both of these metrics have exceeded our expectations and are likely to remain strong through the balance of the year.
In closing in the third quarter, we continued operating in a very tough and uncertain environment.
But another one I focused on day to day execution to keep all of the business is running and making sure we deliver under aggressive and comprehensive cost reduction plan, we promised we see.
This is this was a while maintaining morale high.
We saw basically the crisis as an opportunity.
We remain absolutely focused on delivering results.
The company continued operating at almost full capacity under the new normal installing our service system Scott in cable to an average of 12000, new customers for day, all over the country, France meeting, our new Skus nonstop and generating entertainment for.
Her audience.
Our mantra became execution execution execution.
We achieved good operating results in cable outside and you mentioned, we raised we reached close to 14 million RG use with RG use expanding at the second kind of base of organic growth on record.
In Sky Simon mentioned, we added video customers for the sixth consecutive quarter in total video on ours and broadband Dr. use reached a new record of 8.1 million.
Im confident our programming continued delivering solid ratings growth both in Mexico and in the United States.
Our flagship network delivered a year over year growth in weekday ratings of 30% during prime time.
Content offering is the strongest it has been in over five years.
Our sales team is working with our advertising partners every day to reactivate their investment, especially during the Christmas season.
On the financial side cable Sky and content delivered a combined growth in operating segment income.
8.3% and each of those businesses operated with a margin higher than 40%.
With that I'd like to turn the call over to the operator to take your questions.
Thank you as a reminder to ask a question you only need to press star one on your telephone and to withdraw your question press the pound key.
Please stand by only composite can a roster.
And our first question comes from the line of.
Total langa from 8000 BB eight you may begin.
Hi, Good morning, gentlemen, thank you for taking my questions I have.
I have.
First it's I would love to get your thoughts on.
Disney plus and its survival in Mexico, I think it's expected to come into the market around November but just from a broad.
Maybe this is for Sothebys you know how do you how do you see this on your competitor coming into the market and in fact.
Positively or negatively for the cable business.
A second the content division.
Cost savings have been thinking ahead of my expectations, but I was wondering these cost savings how permanent they can be.
I'm thinking about the 2.4 billion. That's as you intend to say this year and how we should think about that for 2021.
Thank you.
Oh, Thank you or do you have to do things less and Saudi will expand with that we cannot.
We cannot basically talk about it because we have signed a computer then surely the agreement with with Disney However, it's going to be a important.
Important for us and it's going to be a complimentary service for a for a cable for easy product Sallie can you expand on that piece yes.
Thank you art well, what I would say is that the way that people is consuming video, it's changing everywhere that many cats on the accelerating they need.
Ah, but we are very well positioned to be the place where you can watch.
Constant regardless of who the provider eat right.
We are now pretty strong on distribution of Netflix in Mexico for example for our customer base, it's great that they can watch Netflix on the your TV set because for for many people Netflix which is being used on.
Your personal devices rather than on the PB said, we are very happy with the growth that we can't experience in terms of the use of a subscriber will be Oh, we believe we have not seen we have stars.
Net flip out this may it's going to be an additional service that will be offered I go back to the customer base in Mexico, So rather than you're seeing you. That's a fact that the dirt.
Well there are ways that we can all of the benefit including Disney and off from our new entrants.
The market right, because oh deep deep cap be seeing that we can work as a distributor of their own content. So I think that there's great expectation.
We should see data center or do you need to be calm I quite dangerous soft pardon.
Yep and outdoor as to your second question was.
We're happy to have exceeded your expectations in terms of the.
The cost and expense reduction program, we have been really focused on on delivering what we promise.
We committed to 2.1 billion pesos on the content side, and we will get there.
As to next year, we've got we're finalizing our 2021 budget right now.
There are costs and expenses that were from.
We're permanently eliminated as part of the reduction effort. However, there are areas that we're focusing on as sports and entertainment.
We didnt have costs related to those sports events were canceled this year and we used the reruns and our library, even on prime time on our flagship.
Next year, we will hopefully you have all the sports events back on a regular basis, including the Olympic games.
We will also be producing more than this year, especially for our primetime and for Univision. So.
Specifically as to those two sports and entertainment costs will look more like 2019, then or at least 2020.
However, I mean as I mentioned there are many things that we have eliminated on a permanent basis.
Great. Thank you very much I appreciate your answers thanks.
And our next question on kind of find out they go via Angela from Bank of America.
You may begin.
Thank you good morning, and my questions are related to cable and first I was wondering if.
I was wondering if considering the Phillies in mind for Internet services that you have experienced.
Are you expecting to raise prices in the near future.
And the second question is related to.
Basically your your updated thoughts with respect to the potential to see further consolidation.
Camelbak in Mexico. Thank you.
Thank you really do have started he will answer the first question, yes, well I know that's probably all we did increase prices we increased prices on September the first of this year the same path down last year.
You're right at the beginning of the year and then me we were not short if we were going to be able to increase.
Increased prices, but the business.
The business has been pretty resilient, especially on the broadband side.
Customers have been looking for.
[noise] cheaper packages right or not because they your household income has been.
I'd be fine.
Well, that's why it's important to compensate on the ARPU with the with the price increase so that we deemed the industry I think that we were the first ones that they decided to Duane no matter, how many have announced that they will increase prices I don't know about the about what the other.
It will be going but ER, but yes, we did increase prices.
On on our different packages on now.
On average about 5%.
[laughter] might need it for it and I felt that doing when you buy your package you you youre pricing big for the first 12 months. So this does not apply to many of the new customers buying or but we did increase Brent.
And relative to your second question, we have always been openness to our goal or a aspiration about coming on national cable persons.
I think basically you can accomplish that too.
So the question or overbuilding.
We have those us going forward so.
That's our aspiration, that's our goal it makes a lot of sense or to have a national presence from the synergies perspective operating nationally the whole territory, having a single brand et cetera. So we will continue that path the consolidation or the.
Building in areas, where we don't operate.
Understood. Okay. Thank you very much very clear.
Thank you. Our next question comes from the line of [noise].
On Belton from Evercore you may begin.
John Your line is open.
I guess, he's a discretion my have been answered.
All right and our next question will come from the line of Marcello Santos from JP Morgan.
You may begin hi, good morning. Good morning, Thanks for taking the question or actually two first is you were just.
You were discussing the change changing way that people consume video so could you make some comments on or how do you see the feed your penetration.
Going forward since users are going more to OTI teased or do you think there's room for further expansion, what's what's the timeframe that we could see so any comments there would be very good and the second question is.
The strategy for to the upfront season, so left here the parent well it's delayed and.
It was quite excited more into first quarter.
Should we see more a normalization busy year or because of course, it should also be a delayed upfront anyway.
Any comment there would also be helpful. Thank you.
No. Thank you my fellow a Alaska, both sales and a alleged that they take your question about video and visit penetration.
Please go ahead.
Uh huh.
Thank you my sales well, what I think is that the video but.
But probably one of the linear channels in the Mexican market is pretty strong, especially over the air China.
You are aware the piece that has had lot of relevant content that people want to watch and it's not only watching need linear a p. These trends mean, it but with the new ways of watching <unk> out of home or we are within your rights, where they can Paul or watch it far more net.
Were they one I think that what it's compelling for customers is to be able to watchful linear channels and the strong.
Oh, 80 or be Ob offer a base level for them to see on any device anywhere anytime.
The cost of Oh video packages in Mexico is relatively low compared to what.
Compared to other markets. So that's why what do we see that video remains a pretty compelling.
I also want to consume video on demand any way they need I thought kind of connection.
So so the triple play offer become very attractive or double play Ah with Skype and it's also aiming for many of the customers. So I think that penetration of Oh video, yes, it's facing more more headwind or.
The other services and especially on the broadband, but anyway, I think that Oh, we continue to have a very appealing and strong profit.
[noise] perfect just to complement the little bit the well the so just said.
In the Gulf Coast Guy.
They've got to get the vet or rich maybe they view V offer which is a relatively a channels.
For only so on that and I guess for less than $10 per month.
It's very inexpensive into thing one fourth of all that.
This offer is very compelling and these explains why that goes for the majority of our customer base.
Also he made it very easy for customers to skip a payment if they cannot afford the package in a bunch of robot.
On average our customers recharge the rebate. So it was about 70% books that bad.
So going back to you know.
You offer.
Who is the cost of the most.
Cost of the most popular or indeed back into the same Mexico, which ranged from $79 per month.
And you also need to saw the broadband connection so.
So all the alternatives do not have a material price advantage over our baby offer.
That's why I believe.
ER.
There are there is still potential for one junior growing our subscriber base.
Thank you Alex.
As to your second question My fellow for 2020, we cannot indeed, a delayed the upfront it was.
It was a very complicated upfront and very complicated negotiations with.
The largest client with all kinds of we accomplished a lot of things, which I bought distorted because of Colby then.
What has been going on this year, but in general I would say that a in that those very complicated negotiations, we accomplished a increasing prices.
We took all the claims to a CPM buying model.
Which I mean, you might be surprised by it but ER.
Some clients and including large ones, we're not buying on a CPM basis.
And we also reduced the targets we've got many many targets and it was unmanageable. So that was also a tough negotiation.
So let them because of the the still uncertain environment, we're leaving I noted that we're living in we launched the upfront last week. So for a 2021, you will see a more normalized upfront taking place this year and it will also be.
In a simpler a proposal to our customers a simpler upfront.
Perfect. Thanks, Thanks, a lot for all the answers.
Thank you. Our next question will come from the line of Carlos and they got it that from GBM you may begin.
Hi, Thank you. Thank you for taking the questions actually two the first one on cable Saudi your main competitors are really focusing on increasing its fiber footprint.
Focusing on basically having half of their home.
So all of that 15, or so homes passed that's how many.
How many of those sort of reach with flavor.
Yes.
Thank you.
Thank you for your question I.
I.
Rich wants fiber, except by 10% of eyewear overall, our homes passed however, I don't think that the right way of looking at it is just looking at what Twitch, which five months because if we go fiber to the node or fiber deep bad it's what.
It's what what we have they were down about 60% of eyewear footprint with it.
Fiber is that correct.
The technology that we use eat with DOCSIS 3.01, most of the network being ready for DOCSIS 3.1.
Allows us to have a good network to be very competitive one.
One of the main challenge if somehow where my guess is that our push hard to know compared to other markets. So we know where they will have a good.
Good return on investment we need to charge additional for a higher speeds. So even in the areas, where we have fiber.
The articles and that the man of customers. He is a very price sensitive so the most sol promote.
The issue shortly among the cheapest offers so we are well prepared to compete Ah with that technology, there's going to be an additional deployments of fiber coming both from the common and from other players that are deploying.
Hi, Brett, but we knew that this was coming and over time, we have prepared and made the investments.
And we think that we have a good profit to compete anything any of the places where we are we need to make changes investments reconstruction. So the net worth well that's what we have been doing overtime to work to compete front end.
Okay. Thanks, so basically with the current levels of Capex.
Yes, I mean, DOCSIS 3.1, terming out went quite them and costs I would say about 80% more.
Then the terminal equipment, DOCSIS 3.0, but DOCSIS 3.0 allows us to keep speeds of 200, Max with no problem. If we want to move to speed. How you were then that we would oh, we wouldn't simply no change the terminals like quaint.
And then we will have to be side. If there is any installation costs up to kind of post paid for the additional capex that needs requires.
But we feel that with the Capex that we have we will be we will be able to continue.
Continue being very competitive.
That's very clear. Thank you if I may follow up on content.
Yeah, I don't have a phone or a particular I read something on the French about a re launch of the content strategy for blame the online.
Provision if you could talk about a little bit.
Yep.
Thank you.
Thank you.
<unk> for for your question.
In the case of blame a we have a hybrid direct to consumer platform.
We have both the right consumers and also from a customers carried by both sky and the easy in their TV everywhere apps.
It has a view of the offering of 41000 assets and 35 live television channels, including our sports network.
And also kids programming and that has allowed us to offer a an appeal to the entire family and does the Levy said has the largest library of content in the world in Spanish I would say, we got more than 200000 programming assets. So much.
Oh this content will continue to be added to our our platform over time so.
So one of the advantages that the ladies that has being a fully integrated media company is that we have access to all content windows. So we prioritize those windows, where we monetize our content more effectively.
At this moment, particularly in Mexico, I would say that the platform continues to be free to air television, but are we are seeing I mean, the trends and we will be migrating to digital in the near future as the market.
Requires blamed TV is very well positioned to capture viewers as adults.
As the adoption of OTI develops a critical mass among our viewer base, we will follow our viewers and migrate as I was saying our key content to this platform. When it makes sense then is getting good traction.
We will keep making adjustments to the strategy a as the market the Memphis.
I can say that during the last quarter, we got very exciting results. The number of users who view constant on Bloomberg TV grew year over year over 400%.
And Ah registered users signing up through the free trial or up 64% so that year over year, we saw the corresponding impact on other over Oh subscriber numbers.
So today, we have over a million users and we're working on or anybody to offer a which we hope will contribute to accelerate the pace of growth, we will be launching or Eva offers to blame TB in the early part of 2021.
We have seen very strong demand of our content on social media platforms. For example in a single month in a number of the use of our content in Facebook and you do exceeds 4 billion views.
So this only shows that we got great appetite for content and this is a key indicator for us and why we believe that we can monetize this content more effectively.
Through our neighborhood product.
Thank you for the comments.
Thank you and I'm not showing any further questions at this time I'd like to turn the call back over telephone so for any closing remarks.
Yeah, well this concludes our call today. Thank you for joining us if you have any follow up questions. Please contact our investor relations team and thank you again have a nice day and stay safe.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.