Q1 2021 Score Media and Gaming Inc Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to the score first quarter fiscal year 2020, <unk> financial results Conference call.
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After the speakers remarks, there will be a question and answer session.
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I would now like to hand, the conference over to your speaker today Mr. all of the mobile Chief Financial Officer. Thank you. Please go ahead.
Thanks, Rob Hello, and good afternoon.
Thanks for joining us on today's call and the webcast for the scores for fiscal 2021 Q1 results.
This is Alan Lowe both of the score as Chief Financial Officer, and presenting today with me are founder and Chief Executive Officer, John Levy in President and C.L.O. Benji Levy.
At this time, we would like to caution our listeners that this presentation contains forward looking statements. There are risks the actual results could differ materially from what is discussed in.
And that certain material factors or assumptions are applied in making these forward looking statements.
Any forward looking statements contained in this presentation represent the views I mean regimen and are presented for the purpose of assisting the score shareholders and analysts and understanding of the scores financial position objectives and priorities and anticipated financial performance for.
Forward looking statements may not be appropriate for other purposes a day.
Additional information on the items of note the scores of reported results and factors and assumptions related to for walking information.
Are all available in our financials and Mdna for Q1 fiscal 2021.
Both of which were filed on SEDAR a few moments ago and are also available on our Investor Relations page at score and media in gaming Dot Com, our CEO John <unk> will now begin the presentation.
Thanks Alvin.
Good afternoon, everyone and thank you for joining us today as we review what has been a record setting start to our new fiscal year.
I'm pleased to report that the score has turned in its best ever quarter in terms of gaming handle and media revenue.
These record results demonstrate how fans are increasingly engaging with our mobile sports media and bedding platforms.
We're trying.
And ready of sports resumed this quarter as evidenced by the numbers, we're starting to unlock the potential of the score and the score bat showcasing the value of a fully integrated media and gaming business.
As for gaming operation in the U.S. expand the.
We are simultaneously preparing for why did the an enormous opportunity on the horizon in Canada with the anticipated the creation of a fully legalized and regulated sports betting and I gaming market.
The scores popularity in Canada is unmatched in the mobile sports space and we're eager to deliver the score beds for Fad in our home territory.
The momentum in Canada, coupled with the outstanding results.
Underscores our strong market position in mobile sports media and sports betting and the exciting opportunities ahead in the high growth industries.
We also further strengthened our balance sheet via the bought deal offering we closed in December raising more than 46 million for working capital and other general corporate purposes.
The proceeds supports the multi jurisdictional deployment and operation of the score bet and user acquisition and retention in jurisdictions, where we are.
For will be operating.
Also.
Today in our earnings release, we announced the we're considering an additional public listing on the U.S. stock exchange the.
The strategy is one of our management team has been studying we believe access to the U.S. capital markets would provide compelling benefits to the score and our investor base.
Well further cover that news in today's call.
First, though I'd like to recap an impressive quarter for our gaming operations.
When we lost our Sportsbook, we applied our expertise and technology and mobile sports to create a completely differentiated bedding experience one that harnesses the power of media and gaming.
It's an approach that is working.
Let me handle was up 535% year over year in Q1, reaching 55.8 million for the period.
And the continued to gravitate to our unique combination of media and Betty.
This ongoing growth.
As being the cheap as we deepen our market, leading media and gaming integration, including the launch of that section on the score, which Benji will share more on shortly.
We are highly encouraged by the early foothold that we have established in this fast growing industry and we are well equipped to continue our expansion across North America.
We believe the corridor with successful launches of the score bet in Colorado, I'm, sorry, we began the quarter with the successful launches of the score bet in Colorado in Indiana and were preparing to debut in Iowa in the coming weeks subject of course, the regulatory approval.
Now with marquee sporting events coming up including the Super Bowl and art for it and see double a tournament as an operator, we are extremely well positioned to continue on this growth trajectory.
Of course, one of the markets, we hope to be operating in soon is on our home turf in Canada we.
We estimate the market potential for online gaming here of between three point you asked between 3.8 billion and 5.4 billion in annual gross gaming revenue.
Based on historical data extrapolated from the legal online gaming markets in the U.S. and globally.
The real alone is a huge market would population larger than all but for U.S. Stakes.
It is now clear the Dairies Cross party support and strong momentum to amend candidate the updated federal laws and the naval legal sports betting market to flourish and we have been actively participating in those conversations of both the federal and provincial levels.
The score is Canada's leading mobile sports brands with millions of loyal App users across the country and rid of great position to capitalize on the expansion of online gaming.
Hard at work preparing for the sizable opportunity and look forward to seeing legislation progress in 2021.
As the only truly integrated mobile media gaming company in North America, we are uniquely positioned for the tremendous opportunity ahead from game of our.
Our industry sports betting mobile sports media and the sports are high growth and continue to rapidly develop the.
As previously mentioned, we are considering the listing on the U.S. stock exchange as the next step to achieve our business in our view it at the time, we for this consideration and we believe the potential benefits for the score and arc Investor base May include.
It's going to be larger pool of capital.
Greater average daily trading volume.
Bush or to a large a larger number of U.S. retail and institutional investors.
And the Petsense kind of potential increase in market valuation in for.
Good day, earning release, we also announced that we'll be holding of virtual annual and special meeting of shareholders on February 10th.
At that meeting and in conjunction with the potential listing will be asking shareholders to approve of special resolution to authorize the score as board of directors to elect a share consolidation.
Weve included details of the proposed share consolidation in our management information circular which is being sent the shareholders in advance of the meeting that will be publicly available on our investor relations of site.
I'll now turn things over the Benji, who will provide the summary of results.
Media operation as well as the closer look at some other product and content initiatives of this corner Angie.
Thanks, John and good afternoon, everyone in the <unk>.
Q1, we achieved a new all time record for media revenue generating $10.6 million.
Following the sports hiatus brand partners have been eager to connect with our large and engage mobile app.
In the quarter, we ran campaigns for notable brands, including the N.B.A. Fox sports and Trojan in the U.S. and Audi Volkswagen and does own in Canada.
Further our out of continues to be of relied upon source of sports news and content.
We recorded an impressive 3.9 billion monthly active users this quarter each opening the score for an average of 116 times the <unk>.
The results were achieved in the absence of the traditional sports calendar with no regular season, and the eight or NHL action and the were strong indication of our brand loyalty with sports fans across the North America.
Onto the social media, where the power of our channels continues to attract folks huge audiences as well as brand Park, we're reaching an audience of approximately 105 million users are from Q1 across Twitter Facebook Instagram and tech talk with head and shoulders and subway activating on our platform.
Much like the user behavior, we're seeing on our media App fans are increasingly engaging with our social content, which serves not just as an opportunity to amplify the score brand, but to drive advertising dollars as well.
As John noted earlier in Q1, we will leave that section on our media are both integrated and personal lives need of better features ever.
This new dedicated home for betting on our media App provides greater visibility for our gaming related content and integrations with other sports for including a deeper availability of markets and the ability to track your bats, and receive cash or the offers lives all within the score.
[laughter] section is an example of how we're successfully building integrations enhancing our user ecosystem and driving cross platform activity.
Throughout this quarter, we've seen steady growth on the score bat hitting record highs the new patterns and overall bidding activity during Thanksgiving week, and then topic of those numbers Christmas week as the NBS, even ticked off.
In both cases, we successfully execute integrated symboda campaigns by leveraging all of our content channels. The onboard new users and drive bidding activity will be continuing the strategy, which is perfectly suited for our fully integrated media and bedding platform.
Well I'm score debt talked about the work has been focused on our upcoming Iowa losses, as well as ongoing enhancements for our usual experience, including improving the already exceptional lot of budding experience.
Also starting to prepare for the anticipated launch of our online casino product in New Jersey later this year.
Now turning to E sports, we set an all a new all time quarterly record for the third successive period totaling 357 million video views across all platforms. Our E sports. The vision is thriving and will remain one of the only traditional sports media players comprehensively covering the sports a testament to the model we've built.
And to the content we produce.
As north America's preeminent and the sports media destination, we continue to secure brand partnerships with enlist endemic and non a dime of companies such as Geico riot and Mastercard, who are interested in aligning with our award winning winning programming and global reach.
Last month, we also made our first foray into live event broadcasting as the exclusive English language broadcast partner for a marquee League of legends tournament from China.
Our E sports platforms offer huge audience reach and unrivaled brand recognition in the competitive gaming the scene.
No surprise that we were approaches the ideal partner to produce and distribute this event the fans worldwide.
As of the global E Sports landscape develops we will continue to be opportunistic and aggressive in the space.
I'll now turn things over the Albin, who will talk in more detail about our financials.
Thanks Angie.
Before I provide the financial recap, let me take a moment to highlight key developments subsequent to the quarter.
In December we bolstered our balance sheet by closing, our previously announced $40 million bought deal offering with the flow over allotment of exercise she.
She did an aggregate of 32.9 million class a shares raising gross proceeds of 46 million now to the financial recap of the quarter total revenue for Q1 fiscal 2021 was 8.5 million versus 9.2 million for the same period in the previous year media.
Revenue in Q1 fiscal 2021 of 10.6 million was an all time record for us in the single quarter, primarily driven by strong growth interrupt the advertising revenue compared to the prior period gaming.
Gaming handle was 55.8 million in Q1 fiscal 2021 gross gaming revenue was negative <unk> point $3 million in the quarter when taking into account promotional costs and sort of value adjustments on the unsettled. That's this resulted in negative net gaming revenue of 2 million for the three months ended November thirtyth.
EBITDA losses in the quarter was 9.3 million versus an EBITDA losses of $4.8 million for the same period of last year.
Increasing the EBITDA loss was primarily due to the result of additional expenses incurred in connection with the expansion of our gaming the operations compared to the prior year.
From a liquidity perspective.
Our November Thirtyth pro forma cash balance is 62.4 million in both our 5 million revolving credit facility and our six in the quarter million being capital evolving credit facility our undrawn.
That concludes the formal part of our presentation, Rob we will now take questions from analysts.
[laughter] as a reminder to ask a question you read the press Star one of your telephone if you need to withdraw your question press the pound key.
And your first question comes from the line of Matthew Lee from Canaccord. Your line is open.
Even gen Sag, great choice of earning call around NHL opening night.
[laughter]. Thank you.
So my first question is regarding to the you know obviously very solid handle numbers you guys posted now can you maybe break that down in terms of the percentage that comes from New Jersey.
That's it from from other states.
Okay.
So.
We don't we have not broken down the the handled members on a state by state basis of the point.
For the we usually talk to in that context is and the reason we don't is because of the nascent nature of the business operations in those states Matt as you know we just you know, we just basically launched in Colorado, and Indiana and.
We look at basically the total aggregate of what were doing the comparative over all in the you know what we do see is in the numbers that we look at it.
Is that we're very encouraged by these early signs of what we're seeing actually in all the states of.
And we basically look to wards, let the obviously what the total handle live and then we look at certain flat you know sort of tent pole events like the Benjie mentioned, when we had the special promotions on Thanksgiving and then when we launch.
At the beginning of M.D.A. and also the Tonight for starting him with the NHL as you mentioned and we see the number of new batteries that are coming on board, it's very very encouraging for us, but we don't break it out on the state by state basis.
Right, Okay, and Matt this for additional concepts like on the same store basis. Our growth was you know what we would expect and really healthy as well you know in terms of the comp year over year from the Jersey perspective.
Right. Okay. That's very helpful. And then maybe on the media side. I mean, you know you guys talked about the fact that there was no NHL and NBA season, So naturally your subscriber count was down.
And sessions were down a little bit, but you know revenue was up significantly. So can you maybe help me understand what your per bind to advertisers the year over year of that.
Really push some of the you know come to the score off and pay more per view.
So I I think Matt I can take that one I think you know when you think about you know some of the dynamics in the market. I think you know first of all advertisers were very excited about the returns the sports second you know not withstanding you know the.
The fact that we didnt have an MBA and NHL regular season action, we had tremendously strong engagement around the sports that we're in season with a monthly active user number that was yes.
More or less in line with what we you know with with what we had last year. So there was a tremendous amount of inventory and I think you know we saw very strong performances from both our direct sales teams in Canada. The you asked the met its it stems from not just kind of the available inventory, but also some of the creativity and some of the packaging.
That we're able to put together the cost of them by the the the cut the units that were able to deliver to our advertisers and the creative services that we're able to provide the two of them as well. So it really is a combination across the board of sports.
The sports viewing back inventory being unveiled what we're really seeing that momentum carry on you know now through December and into a you know in the into the new calendar year of you know as advertisers are looking forward to regular season, you know and DBA in NHL looking ahead to March Madness, which you know, which we missed last year or so.
He'd be happy or across the board, but how are you know with how our team has performed and how you know and and how our advertisers have responded.
The fair enough.
Okay. So you know just one last question for me I'll get back in line. Afterwards, you know can you maybe discuss you know the Canadian Legalisation story.
In terms of what you believe is going to be the timing and more importantly, you know how long would it take the score too you know.
Picks up of the App in order to be out of launching kind of post receiving a framework.
With that I I think.
You never want to predict.
Predict exactly what the government timeline is going to be you know all of the information that we are you know we have to date and the consensus seems to be there's momentum to get the Dod in 2021, which is something that's very exciting and and for our part you know as John said earlier in the you know earlier in the call. You know we're looking ahead, we want to.
We want to be ready, we're laying the foundation from a platform perspective for that now and so again.
Right the put a stake in the ground and say you know exactly what the timeline is going to be here, but you know we are you know we are on it both from a government relations perspective, and also from a product and platform perspective.
Thanks, guys really appreciating the corner.
Thanks.
Thanks, Matt.
Your next question comes from a line of soon sense of Kumar from eight capital. Your line is open.
Could you didn't debt.
Hey, Susan.
That's the there in the first question for me is on is on the.
On the channel side of the business a of the bedding side of the business. So obviously impressive had of course this quarter.
To provide some color on the the level of cross the line activity you thought you the quarter more specifically are you seeing an improvement quarter over quarter with respect to cross up usage of cross sell activity.
Compared to last quarter.
Oh I'll take a stab at this and then you know John Robin do you want to add some color I mean, I think suit that we're still seeing that strong level of cross engagement between our media from our bedding GAAP and you know with well over half of our users you know moving from one to the other and I I think.
Yeah, we win when we look at what you'll be rolled out in the fall with best section Yeah that was tremendously well received by our you know by our users you know that is another significant integration pointed the are now first and foremost our you know users live on our box score pagers during the game time and now we've been true.
Another area of the App for them to browse markets for them to track their bats for them to get personalized promotions and to engage around polling and other community related features so that has certainly strength of the I'd be interconnection between media embedding the home for over previous periods.
I guess, the only thing I'd add to that is you know we've always considered it as the complete ecosystem right and what we've always been looking for is the stability of.
Of of our betters to seamlessly move back and forth from you know from betting into the media and actually making their best the don't even know which after in and that the.
That's sort of the secret sauce of the beauty of of of our ability and the technology that we built into this thing and and the evidence that we're seeing that that works is by the fact that you know you know we use the expression of were getting better betters, because once we get them whether they come from you know score bad Oh, the the media and become a better or whether we get them from.
From from a true draw their efforts or through other promotions and they come in through the betting.
Ultimately, it's there are part of this overall echo system and the spend you said, 50% of all of our vendors at least 50% of all of our betters on both platforms. So that's tremendously encouraging for us from a sticky net standpoint, and also from a performance standpoint, you know when we see better better just because they're hanging around the.
The Grand they're betting more and it only makes sense because you know one of the one of the attributes in in sort of the bedding world is that not only is there a strong propensity for people the bet on props and for pre gain and and all of that but as you're well aware of more and more of it is tending toward the end game wagering and why.
Do you have them part of your call Echo system and the part of the brand and they're in looking at data and content reading articles and while the game is going on that it's only a natural fit for them to you know to to continue to support their wage or reverse out of the wager or takes of other wagers. So we're very very excited.
About the fact that this idea of once the risk score user the score user and you know we you know we think overtime, what you're going to see it. The our score of users are going to be very very loyal to the to the platform that we're offering.
Got it thanks that's helpful.
You know what did something with this high engagement on the bedding side, how is the influencing user growth and on the media are you seeing any benefit from the Sun and your overall you can recycle system.
So I'll take a stab at that I guess one of the the the the the answer is we expect to see that the the issue is the from where we came from and snapping out of coal bed and then seeing that engaged of the come back strong as what was really encouraging for US and then you also have to remember that with the with the sort of sports schedule.
Being completely out of whack right any we're starting hockey Tonight, very very exciting we started a basketball what a week ago, you know football sort of coming to a conclusion at the usual time and sort of towards the end see the away. So.
You know.
You know from week to week. The these numbers changed dramatically. So looking at it from a Bob were very very encouraged about how people snap back to the App I think we reported something like the engagement of 120 times of mine. So snapping back to the high levels of the engagement now that they've got something to the following to look at so so you know.
I think once once the sort of settles and God knows when that will be you know sort of living day to day with the reality of the world that we're in.
I you know I think you're going to start to see again. This this sort of sort.
Sort of whole concept of score bet, creating more score users score users, obviously generating score bad and as the brand becomes more and more sense of.
You know the the the growth will continue.
Continue to attribute to the brand.
Okay, great. Thanks.
The next question from each of them on the on the.
The with margins.
The squares the were negative this quarter on both gross and net basis can you provide from call. It. The here the called the here on the Delta volume was this really just kind of more of morsel player for people to result in higher bonusing or other other factors to consider.
And you want to take that.
Sure I mean listen on the on a net basis you know the the delta between gross and net cash I see that as you know he certainly ought to counter the player promotions and that's been consistent with us being in growth mode opening up the new states and you know on the on the gross side as well. It's a similar story. That's the you know as we.
Growth as the you know as our candle continues to grow and we continue to scale. We expect our our gross margins to continue to normalize and you know there there isn't much more to other than that I think we're very encouraged by what we are you know by the strong growth in handle that we've seen and Youre looking for.
Continuing to drive the IDE and the three markets, where we're open for the opening up Iowa, a you know in the couple of weeks of men not continuing to build on that from there.
Great great.
And just.
Looking ahead in terms of new markets the cuts in Iowa.
The second sounds like it's it's kind of the opening up as well and the I believe you guys do have market access there where's that kind of on the prior to the party list of of new markets. Here. If you look at entered and the other any other states that are you know in addition to Canada in Ontario are there any other jurors.
Addictions. The your the you're excited excited about in the near to mid term.
Listen I I think you don't Theres not any states that you know we're you know we have but at the fed additional state that we have definitive watch time and you know we're very active from a market access perspective, as we look to grow our footprint across the U.S.. We have accessed the as you point out in the in 13 states.
Currently between our our deal of mom of Park in New Jersey, our deal the Jacobs in Colorado, our multi state market access the all the pad you know, but that's 13 of 50 states and and we are seeing a legislatures across the country or accelerate their consideration of a you know of of <unk> of sports betting.
You know in large part due to the success of seeing of the states set of legalized and also you know the the impact of Kobe of on their on their budget is is driving stay to work and you know considering you know maybe doing it down the road to thinking about it now.
Yeah. The other interesting element that we're starting to see is.
Is that in addition to yes. In addition to sports betting being considered by legislatures I gaming is increasingly being picked up as well, we're seeing in Indiana in Iowa consideration of Igaming bills of.
You will recall that in our agreement with Penn National.
You know our it includes a market access for both sports betting and I gaming and so that would be a natural extension.
Of our I gave the offering that we're planning to debut in New Jersey in the second half of a 2021 as part of our deal with valleys Twin River.
Yeah. The the only other thing of the only thing of that add to two at the end you, saying.
You know generally referencing the fact that things are opening up we're involved in a <unk> a whole bunch of very active discussions I mean, obviously, we can't say anything until things actually occur but.
You know we've always been of more.
Aggressive than most in the context of how fast we thought things were going to open up and in fact, you know I've said this before that the things are opening up the quicker than that and you know were built we're building a team of people who are actively involved in all sorts of discussions lobbying efforts and for states that have not yet come on board that are.
Potentially coming on board sooner than than the we anticipate so we let it be said the sort of <unk> eight number one were well plugged in and all of the active than opportunities that are out there.
And we're really encouraged by the of the degree of potential for us to be able to secure more now of course nothing is done until it's done but you know we're we're we're we're we're expecting that you know over the course of the next whatever you know hopefully there's going to be more and more states coming on board and we're going to be able to participate.
Right.
Thank you guys.
Exiting the questions I'll pass the line. Thanks.
Thank you.
Again, if you would like to ask a question its star one in your telephone. Your next question comes from the line of David Mcfadgen from Cormark Securities. Your line is open.
Hi, guys a couple of questions.
Would you guys current events or when.
When you might see the the wind margin of a positive have the net even be mid single digit.
I would say that you know we're seeing good progress and you know it is a lot depends on you know additional states opening up and and promotions and efforts that we're making in the state by state basis and I think.
David The you know the the you know the short answer to that is you know we're seeing progress you know.
We are happy we have targets for what we want to achieve a we know what it's going to look like when we get there because.
That's the way the industry develops and that's the way it is across the board and I can tell you it ain't going to take years to get there and it's probably not going to happen in the next month or two or so.
Where we're continuing to build the momentum is working in that in our favor and I don't think I can be any more specific than that but we're starting to see encouraging results as as we gained momentum in the states that exist and hopefully in the new states that the that come on board.
Okay I mean, the I'm just another question on you know you gave the for accounts for Canada for.
GTR of 3.8, the pipeline for billion I think those were U.S. numerous is asking for a clarification there and the.
Secondly is is that a combination of the of.
Smart spending and casino or is that just smart spending.
Oh it is the U.S. dollars, Hey, David and it's a combination of both sports betting and non gaming and looked at really that forecast is really just extrapolating the adult population in Canada.
And looking at basically mature market sports betting and gaming GTR markets and you know similar similar sort of.
The mature markets like I wouldn't even call New Jersey immature market, Yeah, I think there's still some ramp there but in places like the UK, Australia as well as the Jersey. It's just the extrapolating from you know more mature markets to what the growth potential. We think is in this market.
[noise] would like but it makes sense in your opinion.
[music].
To apply attend the one ratio you know can the U.S. and the and just for the other way around the U.S., Canada, 'cause often people to do that I don't know a in your opinion would that make sense to do that and for this of for the you know ballpark estimate.
Uh huh.
David under normal circumstances, I would say, that's right I don't and I'm not trying to lead you in one direction or another I think you know when we look at the two markets we looked.
We look at the dramatic differences in terms of our reach and our of the brand recognition and you know like everybody in Canada knows the score everybody non mobile apps uses the score if you add up.
Yes, and sports that anybody else they don't even come close to us and the guys that you think are going to come in and of the we think are going to come in and can compete compete and hopefully an open market environment, which I think that's what's being.
Sort of suggested in Ontario, nobody even close to us so I'm.
I'm not encouraging you to do of more than 10 to one or less than tend to what I'm, just saying when we look at our at and try to.
Ah Ah think about how powerful the brand of our company is going to be you know we have the pole position here. It's it's it's a lot different than in the states and then the states, we're making great progress, but here its completely different there. They are basically coming after us were not coming after them down there. So.
I I you know.
You know, we look of what the numbers are and we take our best guess as to what sort of market share of market penetration, we're going to be able to achieve and I.
All I can say is it looks like at the very very exciting opportunity for us.
No no I understand that the 3.5 time for that the market size and you would obviously take whatever share he takes but that's the market size I was just wondering.
That is the market size of cracked and I'm just wondering if you can compare market size the smart.
The timing cannot attend the one range. So so all the just the market size.
Yeah, I mean, you know David again like if you extrapolate if you look at GTR per adult numbers for sports betting and non gaming and you know you did the math like if you seen 90% of.
The yeah, whatever the adult population is in the U.S. 250, 260 million or so and you multiply that by by those GTR per adult numbers and you assume that you know somewhere between 85 and 90% of some of that population of.
The time will live in jurisdictions, where fully Rumo online sports betting and non gaming is legal then I would surmise that you get to know that sort of extrapolation. That's just math again, you know when you're comparing 29 or so million Canadian adults relative the whatever that ratio is in the U.S.
So.
It's probably not quite 10, the one that's probably seven the one eight to one but again this is all the way.
We're just talking about math I'm not exactly sure what the exact numbers are but kind of one of one basis for however, many adults there are in Canada relative to the U.S.
Okay. No that's helpful. Thank you.
Your next question comes from the line of Matthew Lee from Canaccord. Your line is open.
Hi, again can you maybe give us some color as to the amount in which the social media segment is driving revenue, obviously, you're seeing great growth. There and you mentioned that there was an advertising attached to that so you know could you maybe tell me how much or tell us how much advertising revenue was coming from that segment.
Yeah listen I I think you know what that is the.
The AD sales are still dominated by by our App, but you know we are seeing a inc.
The increase in growth both.
Both on our social media side.
And also on our E sports side, where we're now seeing advertisers come to the table with five figure of six figure deals. So we're we're now getting beyond the stage of social media being an add on to an existing Ah you know to to an existing sale and these are sales that are now starting to take place as the campaigns in their own right.
With custom content being created specific content and deliverables being it'll be the being put against those of those campaigns. So but still it's the <unk> app dominated but these are growing into a meaningful contributors.
That's very helpful. Thanks, guys.
Again, if you would like to ask the question. Please press star one of your telephone.
And your next question comes from the line of Anthony Oh, sorry.
And there are no further questions at this time I'll turn the call back over the Alvin level for some closing remarks.
Thanks, Rob and thank you everyone for joining us for our first results of fiscal 2001, the look for it and presenting the use of again when we deliver for Q2 results in mid April.
Yes.
The.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.
[music].