Cineverse Corp (CNVS) 2025 Q2 法說會逐字稿

Good day, everyone. Welcome to Cineverse Corp, second quarter, fiscal 2025, Financial results conference call. My name is Makaya and I will be your operator today.

大家好。歡迎參加 Cineverse Corp 2025 財政年度第二季財務業績電話會議。我叫 Makaya，今天我將成為您的接線生。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to your host, Gary Loffredo, Chief Legal Officer, Secretary & Senior Advisor for Cineverse. Please go ahead.

現在我想將電話轉給主持人加里·洛弗雷多 (Gary Loffredo)，他是 Cineverse 的首席法務官、秘書兼高級顧問。請繼續。

Good afternoon, everyone. Thank you for joining us for the Cineverse fiscal year 2025, second quarter, Financial results conference call.

大家下午好。感謝您參加我們的 Cineverse 2025 財年第二季財務業績電話會議。

The press release announcing Cineverse results for the fiscal second quarter ended September 30, 2024, is available at the investors section of the company's website at www.cineverse.com.

宣布 Cineverse 截至 2024 年 9 月 30 日的第二財季業績的新聞稿可在該公司網站 www.cineverse.com 的投資者部分取得。

A replay of this broadcast will also be made available at Cineverse website after the conclusion of this call.

本次電話會議結束後，也將在 Cineverse 網站上提供本次廣播的重播。

Before we begin, I would like to point out that certain statements made on today's call contain forward-looking statements these statements are based on management's current expectations and are subject to risks uncertainties and assumptions. The company's periodic reports that are filed with the SEC describe potential risks and uncertainties that could cause the company's business and financial results to differ materially from these forward-looking statements.

在開始之前，我想指出，今天的電話會議中所做的某些陳述包含前瞻性陳述，這些陳述是基於管理層當前的預期，並受到風險不確定性和假設的影響。該公司向美國證券交易委員會提交的定期報告描述了可能導致該公司的業務和財務表現與這些前瞻性陳述有重大差異的潛在風險和不確定性。

All of the information discussed on this call is as of today, November 14, 2024, and Cineverse does not assume any obligation to update any of these forward-looking statements except as required by law.

本次電話會議中討論的所有資訊均截至今天（2024 年 11 月 14 日），除非法律要求，否則 Cineverse 不承擔更新任何這些前瞻性聲明的義務。

In addition, certain financial information presented in this call represent non-GAAP financial measures and we encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures in our earnings release carefully as you consider these metrics.

此外，本次電話會議中提供的某些財務資訊代表非 GAAP 財務指標，我們鼓勵您在考慮這些指標時仔細閱讀我們的收益報告中適用的 GAAP 指標的揭露和調整表。

I'm Gary Loffredo, Chief Legal Officer and Senior Advisor at Cineverse.

我是 Cineverse 首席法務官兼高級顧問加里·洛弗雷多 (Gary Loffredo)。

With me today are Chris Mcgurk, Chairman and CEO, Erick Opeka, President and Chief Strategy Officer, Tony Huidor, Chief Operating Officer and Chief Technology Officer, Mark Lindsey, Chief Financial Officer, Mark Torres, Chief People Officer and Yolanda Macias, Chief Content Officer. All of whom will be available for questions following the prepared remarks on today's call. Chris will discuss our fiscal 2025, second quarter highlights the latest operational developments, outlook and long-term strategy. Mark will follow with a review of our results for the fiscal second quarter ended September 30, 2024, and Eric will provide some detail on our streaming business results and operating initiatives before we open the floor to questions.

今天與我在一起的有董事長兼執行長Chris McGurk、總裁兼首席策略長Erick Opeka、營運長兼首席技術長Tony Huidor、財務長Mark Lindsey、首席人力長Mark Torres 和首席內容長Yolanda Macias官。在今天的電話會議上準備好發言後，所有人都可以回答問題。Chris 將討論我們 2025 財年第二季的重點最新營運發展、前景和長期策略。隨後，馬克將回顧我們截至 2024 年 9 月 30 日的第二財季業績，埃里克將在我們開始提問之前提供有關我們的串流業務業績和營運計劃的一些詳細資訊。

I will now turn the call over to Chris Mcgurk to begin.

現在我將把電話轉給克里斯麥格克開始。

Thanks Gary and thanks everyone for joining us today.

感謝加里並感謝大家今天加入我們。

We reported a very strong second quarter of growth and financial improvement. Even without recording a single dollar of financial results from our usually successful box office hit Terrifier 3 where we control all domestic rights in the US and Canada in which we released after the close of this quarter. We grew our revenues 20% versus last year in this quarter excluding the impact of our legacy digital cinema business. In addition, we grew our revenues by 40% versus our last reported quarter ended June 30, showing strong sequential business momentum.

我們報告了第二季度的成長和財務狀況非常強勁。即使沒有記錄我們通常票房成功的《恐怖片 3》的一美元財務業績，我們也控制著美國和加拿大的所有國內版權，該片是我們在本季末發行的。排除傳統數位影院業務的影響，本季我們的營收比去年成長了 20%。此外，與截至 6 月 30 日的上一季報告相比，我們的營收成長了 40%，顯示出強勁的連續業務勢頭。

We also exceeded our previously stated operating goals with a margin of 51%. Continue to significantly reduce our SG&A and also generated positive adjusted EBITDA of more than $500,000.

我們也以 51% 的利潤率超出了先前設定的營運目標。繼續大幅減少我們的 SG&A，並產生超過 500,000 美元的正調整 EBITDA。

We beat our analyst consensus guidance on every key financial metric. Additionally, all our key operating metrics across our content licensing, technology, advertising, streaming and podcast businesses continue to grow significantly during the quarter which bodes very well for our continued future success. Mark and Eric will speak to all of that in just a few minutes. So now let me take some time to discuss what I know is the number one topic for most of our investors, the unprecedented success of our Terrifier franchise and what it means for Centre versus future.

我們在每項關鍵財務指標上都超越了分析師的共識指引。此外，我們內容授權、技術、廣告、串流媒體和播客業務的所有關鍵營運指標在本季度繼續顯著增長，這對我們未來的持續成功來說是一個很好的兆頭。馬克和埃里克將在幾分鐘內談到所有這些。因此，現在讓我花一些時間來討論一下我所知道的對我們大多數投資者來說最重要的話題：我們《恐怖分子》系列前所未有的成功，以及它對中心與未來意味著什麼。

Following the late 2022 success of our Terrifier 2 release, which surprised and shocked the film industry by achieving approximately $11 million at the domestic box office via a limited release on just the $250,000 production budget and a less than $500,000 marketing spend, which all resulted largely because the Cineverse very targeted fan based digital and social media marketing plan that leveraged our horror assets of screen box and bloody disgusting.

繼2022 年底我們的《恐怖分子2》上映取得成功之後，該片僅通過25 萬美元的製作預算和不到50 萬美元的營銷支出，通過有限上映就獲得了約1,100 萬美元的國內票房，令電影界感到驚訝和震驚，這一切都在很大程度上導致了因為 Cineverse 非常有針對性的基於粉絲的數位和社交媒體行銷計劃，利用了我們的螢幕盒子和血腥噁心的恐怖資產。

We set out to fully employ all the assets that we had built over the past few years to devise a new marketing and distribution strategy for Terrifier 3 that would take full advantage of the powerful fan-based entertainment ecosystem we now have in place as well as the strength of the film franchise itself.

我們著手充分利用過去幾年建立的所有資產，為《恐怖分子 3》制定新的行銷和發行策略，該策略將充分利用我們現有的強大的粉絲娛樂生態系統以及電影系列本身的實力。

Our marketing and release plan for Terrifier 3 worked brilliantly with its performance, stunning the industry even more than Terrifier 2 did released wide on over 2,500 screens on October 11, amidst many mega dollar production budget and mega dollar marketing spend major studio releases. Terrifier 3 open to number one at the domestic box office with almost $19 million in ticket sales. Supplanting Joker: Folie a Deux to become the top performing film in America.

我們對《恐怖分子3》的營銷和發行計劃表現出色，其表現甚至比10 月11 日在2,500 多個銀幕上廣泛發行的《恐怖分子2》更令業界震驚，而主要工作室發行的製作預算和行銷支出均高達數百萬美元。《恐怖份子 3》以近 1,900 萬美元的票房收入位居國內票房第一。取代《小丑：雙人舞》成為美國表現最好的電影。

The film has now rolled on to record more than $54 million at the domestic box office and is now the number one performing unrated film of all time, taking over the top spot from the previous record holder Renaissance: A Film by Beyoncé.

目前，該片的國內票房已超過 5,400 萬美元，成為有史以來票房排名第一的未評級電影，取代了先前紀錄保持者《文藝復興：碧昂絲的電影》的榜首位置。

We accomplished this by effectively employing every asset in Cineverse ecosystem to mobilize the horror fan base to come out and see the movie in theatres.

我們透過有效利用 Cineverse 生態系統中的每一項資產來動員恐怖片粉絲到戲院觀看這部電影來實現這一目標。

Fully utilizing our Matchpoint technology, our streaming channel portfolio with over 80 million monthly viewers, our social media footprint including Bloody Disgusting and our Top10 podcast network in an incredibly cost efficient way to build awareness and interest for an audience that then came out to see the movie in droves. Because we so effectively employed this ecosystem to identify and mobilize fans to see Terrifier 3 in theatres. We spent well under $1 million in out-of-pocket cost to market the movie.

充分利用我們的Matchpoint 技術、我們每月擁有超過8000 萬觀眾的串流媒體頻道組合、我們的社交媒體足跡（包括《Bloody Disgusting》）和我們的Top10 播客網絡，以極其經濟高效的方式為觀眾建立意識和興趣，然後他們就會出來觀看電影成群結隊。因為我們非常有效地利用這個生態系統來識別和動員粉絲到戲院觀看《恐怖份子 3》。我們為這部電影的營銷花費了遠低於 100 萬美元的自付費用。

A number that has astounded the industry particularly since we released the film among major studio releases with marketing budgets well north of $20million to $30 million and in the case of Joker, probably more than $100 million in marketing spend worldwide, on top of a reported $190 million production budget. We calculate that our ecosystem most likely created over $5 million in media value to support our movie that involve no cash outlay on our part.

這個數字震驚了整個行業，特別是自從我們在主要製片廠發行這部電影時，其營銷預算遠遠超過2000 萬至3000 萬美元，就《小丑》而言，全球的營銷支出可能超過1 億美元，據報道，製作預算 1.9 億美元。我們計算出，我們的生態系統很可能創造超過 500 萬美元的媒體價值來支持我們的電影，而無需我們支付任何現金支出。

I've personally been involved in the release of at least 500 films in my career, both major studio releases and independent films and the box office revenue to cash marketing spend ratio for Terrifier 3 is exponentially higher than any result I have ever seen.

在我的職業生涯中，我個人參與了至少500 部電影的發行，其中包括大型製片廠發行的電影和獨立電影，《恐怖分子3》的票房收入與現金行銷支出的比率比我見過的任何結果都要高得多。

The performance of Terrifier 3 is truly in a class by itself. And the industry has taken note of that in a big way. We believe that the record setting performance of Terrifier 3 is strong evidence that Cineverse ecosystem of assets has established a potential new blueprint for releasing films theatrically in a much smarter, cost effective and risk advantage manner than anything ever attempted in this space before.

《恐怖者3》的性能確實是一流的。業界已經在很大程度上註意到了這一點。我們相信，《恐怖分子3》創紀錄的表現有力地證明了Cineverse 資產生態系統已經建立了一個潛在的新藍圖，以比該領域以往任何嘗試都更智能、更具成本效益和風險優勢的方式在院線發行電影。

We believe this can be a major advantage going forward for independent films, filmmakers and even for the major studios, if the majors choose to rethink their spending plans from the ground up like Cineverse did for both of the Terrifier movies.

我們相信，如果各大電影公司選擇從頭開始重新考慮他們的支出計劃，就像Cineverse 對兩部恐怖片所做的那樣，這對於獨立電影、電影製片人甚至大型電影公司來說都是一個重大優勢。

Our studio competitors also do not have the powerful and complete combination of targeted streaming channels, passionate fan bases that view our channels more than 80 million times per month wide, social media footprints and influencers like Bloody Disgusting, a top10 podcast network and targeted Matchpoint advertising technology that we do.

我們的工作室競爭對手也沒有強大而完整的組合，包括有針對性的串流媒體頻道、每月觀看我們頻道超過8000 萬次的熱情粉絲群、社交媒體足跡以及像Bloody Disgusting 這樣的影響者，排名前十的播客網絡和有針對性的Matchpoint 廣告我們所做的技術。

We just resoundingly demonstrated the power of that ecosystem to the rest of the industry by fully leveraging our integrated assets to do what almost everyone in the entertainment business thought was impossible.

我們只是透過充分利用我們的綜合資產來完成娛樂業中幾乎每個人都認為不可能的事情，從而向行業其他公司充分展示了該生態系統的力量。

Open to number one and then go on to earn more than $54 million at the box office and still going for less than a $1 million marketing step. That previously unheard of in the movie business is creating a lot of interest from independent producers and other studios to try to generate similar theatrical performance results utilizing Cineverse ecosystem in the same manner as Terrifier 3, not just in horror, but in other genres where we have strong footprints and fan bases like family films, female oriented films, animation and anime.

打開第一名，然後繼續賺取超過 5400 萬美元的票房，並且仍然進行不到 100 萬美元的營銷步驟。這在電影業中是聞所未聞的，這引起了獨立製片人和其他工作室的極大興趣，試圖以與《恐怖分子3》相同的方式利用Cineverse 生態系統產生類似的戲劇表演結果，不僅是恐怖片，而且是我們在其中的其他類型。

This could create an entirely new profit line for us. And of course, we plan to utilize this successful release blueprint for Cineverse own releases as well. Our recent announcement that we're going to distribute the remake of the controversial horror film classic Silent Night Deadly Night, for which we have worldwide rights at the end of this year is a testament to that point.

這可以為我們創造一條全新的利潤線。當然，我們也計劃將這個成功的發行藍圖用於 Cineverse 自己的發行。我們最近宣布，我們將發行備受爭議的經典恐怖電影《平安夜：致命之夜》的翻拍版，我們將在今年年底獲得該片的全球版權，這證明了這一點。

I also want to emphasize that having two really great movies and Terrifier 2 and 3 that resonated strongly with both critics and audiences alike had an overriding impact on the success of both films. So our hats are off to director writer Damien Leone, producer Phil Falcone and the entire Terrifier creative team for their vision, their understanding of their audience and their creative genius to power these films.

我還想強調的是，兩部非常出色的電影以及《恐怖分子2》和《恐怖分子3》引起了評論家和觀眾的強烈共鳴，這對這兩部電影的成功產生了壓倒性的影響。因此，我們向導演編劇達米安·萊昂內、製片人菲爾·法爾科內以及整個恐怖片創意團隊致敬，他們的遠見、對觀眾的理解以及為這些電影提供動力的創意天才。

So what's next for Terrifier 3, the film will soon be distributed into the digital and DVD/BluRay markets in our current fiscal third quarter with a streaming pay TV release. Following that, our distribution costs for these ancillary markets are extremely small. So we expect a very high margin return and significant profits from these post theatrical channel releases. Terrifier 2 has also had a strong rebirth in digital sales due to all the activity around the release of Terrifier 3 underscoring the Evergreen Power of the Terrifier franchise yet again.

那麼《恐怖份子 3》的下一步計畫是，該電影很快就會在我們目前的第三財季透過串流媒體付費電視發行到數位和 DVD/藍光市場。其次，我們在這些輔助市場的分銷成本非常小。因此，我們預計這些院線後頻道發行將帶來非常高的利潤回報和可觀的利潤。由於圍繞恐怖分子 3 發行的所有活動再次強調了恐怖分子系列的常青力量，《恐怖分子 2》在數位銷售方面也取得了強勁的復興。

Additionally, we're planning a Christmas reissue of Terrifier 3 in the box office with added features to attract the fan base yet again. Like every major independent and major studio, we do not disclose profitability on individual films for competitive reasons and also for participant non-disclosure reasons.

此外，我們還計劃在聖誕節期間重新發行《恐怖分子 3》的票房，並添加更多功能以再次吸引粉絲群。與每個主要的獨立電影公司和大型電影公司一樣，出於競爭原因以及參與者保密的原因，我們不會透露個別電影的獲利能力。

However, it's obvious that Terrifier 3 will be extremely profitable, and we have a very significant positive impact on our financial results beginning in our next reported quarter. For instance, we more than recovered our total acquisition and marketing investment in the film from our share of theatrical revenues alone in just the first 48 hours of release.

然而，很明顯，《恐怖份子 3》將獲得極高的利潤，並且對我們從下一個報告季度開始的財務表現產生非常顯著的正面影響。例如，僅在上映的前 48 小時內，我們就從院線收入份額中收回了影片的總收購和行銷投資。

And we expect to book more than 20 million in theatrical revenues by December 31, which represents our share of domestic box office, which we split with theatrical exhibitors.

我們預計到 12 月 31 日，院線收入將超過 2,000 萬美元，這相當於我們與院線放映商分享的國內票房份額。

On top of that, we will be recording the very significant high margin revenues from the ancillary markets that I just mentioned plus potential revenues from our screen box streaming channel in our fiscal third quarter ending on December 31, and then in the mini quarters beyond that. Suffice it to say that this film is probably the highest ROI film I've ever been involved with and our investors will begin to see that very soon.

最重要的是，我們將在截至12 月31 日的第三財季以及之後的迷你季度中記錄我剛才提到的來自輔助市場的非常可觀的高利潤收入，以及來自我們的屏幕盒流媒體頻道的潛在收入。可以說，這部電影可能是我參與過的投資報酬率最高的電影，我們的投資人很快就會開始看到這一點。

The cash impacts from this wildly successful release will also provide a significant balance sheet upside Cineverse. It has been our goal to achieve a sustainable self-funding balance sheet for our ongoing operations.

這次大獲成功的發行帶來的現金影響也將為 Cineverse 的資產負債表帶來顯著的成長。我們的目標是為我們的持續營運實現可持續的自籌資金資產負債表。

We believe Terrifier 3 advances that agenda by miles. And as such, we have no plans to raise outside equity capital to support our current operations in the foreseeable future.

我們相信《恐怖分子 3》大大推進了這項議程。因此，我們沒有計劃在可預見的未來籌集外部股本來支持我們目前的業務。

And with that, I'll turn things over to mark.

有了這個，我會把事情交給馬克。

Thank you, Chris. As Chris mentioned, we had an exceptionally strong quarter allowing us to exceed analyst consensus guidance for revenue, net income, net income per share and adjusted EBITDA. For our second fiscal quarter ended September 30, 2024, Cineverse reported total revenues of $12.7 million compared to $10.6 million in the prior year period or a 20% increase when excluding the $2.4 million of non-recurring noncash revenues from our legacy digital cinema business from the prior year quarter.

謝謝你，克里斯。正如克里斯所提到的，我們的季度表現異常強勁，使我們超越了分析師對營收、淨利、每股淨利和調整後 EBITDA 的共識指引。截至2024 年9 月30 日的第二財季，Cineverse 報告的總收入為1,270 萬美元，而去年同期為1,060 萬美元，如果不包括我們傳統數位電影業務的240 萬美元非經常性非現金收入，則成長20%。

In addition, compared to our last quarter ended June 30, 2024, our revenues increased by $3.6 million or 40%. The 20% increase in recurring revenues in the current quarter was driven by a $0.7 million increase in streaming and digital revenue. Primarily due to a $1.6 million of revenue from the licensing of our Dog Whisperer with Cesar Millan content. A $0.6 million or 93% increase in our podcast and other revenue and a $0.8 million increase in our base distribution revenue.

此外，與截至 2024 年 6 月 30 日的上一季相比，我們的收入增加了 360 萬美元，即 40%。本季經常性收入成長 20%，主要得益於串流媒體和數位收入增加 70 萬美元。主要是由於我們的 Dog Whisperer 與 Cesar Millan 內容的授權獲得了 160 萬美元的收入。我們的播客和其他收入增加 60 萬美元，或 93%，我們的基礎發行收入增加 80 萬美元。

With the amazing performance of Terrifier 3, the continued double-digit growth of our podcast business improved content licensing opportunities and expected growth in our direct advertising revenues. We're expecting a material increase in revenue for our fiscal quarter ended December 31, 2024.

憑藉《恐怖分子 3》的驚人表現，我們的播客業務持續實現兩位數成長，改善了內容授權機會，並提高了我們直接廣告收入的預期成長。我們預計截至 2024 年 12 月 31 日的財政季度營收將大幅成長。

Eric will provide additional details on the operational drivers behind our financial results. As Chris mentioned, our direct operating margin for the quarter was 51% which exceeded our previously issued guidance of 45% to 50% for direct operating margins. Our improved direct operating margin is a direct result of our cost optimization initiatives referred to earlier. We expect our direct operating margin in future quarters to be in line with or exceed our previously stated targeted margins of 45% to 50%.

埃里克將提供有關我們財務業績背後的營運驅動因素的更多詳細資訊。正如 Chris 所提到的，我們本季的直接營運利潤率為 51%，超出了我們先前發布的 45% 至 50% 的直接營運利潤率指引值。我們提高的直接營業利潤是我們前面提到的成本優化措施的直接結果。我們預計未來幾季的直接營業利潤率將達到或超過我們先前設定的 45% 至 50% 的目標利潤率。

SG&A expenses decreased $0.5 million or 7% for the second quarter compared to the prior year quarter. Again, this improvement is the result of our continued focus on cost optimization initiatives that we've been discussing over the last year and a half. Over the last six quarters, we've decreased our SG&A expenses from an average of $9.2 million per quarter for fiscal year 2023 to $6.4 million this quarter for an annualized savings of $11.4 million.

與去年同期相比，第二季的 SG&A 費用減少了 50 萬美元，即 7%。同樣，這種改進是我們持續關注過去一年半以來一直在討論的成本優化計劃的結果。在過去的六個季度中，我們將 SG&A 費用從 2023 財年的平均每季 920 萬美元減少到本季的 640 萬美元，年化節省了 1,140 萬美元。

For the remainder of fiscal year 2025, we expect our SG&A expenses to remain relatively flat and continue to decline as a percentage of revenue as we continue to focus on our cost savings initiative and leveraging our offshoring opportunities in Cineverse Services India.

在 2025 財年剩餘時間內，我們預計 SG&A 費用將保持相對平穩，並在收入中所佔比例繼續下降，因為我們將繼續專注於成本節約計劃並利用 Cineverse Services India 的離岸外包機會。

Adjusted EBITDA for the quarter was $0.5 million compared to a negative $0.1 million for the same quarter last year, when excluding the $2.4 million of prior year non-recurring noncash revenues from our legacy digital cinema business discussed previously.

本季調整後 EBITDA 為 50 萬美元，而去年同期為負 10 萬美元，其中不包括先前討論的傳統數位影院業務中 240 萬美元的上一年非經常性非現金收入。

We had $2.4 million in cash and cash equivalents on our balance sheet as of September 30, 2024 and $4.7 million outstanding on our $7.5 million working capital facility with an additional $2.7 million available capacity. During the quarter, our cash flows used in operations was a negative $0.7 million of which $0.7 million was related to investments in our content portfolio via advanced and or minimum guarantee payments. When excluding our content portfolio span during the quarter, our cash flows provided by operations was break even we expect to be operating cash flow positive for the full fiscal year 2025.

截至 2024 年 9 月 30 日，我們的資產負債表上有 240 萬美元的現金和現金等價物，750 萬美元的營運資金貸款中未償還 470 萬美元，另有 270 萬美元的可用能力。本季度，我們用於營運的現金流為負 70 萬美元，其中 70 萬美元與透過預付款和/或最低擔保付款對我們的內容組合進行投資有關。當排除本季我們的內容組合跨度時，我們營運提供的現金流量達到收支平衡，我們預計 2025 年整個財年的營運現金流量將為正值。

I also want to remind everyone that our board of directors approved a one-year extension of our stock repurchase program. The program to purchase 500,000 shares now expires on March 1, 2025. During the quarter, we repurchased approximately 31,000 shares under this program, bringing our fiscal year-to-date share repurchases to 215,000 shares. As we discussed last quarter, we believe our stock was significantly undervalued at less than $1 per share with a market cap that was materially lower than our book value.

我還想提醒大家，我們的董事會批准將我們的股票回購計畫延長一年。購買 500,000 股的計劃現已於 2025 年 3 月 1 日到期。本季度，我們根據該計劃回購了約 31,000 股股票，使本財年迄今的股票回購數量達到 215,000 股。正如我們上季度討論的那樣，我們認為我們的股票被嚴重低估，每股不到 1 美元，市值大大低於我們的帳面價值。

As of the close of business yesterday, our stock price closed at $2.68 per share reflecting an approximate $42 million market cap which we believe is somewhat more representative of our true value.

截至昨天收盤，我們的股價收在每股 2.68 美元，反映了約 4,200 萬美元的市值，我們認為這更能代表我們的真實價值。

We believe that there's still material upside to our stock price based on the phenomenal results of Terrifier 3, the significant growth that we're realizing in our podcast and advertising lines of business and our technology initiatives, which are just beginning to take hold with that. I'll turn the floor over to Eric to discuss our strategic growth initiatives.

我們相信，基於恐怖分子 3 的驚人業績、我們在播客和廣告業務以及我們的技術計劃方面實現的顯著增長，我們的股價仍然有實質性的上漲空間，而這些技術計劃才剛開始紮根。我將請艾瑞克（Eric）討論我們的策略成長計畫。

Thank you, Mark.

謝謝你，馬克。

As we discussed last quarter, we focused on a few key strategies to drive our growth. This included expanding our streaming footprint, enhanced ad sales capabilities, opening up new distribution channels and investing in technology that supports everything we do. This quarter, we took solid steps in each area, building a foundation that aligns with our long-term vision.

正如我們上季度討論的那樣，我們專注於推動成長的一些關鍵策略。這包括擴大我們的串流媒體覆蓋範圍、增強廣告銷售能力、開闢新的分銷管道以及投資支持我們所做一切的技術。本季度，我們在每個領域都採取了紮實的步驟，為我們的長期願景奠定了基礎。

Now, while today's numbers don't yet capture the impact of Terrifier 3 which has performed far beyond expectations of theatres. We expect to see significant financial contributions from it through all lines of our business in the next quarter as Chris and Mark will detail. We're excited about what Terrifier 3 represents and how it reinforces our direction for Cineverse sustainable growth.

現在，雖然今天的數字還沒有反映出《恐怖份子3》的影響力，但它的表現遠遠超出了戲院的預期。正如克里斯和馬克將詳細介紹的那樣，我們預計下一季我們的所有業務線都會看到它的重大財務貢獻。我們對《恐怖分子 3》所代表的意義以及它如何強化我們 Cineverse 永續發展的方向感到興奮。

On the streaming side to subscribers for the quarter were approximately $1.36 million, marking a 13% increase over the prior year quarter during the quarter. Anticipation for Terrifier 3 also fuelled renewed interest in Terrifier 2 on our platforms, with screen box subscribers growing approximately 7% in September alone.

本季的串流訂閱用戶約為 136 萬美元，比去年同期成長 13%。對《恐怖分子 3》的期待也重新激發了我們平台上對《恐怖分子 2》的興趣，光是 9 月份，Screen Box 訂閱者就成長了約 7%。

The film's viewership surged by 161% from August reaching 1.28 million minutes viewed across all internal platforms in September. On third party platforms like Amazon, the film has dramatically exceeded all expectations and new revenue sharing agreements we put in place on the franchise lead to significant low seven figure revenue streams on the title in the subsequent quarters from this quarter. We expect these films to be evergreen cash cows for the company for the foreseeable future.

該片的收視率較 8 月猛增 161%，9 月在所有內部平台的觀看時長達 128 萬分鐘。在亞馬遜等第三方平台上，這部電影大大超出了所有預期，而且我們在特許經營權上實施的新收入分享協議導致該片在本季度的後續幾個季度中的收入顯著低於七位數。我們預計這些電影在可預見的未來將成為公司的常青搖錢樹。

Our fast channels also saw remarkable growth this quarter with more than 2.32 billion minutes streamed during the quarter, up 40% over the prior year quarter.

我們的快速頻道本季也出現了顯著成長，本季串流播放量超過 23.2 億分鐘，比去年同期成長 40%。

September marked the second best month ever for our Dove channel with over 95 million minutes consumed just behind July and up over August typically a slow month of the year for fast. Our Bark Week channel that was recently launched this year continues to perform exceptionally, reaching an all-time high in September of over 129 million minutes viewed, marking seven consecutive months of growth. Even our reality focused channel So Real also hit record monthly highs and with programming changes, we see it on an outstanding trajectory to join our top performing channels.

9 月是我們 Dove 頻道有史以來第二好的月份，消耗了超過 9500 萬分鐘的時間，僅次於 7 月，高於 8 月（通常是一年中速度較慢的月份）。我們今年最近推出的 Bark Week 頻道繼續表現出色，在 9 月達到了歷史新高，觀看次數超過 1.29 億分鐘，標誌著連續七個月的成長。甚至我們專注於現實的頻道 So Real 也創下了月度新高，隨著節目的變化，我們看到它正處於加入我們表現最佳頻道的良好軌道。

Our podcast network has also become a critical piece of our revenue engagement strategy with ongoing rapid growth. Since last quarter we've expanded to 51 podcasts adding high profile shows that continue to broaden our audience reach. We're thrilled to have signed the Dead Meat podcast hosted by Chelsea Rebecca and James A. Janisse from the Dead Meat YouTube channel with more than 6.6 million subscribers. We're also integrating podcasts into our broader Cineverse brands such as RetroCrush, hosted by TikTok personality, Malcolm Crawford and Midnight Pulp in pre-production with Diana Prince known for the last Drive-in on Shutter.

隨著持續快速成長，我們的播客網路也已成為我們收入參與策略的關鍵部分。自上個季度以來，我們已將播客擴展至 51 個，並添加了備受矚目的節目，繼續擴大我們的受眾範圍。我們很高興能與由 Chelsea Rebecca 和 James A. Janisse 主持的 Dead Meat YouTube 頻道的 Dead Meat 播客簽約，該頻道擁有超過 660 萬訂閱者。我們還將播客整合到更廣泛的Cineverse 品牌中，例如由TikTok 名人馬爾科姆·克勞福德(Malcolm Crawford) 和Midnight Pulp 主持的RetroCrush，並與戴安娜·普林斯(Diana Prince) 一起進行前期製作，戴安娜·普林斯(Diana Prince) 因《Shutter 上的最後一場汽車影院》而聞名。

Our true crime show, Creepy Places hosted by John Grills of Creepy, which attracts 1.3 million monthly downloads is another stand out and our original podcast Mayfair Watchers Society has also returned for its second season after being named of Apple's top podcasts and ranking in the top 5% of most shared podcasts on Spotify.

我們的真實犯罪節目《Creepy Places》由《Creepy》的John Grills 主持，每月下載量達到130 萬次，是另一個亮點，我們的原創播客《Mayfair Watchers Society》在被評為Apple 頂級播客並名列前茅後，也迎來了第二季。

October was a record month with our podcast network reaching 15 million downloads and listens, placing us among the TOP10 largest podcast network globally. With this momentum, we're well positioned to achieve eight figure annual revenues in the midterm. Ad sales also performed well with booked revenue up over 60% over Q1 underscoring our successful focus on direct ad sales and premium pricing.

10 月是創紀錄的一個月，我們的播客網絡下載和收聽次數達到 1500 萬次，使我們躋身全球最大播客網絡 TOP10 之列。憑藉這一勢頭，我們完全有能力在中期實現八位數的年收入。廣告銷售也表現良好，預訂收入比第一季成長了 60% 以上，突顯了我們對直接廣告銷售和溢價的成功關注。

We're pleased to report that we're attracting major blue-chip clients including Paramount, Lionsgate, Disney, 20th century Fox, FX Networks, Sony Pictures and Activision. Those were all customers during the quarter.

我們很高興地報告，我們正在吸引主要的藍籌客戶，包括派拉蒙、獅門影業、迪士尼、20 世紀福斯、FX Networks、索尼影業和動視暴雪。這些都是本季的客戶。

This quarter also marked the first time we received requests for proposals from non-entertainment brands including Macy's, Wendy's, McDonalds, Grubhub, Frito, Lays and Pepsi. This expansion into consumer brands broadens our revenue base and strengthens our position as a go to platform for high value brand partnerships.

本季我們也首次收到來自梅西百貨、溫蒂百貨、麥當勞、Grubhub、Frito、樂事和百事可樂等非娛樂品牌的提案請求。這次向消費品牌的擴張擴大了我們的收入基礎，並鞏固了我們作為高價值品牌合作夥伴首選平台的地位。

Driving the success is the growth of our C360 platform which processed over 20 billion ad requests in October. This technology is allowing us to help our advertisers reach highly targeted audiences, efficiently delivering high value results for our clients.

推動成功的是我們 C360 平台的成長，該平台在 10 月處理了超過 200 億個廣告請求。這項技術使我們能夠幫助我們的廣告商吸引高度針對性的受眾，有效地為我們的客戶提供高價值的結果。

Turning the Matchpoint, we continue to see strong progress. We've recently made several key hire support, growing demand and now have a low mid to seven figure pipeline of opportunities including [O ems], new and existing channel platforms, content distributors and more.

扭轉賽點，我們持續看到強勁的進展。我們最近提供了幾項關鍵的招聘支持，需求不斷增長，現在擁有中低至七位數的機會管道，包括 [O ems]、新的和現有的通路平台、內容分銷商等。

We've closed some initial deals that showcase match points potential and these deals represent substantial infrastructure investments for our customers. Typically these the lead time on deals to Matchpoint is about a six-to-twelve-month lead time. So we anticipate seeing the real financial impact in the back half of this year and into the new fiscal year beginning in April.

我們已經完成了一些展示賽點潛力的初步交易，這些交易代表了我們客戶的大量基礎設施投資。通常，Matchpoint 的交易交付時間約為六到十二個月。因此，我們預計將在今年下半年和四月開始的新財年看到真正的財務影響。

Additionally, we're developing shorter cycle revenue opportunities through our dispatch business, helping clients scale to meet the means of fast AVOD and AI licensing markets. We're actively engaged in meaningful conversations that could lead to significant new business on this front.

此外，我們正在透過調度業務開發更短週期的收入機會，幫助客戶擴大規模以滿足快速 AVOD 和人工智慧授權市場的需求。我們正在積極參與有意義的對話，這可能會在這方面帶來重要的新業務。

On the technology side, cineSearch, our AI powered content discovery tool developed with Google is on track for a full consumer release. Next year, we're already in discussions with several major [O ems] to licenses which opens up a promising new revenue stream if we're successful.

在科技方面，我們與 Google 共同開發的人工智慧內容發現工具 cineSearch 即將全面向消費者發布。明年，我們已經與幾家主要的 [O ems] 就許可證進行討論，如果我們成功的話，這將開闢一個有希望的新收入來源。

We're also seeing opportunities to license portions of our content library for AI training. We're in discussions with multiple parties to add significant volume and value to our 66,000-title library positioning Cineverse as a leader in AI driven content licensing.

我們也看到了授權部分內容庫進行人工智慧培訓的機會。我們正在與多方討論，以大幅增加我們 66,000 部作品庫的數量和價值，將 Cineverse 定位為人工智慧驅動內容授權領域的領導者。

Looking ahead we're doubling down on scaling SVOD, AVOD and fast channels with tech partnerships, expanding our content licensing, building on direct ad sales and driving revenue through Matchpoint and podcasts. We're also developing a strong IP and franchise driven theatrical slate that complements Terrifier, which is already redefined what's possible in Indie Horror.

展望未來，我們將加倍努力透過技術合作夥伴擴大 SVOD、AVOD 和快速管道，擴大我們的內容許可，以直接廣告銷售為基礎，並透過 Matchpoint 和播客增加收入。我們也正在開發一個強大的 IP 和特許經營驅動的戲劇片單，以補充《恐怖者》，《恐怖者》已經重新定義了獨立恐怖片的可能性。

Above all, Cineverse stands out for our highly supportive model for filmmakers with fair transparent deals and data driven money brawl approach, the content powered by proprietary technology.

最重要的是，Cineverse 因我們對電影製片人的高度支持模式而脫穎而出，該模式具有公平透明的交易和數據驅動的金錢爭奪方式，內容由專有技術提供支援。

This is a groundbreaking model not currently available from any major mini major studio and this approach leverages our ecosystem to provide a cost effective risk advantage pathway to success.

這是目前任何大型迷你工作室都無法提供的突破性模型，這種方法利用我們的生態系統提供具有成本效益的風險優勢通往成功的途徑。

The strategies we outlined last quarter are producing real results as shown with the financial results this quarter and our growth in streaming engagement, ad sales podcast listenership and tech innovation positions us for sustained profitability and growth. We look forward to building on this momentum and showing what a modern tech enabled entertainment company can achieve. With that Operator, let's open it up for Q&A.

我們上季度概述的策略正在產生實際成果，如本季度的財務業績所示，我們在串流媒體參與度、廣告銷售播客聽眾和技術創新方面的成長使我們能夠實現持續的獲利和成長。我們期待在這一勢頭的基礎上再接再厲，展示現代科技驅動的娛樂公司可以取得的成就。有了這個操作員，讓我們打開它進行問答。

(Operator Instructions)

（操作員說明）

Dan Kurnos, Benchmark company.

丹·庫諾斯，Benchmark 公司。

Thanks. Good afternoon. Chris, obviously just a big congratulations on what is an unprecedented success in the movie industry. I'm sure you've been getting plenty of plaudits from your peers and others, but I'll just start off by saying that on T3 and I, you mentioned it in your prepared remarks. I'd love to have a sense from you guys, you're going to make a boatload of cash from this thing. You have some debt, you can kind of fund additional investments and content based on that playbook. How do we think about how you're going to position the company going forward? I know you're going to talk more about it next quarter, but we started with Silent. But just help us think through what the success means, you know, and what other films could do, like how does this grow quickly into another revenue stream for you?

謝謝。午安.克里斯，顯然只是對電影業的空前成功表示熱烈祝賀。我確信您已經從同行和其他人那裡得到了很多讚揚，但我首先要說的是，在 T3 和我的演講中，您在準備好的演講中提到了這一點。我很想從你們那裡得到一個感覺，你們將從這件事中賺到一大筆錢。你有一些債務，你可以根據該劇本為額外的投資和內容提供資金。我們如何看待您將如何定位公司的未來？我知道你下個季度會更多地談論它，但我們從 Silent 開始。但請幫助我們思考成功意味著什麼，你知道，以及其他電影可以做什麼，例如這如何快速成長為你的另一個收入來源？

Yes and thank you Dan for those comments. It was very nice of you. Well, look, we're still a streaming technology and content company, that's the core of what we do. And I think you saw the results this quarter where our revenues were up 40% over the last sequential quarter. Show that our plan is working across our base business even without Terrifier, in terms of digital licensing, your technology, business, podcast business, our streaming business, you know, on and on.

是的，謝謝丹的評論。你真是太好了。好吧，看，我們仍然是一家串流媒體技術和內容公司，這是我們工作的核心。我想您已經看到了本季的結果，我們的收入比上一季成長了 40%。表明即使沒有恐怖分子，我們的計劃也在我們的基礎業務中發揮作用，包括數位許可、您的技術、業務、播客業務、我們的串流媒體業務，等等。

So I, I just want to underscore that point. Our goal right now is to really take advantage of what just happened where we sort of developed a new blueprint for releasing movies that kind of astounded the industry and turn it into another successful profit line for the company. And it's consistent with who we are because the reason why the release works so well is what I was saying in my remarks here, it also that we leveraged every element in this ecosystem that we built over the last 10 years in order to build a better mousetrap and figure out how to release a movie in an incredibly successful way with, you know, almost no out of pocket marketing spin.

所以我只是想強調這一點。我們現在的目標是真正利用剛剛發生的事情，我們為發行令整個行業震驚的電影制定了新的藍圖，並將其轉變為公司另一條成功的利潤線。這與我們的身份是一致的，因為這個版本之所以如此出色，正如我在演講中所說的那樣，我們利用了過去10 年建立的這個生態系統中的每一個元素，以便構建一個更好的生態系統。

It's just kind of astounding that we did that. So the goal now is to leverage our entire ecosystem, create a new line of business here, both with product that we acquire ourselves and then to allow other independent studios and actually majors to use our ecosystem to market leverage their own product because they don't have all the assets that we have in place. You know, across this, this really fan centric portfolio of channels, our podcast network, our ad technology, you know, all our social footprint with, with what you're discussing.

我們這樣做真是令人震驚。因此，現在的目標是利用我們的整個生態系統，在這裡創建一條新的業務線，包括我們自己獲得的產品，然後允許其他獨立工作室和實際上的專業人士使用我們的生態系統來行銷自己的產品，因為他們不這樣做我們沒有到位的所有資產。你知道，在這個真正以粉絲為中心的頻道組合中，我們的播客網絡，我們的廣告技術，你知道，我們所有的社交足跡，以及你正在討論的內容。

So we're sorting through properties right now. Obviously, people are knocking on our door, particularly in the horror space you saw that we just announced Silent Night Deadly Night, which is a classic controversial horror movie that came out in 84 and banned from theatres. And we're continuing our assault on Christmas following Terrifier 3 with our decline of Santa Claus. But we've got a number of other properties that we're looking at some very well-known IP that, that people want us to consider taking out using our ecosystem.

所以我們現在正在對屬性進行排序。顯然，人們正在敲我們的門，尤其是在你看到的恐怖領域，我們剛剛宣布了《平安夜致命之夜》，這是一部經典的、有爭議的恐怖電影，於84 年上映，並禁止在戲院上映。繼《恐怖片 3》之後，我們將繼續對聖誕節發動進攻，聖誕老人的衰落。但我們還有許多其他資產，我們正在研究一些非常知名的智慧財產權，人們希望我們考慮利用我們的生態系統將其取出。

And we, we've had some entreaties in the non-horror space as well in the faith and family space and in the animation space. So, it's our goal really to turn this into an ongoing business. It's not going to be a huge capital-intensive business for us. As we just saw with Terrifier Trade and it really is an extension and supports and augments and it's based on all of the assets, we, we put in place as a technology and streaming company. So I think you're going to see more announcements about content releases, you know, coming over the next, you know, three or four months and some of those might be releases that happen sooner rather than later.

我們在非恐怖領域、信仰和家庭領域以及動畫領域也收到了一些請求。因此，我們的目標實際上是將其轉變為一項持續的業務。對我們來說，這不會是一項龐大的資本密集型業務。正如我們剛剛在 Terrifier Trade 中看到的那樣，它確實是一個擴展、支援和增強，它基於我們作為一家技術和串流媒體公司建立的所有資產。所以我認為你會看到更多關於內容發布的公告，你知道，在接下來的三到四個月內發布，其中一些可能是宜早不宜遲的發布。

Got it. That's hugely helpful. Thank you. And just one last one on T3 before I turn to Eric. How are we thinking about, you know, at this point, you have the rerelease in Christmas, but you have an opportunity to decide how to maximize it, licensing, windowing, putting it on screen box. Have you thought through that yet? And you know, do you have a plan or is that sort of DVD?

知道了。這非常有幫助。謝謝。在我求助於埃里克之前，我只是在 T3 上講最後一篇。我們是如何考慮的，你知道，在這一點上，你可以在聖誕節重新發行，但你有機會決定如何最大化它，許可，窗口化，將其放在屏幕上。你有沒有想過？你知道嗎，你有計畫嗎？

That, that, that's a great question because obviously we have to, we have to balance you know, the upside we would get from our subscriber base on screen box versus getting a big check from pay and streaming services that now are recognizing the value of the franchise. So we're actively engaged in analysing our options in that space and we hope to make a decision on what we're going to do over the next few weeks.

那，那，這是一個很好的問題，因為顯然我們必須，我們必須平衡你知道的，我們從螢幕盒子上的訂戶群中獲得的好處與從付費和串流媒體服務中獲得大筆支票，這些服務現在正在認識到的價值特許經營權。因此，我們正在積極分析該領域的選擇，並希望就未來幾週內的行動做出決定。

Perfect. Eric just quickly for you. Appreciate the update on the ad direct ads. Nice progress there. I just wanted to ask you quickly about in search and how we should think about that from kind of a long term monetization opportunity given that we're hearing a lot of movement now in the industry around meta tagging, kind of what to watch and buy tech.

完美的。埃里克很快就為你服務。感謝廣告直接廣告的更新。那裡取得了不錯的進展。我只是想快速問一下您在搜尋領域的情況，以及我們應該如何從長期盈利機會的角度來考慮這個問題，因為我們現在聽到行業中圍繞元標記（即觀看和購買的內容）發生了很多變化技術。

And you, I thought your comments on short cycle sales was particularly interesting given that the industry is finally realized that they need to license more content to stem the streaming bleeding. So AVOD and fast are taking off again, just kind of curious, you know what you need to see there in order to develop that business line. Thanks.

而你，我認為你對短週期銷售的評論特別有趣，因為該行業最終意識到他們需要許可更多內容來阻止串流媒體流失。所以 AVOD 和 fast 再次起飛，只是有點好奇，你知道你需要在那裡看到什麼才能發展該業務線。謝謝。

Sure, sure. So, you know, I'll first, I'll tackle the second part of your question on the, the short cycle piece. So if, if you kind of look out at the marketplace, you know, there's a couple of, one of the biggest trends has been all of these fast platforms, which is basically every single TV, OEM manufacturer, you know, the Samsungs, Vizio's and so on of the universe. All of them are really expanding their ad supported offerings to complement the fast platforms.

當然，當然。所以，你知道，我會先解決你關於短週期問題的第二部分。因此，如果你觀察市場，你就會知道，有幾個最大的趨勢之一就是所有這些快速平台，這基本上是每一個電視、OEM 製造商，你知道，三星， Vizio的宇宙等等。他們都在真正擴展他們的廣告支援產品，以補充快速平台。

They most, most of them launched as fast only without much on demand programming. Really to have a rounded out offering, everybody needs to have a mix of fast channels on demand programming and add on subscription. So all of them are adding all of these components. What that's caused in the market is a pretty significant demand for large volumes of ad supported content. So number one, in addition to us controlling and owning a very large library, clearly, we're, we're rapidly expanding our efforts to distribute AVOD content ourselves.

他們中的大多數，大多數都以同樣快的速度推出，只是沒有太多的按需編程。實際上，要提供全面的服務，每個人都需要混合快速頻道點播節目和新增訂閱。所以他們都在添加所有這些組件。這在市場上引起了對大量廣告支援內容的相當大的需求。因此，第一，除了我們控制和擁有一個非常大的圖書館之外，顯然，我們正在迅速擴大我們自己分發 AVOD 內容的努力。

But for Matchpoint, the real opportunity is, you know, for most players like us in the industry, the cost of rapidly delivering and scaling up content to all of these places quickly a Berlin Airlift of content if you will, is very, very expensive and has very long cycle time. Today, we can take a dispatch, one of the modules that we have in Matchpoint and help companies very rapidly either ingest that into their own ecosystems. So we can help platforms do a better job at it or we can actually help companies that, you know, normally are trying to do this with three guys in a room or using expensive outsource services scale up and actually make a lot of money rapidly to take advantage of that.

但對於 Matchpoint 來說，真正的機會是，你知道，對於業內大多數像我們這樣的玩家來說，快速向所有這些地方交付和擴展內容的成本非常非常昂貴。今天，我們可以採用調度（Matchpoint 中的模組之一）來幫助公司非常快速地將其納入自己的生態系統中。因此，我們可以幫助平台做得更好，或者我們實際上可以幫助那些通常試圖在一個房間里三個人一起做這件事或使用昂貴的外包服務的公司擴大規模，並實際上迅速賺很多錢利用這一點。

Beyond that, the same system that works incredibly well to help the existing streaming ecosystem is really also a very ideal platform to scale up for an even bigger and more voracious content demand and that is AI content licensing. You know, there's been various reports that have said that, you know, that can be you know, anywhere from a $1 billion to $5 billion business over the next few years, depending on how you look at it.

除此之外，這個系統在幫助現有的串流生態系統方面表現得非常好，實際上也是一個非常理想的平台，可以擴展以滿足更大、更貪婪的內容需求，這就是人工智慧內容許可。你知道，有各種報導說，你知道，未來幾年業務規模可能從 10 億美元到 50 億美元不等，這取決於你如何看待它。

But one thing is certain the demand out there is real. We're engaged in those conversations today with a variety of partners and two, the technical challenges with doing it are intense. These platforms that want training data, want to do it in a very rapid period of time. And unless you have a scalable platform like Matchpoint, you really can't tackle that problem. So that's really the short term to midterm opportunity. Both of these are not opportunities that are going away, but the demand for both of these is very high right now. And we have the technology to help the market actually cash in on it.

但有一點可以肯定的是，市場上的需求是真實存在的。我們今天正在與各種合作夥伴進行這些對話，其中兩個合作夥伴面臨巨大的技術挑戰。這些需要訓練資料的平台希望在非常快速的時間內完成。除非您擁有像 Matchpoint 這樣的可擴展平台，否則您確實無法解決該問題。所以這確實是短期到中期的機會。這兩個機會都不會消失，但目前對這兩個機會的需求都非常高。我們擁有幫助市場真正獲利的技術。

So that's to that piece. And then as we talk about cineSearch, I think the biggest thing to, to point out is you know, if you look at the TV, OEM space much like in mobile phones, every major television manufacturer really needs to incorporate AI features into their systems for content discovery. And you know, some of the larger players may build or develop their own platforms. But when you have more than half the market out there of every television sold with no internal solution to this.

這就是那件作品。然後，當我們談論 cineSearch 時，我認為最需要指出的是，如果你看看電視、OEM 空間，就像手機一樣，每個主要電視製造商確實需要將人工智慧功能融入他們的系統中用於內容發現。你知道，一些較大的參與者可能會建立或開發自己的平台。但是，當每台銷售的電視機中超過一半的市場都沒有解決這個問題的內部解決方案時。

We think that represents a very large opportunity given, you know, just in the US alone, there's something like 40 million plus TV sold every year in the US. And, you know, double that number internationally. So I think the big thing to think about is us, you know, fulfilling a pretty big market need for AI driven customer experience tools.

我們認為這代表著一個非常大的機會，你知道，光是在美國，每年電視就銷售超過 4,000 萬台。而且，你知道，國際上這個數字翻了一番。因此，我認為最重要的是我們要滿足人工智慧驅動的客戶體驗工具的龐大市場需求。

So what we're working on now is, is, you know, as you can imagine, this isn't a turnkey solution for every manufacturer. Every manufacturer is different, different demands, they have different partnerships with different players. So it's, it's less of a, you know, turnkey white label thing and more of a bespoke approach with these partners. And so, you know, we're actively engaging in a variety of conversations on that front. You know, I, I think we, we really hope to have more, more on that next year as that evolves.

所以我們現在正在研究的是，你知道，正如你可以想像的那樣，這並不是適合每個製造商的交鑰匙解決方案。每個製造商都是不同的，有不同的需求，他們與不同的參與者有不同的合作關係。因此，它不再是交鑰匙白標產品，而是與這些合作夥伴的客製化方法。因此，您知道，我們正在積極參與這方面的各種對話。你知道，我，我認為我們真的希望隨著情況的發展，明年會有更多、更多的內容。

Super helpful, thank you so much and congrats again guys.

超級有幫助，非常感謝，再次恭喜大家。

Thanks, sir. Thank.

謝謝，先生。感謝。

Brian Kinstler with Alliance Global Partners.

布萊恩金斯特勒 (Brian Kinstler) 與聯盟全球合作夥伴。

Great, thanks so much and let me add my congrats on your success in the box office. Following up on the future playbook in response to the success of leveraging your ecosystem. How would you go about evaluating what I suspect is numerous independent movies and titles coming to you to determine what is the best chance of success on your platform.

太好了，非常感謝，讓我對你在票房上的成功表示祝賀。跟進未來的行動手冊，以回應利用您的生態系統的成功。我懷疑您將如何評估大量獨立電影和影片，​​以確定在您的平台上取得成功的最佳機會。

Thanks Brian for your comment. And you know, a couple of things, you know, we have a very exhaustive green lighting process in place anyways that we would continue to use to evaluate any, any new property. But first and foremost, we would look for properties that we think we can best leverage with our system.

感謝布萊恩的評論。你知道，有幾件事，你知道，我們有一個非常詳盡的綠色照明流程，無論如何我們將繼續使用它來評估任何新的財產。但首先也是最重要的是，我們會尋找我們認為可以最好地利用我們的系統的屬性。

You know, obviously, we have a ton of horror assets in place with Green Box and Bloody disgusting in our history of distributing horror movies and an executive team that really knows what works and what doesn't work in that space.

你知道，顯然，我們在發行恐怖電影的歷史上擁有大量的恐怖資產，其中包括《綠盒子》和《血腥噁心》，以及一個真正知道在該領域什麼有效、什麼無效的執行團隊。

And that's what we leverage with, with Terrifier and so we're looking at properties, you know, in the whole space specifically that we can, we can follow the same playbook properties that have online buzz like Terrifier did, known IP like Silent Night Deadly Night that still has a fan base that will give us a leg up in and launching it. And I think the other thing that's usually important here is kind of a threshold question for any movie in my mind, is, you know, is it a concept or an idea that the fan base is actually going to go to a theatre to see.

這就是我們所利用的，與恐怖分子一樣，所以我們正在尋找財產，你知道，在整個空間中，特別是我們可以，我們可以遵循像恐怖分子那樣在網上引起轟動的相同劇本財產，像《平安夜》這樣的已知IP 《致命之夜》仍然擁有粉絲群，這將為我們提供支持並推出它。我認為這裡通常重要的另一件事是我心目中任何電影的一個門檻問題，就是，你知道，這是一個粉絲群實際上會去劇院觀看的概念或想法。

You know, what is it about the concept that is going to make that fan, you know, rush out on that first Friday to go see it, you know, so that he can, he or she, you know, can tell all their friends to be the first one to see it. And that's sort of a threshold question we ask about, you know, any, any piece of content.

你知道，這個概念是什麼，會讓那個粉絲，你知道，在第一個星期五衝出去去看它，你知道，這樣他就可以，他或她，你知道，可以告訴他們所有的事情。們成為第一個看到它的人。這是我們對任何內容提出的門檻問題。

So again, as I said, we're looking in other verticals where we think we have strength, children's and family content. You know, we've really built up that business, not just with Dove, but with all of the kind of evergreen IP that we're are on our channels now from, you know, Garfield to Barney to [Marty Cross to even], you know, Bob Ross and the Dog Whisperer, which we think is very family friendly and very you know, Children friendly. To anime and animation, which we've had a track record and releasing as well and, and more pure family and faith oriented content.

所以，正如我所說，我們正在尋找其他我們認為有優勢的垂直領域，即兒童和家庭內容。你知道，我們確實已經建立了這項業務，不僅是透過 Dove，還透過我們頻道上的所有常青 IP，從加菲貓到巴尼，再到 [Marty Cross 甚至] ，你知道，鮑勃·羅斯和狗語者，我們認為它非常適合家庭，而且非常適合兒童。對於動漫和動畫，我們已經有記錄並發布了，以及更多純粹的家庭和信仰導向的內容。

So, again, just to step back, again, we're looking for properties that clearly, we know we have assets, we have expertise and capability and which will give us a leg up in marketing of the property and properties that, you know, we know, we believe there's going to be a call, you know, in the fan base to go out and see at the theatre as opposed to waiting to you know, see it at home.

因此，再次退一步，我們正在尋找明確的房產，我們知道我們擁有資產，我們擁有專業知識和能力，這將使我們在房產行銷和房產行銷方面佔據優勢，你知道，我們知道，我們相信粉絲群會呼籲出去去劇院看電影，而不是等著在家看。

And you know, we're going to be extremely cautious in terms of our financial commitment to any movie that we, we put on board, and we prove the concept here that we could release a movie and open it to number one with $500,000 in cash out of pocket spending. You know, in all investment in a piece of content in less than $5 million. And, you know, I think that's a good model going forward from a financial standpoint, you know, as well.

你知道，我們對我們投放的任何電影的財務承諾都會非常謹慎，我們在這裡證明了我們可以發行一部電影並以 50 萬美元的票房成為第一名的概念。要知道，在一條內容上的全部投資還不到500萬美元。而且，我認為從財務角度來看，這也是一個很好的模式。

So we feel really good about our positioning. We feel great about the industry response to what we did. People are absolutely astounded by it. We feel great about the content submissions that we've seen so far and you can expect some more announcements about movies, I think in the next two to three months.

所以我們對自己的定位感覺非常好。我們對業界對我們所做的事情的反應感到非常高興。人們絕對對此感到震驚。我們對迄今為止所看到的內容提交感到非常滿意，我認為在接下來的兩到三個月內，您可以期待更多有關電影的公告。

Right? And then for titles like Silent Night Deadly Night or any other title, how will you determine if it will be a theatrical or limited release? Is that title by title or are you realizing given your ecosystem, you can have a wider release.

正確的？然後，對於《平安夜》、《致命之夜》或任何其他遊戲，您將如何確定它是院線發行還是限量發行？是逐個標題還是您是否意識到在您的生態系統中，您可以發布更廣泛的版本。

We're intending to use this model to do wide release movies. But, you know, until you actually see the movie, whether it's in production or you're buying a finished movie, it's tough, it's tough to make that call. You know, how wide you're going to go. You know, fortunately with, as I said with, with Terrifier 3 and we knew what we had, we saw the movie once it debuted a fantastic fest in Austin, in August, we knew we had a complete winner based on the critical reaction and also the fan reaction. So there's absolutely no question about going, you know, wide with the movie.

我們打算使用這個模型來製作廣泛發行的電影。但是，你知道，在你真正看到這部電影之前，無論是正在製作中的電影還是購買完成的電影，都很難做出決定。你知道，你要走多遠。你知道，幸運的是，正如我所說，《恐怖分子3》我們知道我們擁有什麼，我們在八月在奧斯汀首映時就看到了這部電影的精彩盛宴，根據評論界的反應，我們知道我們完全贏了，還有粉絲的反應。所以，毫無疑問，你知道，這部電影的內容很廣泛。

It was just a matter of getting exhibitors to realize how much upside there was and they, they quickly figured that out when their theatres started selling out five weeks in advance of the release of the movie. You know, so hopefully we're going to pick properties that maybe don't have that, you know, level of interest and excitement but even, you know at a fraction of that, that, that have sort of, that built in audience and excitement so that we can make, you know, really smart informed decision about whether we go wide on how many theatres or whether we take a limited release.

這只是讓放映商意識到有多大的上升空間的問題，當他們的影院在電影上映前五週開始售票時，他們很快就意識到了這一點。你知道，所以希望我們會選擇那些可能沒有那種興趣和興奮程度的房產，但即便如此，你知道只有一小部分，有某種程度的內置觀眾和興奮，這樣我們就可以做出非常明智的決定，決定是否擴大在多少影院的放映範圍或是否進行有限上映。

Great, on Sinister, maybe you could share a little bit about the revenue model. Is this an annual licensing model? Is it recurring kind of staff model? Is it price per device if it's on a TV, if you could help us understand how, how that's going to be monetized the revenue model.

太好了，在險惡中，也許你可以分享一些關於收入模式的資訊。這是年度授權模式嗎？這是一種經常性的員工模式嗎？如果是在電視上，它是每台設備的價格嗎？

Eric or Tony, you want to do that.

埃里克或東尼，你想這麼做。

Yeah, I think the at a very high level and obviously, you know, as I mentioned earlier, these are really going to be more bespoke than a pure SAS model just due to the size and scale and of, of these types of deals. So, you know, but I would anticipate the deal being some combination of license fee plus, you know, variable costs similar you would see in other, other similar sort of you know, API driven platform models, right.

是的，我認為在一個非常高的水平上，顯然，正如我之前提到的，由於這些類型的交易的規模和規模，這些確實比純粹的 SAS 模型更加客製化。所以，你知道，但我預計這筆交易是許可證費加上你知道的可變成本的某種組合，你知道，你會在其他類似的API 驅動平台模型中看到類似的費用，對吧。

But I do think also, you know, there are there are other opportunities and ways to, to do this, for example, you know, advertising-based models and other things that, you know, could modify that approach depending on the partner.

但我確實認為，還有其他機會和方法可以做到這一點，例如，基於廣告的模型和其他可以根據合作夥伴修改方法的東西。

Great. My last question is revenue from podcasting grew 30% sequentially. I'm wondering with the various non entertainment advertisers you discussed that are coming to you with our IPs with the much stronger viewership. I'm wondering, do you expect to see even stronger yields where revenue will grow faster than viewership over the next couple of quarters? I'm just wondering how you're thinking about that in until rights?

偉大的。我的最後一個問題是播客收入較上季成長了 30%。我想知道您所討論的各種非娛樂廣告商是否會帶著我們的 IP 來找您，收視率要高得多。我想知道，您是否期望在接下來的幾個季度中看到更高的收益，即收入成長速度快於收視率成長速度？我只是想知道你在《直到權利》中是如何看待這個問題的？

Yeah. So, you know, I think our, our first goal was to build you know, when you're in the chicken and egg scenario of building a new product. Our first goal was just to build audience with a great lineup of products. And so we really did that at first before focusing on monetization. So, you know that leads to a natural monetization GAAP. Where, you know, you, you have a lot of head space to grow revenue. So I think you're right, your comment that, you know, revenue growth will outpace audience growth.

是的。所以，你知道，我認為我們的首要目標是，當你處於建立新產品的先有雞還是先有蛋的場景時，建立你知道的。我們的首要目標只是透過一系列優質的產品來吸引受眾。因此，在專注於貨幣化之前，我們一開始就確實這樣做了。所以，你知道這會導致自然的貨幣化 GAAP。你知道，你有很大的空間來增加收入。所以我認為你是對的，你的評論是，你知道，收入成長將超過觀眾成長。

Although, you know, if you look at, you know what I call, you know, what we can call the Terrifier effect, right? Of, you know, success begets in the film business, obviously, success begets more interest. And in our, even in the podcast space, the success of Terrifier is opening doors to much larger properties. And the agencies that represent larger podcast properties that want to join our network.

雖然，你知道，如果你看一下，你就知道我所說的，你知道，我們可以稱之為恐怖效應，對吧？你知道，電影業的成功源自於成功，顯然，成功會帶來更多的興趣。在我們，甚至在播客領域，《恐怖者》的成功正在為更大的作品打開大門。以及代表想要加入我們網路的較大播客資產的機構。

So, you know, while I'll say, I think in the short term, the audience or the revenue growth will outpace the audience growth, that can also change very quickly if, you know, there's some very, very large shows that we've been in dialogue with that want to join the network as well. So in the short term, that's the case. But I think in the longer term, you know, they'll either pace neck and neck or they, we may have big surges of audience an inventory growth if we do sign some bigger shows.

所以，你知道，雖然我會說，我認為在短期內，觀眾或收入的成長將超過觀眾的成長，如果你知道，我們有一些非常非常大的節目，那麼這種情況也可能很快就會改變。所以從短期來看，就是這樣。但我認為，從長遠來看，他們要么會並駕齊驅，要么如果我們簽下一些更大的節目，我們可能會出現觀眾大幅激增和庫存增長的情況。

So our real focus though is to maximize fill on this platform, you know, we're rapidly hiring up, you know, salespeople to help sell that faster. We've been doing, you know, co selling partnerships with a variety of people to help fill the inventory in the short term. So I think, you know, our, our number one goal, this is our biggest real opportunity of scaling revenue growth in the short term outside of the film business is, is the podcast business. So we're going to put a lot of energy and effort into growing that over the next few quarters.

因此，我們真正的重點是最大化這個平台上的填充，你知道，我們正在迅速招募銷售人員來幫助更快地銷售。你知道，我們一直在與各種各樣的人建立共同銷售夥伴關係，以幫助在短期內填補庫存。所以我認為，我們的首要目標是播客業務，這是我們在電影業務之外的短期內擴大收入成長的最大真正機會。因此，我們將在接下來的幾季投入大量精力和精力來發展這項業務。

Great. Thanks again.

偉大的。再次感謝。

Jay Petschek with Corsair Capital.

海盜船資本 (Corsair Capital) 的傑伊‧佩切克 (Jay Petschek)。

Thank you. Hey guys, great quarter. We've seen it, we're celebrating it and I think the promotion of Terrifier not only has highlighted what you can do in the film business, but it has raised obviously Cineverse capabilities all along. I will get to a question but away from Terrifier, which was great, you know, revenues up margins, up operating costs down that that seems like a pretty good combination. We're getting close to break even, you know, we're still at amazingly to me, only a $45 million market cap about a $50 million enterprise value.

謝謝。嘿夥計們，很棒的季度。我們已經看到了，我們正在慶祝它，我認為《恐怖分子》的推廣不僅凸顯了你在電影業中可以做的事情，而且它一直以來都明顯提高了 Cineverse 的能力。我會問一個問題，但遠離恐怖分子，這很棒，你知道，收入增加了利潤，營運成本下降了，這似乎是一個非常好的組合。我們已經接近收支平衡，你知道，我們的市值仍然只有 4500 萬美元，而企業價值卻只有 5000 萬美元。

And I think one reason why is because people were worried that you'd run out of cash and have to do a diluted financing as was done maybe a year ago and glad to hear you emphasize that you're not going to need cash. I mean, this Terrifier is a real boon. And I guess there'll be another real chance of it from Terrifier 4 as well in a couple of years, in any case. That's a lot of statement. My question because I think the other two, gentlemen asked good questions about the opportunity space.

我認為原因之一是人們擔心你會用完現金，不得不像一年前那樣進行稀釋融資，並且很高興聽到你強調你不需要現金。我的意思是，這個恐怖者真是個福音。我想無論如何，幾年後《恐怖份子 4》也會有另一個真正的機會。這是很多聲明。我的問題是因為我認為另外兩位先生就機會空間提出了一個很好的問題。

The data AI business, you know, I'm a little bit enthralled with that idea. The amount of spending that's going on right now to improve AI is amazing. But what sets you apart? You know why, you're not the biggest company out there, you have a big library. Yes, but compared to the Disney's and Warner Brothers and Universals, why wouldn't the data AI guys get their data from video from those folks. And I think I know the answer, but I'd like to hear it again and probably helpful to others.

數據人工智慧業務，你知道，我對這個想法有點著迷。目前用於改進人工智慧的支出數量是驚人的。但是是什麼讓你與眾不同呢？你知道為什麼，你不是最大的公司，但你有一個很大的圖書館。是的，但與迪士尼、華納兄弟和環球影業相比，為什麼數據人工智慧人員不從這些人的影片中獲取數據。我想我知道答案，但我想再次聽到它，並且可能對其他人有幫助。

Oh, that's a good question, I'll let Eric answer that more specifically in a second, but it has to do with our technological capabilities and our capability over the years that we've demonstrated in you know, acquiring assimilating and distributing vast amounts of content across the spectrum. And we've probably done more of that than anybody in the business. But I just, I want to thank you for your, for your support and your question. And, you know, we really appreciate it. I just want to say that at the onset and then I'll, I'll turn it over to Eric and let Eric specifically answer the question on AI data capability. Eric.

哦，這是一個很好的問題，我會讓埃里克稍後更具體地回答這個問題，但這與我們的技術能力和我們多年來所展示的能力有關，你知道，獲取同化和分配大量資金涵蓋各領域的內容。我們在這方面做得可能比業內任何人都多。但我只是想感謝你們的支持和提問。而且，你知道，我們真的很感激。我一開始就想說,然後我就,我就交給Eric,讓Eric具體回答一下AI數據能力的問題,.埃里克.

Sure. Well, I think if you look at the AI licensing landscape, you know, there's a couple of challenges that, you know, you've seen deals announced with AI being used studios, but really, it's been more of to develop, you know, internal tools for marketing. What we haven't really seen is a major licensing deal out and there's a couple of reasons for that one is I think the issue with guilds and unions and talent in the, at the top echelon of the space as well as IP rights and other things for some of these multibillion dollar franchises that make it incredibly difficult for the studios to do licensing, You know, their signatories to all kinds of agreements.

當然。好吧，我認為，如果你看看人工智慧授權領域，你就會知道，存在一些挑戰，你知道，你已經看到與人工智慧工作室宣布的交易，但實際上，它有更多的需要開發，你知道，行銷的內部工具。我們還沒有真正看到的是一項重大的許可協議，其中有幾個原因，我認為行會、工會和該領域頂層人才的問題以及知識產權和其他問題對於一些價值數十億美元的特許經營權來說，這使得工作室很難獲得許可，你知道，他們簽署了各種協議。

And other things in the independent space and more broadly in the global space. There aren't those same limitations. When you think about these AI training models, they actually want a high degree of diversity, they want high quality content, they want independent content they want documentaries, they want foreign films, they want foreign TV shows. So it actually they do not want to blanket and only license studio content because you know, that will skew the models in one direction.

以及獨立空間和更廣泛的全球空間中的其他事物。沒有這些相同的限制。當你想到這些人工智慧訓練模型時，他們實際上想要高度的多樣性，他們想要高品質的內容，他們想要獨立的內容，他們想要紀錄片，他們想要外國電影，他們想要外國電視節目。所以實際上他們不想覆蓋並且只授權工作室內容，因為你知道，這會使模型朝一個方向傾斜。

So I think the dynamics of what they need, which is this diverse set of information and data makes this market highly beneficial for independence. The second piece why us versus anyone else is very simple that the idea of scale, you know, we've been in the business of delivering massive amounts of scale content into the streaming ecosystem. We've delivered literally millions of assets out into the streaming ecosystem over the last 15 years.

因此，我認為他們所需要的動態，也就是這套多樣化的資訊和數據，使得這個市場對獨立性非常有利。我們與其他人相比的第二個原因非常簡單，那就是規模的概念，你知道，我們一直致力於將大量規模內容交付到串流生態系統中。在過去 15 年裡，我們已經向串流媒體生態系統交付了數百萬資產。

And we now have an automation platform that allows us to not only deliver this at scale but do the preprocessing or work that's required to meet the very specific and very intensive needs of AI models. That, you know, if any one of these studios or companies that have a big library, try to do this today, the high cost of using third party traditional services or trying to do it internally is cost prohibitive and you know, at the at the pricing levels for licensing today eats up, you know, anywhere from 60% to 80% of, of, of the revenue generated.

我們現在擁有一個自動化平台，不僅可以大規模交付，還可以進行預處理或滿足人工智慧模型非常具體和非常密集的需求所需的工作。你知道，如果這些擁有大型圖書館的工作室或公司中的任何一家今天嘗試這樣做，那麼使用第三方傳統服務或嘗試在內部進行的高昂成本是令人望而卻步的，而且你知道，在您知道，如今的授權定價水準消耗了所產生收入的60% 到80%。

So it's just not a sustainable model unless you have a big scale system. So that's where dispatch really comes in. You know, if we ingest this content and literally, we can scale up and deliver for an infinitesimally small fraction of what it would cost somebody to do it through one of these more expensive systems. So our leadership in the space that we've been doing this for 15 years, you know, we were an apple aggregator, helped them build iTunes up and helped all the others do it.

因此，除非您擁有大規模系統，否則這不是一個可持續的模型。這就是調度真正發揮作用的地方。你知道，如果我們從字面上理解這些內容，我們就可以擴大規模並交付，而成本只是人們透過這些更昂貴的系統之一完成此任務所需成本的一小部分。所以我們在這個領域的領導地位我們已經做了 15 年了，你知道，我們是一家蘋果聚合商，幫助他們建立了 iTunes，並幫助所有其他人做到了這一點。

Our diverse library that actually fits with these guys want and then lastly, a scalable platform designed to do exactly what the AI environment wants. Those three factors together make us, you know, probably the most qualified company in the space to, to help support that growth.

我們的多元化庫實際上滿足了這些人的需求，最後是一個可擴展的平台，旨在完全滿足人工智慧環境的需求。您知道，這三個因素共同使我們可能成為該領域最有資格幫助支持這種成長的公司。

So that's, I hope that answers your question.

所以，我希望這能回答你的問題。

It, it does and, and I, I think it was, you know, obviously a very big opportunity given the size of your firm today to license out. You know, a few million dollars a year is, is, is huge to you at this size. Just following up on that because you talked about your ability to get it in the right, whatever metadata form or whatever you call it for AI ingestion or analysis, but to license out your library today, do you have to spend any significant sums to get your library in shape or you've already done that?

確實如此，而且我認為，考慮到你們公司今天的規模，這顯然是一個非常大的機會來進行許可。你知道，每年幾百萬美元對你來說是巨大的。只是跟進這一點，因為你談到了你有能力讓它正確，無論元數據形式或任何你所說的人工智能攝取或分析，但今天要授權你的圖書館，你是否需要花費大量資金才能獲得您的圖書館已經成型或您已經做到了？

I'll let Tony who are our search, Tony who are on the call, can speak to that but, you know, go ahead Tony.

我會讓負責我們搜尋的托尼、正在通話的托尼發言，但是，你知道，請繼續托尼。

Oh, I'll take that question. So the, the underlying sort of premise of Matchpoint is we do a deal with the licenser and they deliver our highest quality source into Matchpoint. We then it then undergoes QC and, you know, mastering and prep. We then take that file and it sits inside a Matchpoint. And from that point on, they never need to deliver the file again. And Matchpoint can deliver 1,000 different ways.

哦，我會回答這個問題。因此，Matchpoint 的基本前提是我們與授權人達成協議，他們將我們最高品質的來源提供給 Matchpoint。然後我們對其進行品質控制，以及母帶和準備。然後我們獲取該文件並將其放置在匹配點內。從那時起，他們再也不需要交付文件了。Matchpoint 可以提供 1,000 種不同的方式。

So regardless of what any of these AI partners requirements are, Matchpoint was designed to deliver to that spec so to Eric's Point, we know these companies are, when they, when they're licensing video for data, they're not licensing 50 movies or 100, each order is on average of 10,000 hours or more, you know, in the tens of thousands of hours. So this is why to our point, this won't scale for the big studios because they're using third party vendors who are generally charging, you know, $500 to $1500 per file delivery.

因此，無論這些 AI 合作夥伴的要求是什麼，Matchpoint 的設計目的都是為了滿足該規範，因此對於 Eric's Point 來說，我們知道這些公司，當他們授權視頻數據時，他們並沒有授權 50 部電影或者100個，每個訂單平均是10000個小時或更多，你知道，在幾萬個小時。因此，這就是為什麼在我們看來，這對於大型工作室來說是無法擴展的，因為他們使用的是第三方供應商，這些供應商通常會收取每次文件傳輸 500 到 1500 美元的費用。

And if the revenue to, to license a title for training is far less than that, it's just not sustainable. Whereas for Matchpoint, our cost to actually use Matchpoint and deliver is measured significantly less than that. And so we could deliver 10,000 movies at a click of a button without a single human touching a single file and then any in any flavour that any partner wants. And that is our secret sauce and that is the competitive advantage that we have with Matchpoint where we can use that to deliver our own library and, and potentially even deliver on behalf of other companies who are looking to license to the AI companies.

如果獲得培訓資格許可的收入遠低於此，那麼這是不可持續的。而對於 Matchpoint，我們實際使用 Matchpoint 和交付的成本明顯低於此。因此，我們只需單擊一個按鈕即可交付 10,000 部電影，無需任何人接觸單個文件，然後可以提供任何合作夥伴想要的任何風格的電影。這就是我們的秘密武器，這就是我們與 Matchpoint 的競爭優勢，我們可以利用它來交付我們自己的庫，甚至可能代表其他希望向人工智慧公司授權的公司進行交付。

Great. Thank you. Well, look, look forward to continuing improvement in the core line, the new line of business promoting movies, sort of individually on top of the Terra fire franchise and all the Metaverse and meta search, etcetera. So, thank you and congrats on them and terrify again.

偉大的。謝謝。好吧，看，期待核心線的持續改進，電影推廣的新業務線，有點獨立於 Terra fire 特許經營權以及所有元宇宙和元搜索等。所以，謝謝你，恭喜他們，然後再次感到恐懼。

Thank you, Jay, that is the plan and thank you.

謝謝你，傑伊，這就是計劃，謝謝你。

(technical difficulty)

（技術難度）

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。如果可以重播，將提供缺少的文字。