Blackbird (LSE:BIRD) — Interim Results

0:00 Good morning, and welcome to the BLACKBIRD PLC Interim Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll.

0:28 I'd now like to hand you over to CEO, Ian MacDonough. Good morning, sir. Good morning. Thank you very much, and good morning, ladies and gentlemen, and welcome to our interim results, September 23. I'm gonna kick off so first of all, we are here with Steven Streeter, of course, the, the the founder of the business and and Steven White, who is COO and CFO. So I'm gonna kick off with a slide that just really introduces who we are and what we do for those that are new to the story. So we are BLACKBIRD PLC. We're aim listed. We have, actually, all the directors of the business are investors in the business. And just recently, the last twenty four hours, Steven and myself, have added to our our our holding and bought shares in the market. So Steven holds around 18% of stock. My family and I hold around seven and a half percent of stock.

1:18 What we do is we develop we're a software developer and sell a a SaaS platform called BLACKBIRD. BLACKBIRD is a web based cloud video editing platform that is used in the professional market. It's all browser based, and it is has around 29 patents, if you've noticed, that are pending around the core technology. In addition, we also are are launching a a creator SaaS product early twenty twenty four. It will have early access to to customers actually in q four this year, and that is gonna be targeted at the creator economy, the fast growing creator economy sector. Now this technology is proven at the very highest level of sport and use. We have marquee customers. It's been proven over a number of years, and it's highly scalable and efficient.

2:06 It is also multi award winning, as you can see from the bottom there, and it qualifies as more than 50% of our revenue comes from from green carbon efficient technology, it qualifies the green economy mark on the on the London Stock Exchange. So 2023 today, this is interesting an interesting presentation for me because it's the first time I'm presenting numbers that haven't grown since I've joined. There's a number of reasons for that. Firstly is that there's a couple of nonrecurring items in our numbers last year. One was the winter games we did at early twenty twenty two. And second was the EDS development fee that we took last year as as revenue that haven't recurred in 2023. The other main reasons are that we've been really folk double down on developing our creator SaaS product, and that has led to some difficult decisions around around refocusing of resources to get the biggest bang for buck on on our our resource space.

3:01 We've doubled down on development and product, and we are very close now to approaching early access with our creative SaaS product. That has been the main thrust of of focus to the business in the last twelve months. The the the the creative strategy, of course, has been in place since 2019. I've been showing that to investors since then. I can show the slides that that around that later. And we raised money for this for this project in 2021, spent early twenty twenty two recruiting the additional members of the team required, late part of '22, and and early twenty three, developing the product, and we're very now very close to launch. So our core platform, what has that been doing in '23? Well, we've we've on pretty much every single major sports tournaments this year. We've done it on Wimbledon, on on the US Open.

3:52 We've been in the golf for the for the Open. We've been on the Women's World Cup. We're gonna be on the Rugby World Cup in the next few weeks in Super Bowl. Secretary of State Blinken in in on the US State Department, he talks directly into into into the BIRD platform for creating his communication videos for his audiences. And we're, of course, in in many news stations around the world

4:13 and especially in The US through town news. There's a couple of quotes here. One is from a global sports federation. One of the ones that's been you mentioned, but I can't actually say the name of it. They said they've been using Blackbird now for for almost two years, and they totally love it. That word wasn't actually totally that word actually began with an f, but I don't wanna put that on the on the on screen for for those that might be offended, but they are they're very keen on on using. It's also the USA department is very robust and very reliable. That can't be underplayed in terms of value. It's really important for the the the technology software is robust and reliable. It's the it's the real magic source that this company has and what separates us out from from the the competition. A little bit of context about the core market that we have traditionally always been we find a result, which is media entertainment.

5:03 We are we are experiencing in this in this market a period of muted user top line growth. Really, this this market has been going through some some significant changes over the last five to ten years, and it's accelerated over the last two years since since COVID where a lot of collapse of the of the of revenue the

5:19 windows for that market has led to widespread layoffs, structural changes. It's it's generally it's a it's a it's a small market for us, and it's also a market that's not going through any growth right now. So looking good good to take you through the back backward looking numbers now with Steve, and then we'll talk about appraisal in the next part of the question. Thank you, Ian. So revenue on on the back of what Ian just said, we had a couple of large nonrecurring items in 2022, which is the principal reason why we've we've fallen. It's also a slow moving market. It's giving you the context behind that. Our monthly recurring revenue is down. We announced in May that, unfortunately, we lost the AAE contract, which accounts for the majority of that fall. A reminder that our annual minimum guarantee that we have on our tech licensing deal, which this year amounts to €220,000, is not part of that MRR figure.

6:16 So our order book is full of the trend in terms of it's a slow moving marketplace at the moment, and we had 2,100,000 at the end of June. On the cash side, moving on to the next slide, we have a very strong healthy balance sheet with 8,200,000 of resources at the end of June twenty twenty three. This is this is a really great position to be in to be able to launch and market and gain traction with our creator SaaS products. We are debt free as well, so that that healthy balance sheet should not be underestimated in this macroeconomic climate. So to give you some context of the market, that we are aligning ourselves to, which is the the greater economy, this is a an enormous space.

7:08 Goldman Sachs have recently estimated the size of the market to be around $250,000,000,000, which is mind blowing. That's up from a 103,000,000,000 just a couple of years ago. So you can see that this market is not only enormous. It's also a very healthy growth growth period. It's gonna double again by 2027 is the forecast. Now we're not gonna tackle the whole market at once with our product. That would be impossible, I think. But the we're gonna look at the at the prosumers and proteins parts market where we feel as a business, have a sweet spot. We have competitive advantages and there are major problems to be solved in that market that the current products in the market do not cater for. So that's gonna be the key focus to begin with. That's the pro teams and the prosumers. That is around a $7,000,000,000 initial addressable market size.

7:55 This is the slide I referred to earlier, which shows that we've always had this this this progression in our in our sites that we moved from m and e to OEM, like the EBS deal, the the licensing deal, right across to the greatest SaaS product where we're right on the cusp of of launching this into the market now. The the the incumbents in this market, it should be said that the new product that's that's being launched, it won't have the same name as we hope we currently have. We'll talk more about that later. But the incumbents in in this in this market are really the major Hollywood tools, the the the traditional NLE, nonlinear editor tools, such as Avid, Apple Apple Final Cut, DaVinci Resolve, and Adobe Premiere, which are archetypal.

8:42 These are these are Hollywood level tools, highly complex software that's based on one machine only on a highly high very high powered machine being required to cut fairly fairly basic video. That's not what the the audience require. So there've been a number of new entrants to this this market such as scenery, runway, and and cap cut. And ozone is a is a product that's launching fairly soon. This these these products can add have added AI or collaborative nature to their to their their portfolio. However, they do not have the magic source, the the magic that BLACKBIRD has in being able to work with with video at scale on the web.

9:30 The closest to this product is probably scenery, which is a collaborative interface, and and it and it's it's has got largely some of the the same target audiences as us. However, for every every time a video is loaded into a scenery window, there is some some level of delay, and that is generally down to the fact they don't have the Blackbird codec. Steven has has events over the years and is driving forward with the new Blackbird 10, which would be a new product. And the other just to mention the other the other platforms here very quickly, Capcut is owned by BIRD PLC, which is which is the parent company of TikTok. And runway is is was started off as an editor with an AI element to it. It's basically become mainly become an AI think tank and research lab now. And so Ozone is yet to launch, but this is the bleeding edge of where the the market currently is and really shows the validation for what we wanna do in in this space. Shows that that there is a a significant market there.

10:26 We feel confident that we're highly differentiated and answering product questions and and needs that that that they're not. Our great success product is gonna be architected entirely and natively on AWS, which is something we've we've always talked about as an as an ambition that's now becoming a reality in the next few next few weeks to launch. The initial customers will be proteins and prosumers. We're working very closely with these with these groups over the the ideation and development of the product. So we're working with the pro AB group. We're working with high end YouTubers. We're working with students. I work with with a a vast array

11:04 of people that can that really tells about their market needs. So this is very much in touch with with what they are. They are largely the fact that current platform, current technology is way too complex. It's way too expensive to run. It is it is fixed in one particular place, it has no collaborative features to it at all. So if you want to work together on a a a video that the the video generally has to send be be sent between people to to to review and approve or to work collaboratively, our software will allow this to happen simultaneously on the same timeline, being able to see the same each other's cursor and be able to review, approve, or even work completely collaboratively on a piece of piece of video. So very, very exciting. We're actually you know, being the CEO of this business as a listed business, we I have I have several audiences to to talk to at the same time. And, honestly, I'm sure I am talking to to a number, you know, our our investors, our customers, our team, but also our competitors. So I've gotta be very careful of that. What we're doing next week is having a behind closed doors real in-depth look at the at the new product on an investor event on the September 13.

12:15 So there's going to be a a lot of people signed up for that from an RNS, and we look forward to seeing you there. Those are gonna be coming along, giving you a much more in-depth look.

12:28 So just just before I I get to the conclusion slide, I wanna also touch on the fact that we've got a world class team. I spent the best best part of of last year. Use utilizing the the resources that we raised in in 2021, raising Max, bringing in this world class team with a track record. So the ride, one of the thinkers, as known to many of you, is our chief product officer. He'll be he'll be hosting next week. Who came with him from Vegas Pro. It will be it's it will also be hosted next week and is is heading up product marketing. Morgan Henry, who's heading our VP of engineering, and allows Steven to free himself up to really drive our technology forward with BLACKBIRD. It's worth noting when I say they've got a track record that Summit has sold its own company at a young age to a to a NASDAQ listed company and spent the last few years running the fourth largest entity platform in the market, which is called.

13:22 So not only has he got excellent personal attributes, he's also got incredibly relevant personal experience. Again, we're building this this this platform on a on a proven technology that has market customers with very highest value of of media. And we have 29 patents on our on our platform, including those that are pending that are mainly based around the the access to video and the navigation of video and the frame accurate manipulation of video on the web. So in conclusion, we are we are very confident about our strategy. We know that we're going into a place where there's there's growth, that we're early to market, the the competition. We have we have a real massive advantage and differentiation over the competition with proven technology.

14:09 But the right team, timing is good, and we have a very strong balance sheet balance sheet that will get us to get us product into the market and with early traction.

14:17 So thank you very much. We'll go to questions. Ian, Steven, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated on the top right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed by your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Could I ask you to read out the questions and give responses where appropriate to do so? And I'll pop up from you at the end.

14:50 Yeah. We seem to have lost control of our mouse. But is that where we'll I don't see. Yeah. I can I can see the first question as well, so I'll start off at least? So the first question is, what is the status of further OEM opportunities? And can you detail how much revenue has been attributed to sales via EBS? So quick answer is that we we've retained a team in The US to focus on OEM opportunities. So the sales and and and sales support because we now see the the the way that the business will scale will be through the through the trace SaaS product and through larger deals on the OEM side. That's still very much a focus for the business. I can't give any any forward looking projections on that. I'm gonna give give forecast out. In terms of the in terms of EVS, we haven't yet exceeded our minimum guarantee.

15:42 EVS is still at the point of deploying to the initial first customer that we talked about at the full year and at the AGM, which actually gives an indication of how that market is fairly slow to to to to to to move and adopt technology quickly. So EVS already the the the Rolls Royce of that market. They're working very closely with that that call center broadcaster, but there's been nothing really I can say at this point that has exceeded the the minimum guarantee.

16:13 Second question, how many highway bike deals are in the pipeline, and what is the forecast of value in the licensing revenue? Well, so don't give give give forecast out on that side of the business. When we get to the the greatest side of it, there's gonna be a lot more lot more access to to metrics that we think about. So not not not touching the question, but there's not there's not an awful lot of detail that we we're gonna get out on that that side of things. So not giving you the the the number of how We did talk about a a large company. It was largely BS. There were discussions with us at the at the full year results. That company has undergone a a corporate action, and is is now a PE company. There's been a lot of activity at the company, and it's not currently a company that we're talking to. That said, they haven't yet solved their web video problems, and so there there may be a discussion in the future.

17:13 How many direct sales have been closed since the removal of the marketing sales team outside the the the the person remaining in The US? I said we've we've we've been focusing doubling down on our on our development and product teams. There have been direct deals that have come in in the last in the last few months. We're we are not currently breaking those out in in our numbers. But I really wanted the the team in The US to focus on the OEM and larger deal size for us, which, of course, are generally lumpy in nature. So there's been nothing of of significant size that's come in on the last few months. There have been small deals that come in, but we really wanna focus on the bigger deals.

17:53 How much will a free tier user account cost, like, per month? And what is the forecast conversion rate, and how did you calculate this? We'll talk more about the the the greatest product at the event next week, of course. But what we are saying at this point in terms of in terms of resources, we have enough resource to get our products built and launched and with initial market. That that is as much as can say at the moment. We'll be opening the lid on it a bit more next week if you're you're In a crowded marketplace dominated by marketing dollars, how is Blackbird going to stand out in such a rich environment? Or the USPs of the greater platform now that we back ended in the public cloud and cost will have risen considerably. Many of initial Blackbird USPs are being in a private cloud and not handling any highest content have been discounted as a consequence.

18:44 High res content. Yes. Okay. So in in in yeah. Few I've got a lot of questions there. Thank you very much.

18:52 There's a lot of this is gonna be covered next week. Certainly covering off details around USPs. As I mentioned earlier, it's it's difficult talking publicly about about something that we know that we're gonna have eyes on us from competitors. However, I can say top line. I just cover it in the presentation. It's it's a web based tool. It's gonna have a collaborative nature to it. It's gonna be an extensible platform. I just built on our on our core technology. They're the the the the key areas that I would And then, I mean, the details, which we'll be doing more next week, the core technology does make the system more efficient and more cost effective. And if you look at our gross margins in m and e, you'll see how that is how it plays out. And with the AWS version, we will be much more efficient, we think.

19:40 I think also the fact that those other competitors that I showed on the on the on the the bleeding edge technology slide, if you remember one with Ozone and and etcetera, They're they're they're great. They look nice, but they don't actually work well as an editor for for a professional editing solution or or even a a creator or an influencer editing solution because it they don't have the the fluidity and and the speed to access those frames with the navigation. So,

20:09 yeah, I think we're coming off a little bit there, but we will be talking, obviously, a lot more next week. The second half of the of this question was really about the USPs of of of Blackbird being a private cloud. Well, the USPs of Blackbird is not just about being in a private cloud. The the the architecture of the private cloud will be in many ways replicated in in our area of AWS, so there's nothing to be changed there. What will be different, though, is that we'll be allowing our customers to store their their high res, their their their video in our instance of AWS. So in in that in that respect, we will be not just handling that little tiny bit of proxy, but, actually, we'll be responsible handling the the the the high res as well, which is an exciting area to be known up for.

20:56 Can you explain why the share price is slow after twenty four years when will it increase? Well, as you can see from our actions in the last twenty four hours, we have great confidence in in the share price improving dramatically. And so there's not much else I can say about the stock market, but I have confidence. You know, I've I've I've no. Nothing's guaranteed, but I have confidence in in in the future. See, maybe we're. Yeah. I mean, we're we're in a sort of Ukraine war and all those things, but, you know, all these things will merge, people get used to them, things will get fixed. And then when it is fixed, we'll find there's still all these creators out there wanting to make their make their videos. And video is relatively hard, but we solved it a long time ago, and we're continuing to improve that. So we're gonna ride that wave.

21:48 So I'm not so worried about, you know, product this this week or last week, to be honest.

21:55 Why have all the sales staff been let go? I understand you don't need some of your staff or greater. But if Summit and Co are developing product, we will be responsible for raising subscriber numbers. So we've let The UK Sales And Marketing reduce the the headcount in UK sales and marketing team largely because we've we've taken the decision that that area of the business is not gonna scale to the level that we expect or we would want to expect more of our

22:20 investments. We've kept The US side of it because The US side of it is where the opportunity for OEM and large scale deals will will come from, and that that's intact. Now in terms of the greater space, it's gonna be a self-service model. It's gonna be available on a credit card anytime 247365. So we don't need direct salespeople for that.

22:42 Now if somebody is developing the product, I don't know if if if everyone has met, but will certainly be responsible for the marketing and for making sure their subscriber numbers are indeed healthy and growing quickly. What

22:57 is EBS earning for the company? I think it it says what is EBA, but I think it's EBS earning for the company. And what is the next BBB being announced? Well, as mentioned earlier, we can't talk about our next BBB deal at this stage. But EBS is currently earning its what we've explained earlier, which is its minimum guarantee. We're up to a second year of that minimum guarantee right now. We are confident that it will exceed that within within the five year period. However, it has been slower than we expected to roll out to its first gold standard customer, which as I said, gives some indication of how slow the m and e market can move, which is why several years ago, we talked about we need to go to space, why we raised the money in 2021 to to do so. When will we be profitable and dividends being paid to shareholders?

23:45 I can't comment on that right now. Wanna say I'd say that the new product when the new product is launched, it will follow the SaaSanomics SaaS curve, which is which is it will be investments an investment phase starts and then will be largely a a steep growth curve after after around year three. The the the key thing about this is that yeah. It's it's it's it's you got a lot more in our control in terms of the top line, in terms of sales cycle. Right now, we have we have a a a Formula one engine that's sold to a limited number of customers. It's using the analogy. We're gonna be having a a production vehicle that's gonna be sold to a lot more a much larger market. Sales cycles will be will be shorter, and we'll be much more in control of our top line in the future. I'll be giving our shareholders

24:33 and investors much more access to metrics when when that is launched. And it's worth adding on our existing m and e business that we're almost sort of a positive contribution. We're pushing to get it. Yeah. It's a very important point.

24:50 You said by fourth quarter, you would reveal your your where your company was going with the numbers and turnover. Is that a lot? Well, I think what we said by fourth quarter was that we talk about new product, and we've got we're stating that again that we launched in q one. And those that are gonna be in in the early access phase, they will get first eyes on it in in in quarter four. At this stage, as I said, until until we launch the new product, opening up all the the metrics that we've got is is not something that we're we're planning to do. Well, this company will by the end of the year. We'll be at the at at the at the the first end of the first period of our early access and looking forward to q one where we're launching the the greatest test product. At the last results presentation, we were told you had talked around PBB with a company large in EVX. Yes. I've mentioned that already.

25:39 That is a company that's sponsored with Corporate Action as now a private equity company. So they haven't been able to solve the issues they've talked to us about yet. There could be a competition. Ian, you said there was gonna be a shock wave coming. Well, I I have to say the the the I didn't anticipate that the the the first product the first customer that EBS was launching will will be quite so long winded and slow. I I have to say that's a reflection of of the market, not of our product. It's a it's a very large squeeze of of technology that they're launching into that that product. So I'm I'm still awaiting that shock wave. We'll hopefully see it soon.

26:15 Having abandoned the Salesforce, how does the company plan to commercialize the outputs of Sunrise? Again, we talked about it being a self-service product. It is I'm not a brand commercial team. I've abandoned the frontline sales team. We do have a marketing team, and this will all be this will all be sold and interfaced directly with a with a a tech interface and not a human interface.

26:42 It is well understood among FMCG companies, including all the media forms, that annual conventions such as IBC provide an opportunity for customers to catch up with the company's thinking, forward plans, product developments, new new ideas, etcetera. Yes. That's very true. And we will be attending IBC. Just won't be attending it with a stand this year with our with our own booth, and that is because I can see those customers at a at a lower investment level than I would be to put a to put a stand there. We're in the midst of launching a brand new product as I've mentioned several times, and I have finite resources. I need to make sure that we put our resources where we're gonna get most return. That is that is, I believe, making sure that we're doubling down on on developers, doubling down on product specialists to get that product to market.

27:35 Can someone explain why the commercial side of the company has failed over the years to sell successfully the world leading tech developed by Stephen Streeter. Well, as I said at the start, we've we've we've indeed we've we've grown our our business. We've we've have marquee customers in the very top end of medium media and and sports and entertainment. It is a it is a market right now that's that's not growing. It's a market that has got entrenched entrenched competition, and it is in a market that that that we feel we're better addressing a a faster growing market where we're early early to market. So it's you know, we've we've got the market customers. We've proven technology, and it's really time now for us to get into a market where where we're we're early and we can scale up scale quickly.

28:28 It is so difficult to match the multi award winning Blackbird software, enthusiasm reports, and trade shows, and the world class sporting events reported using Blackbird with the lowest price sales and continual losses. UBS poses the potential of black by Blackbird, so why not more big companies? In a nutshell, what's the problem? Again, we talked about the we talked about the the the space of the market currently, We really wanna talk about the emphasis of building a product that's easily available so that that can scale quickly. Yes. We've got a great reputation. Yes. We've got fantastic pedigree. Again, the formula one analogy really, really rings true for this. It's a limited market, and it's a it's a it's a specialized product. We want to get we want to make that four zero one engine a road vehicle and sell it to a mass car. With the March finals release, there was a reference to potential potential EVS.

29:17 How is this additional piece of work progressed? Well, we we call that already. It's it's a question I'll just raise, so it's still still working. Will next week's attendees be on an NDA and may inside no. We're we're not we're not signing NDAs with with everyone next week, but we won't be allowing people to video, etcetera. It's it is it is really about making sure that, you know, we have verified investors with the best interest in the company at odds there. Stevens, you can ahead. Yes. So we will support features in the existing suite. Sorry. Yes. Stevens Streeter, with the creator app launch, are you launching all the features you have developed? Or do you have further features which will be added later in order to keep the app? And the answer is yes. We will support the features we have, but significantly, there are quite a few modernizing upgrades that Summit has product CPO has decided we need.

30:15 And he will be talking about that next week. And the early access people will be helping to develop those experiment. But we have quite a few things that we can do now, which would not need in any, but we think the creators will be able to benefit from it. So, yes, you'll be able to see those in the coming months. And over the following the launch of the product in in certainly, the two years, following the launch of the product, we already have a full slate of additional features that will be added, and that will really keep the the the product looking fresh, will give us a continual dialogue with with the with the customers, and enlarge the customer base over time, enlarge the use cases over time. Yeah. And and it's also worth mentioning that the actual editing interface has been made much more accessible to editors.

31:03 As you may know, when we started, there weren't really any significant editors out there back in, you know, prehistory. But now the technology supports any interface that the product team wants. And a lot of the work that has been doing in the last year has been to design the interface to be much more accessible for the modern editors. Great. Steve, do to go with Yeah. Next question is, it was previously said that Enterprise would be profitable within its own cash resources, I x I e, excluding the 2021 pricing. Is this still the case? Well, I I, answered that earlier in that, you know, that side of the business. We are at a point where we're almost making a positive contribution. With with further deals added to that, yes, it will get to a profitable position.

31:53 Has EVS attracted any customers for fear, create other than the initial appointments? We were in a slightly awkward situation here because, obviously, EVS is public listed business on on the Delta Stock Exchange. I'm not able to to to give any insights into what their pipeline is if they haven't released those that information. Currently, as I said, we're we're still working on the first well, EDS is still working on the first. Thanks for your presentation. In terms of your capital allocation priorities, how are you looking to balance the need for cost cuts and headcount reductions in certain areas, continue to invest and develop others? Thanks for the question, Matt. Yeah. We're really really looking to make sure we get the best return on our resources. I'd say that it's it's a it's finite it's a healthy balance sheet with a finite resource, and it's about making decisions in a timely way mainly around where we think there is the the the best return. And as I've said before, I think the best return for us is make sure that we get that product market quickly and that we scale it quickly. That is that is where our our emphasis is going.

32:52 Can you give an indication as to AI integration in the SaaS? For example, will you be offering prompt based editing solutions in order to be built on? Yeah. So we will have AI features. This is much more Summit's role to announce those. Yeah. But as the product moves forward, you can expect integration. And I will just mention from a technical point of view, because we're now we've always been in the cloud, but because there are now other people in the cloud that allows us to integrate much more easily with third party solutions, which means that we're not limited to just the the solutions we can develop in house. So that opens up the whole platform, and I think this is something that Sumit will probably be talking about next week. Yeah. There's a there's there's a there's a a danger here that we're gonna slip into next week's presentation, so we need to kind of be a bit disciplined on that one. But do you have William has asked a question.

33:43 Do you have third party signed up to the new greater platform to provide x extra functionality? Well, this is this is a this is a plug in architecture. And so there'll be more detail on that next week in terms of what kind of functionality that will be. But this is a plug in architecture, which is basically is extensible by nature, and so therefore, will include third parties. Another question on AI. I think we just covered how how will AI incorporate it again. William, that that will be somebody's talk about that in the presentation next week. Question from JL. First, cash burn is up from 0.9 oh, Jeff, you wanna pay this one? Yeah. Cash burn is up from 900,000. How does the production of the cash burn actually in the next three years? Jimmy I think that's Jimmy Louie asking asking the question. Let's ask that one answer that one first.

34:30 Yeah. We're not giving cash flow forecast out. As Ian reiterated earlier, we have enough cash resources to launch, to market, and see if our our SaaS product gains traction. We will, you know, going off for a big market and everything, you know, if the product's successful, we will gonna need cash to scale the business, after that point. Second question is, have you thought of working in conjunction with a major medium film producers on the grounds that the film will do well and you you end up in the credits? Great question. Yes. We thought about that. Again, this this is this is not an area to cover up in this presentation. That's much more in in area of the of the product marketing. And Moe has a wealth of experience in launching video and audio products into into the greater space. So has a has a wide variety of strategies that he will employ.

35:27 Yeah. Which will be very different to how we market that at the moment. Yeah. Very. Yeah. David, are you looking to be involved in the Americas Cup in 2024 through the relationship with sales GP? And do you sell see yourselves involved with with Reuters via Imogen after the Thomson Reuters buyout of Imogen? At this stage, can't comment, David, on on any any future deals. Obviously, it's it's good that BIRD is in the mix with those with those different companies, but difficult to be kind on individual deals at this stage. Will you be partnering with organizations that will market and create a SaaS product to their audience in return for their commission? If if so, do you have any agreements in place or underway, and do the organizations have large audience bases?

36:14 Well, part of partnership marketing is is very much a an effective way of getting getting early traction, getting revenue through the door or early impact, and also getting getting brand recognition. It's something that that we've worked on in past. Some of know worked a great deal on one of the biggest pro and definitely part of our of our mix. Again, probably something that will be covered off in more detail next week. They've been could you could the greatest product with some extra features be elevated into the broadcast market at a later date? Very possibly, Nick. This is not something part of our initial initial launch strategy, and it certainly doesn't require us to be something about to get scale. We can we can we can get scale way before this.

37:01 But if the product develops over over time into into a technical space, and we decide strategically that's the way we would go, it's entirely it's not impossible. And Yeah. Mike just had another point, which is that the broadcast market will also be changing just because of the way the media market is changing. And the fact that we can already support all the needs of the broadcast market, which is quite particular, means that we'll be well placed for the people in broadcast who need more well, better tools, web based tools, we'll be able to use our product to their content too. So, yes, the option is we we could do that, and we'll see how it goes, exactly how that would work. Yeah. Yeah. Good. I see.

37:48 From JL, the British Library and Department of Bridges and Trade tried to offer help to international commerce having thoughts of contacting them. Yeah. We did actually we we were with working with them on a number of industry shows around the time that I joined. Yes. There is possibilities that we could work with them in the future, which will be should be required. Thanks, JL. The company which you mentioned were interested in, which went to private equity, who I believe we know. Why wouldn't they come back to the table? They might do grant. I I can't comment at this stage. But second question from you, anyone interested in buying exams, can't comment on that either. Thank you, though, for the question. Yeah. Good. Okay. That seems to have completed the questions for today. Any other questions from anyone before we finish?

38:37 Ian, Steven, Steven, thank you. And I think you've addressed all those questions you have from investors today. And, of course, the company will review all questions submitted today, we and will publish those responses on the investor meet company platform. Before redirecting investors to provide you their feedback, which I know is particularly important to yourself and the company, Ian, could I please just ask you for a few closing comments? Yeah. Absolutely. Thank you very much. We we we we close with the with this, leaving you with the fact we have a very exciting period of developments over the next couple of months, certainly going into early twenty twenty four where you'll see the product in the market. We have a super team that got track record, proven technology, perfect timing, and a strong balance sheet. So really looking forward to this this next period of time and being able to report back in a few months' time on our progress. Thank you very much.

39:23 Ian, Steven, Steven, thank you for updating investors today. Can I please ask investors not to close this session? It should now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of BLACKBIRD PLC, we'd like to thank you for attending today's present to you all. Thank you very much.