Blackbird (LSE:BIRD) — Interim results for the six months ended 30 June 2026

0:01 Good morning, ladies and gentlemen, and welcome to the BLACKBIRD PLC Interim Results Investor Presentation. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just 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 can review all questions submitted today and will publish those responses where it's appropriate to do so. Before we begin, we would just like to submit the following poll. I'd now like to hand you over to the team from BLACKBIRD PLC. Ian, good morning, sir. Good morning, Jake, and good morning, ladies and gentlemen. Welcome to BLACKBIRD's Interim Results twenty twenty six. Before I kick off, I would just like to introduce my fellow team members. We have Ness, who I think you all met at the AGM. Ness is from, Scale Up and is our fractional chief marketing officer.

0:54 Steven Streeter, company founder and inventor of of BLACKBIRD. And here we have Summit Rai, who is our chief product officer and as of today, our new board member. Congrats, Summit. Right. Let's kick off. So before I before I start, I'd just like to to address a few things. Firstly, last time, we had some sound issues. And I wanna make sure that we don't have that again. We've actually got a volunteer developer slash sound engineer here in the office with us in to make sure that that doesn't happen. And we are monitoring this as as we go through the the presentation. So if you are experiencing any sound problems, please let us know. The second elephant I will address is the cash situation. So I know that a lot of you are concerned about that. Of course, we are monitoring the situation very carefully ourselves.

1:47 But let me just remind you of our strategy around around our revenue. We're building a revenue engine. And with that, we want to make sure that our revenue engine is starting to make make economic sense. That is that we are putting that that every user that we acquire, every subscriber we acquire has a lifetime value that starts to be equal or or greater much greater than that acquisition cost. And our focus really still is on marketing teams, and Vanessa will talk you through why marketing teams aren't incredibly valued to valuable to us. But also, product product led growth and and variety often is kick started by the masses, and therefore, we will continue to fill the funnel with those early graders and students, etcetera, at the top of the funnel. So that's really important to to to note. So as you go into the first slide here, I think it's I think that we put some numbers out in August that are now have been improved further on as we get to the end of September.

2:47 And this really tells you the tells you the story of how our conversion metric is improving. So our subscription growth in q three is around is gonna be estimated around 235%. And the key numbers here are the fact that this has improved from back in back in March where we were converting at around 1% for every new user coming in or every 100 users coming in to 2.4% at the end of June, and now as we go to the end of September, at around 3.4%. Together with that, we've also reduced churn down to 11%. Of course, things are always moving around, but that's a really good number to to to look at. And that's actually led to our ARR improving from June at around 30,000 to end of September at around 90,000.

3:33 Again, these are really small numbers. We're very well aware of that. But it can be you can see that we're starting to get that that exponential growth, and that revenue engine is starting to take shape. We're also seeing that in the the sector that we're really focused on is as in the marketing teams, that a low virality and product led growth is yet to be proven. We're seeing we're seeing growth in the rates that people do share, and that and therefore, the superior ARPU and retention in the group that we're we're we're focusing on. So I'll come back at the end of this presentation, but gonna pass over to Sumit now to talk you through our product improvements. Okay. So everyone knows that this year has been a huge year for product development. We know that at the end of last year, whilst we were available, obviously, as a product to the market, we still had a lot of important things to add. And a huge factor as to why our conversion ratios have moved this year, and you can see that massive growth, you know, from the one to 3.4 is a lot to do with, obviously, product that is available. So people who income into the product, there's all of a sudden more reason for them to actually convert, pay for the product because there are features which are often behind the paywall, but also features that are just generally available within the product.

4:44 Some massive things that we've added already this year, obviously, the epidemic sounds work that we did in bringing a really best of class sound library to the market. We also improved our font support. So not only adding up, you know, thousands of fonts, but also providing custom fonts available to users. We improved the AI side of the product with things like voice isolation, which is a really crucial tool for people producing any kind of content. We also introduced color grading, and this has become a really popular feature for the product, which was already on top of the existing LUTs and looks that we already had. We also began the beginning of our quick of our animation work, and this is a really important thing, which we'll come on to a little bit later because we have done a lot of work behind the scenes on the engine, and we'll discuss this. We also added some really important features, which you don't see very well or very or very often or done well even in NLEs, which is things like the project recovery.

5:42 We think it's a best of class system. You'd be able to go back and look at where our product was, especially in a multiplayer environment because one of the fears that people have about multiplayer is what happens if as another user comes in and and and and alters something which has already been done. Well, we have a great history in the products that you can roll back at 20 points. We also changed and tweaked the plans. We obviously learn as we're going along, and we're able to analyze what people are buying to what levels. And we've made little tweaks along the way, obviously, with pricing, but also with what people can do. But, you know, we're in a good position. We are definitely at a point, as we said in the summer, where this is a very, very usable product, and so that's why we're now experiencing our growth. But, obviously, it's only still the beginning of the longest story, And the things which are coming next are gonna be really exciting.

6:31 A major thing that we've done this year and all the work done for Steven's team, also with the team is to really improve the way the engine is capable of handling more than just video. We're known for our ability to handle video, but we have added the ability to do graphics and text now at a much, much higher level. You saw a snippet of that earlier this year in the AGM where we demoed some of our of our effects work, which is all going through our pipeline at the moment. By being GPU accelerated, we're able to bring desktop capable capability to our online experience, And that's a major, major advancement. We've always led the way with video, but now we're gonna be able to actually also jump ahead and be on par with things like some of the bigger products in terms of how we can handle text and graphics.

7:22 So I'm gonna give you a little demo in a minute of some of that, but that's only just part of it. We're also doing a whole bunch of work on integrations, so things like YouTube upgrade, some good quality of life features, like view only users because we want organizations who use our product to be able to share amongst their own, company, and have people who can come in and see the product. It's how we use other products. Not everyone is a creator, but a lot of people are stakeholders. So we want to introduce, but and make this a real team product. The other thing that we're doing is expanding the ability to get content into the system. At the moment, you can upload by file, from the phone, or from the desktop, but we do live in a wider ecosystem, and we're expanding that the same way that we're expanding how you can output to things like YouTube, but also how you can get content into the system. The eventual goal for that goes, you know, down to cameras directly, but in the interim, there are other things that we will be able to support. Other platforms will be able to support to send video content directly to us.

8:23 And then a really important feature, something which has been a growing market, something that I've spent a lot of time in the past working on, this is our webcam capture. So being able to allow people to create content directly from the desktop as well, things like that are coming, and audio effects, which we we we know that we have a, you know, a need there that we haven't fulfilled yet. So coming into some of that exciting stuff that we've done, I wanna give a demo of the up and coming bit of product that we have within our system, which is the GPU accelerated graphics engine. So this is something that you'll be seeing come to the platform soon. It's work that we're doing where we're actually gonna not just take text which we've had historically and, you know, it's been capable, but it has been a simplified version. But we're actually bringing a very, let's just say, desktop level capability to that. So it doesn't just mean being able to do text in the way that you would expect to use text within sort of a desktop publishing product or something like that. But it also and this is the exciting bit, also means that we're able to take text and be able to create a whole bunch of presets that people could use to get started with, you know, with their content. So if, for example, I take that, jump it in, you'll see that it's a really nicely animated piece of text. But, also, it means that you can go in there, and you can change any of the things.

9:46 So let's just call this nice. And then this one can change there to easy like that. So things can be changed very easily, but also the controls and the very, very fine control that we have for every bit of how that animation works, its positioning, the color schemes that go with it. All of these can be easily adapted, and where they're best used is things like lower thirds. So we're allowing users to directly drop on a little lower third. Maybe there's another one we can add here. Move that along. We could reposition that. Users will be able to go in, change things very simply, change things like backdrop colors, or and then save them out as presets so they can use them within all of their own productions very, very easily.

10:36 Now the thing that you'll notice is that the ex whole experience is incredibly smooth. Everything that we're doing here has a very, very, very desktop like feel, and all of that's been made possible. You know, we've done it with video, but we're now doing it with graphics and text. And we believe that this is gonna put us really not just on par with what happens with some of the bigger NLEs and desktop products, but actually text is traditionally done quite badly, and it means that a lot of the time, people have to rely on visual effects tools like After Effects to do their sort of more complex animations. We're bringing that experience directly into the browser and, obviously, more available to people because our product is easier to use, more available product to the market. So that's our roundup of of product. Over to marketing.

11:24 Thank you. Good morning, everybody. So just to give you a bit of a snapshot overview. So the top left graph on the left is just looking at the subscriber growth of the last three months. So July kind of marks the period where we started to invest in acquisition again after period of kind of research and understanding exactly how we wanted to position Elevate in the market. So mid July was when we started to invest. And that also timed with some changes that were made to pricing and how we moved users from free plan into the paid plan. So that shift in growth over those months kind of reflects that period. August is significantly higher, most likely as a result of the combination of those things, us changing the pricing as well as continuing to invest in marketing channels through that period. And then September is still coming up as we close out the month.

12:18 But importantly, alongside that investment, when we look at the return on those efforts, when we compare our current levels of spend to earlier in the year of February when we were previously investing from a marketing perspective, we've reduced CAC by almost two thirds in that in that time through that work that's been done around really understanding the audience, aligning our proposition and messaging to align with that positioning in the market. And we continue to do regular qualitative research cycles to continue sharpening that messaging, that positioning and understanding the types of users that we're acquiring, what they're looking for and elevate, how we provide value and how we can kind of double down on that through our efforts ongoing. And whilst PPC at the moment remains our primary acquisition channel, we have, through this period, also been testing other paid channels, which we'll be continuing to look at Q4.

13:11 But also on top of that, looking at how we actually really invest in our brand from an organic perspective. So moving into q four, we're gonna be focusing quite heavily on reestablishing YouTube as a demand gen channel. So owning a much more deliberate content strategy over there. That YouTube is becoming increasingly important channel for AI and LLM discovery as well. We've improved the AI discovery over the last three months by quite some way, but it continues to be a really important aspect for us to focus on. And we'll be continuing to do so through the likes of digital PR, YouTube, as I've said, and looking for opportunities for us to develop kind of real citations of those platforms and then use to make recommendations.

13:57 And another big focus through all of the work that we're doing is, as Ian's already alluded to, is making sure that we're continuously in ways that we can improve that conversion from free users to paid plans. So some of the work that we're doing in at the moment and moving into q four is is really focused on remarketing. So making sure that once we bring new users into the platform on those free plans, they sign up as well, that we continue to invest in them as users and encourage them to experience the value of Elevate so much so they go onto a paid plan. And through all of the interviews and research that we're doing, we hear some really interesting stories of the types of users coming in to to use of Elevate. And whilst quite a lot of our user base is still solo and this is projects, you know, a mix of hobbyists and creators teams, we see a lot of those people talking about the fact that the collaborative potential of Elevate is a big draw for all of those different types of users. The fact that they can bring other people into their projects, work with them, whether that be friends, colleagues, what have you. So we continue to look at those different mechanics of how we can get more people working together in the product over time as well.

15:09 Great. Thank you, Eunice. So we've kept this one very short, so we've got lots of type of questions. But just really to summarize that we have really seen the momentum accelerate following the marketing freeze that we imposed from March to to to kind of halfway through July. And now with the features and UI experience, it's really in sync with the the marketing that's come in. We would expect to see some of the growth going forward. So we're seeing the machine really finely tuned now, and we'll continue to fine tune that further. So ladies and gentlemen, let me invite questions. Perfect. Guys, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner of your screen.

15:58 But just while the team take a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation, along with a copy of the slides and the published q and a, can all be accessed via your dashboards. Guys, we have received a number of questions. So if I may now hand over to you to just read out those questions and give your responses where appropriate to do so. And if I pick up from you at the end, that'd be great. Thank you. Thank you very much, Jake. Yeah. I I think most of the questions are quite short this time, which is a a blessing for me, but I will try and get through the the the the the main ones now. So the first one is what happened with SoundBytes? At a crucial time, you just created a void. I'm glad it's back, but I got a poor response from the challenge on investor relations. Stephen is Yeah. From man. Is back. So we obviously needed a a period when we actually had news and also when people were around.

16:46 And the summer's always been very quiet for investors as well. And there were big gaps when people were at holidays. So where the development continued and the advances in the company, people weren't around every day to put stories up. But we're back, and there's a lot of things to not only to catch up on, but lots of new things happening. So So I think you will enjoy Sandbox, but if you follow it now. Thank you, Stephen. Second question, will you consider taking on a small loan instead of a placing if the share price is too low? I understand you will need to show the wheels turning quicker on revenue from elevate.io. If the metrics are good, we become a sausage machine, cash in one end and beautiful subscribers out of the other. Yeah. Well said. I I I think that we would not rule anything out with regards to a raise, but I don't think that that's taking on debt would be top of our list.

17:37 So think that that would be a a very unlikely. Third question, will AI turbocharge elevate IO or eat our lunch and why? I'm gonna say it's a perfect complement for what we're doing. It's something that we use in both helping us produce the tool, but also we're perfectly placed to take advantage of all the disparate engines that are out there. So people who are using AI either for things like generation or for tidying stuff up, we're able to add that into our product to make that available sort of from the platform itself. So there's no evidence at all that AI is replacing the way that tools like ours work. If anything, it's giving just more strength to tools like us. Of course, it our competitors have the same advantage as well. So it does mean that we have to do a great job in implementing that. It's not for free, but we see it as a net advantage and a good another thing that will help bring more people to video editing because, traditionally, a lot of the process of the video editing can be quite time consuming.

18:39 The good news is AI can remove a lot of that trouble. So it's a net advantage across the board for helping us build stuff and helping our customers get value from what we build. Thanks so much. Thank you. Covered off your off your base there. Marketing seems to have gone quiet. Emails, videos, PR, podcasts, conferences, etcetera, have all dried up in recent months, and I'm hardly seeing the company anywhere. Is the business now relying entirely on paid advertising? Yes. Hi, John. So we still do all of those things. I think the reality is we're lot more deliberate now and purposeful with each of them, where where we use them and specifically kind of what opportunities we do and we say yes to. So we still do a lot of email campaigns. We're just much more highly segmented in the way that we do that now. So we're delivering the right message to the right people at the right time rather than broadcast continuously.

19:30 Digital PR is definitely something that we've pulled back on over recent months, but we'll be investing in as we move forward, particularly now as we double down on kind of product updates moving into q four, particularly where we've got big announcement like text animation coming through. And in terms of events and conferences, again, we are doing those things, but on a much kind of more a smaller, more deliberate and intimate level at this point. And quite over the last few months, we've been doing a lot of experimentation as well with different channels. So kind of smaller experiments, small scale budgets to test our way into different opportunities. So it may not appear as broadcast as perhaps it has done in the past because we're following much more of a kind of test and learn approach into where we put our investments. Great. Thank you, Ness.

20:19 Question from Nick C. Summit, not so much a question, just a congratulations on your appointment to the Board. It gives investors exactly the confidence they need. And I would offer my congratulations too. I'm sure everyone does. I think the other thing to notice that we also will be looking for a non a independent nonexecutive chair to join the board as well. We're actively recruiting that position now. So I think there are some questions around my role as executive chair, and I think that's absolutely, I would agree with them. I think that it it is good that we have an independent non exec chair to actively recruiting. 120,000 users, 3.4% conversion rate. That will be just over 4,000 converted paid numbers, yet subscriber numbers are in the nine hundreds. You mentioned a churn of approximately 11%.

21:06 Can you please explain the mismatch? Yes. The the 3.4% is is that's that's the snapshot of where we are now. It's not the it's not the the where we've been since February 2025 when we launched the payment gateway. We've been increasing that that that conversion rate all the way up, and it's really starting to gain some recent momentum now. So, yeah, that explains the the the the calculation, the mismatch that you've got. Please let me know if there's any more questions on that. Does the company generate any margin on third party tokenized sales such as music, or is the comp the cost simply an actual cost we pay to the provider? No. There's margin on it depends on what it is, but the and remember, we're adding a lot more tools in the future. So some can be high profit. Some, obviously, which are slightly more commoditized.

21:51 There's no point us being able to offer a service if they can buy elsewhere a lot cheaper. So we make money where we can and, you know, where it's valued to the end user. Please break down the operating cost in corporate and elevate. Highlight any noncash amounts in both. What what is the 525,000 trade payables payment for I I'll I'll take this line this this this question off, and we we can reply to you in in writing as where where we are able to. As you can tell, we don't have a a CFO sitting at the table right now, so we'll we'll we'll get back to you on that one, Jared. Question from John. Ian, the share price has fallen sharply for years, yet you've been chairman since I left eighteen months ago. Do you think this is appropriate? Well, I've just addressed that just before. So, you know, we're actually looking for an independent non exec chair as we speak, John. So, yes, I agree that there's a there's a requirement for that.

22:46 Will the new Google Book be supported? Yes. It will. Yes. We've done another important part actually of the work that we've done on the engine is to ensure that the product works well on low powered machines because we know it's a great opportunity for us. And as the higher end NLEs work more, you know, work out more and more demanding, they require more and more memory, more and more GPU support. We're at the point where we're actually being able to fulfill people who have lower lower spec machines. So we very closely work with on on things, you know, any of the Google Chromebooks or any of the lower end, including Ian's reading the questions off at Apple Neo. We're constantly testing, for example, the performance on that as well. Good. There's a few more board questions about me doubling as chairman, which I think we've answered now. That's we will move on from that one.

23:42 As Blackbird EBITDA positive and forecast sorry. As Blackbird is EBITDA positive and forecast to be for the rest of 2026, is it possible to sell a share in this entity to fund Elevate? Because we share such common DNA at the back end, I think that's always gonna be a challenge. So, Steven, would you wanna comment on that any any more detail? I think, I mean, I think both sides benefit from the sharing the technology, but it'd be very hard to split off one. And, also, with Elevate now starting to grow quite strongly, I think that's where the focus of investment will be from from our external people. Lots of us are worried about the runway, which is nearly used up. The share price has fallen as low as 1 p under Ian. Investors backed people. Why would anyone invest now given the company's performance?

24:36 Thank you very much, Paul. Well, I've just we just pointed out that the the revenue engine is improving dramatically, and we're working hard to improve that further and continue our strategy. At this point in time, we're monitoring the cash position. We've talked about changes on the at the board level. So, yeah, I think we've answered that question. Hi. Since bringing onboard the chief marketing officer, what data information have you observed about the awareness of Elevate as a product in the marketplace, the competition and the slowness of trial to conversion rate users? Is there any way to improve the awareness and conversion rates? Well, the conversion rates, as we've already spoken about, have been improving month on month in the last few months as we've been kind of implementing some of the insights from the research we did at the beginning and continue to do ongoing.

25:31 So from that perspective, that's a constant work in progress and something that we are always looking at and looking for ways to improve. From an awareness perspective, again, I think when you look at the rates of growth month to month, we can see that, that is also developing as well. And we'll only continue to do so as we start to expand into more channels, the kind of broader awareness channels. We've certainly been focused over the last couple of months on making sure that we're capturing as much of the active intent in the market as possible. And we'll continue to be broadening that out to kind of new pockets of the market, but being very kind of selective about where we place ourselves that we can be focused on fewer opportunities to create more awareness within communities or target groups rather than spreading ourselves kind of too thin, which would ultimately damage our conversion rates.

26:25 Thanks, Ness. Ian, could you tell us how instrumental the scale of collective have been? Is the recent growth largely down to their marketing work? Well, I'll refer back to the slide I I I did at the beginning, which is it's really about the improvements of the entire machine. We've got huge improvements, very impressive improvements to the to the product. A change and a step up, I think, in terms of marketing, so that's definitely had an impact. We've also made some some some changes to how the trigger points happen, so we reduced the number of exports you could have from three down to two, definitely had an impact as well. So I think it's really about improving the machine, fine tuning the machine, and we will continue to look at how we can do that. Question from Paul. How out of the paid new users, are these mainly marketing customers being targeted or creators?

27:13 It's a combination. We certainly from where the majority of our spend active spend at the moment goes on PPC, we see a kind of a broad spectrum of different segments coming through those channels. That's based on, of course, active intent in the market. We see that spread across hobbyists, creators and teams. What we can see is that teams convert to paid plans at a higher rate than other segments, which is really interesting and something for us to kind of continue monitoring. We're actively targeting marketing teams through some of the other activities that we do. So we have a partnerships series at the moment, which is a combination of events, podcasts, panels and speaking opportunities that we're running to actively target those groups that started last quarter and will continue into this quarter.

28:05 Thanks, Dess. A question from our team on the Exec Chair role again, which we answered. Have you considered alternatives to shareholder dilution? If so, what? At at at this stage, we are looking to to fundraise with equity. And we have considered some options, but we haven't proceeded with those. Question from David. Could you talk about how your interviews and market analysis dictate your product road map? Maybe that's a question for both of you. Sure. Yeah. I mean, all of the interviews that we do, we've we've rotated some of the interview process between product marketing so that we can kind of, you you know, take a little bit of a different kind of spin on on that each time.

28:52 But, also, we always share the findings collectively between us because, ultimately, the learnings we take in those have implications for for both sides in terms of understanding why people come to Elevate, what they were what they're looking for, a problem they were trying to solve, and they were searching for it, and, ultimately, what value they're getting out of the product. And, yes, and I thought you can Yeah. I think it's also important to remember the idea for Elevate wasn't just dreamt up within the four walls of BLACKBIRD. The idea from it came from extensive research that was and conversations and the market in general as well. We've always you know, we're not the only people with this idea. Other people also support the idea of an online video editor. And so we've always throughout the process from before we wrote the first line of code. We we already did a round of interviews with different groups, and we continue to check-in often with those same people as the products developed.

29:46 Some people have been on this journey with us for four years from before we began. So we've always had a healthy amount of feedback coming from the market in general. And what's encouraging is how we're seeing people who saw it at the beginning and how they reacting to the different changes that we've made. I mean, it's wildly different product than it was a year ago. It's hard to see that often when, you know, we're we're sort of all involved in it day to day and even with the quarterly updates that that you guys get. But if you actually look back at where where it was a year ago, it's just a wildly different it's it's capabilities are completely different. So we keep that loop going, and we'll continue to do that. Good. Thank you. Question from Reese. The EVS contract is up for renewal. Can we expect a significant increase in the minimum guarantee contract of £2,000,000 or €2,000,000?

30:38 It was this time around. Has talks for renewal begun yet? Early talks have begun. Can we expect a significant increase? I don't think so. I think if we get the same the same deal again, that will be amazing. I did talk to them at I IBC recently, and they have had quite a lot of new interest in the products that that Blackbird is a part of, which is encouraging. So, yeah, discussions will continue. How far behind your closest competitors is Elevate in terms of subscribers and revenue base? How far behind your close is that I mean, financially or is that How how far behind your closest competitors is Elevate in terms of subscribers and revenue base?

31:26 How I think it's how far are you behind your closest invest your closest competitors? Well, that's how yeah. I mean, there is there is a huge I mean, obviously, there is a very large player in the market, Indeed, and they have some more slightly more public numbers there. They started before us and, obviously have been around a little bit longer. I don't think we know the answer to how many competitors others have sorry, how many subscribers others have. But it is still such a beginning of a new market that, you know, we're off to the races, but it's still all to play for. Curious one, next question. To Streeter and the board, it appears that Ian's daughter did an internship at Allenby recently. Ethically, that leaves a bad taste, and from the outside, looks like a conflict of interest in What is supposed to be an independent advisory role is the board aware.

32:15 So, yes, my 17 year old daughter did two days work experience at Allenby. I don't think that unpaid, obviously. I don't think that it contravenes anything other than the fact that she was getting some experience. So she has bit experience in the cafes and elsewhere. I don't know whether you want to comment on that. It's not material when you look at I would hate to say these questions are synced to a new low, but perhaps perhaps that's the moment. Okay. Question from David. Does the your animated text development work across voice to text? Does it work across voice to okay. Yeah. Yes. Yes. It will. Sorry. Yes. Yes. So if it's to do with, yeah, how it will work within subtitles, then subtitles will also be improved to support the, yeah, the capabilities animation capabilities.

33:10 Ian, your in your salary of a £250,000 looks out of step with the with the company performance. Follow-up from a question at the AGM. Could you please tell us on your your day to day to justify it? Guys, I'm I'm I'm not gonna continue to justify my position here. If you really feel that, you know, that's that's what you need, then look. I got I got voted in 93% renewed in in June. I'll refer back to that. Grant, congratulations on this appointment with the board. Yes. Congratulations. John, the AGM put a lot of weight on the move from Google to Meta. How many paying subscribers is Meta bringing in compared to Google, And what's the difference in cost for acquired paying customer? So we're still doing we're still testing with Meta at the moment. We've been doing some comparisons when we have Meta running alongside Google. What we're seeing is that Meta is as as purchase journeys tend to go, people have multiple touch points before they make a purchase. Meta does play an active role in that journey as we're seeing.

34:16 It's it's kind of one step in the journey and allows us to reach new audiences in different environments. What we're gonna be focusing matter on in the short term is kind of remarketing. So focusing on using matter to target users that have signed up to use Elevate but not yet subscribed alongside a slightly broader audience as well that will then be able to use look alikes to kind of combine to appeal to the right audience. In terms of the difference in cost per acquisition, it's complicated because they often contribute to the same purchase journey. So we look at Meta as a contributed attribution in terms of the role that plays in acquiring customers. So generally speaking, we look at blended customer acquisition cost to give us an overall view of how all of the channels were running work together and to make sure that working efficiently as a system and not cannibalizing each other.

35:18 Thank you. AI question. There seems to be a trend of connecting ClaudeChatGPT to video editors with Aethora and MCP. What are your thoughts on Elevate doing this? So we do have some developments that are happening in that space that we're working through in terms of how we use agents to actually operate and influence the edit for things like removal of of of and recutting things. So we've got some good experimentation going on in that space. Of course, it's going to be very, very useful, as I mentioned earlier, for helping speed up the production process. We definitely will embrace that. No question. You've recently written some Elevate blog posts about CapCut and Descript. Why have you chosen for that moment now?

36:03 A couple of reasons, really. One, that from an we're we have a big focus on kind of increasing and driving our organic share of traffic going into the site, And that kind of lower down the funnel conversion type content helps us support that. We can obviously see that people are looking for comparison content. That blog content is also useful for feeding AI and LLM discovery, again, where there are often comparisons or we are providing those systems with useful comparisons for them to draw on in their citations at Elite. Thanks, Ness. Why does Steve White leave so suddenly a CFO and director departing now with the runway running out signals a lack of confidence. Steve had been here seven years. He's been here a long time. It wasn't actually that suddenly, and he decided he wants to do do new things. So we are actively recruiting a new interim CFO who actually we are not actively. We've actually confirmed one who will be starting on Thursday.

36:59 We'll put the the news out about that when it's when the the ink is dry, but we'll be, yeah, putting a new a new person on very soon. The share price is down 90% over the last five years. Where's the accountability for this happening? We're building a Reese, thank you very much. We're building a brand new product from from a green more more or less greenfield site out in the open market. It's a it's an unusual thing to do. It's a difficult thing to do. These products are generally built behind closed doors in Silicon Valley in a VC fund as I have actually said this before. I think it's it's still very, very much very much true. So the market doesn't often give a lot of a lot of patience for those kind of things. But the happy news is that we've got ourselves to a point now where we are growing quickly, where the revenue engine is starting to take to to take shape, where growth is starting to be exponential, and I think that's a happy thing to be that we should be happy would be be celebrating.

37:56 We've got to get to the point now where where that's a positive increment rather than just getting closer to to being parity, but we're in we're in good shape. What is the current average income per subscriber? Are you getting increased numbers of teams at a $100 a month? I mean, the majority of subscribers at the moment are on the creative plan with more and more moving up to the creative plan. I think pro at the moment, the top end, a 100 per month. We see quite a lot of people who are particularly working in teams using the creative plan and the limits within that at the moment as they're kind of experimenting with products and deciding whether it's going to kind of formally come into their toolset.

38:44 And really, that's the point with which we see those commitments at the high monthly cost. That's still very much a work in progress. You very much. EVS is now also using AI to further enhance its product offering to customers. Is enterprise adding AI capabilities to the via creator app in order for it to be competitive with customers changing needs. Yes. Well, we we talked about this when I met them recently. They are using some AI capabilities to do highlights highlights editing. But for the for the fine editing within within via create, they're using Blackbird based codec tool. So that's so we're we're kind of a blend with with them. We don't have any plans at this stage at a We've updated indirectly, but remember that EBS have written their own editor, but that we've written Elevate.

39:34 So they will control how they implement that interface interface and the external integrations, and we provide the platform, the base platform that they build on. Thank you very much. Is AI a threat to Elevate now or in the near future? No. As I answered before, it's a it's a great compliment. And Adrian Wilding appears to have left for another interim CFO role after only three weeks, yet the Norris has said he moved to a permanent position. Why wouldn't interim leave one interim role for another? Can we please be honest with investors? I Adrian got a great offer from from another company without divulging too much about the other company's situation. Something very unfortunate happened over there. I don't wanna go on, you know, to be the one to to talk about that, but we we will be as honest as we can. We if we said that it was a permanent position and it's an interim one, my bad. I didn't realize that was that was the case, but I'm I'm I'm glad that he's got a a great role.

40:33 How many marketing teams have we signed based on the current increase of subscribers apart from apart from shows how we are directly infiltrating this PAM? So I'll have to look at the to get the exact numbers. Believe for August, about 10% of subscribers fell into that category. And we've been doing quite a lot of work, or we are working closely with a small number of outfits within that space. For example, the marketing meetup, we did an event with them last week. We've got kind of partnership series and plan with them. A couple of other outfits like those where we have syndicated partnerships with them that involve podcasts and panels, like speaking opportunities where we actually get an opportunity to sit at the table and talk about industry related topics and how well it fits into those. We're also doing in person events where we can demo products and get it in the hands of users, as well as doing kind of more long evergreen pieces content around newsletters and things that will discoverable over time. So there's a wave of activity aligned to that, but these things take time to build.

41:43 Great. Thank you very much. This gentleman says, I've searched for browser based video editor and all the major AI, and everyone has mentioned except but never volunteers elevate.io even when I ask specifically about frame accurate video editors. This lack of visibility is probably not going to help users' numbers. Are you aware of this? Do you know the reason and why? We're it's, again, something we're working on all the time. I think we're seeing about three times the number of sign ups coming through AI discovery now since June. So it's building month on month. I think we ran for about 41 keywords in AI search at the moment. It's never gonna show up in every single search. We need a huge amount of coverage for that to be the case, but it is something that we're constantly working on and building.

42:32 The thing that's important for us is to focus on trust kind of trusted citation sources. So that's why a big part of our q four investment is going to be going into YouTube, which is increasingly YouTube video is increasingly important for AI kind of LLM discovery as well as things like forecast, digital PR, other kind of areas where we can be cited and resourced from. So that continues to be a focus point. Thank you very much. From David, nine fourteen subscribers as of September 24 is a good improvement in the quarter, along with lower CAC, higher conversion, better retention. The growth engine is improving. Yes. It absolutely is improving, David. Thank you. Given that our ICP is corporate teams and they are a profitable segment, how is growth in corporate teams going? I think that you've kind of answered that. Yeah. Yeah. Like, it's exactly. It's something that we have where where we have a dedicated kind of work stream against a lot a lot of our organic content plays into those groups as well. It's not sales led strategy.

43:32 It's marketing led motion. So we're looking to capture those through capturing individual users who will then bring it into the organization. And we see that reflected in a lot of the customer interviews that we're doing where we have an individual person starting to use Elevate for their specific use case and are then starting to share content and share it internally with their teams. And so that's the kind of loops that we want to try and take a better hold of. A question from Michael. On current progress obtaining paid users, are scheduled to run out of cash before Elevate breaks even. How do you plan to address this? We've addressed this in in in the RNS, Michael, and we will keep investors abreast of any plans that we have to do any further raise of funds. At this stage, we don't have a plan.

44:19 David, my favorite metric is MAUs and WOWs, so monthly active users and weekly active users to see how intensively the product is being used. I. E, how valuable is it to users? I noticed they are absent from today's update. Any reason why no reports of those? Either one? Not sure why we're there asking. Yeah. They they're they're not intentionally absent. No. It's quite interesting, actually. We we I I think these are actually a good story, and and and, yeah, maybe we should have we should have put them in. I did some calculations this morning. And in in the month of September, which is, as we know, not yet finished, there are over 7,300 videos that have been made and exported out of the platform. So it's it's and and that's just increasing really quickly. Last week alone, there were two and a half thousand. So it's it's it it we don't have that in the in the in the numbers, but I would say that it's a it is it is really showing its value to users. I think it's fair to say as well. Those numbers are obviously sort of top level KPIs, but we see the traffic in general on everything from storage used and processing power used and just general activity across the board. There's no question that the platform is getting busier and busier and busier.

45:30 It is definitely, you know, definitely more is going on continually on a on a on a on a rising scale. Question about the realistic size of your revenue in The UK marketing professionals market, your ICP. How many marketing pros are there in this are there in The UK? What is your target for percentage of this market signing up for free? What is the percentage of those who are paid? I mean, when we look at the we we know from what we're seeing so far that conversion paid for that segment is about twice the rate of obvious and content creators. I think we gave the sizing for that in the annual agent. We have to go back to the numbers in that deck. I think it was around 200,000. 200,000 teams. Yeah. 200,000 teams.

46:22 And so we we're, I I guess, still working through exactly kind of what was realistic for that in terms of the percentage uptake. But we do definitely see that they convert to paying just a higher rate. Thank you very much. Sumit, can you talk about the sector use of AI assistant agents in terms of what marketers are asking for on that front? Do you see Elevate involved in AI systems in 2027 to improve productivity? So as I said, we are going to be incorporating AI tools, both AI assist for just one off little bits. Remember, AI has already been used for things like the subtitling tool, the voice reduction tool. But the most exciting bit is probably how AI can be used, just you know, there's these day to day sort of good housekeeping style useful uses.

47:14 But, of course, that slightly broader use, I. E. Being able to take AI and have it generate something, whether that's graphics or other video content or actually do the assembly. All of that we're looking at. And do we do it from within our product or an agent on the outside sort of talking to our product? We obviously wanna bring as much of the experience as we can in house, so we want it to be if if you look at some of the very early designs of of Elevate going back to, you know, 2002, we did have this sort of AI assist button that we believe would be a good thing to have in different parts of the product to actually help you just get by with day to day stuff. But, of course, the world has changed. And, you know, since then, the LLMs have really grown in their capability, and we definitely want to embrace that as well and have it so that, you know, we haven't named our AI agent yet, but there will be a AI agent, Squires, or someone else who's running alongside you during your edit and able to, you know, let you keep get assist you in getting the whole thing together.

48:13 Excellent. What is your target for CAC, ARPU, LTV, and churn? I I we're not publishing every single piece of of data right now, Colin, but each time that we do a presentation, we'll try and give you a little bit more in terms of in terms of this, a bit more color. I think this time, we've given given a few new numbers, a few new types of numbers, and we'll continue to do that and and as we as we learn more ourselves. We very quickly acquired our first 100,000 users. Indeed, this was when the product was inferior. How do we acquire such a large number but have only had a modest increase in total users from that initial acquisition? I think most of this, Reese, is down to to geography. When we very first started marketing the product, we did a lot of India and Philippines experimentation.

49:04 We brought a lot of users on from there who didn't really convert to pay. Since then, we've already focused down doubled down on The US and The UK, which is obviously a different price range in which to acquire, but obviously have a much higher propensity to pay. So that's that's probably the main the main reason for that. Should you conduct this is a long one. Should you conduct another placing to raise growth capital in the coming months, would you consider using the recently introduced AIM capital access window where shares are temporarily suspended during the block booking process? This seems particularly suitable for volatile AIM quoted stocks such as Blackbird where the market price up or falls due to the placing. During the placing process, the dampening demand for the placing and and resell off the shares.

49:50 Take a look at Reynolds. Thank you very much. I'm gonna go read the rest of it. Tim, that's a a very interesting point. We'll absolutely take that in consider into consideration. Thank you very much. William, have you had any affiliate success yet? And is there scope to make the offer more attractive? For example, three year instead of one year and to be able to make the offer a more offer that customers will reduce rate, 8010% off for the first year. Affiliates not only useful to add add users, but also to gain product exposure. I guess that's a question to one of them. Yeah. I mean, it's an affiliate is something we've kind of experimented very early with so far and something that we're definitely looking at to move forward. And, yeah, we'll be looking at all of that in due course.

50:37 Okay. Question from Gerard. Have you talked to private equity about taking a strategic stake in Elevate? I think the market needs that relative confidence. Why is this being delayed? Jared, once we have more news about what we will do in terms of in terms of funds, we'll we'll let you know. Don't think it's it's our time place to to talk about this, but I would think that private equity would, like anything, we would keep our options open. What difference should we expect in terms of decision making and the direction of the company with Summit moving from position of m d m d of Elevate to being on the main board? Well, I think some deep knowledge and sense of the of the board table will be much welcomed. Other than that, nothing nothing else planned at this stage.

51:24 Are you more focused on The UK team users rather than The USA team users? What is the marketing balance between the two geographical markets? The majority actually comes from The US at the moment. That's a bigger market of the two. Can you say more about what you're doing in terms of to appear in AI results? I think we'll probably cover that one off. Yeah. I covered that a bit earlier. Another question on the share price. I think we've covered that one off. You have over a 100,000 users, but very few people seem to discuss Elevate online. Why is this? What do you think? I mean, it depends on who those users are. Right? And I suppose what their kind of circles of influence are often as well.

52:14 Discussion on my isn't always positive, so not necessarily a bad thing. But we do see increasing kind of conversations happening on platforms like Reddit and within kind of closed communities that we that we monitor and are always looking at ways that we can contribute and influence those discussions. But, ultimately, that kind of activity happens with time as people start to experience the products and start to talk about it, which I think is where as the product has developed out over the course of this year, expect to see more and more of that happen. What does the team think the main thing or things that are holding back Elevate IO's growth from terms of well, over the summer, terms in from kind of the April to to middle of July, we were on a marketing freeze. We didn't we didn't we didn't do any paid advertising during that time. And since we started advertising again mid July, we can see that there's been a really sharp increase in in in growth. So I think at this stage, I will simply say the fact that we didn't market in in particular months.

53:15 And now that we are, I think the growth is looking really good. Congrats to Summit on his appointments to the board. Thanks, Nick. Will agents be able to access Elevate? I think you've Yes. Probably mentioned that one. Target CAC. We will get as I said, we'll start to get more information out as we go through, but at this stage, Summit, you spoke about eventually being able to speak to a prompt then creates a graphic. Will will that be in a forthcoming update? Not not immediately. It's a really important piece of the work there because, as ever, we know that the video generation market is quite saturated, and it's it's great. But it and it's it's it's good for Hollywood. It's good for fun and games, but it doesn't necessarily help marketing teams, you know, necessarily. We know that the broader market that we're after will benefit more likely from AI to graphics, and that's something that we've been working quite a lot on. And it's an area that others aren't working so much on, so it's a great opportunity for us.

54:17 Yeah. In in the spirit of this, I'll read this next question out. Ian, please ignore the trolls. You're doing a great job, but please genuinely consider other financing options other than dilution. I believe a lot of people are holding back from investing as the Fed are being diluted at lower and lower share point share price points. Is it is revenue financing an option option for funding the next working push for elevate.io? Well, thank you, Joseph. I appreciate your comments. And as I say, when we've we will consider all options and when we've got some news, we'll let you know. Can we consider any further board investment during the open current open period? Very possibly. Yeah. Very possibly. When can we expect the next feature drop? I'm excited.

55:03 We we do feature drops every week. So there are some really important ones which are coming through. You'll the underpinnings of text are actually going through at the moment. So, you may not notice anything different, but there is actually quite a lot of major things going on under the under the hood. Actually, it's really important to also make the point that we're you know, this time a year ago, we still had a lot of unknowns around how we were gonna do things. Just like, you know, lots of companies, we until you've done it, you don't know. And what we are glad and and Steve and I talk about this a lot. What we're really glad about is we've solved a huge amount of the problems that we needed to to be able to do the things we need to do. So we now we still don't know what we don't know, but we we least answer the things that we knew we didn't know about. And there was always confidence going into this that we can build an online video editor.

55:51 What there wasn't you know, what there were still unknowns around was exactly how we would handle some of the things which we knew we would need, like graphics, like better text, like animations, like other integrations. And I'm really pleased to say we have definitely have a handle on all of the major aspects of what we're doing. Now, of course, when we started out, LLMs weren't a major thing, for example. So we know that the market's gonna change, and I'm not saying that there aren't things that will crop up that we will then, of course, need to go and figure out how to do. But we are in a position where everything that we want to do, we know how to do. We just need to do it and and and do the cycles and keep improving. And as I mentioned earlier, every time we add something, we don't expect an overnight flurry of, you know, huge boost of users.

56:39 Everything is just an additive improvement that just widens that conversion number more than anything. And, of course, with that, and especially with things like text, when there's more of a complete package, that's when we do expect more commentary around what we are as a tool because at the moment, it's still just a little bit too niche. But, of course, in due course, when we do make these future drops, there'll be a a real increase. Thanks, Simon. Coming from GR, Ian, are you in awe at the ADVFN warriors record of being unbeaten at hide and seek? Yes. Indeed. I am in awe of it. It's amazing how hidden hidden people could be sometimes. Right. Okay. So is the player ever going to be launched? Yes.

57:24 It will be eventually, and I've discussed this with Summit for many years. The Elevate product is such a big product that we focused on that on the editor specifically. But it's always in the Elevate roadmap. It's always been to have distribution as part of the solution. And the player or technology from it will be a big part of that. Obviously, the whole of Elevate is based on the player, so people are seeing it. But a specific thing that is further down the line, In the meantime, we use it for development. It's actually available in the product as a beta, and quite a few people use it for their own purposes. But it's not it's not the thing that we're doing next in Elevate as a standalone product.

58:11 There's a couple of questions on targets here, which we we will get when we get to the point where we're we feel more confident, we will put those targets out, but we're we're not there yet. So I'll read them all out. But, yes, standby for that. You mentioned oh, yeah. Yeah. So how is the infrastructure coping with the increased demand? No problem at all. We use AWS as our as our as our host. If we are saturating AWS, then that's a great problem to have. It won't happen. We're we're standing up really well. This product was designed to scale. We've obviously made sure that we had things in place, and we continue to improve. So a big part of the improvement has had to go in ahead of the graphics work we should be gonna see drop is, for example, our move towards doing some of the processing in the service side of GPUs for things like export.

59:05 So that's gonna get faster for the end users. It will get cheaper for us. So that's actually an important one is that whilst our usage of the data center is going up and the amount of activity we have, the cost is actually going down. So we're getting more efficient. We're getting better able to handle the load that we have to do. And, obviously, as time goes on, we will be continually sort of tuning the way that we do things to make sure that our cost base goes down even if the usage is just really going up. It's worth mentioning just a couple of things. When we did the original cloud, we would increase efficiency instead of increased capacity. So we were sort of pretty well on the same capacity as the usage doubled and doubled and doubled. And now we're starting to apply that principle and some of the technology into Elevate.

59:53 But it's not just a question of just paying twice as much to get twice as many users. There's dozens and dozens of incremental improvements to the efficiency. And as Sumit says, more efficiency also means more responsive and better performance, better experience. And well, I mean, AWS isn't gonna run out of capacity, but we've got a lot of efficiency improvements we can add, and we've been doing that as the usage has risen. Thanks, Steven. Yeah. It's a very good new story in that area, I have to say. Question from Dan. Ness, I'm a big fan of your work. On the upcoming feature summit, talked about which, based on your research, do you expect to have the most impact? I what has what's the most in demand? I think the text animation work that that's coming up is gonna be really interesting.

1:00:43 You know, we talk a lot about the proposition of Elevate. Well, kind of one aspect of Elevate's proposition being the fact that it brings a lot of the elements that you need to create great video into one kind of user experience, kind of one world. And text animation is a great example of that, where currently people are using kind of separate caption apps, a lot of which are completely, you know, really not as good as they look like they could be. And actually, what the team built in Elevators is is amazing. And I think that gives us quite a good opportunity to really push on that part of the proposition. The other aspect that we know from from the research that we've been doing with users, and this spans quite a lot of different types of people personas user personas is that the other great thing about Elevate being raz based, kind of very easy and intuitive to use, and the combination of different kind of parts of the tooling process for video creation is that it gives people more kind of freedom to be creative and to content rather than kind of having to manage tools and systems and clunky connections and things like that. And whilst there's a lot of, you know, there's the rise of the template based editors like CapCut and so forth in the market. Actually, a big frustration with those is that you're kind of shoehorned into a particular way of creating video or working from templates, whereas Elevate gives you a way to create whatever you have in your mind easy and simply with the with the toolset available. But at the end of the day, you're building from scratch with it whatever you have as your vision.

1:02:12 I think, again, text innovations is another way that we can really extrapolate out that proposition. So I think that's really exciting. Thank you, Ines. Question from time zone. What are the nets doing? We never see them or hear anything about them. We're gonna I can assure you they're very much there. They they attend all the board meetings, and they offer their expertise in the in the various areas that they they have experience in. Nick Lisher is a is a currently the CMO at Nextdoor, a NASDAQ listed company. And and and Yuri has had experience extensive experience at YouTube and Google. So both of them bring a fair amount of value at board meetings. Of course, their roles are not just purely as advisers, but also if they have fiduciary duties as well, which they which they are they fulfill.

1:03:04 Steven, do you wanna expand on it? Yeah. I mean, they're around if you need to talk to them. Many committees that need any deeds on them under a rules, but they're not running the company. You You know, know, their job is to advise and to keep an eye on things. So that's what they do, and that's probably why you don't see them so much because it's behind the scenes work. Yeah. Good. Another question about the board with other changes. No. No other changes are planned at this stage. Question from Gerard. If there are 200,000 used target teams in The UK, what is the equivalent of The US number? I don't don't have that number at hand. Maybe we can follow-up. Yeah. Okay. Your slide mentioned the new YouTube channel. What will that do to create views?

1:03:54 What will that do to create views? I I guess I assume that means what are we gonna be doing Yeah. For that channel. The idea is that we'll we'll have a mixture of different content format and and and particularly kind of voices to that channel. So one of the key things that we want to do with that is to start to bring other names, faces, voices into our world to help us expand the reach of our content and the story of Elevate. So we're it'll be a combination of kind of interviews and content that we create with other kind of industry players. We'll also be leveraging kind of customer case studies and stories on theirs and and kind of opening up the window into how people create videos and content and kind of share their tips and advice, and particularly the use case of using Elevate. So we'll be trying to find lots of different kind of niches and pockets of opportunities to capitalize on the active intent in YouTube. And as I said before, YouTube is quite a big contributor to asset citations and kind of AI and LLM discoveries. So we'll be looking at opportunistic ways to do that as well in terms of what keywords we want to capitalize on and therefore create content for that. Thank you very much.

1:05:08 Another question for you. Think in terms of to help retain new users, what are we doing to ensure they're aware of the upcoming product features? So we have a couple of different we sort of have a a bit of a playbook that we run through when we launch new product features, which includes kind of announcing directly to current users. We segment through email and in product kind of notifications or feature discovery. And then we broaden that out into kind of more wider publication and broadcast news in terms of updating elements of our website, looking for any kind of search or keyword opportunities off the back of those, and also using our kind of primary end channels, social, etcetera, to publish those announcements. Yeah. Thanks. Another one for you, Ness. Can can please, Ness, talk about how we actively market to our large email list, e g upselling, not just sending occasional product updates?

1:06:03 Yeah. Absolutely. It's it's we do quite a lot on email. A big push over the last few months has been around really understanding that user base and getting better with segmentation of those announcements and updates so that we're not just sending kind of blast broadcast comes to the whole list, which is actually which can actually damage, you know, deliverability and things like that. But being starting to get smarter with who we email, what we communicate with them. So every month, we have kind of a new we look at our strategies for that, kind of what we're gonna prioritize next. So, yeah, quite a lot going on there. Great. Thanks. There's other funding question there, which I think we've answered. You talked about reducing staffing levels. Have you reduced engineer numbers to save costs?

1:06:54 We've certainly taken a disciplined approach to to our cost base over the last few years, which has which has resulted in a number of rounds of production. We don't intend to reduce any further. We have a we we have right sized the team, and and and I think that's it's in a good place. Okay. Next any more to add there? Yeah. Nope. That's good. Great post from a video editing company found out in LA if you didn't see it. Thanks, Grant. You're always very good at these things and tend to send us these these links. I really appreciate it. I've tried Elevate I io before. It's by far the most impressive proxy codec I've ever experienced. I love the responsiveness of how it runs in the browser. Thanks, Grant. That's it's really good to hear that. Are the marketing team aware of elevate.io's key selling point that the editors' owners of the footage keep the copyright of their IP as opposed to offering other offerings like CapCut?

1:07:48 Yeah. We we actually have seen kind of several different spikes, and we have kind of keywords and campaigns around competitors, and CapCut's one of them, Google Ads campaigns, probably one of our top performing ones probably for that reason. Okay. Great. Thank you. And this question from Reese. A barrier for small smaller hobbyist creators in using Elevate against social sites such as Instagram. Is the real music catalog available? Epidemic has excellent, if not mostly unknown artists. Will Elevate have access to mainstream artists if it's just for one minute? These artists allow the same Instagram does. I've done testing on my own content when well known artists from Instagram's vast catalog compared to epidemics. In every case, the engagement was higher. Question. We don't have a deal with any music library able to do that. The way it works very differently within something like Instagram where they're able to reuse known music.

1:08:43 So it's it's a bit of a harder one for us to do, actually. It's just not possible without licensing known music, which is incredibly complicated to do. So we are unlikely to introduce that. There are other libraries that we did talk to a while ago about that, but it's not necessarily something that's right for us at this time. It's not you know? People can also license that music from another library that has well known music. You can bring it into Elevate and make it part of their edit. So it's not prohibitive to do that, but we're not a platform, so we don't have the ability to directly assign that Yeah. We did we did explore it, and and and one of the platforms we talked to would do this on our behalf, but only for certain platforms that it would go on to. So maybe it was YouTube or maybe it was another another platform.

1:09:28 The fact is that we give complete freedom to our users to to to to publish anywhere. So, therefore, it's it's impossible to do that. Okay. That was a that was a lot of fun. I think we're at the end of the questions. Over to you, Jake. Absolutely, guys. And thank you very much indeed for being so generous of your time then addressing all of those questions that came in this morning. But, Ian, perhaps before really now, just looking to redirect those on the call to provide you their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments just to wrap up with, that'd be great. Yeah. Well, I think we've done a lot of wrapping up. But I'll just say that we're just delighted with the way that the marketing and the product team are working together to deliver the growth that we've seen over the last few months, and long may it continue. Thank you very much. Ian, that's great. And thank you all once again for updating investors this afternoon. Could I please ask investors not to close this session as you will now be automatically redirected for the opportunity to provide your feedback?

1:10:25 On behalf of the management team of BLACKBIRD PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.