The Surprising Winners of the AI-Enabled Entertainment Economy

This episode is presented by AMC Network, a new chapter in Anne Rice's Immortal Universe begins with AMC's The Vampire Listot. Get a backstage pass to the iconic frontman who pace magazine calls a Bowie-inspired rocker that will have fans screaming. Don't miss the legendary vampire Listot Delian Corps in his own electrifying rock saga. Experience the glory and darkness. Experience the vampire Listot only on AMC Plus. Learn more at AMCPlus.com. It is Friday, July 24th. The average Americans leisure time has been stuck between 4 and 5 hours per day for the past 20 years according to studies, and about half of that is still spent watching some form of television. But studies are saying that the coming onslaught of AI automation could add 30 to 60 extra minutes a day to that total. And maybe even usher in the rise of the 4-day work week. So how will we spend all that time, likely with some form of entertainment, either digital or in person, and with that shift is going to come a huge business opportunity. But who's going to win that war for all the extra attention, and more importantly for the purposes of this show, who's going to profit, and how can we predict those shifts now? An analyst with Morgan Stanley recently created a new system for stockpicking that attempts to answer that question. It's called the MS Media Matrix, and it's a ranking of publicly traded entertainment companies based on their position within the upcoming AI-enabled entertainment economy. I put a copy of the list in my Puck newsletter, and on the Puck website, you can go there to find it. But they graded companies based on their audience and engagement, their, quote, "interactivity," meaning stuff you do rather than stuff you passively watch, the so-called urgency of the content, pricing power, IP, and their AI positioning. Then they compared these strengths and weaknesses to the company's relative stock price. The theory being that if generated AI fully democratizes content, some traditional media companies will benefit, we call them anti-fragile entertainment assets, while others will retreat, and it's probably no surprise that the companies that are likely to benefit will likely own more live competitions, i.e. sports, and out-of-home entertainment assets than their peers. In an increasingly fragmented and distracted world, nothing captures viewer attention more than sports, and live events, which carry urgency, unpredictability, and a sense of communal participation that reflect and shape the culture. That's from the author Sean Difflee, he's a Morgan Stanley analyst. Profiting off predicting the future of entertainment consumption is fascinating to me, so I asked Sean to come on the show and discuss the MS Media Matrix. Today, it's a new way to rank entertainment companies, and who is best position for the AI revolution. I'm Matt Bellany, and this is the town. Okay, we are here with Sean Difflee, who is head of media and entertainment research, and cable and telecom at Morgan Stanley. Welcome Sean, first time around the show. Thanks so much Matt, happy to be here, first time long time. So we are going to talk about this matrix that you have put out, because I think it's a really interesting way to talk about the landscape, and it kind of exposes where we are in media and entertainment right now. So first, why don't you just introduce what this MS Media Matrix is, why you did it, and what it is supposed to measure? Sure. So as you know well, the media ecosystem is super fragmented, and it's really, really hard to break through. So when I moved from sales and trading over to equity research, I wanted to create a way to frame which companies we thought were best positioned in the ecosystem, as the number of things vying for attention is increasing at an increasing rate. So we basically came up with 10 factors that we thought were the most important ones that would say, hey, if you think about is your audience large in rising? Is your engagement high in growing? Do you have a lot of interactivity? Do you have urgency? Do you need to watch it now, sports and news, or the best examples of this? Do you have pricing power? That's tied very much to, do you have ownership of your own IP? Obviously, some broadcast networks are renters of intellectual property from the sports leagues. That would be a less favorable score. And then we also thought about AI positioning across the ecosystem. I think a lot of focus is on the competitive dynamics of AI. We also wanted to think about the cost savings from AI, and also the revenue generation opportunities from AI. And then we had some financial metrics. We looked at return on invested capital. We looked at our estimates versus consensus and then valuation. But we gave a score to each one of our companies. And we stacked them. And the thing that we found were sports and live events score the best. And as you know well, as we've seen with the World Cup, as we've seen with the next win, there's nothing like sports in terms of getting people together, in terms of having surprises, in terms of having community. And it creates this urgency in a world where social media is grabbing for our attention. AI is grabbing for our attention. And so we've come up with this thing that we call the live five, which are the five companies that scored best across all of these matrix. Yeah, let's go into that because it's interesting here because you're essentially quantifying what we talk about a lot, which is the attention economy. And how in this completely fractured ecosystem, these entertainment companies can best capture attention. And these are the five companies you say do it best or at least best relative to what they're being valued at. That's a key metric here. These are not the biggest companies. They're not the ones with the furthest reach. They're not the most profitable. They are the companies that you've identified as being the best positioned for this new AI enabled economy. Number one, Formula One. Why did you pick Formula One? Sure. When we think about the audience, it's huge. There's over 800 million fans globally. It's growing 10% every year. And interestingly, as you know, well, like soccer and Formula One are the only two sports that are huge every works up for the US. And as you know, the US is the biggest, most lucrative sports market in the world. So we think that's a huge opportunity. They obviously did a deal with Apple. We think that underscores the interest that large tech companies who are trying to enter the media business and understand how important sports are as an acquisition funnel. They did a deal with Formula One because they thought that that would beef up Apple TV plus. I think there's other interesting things in terms of you think about partnerships and sponsorships. Great global brands that want to be affiliated with this company. You think about licensing opportunities where they're going to do more in a peril. You think about all the young fans. When we hear the worship of the Apple audience looks like relative to ESPN a year ago, it's younger and it's more that the cohort at most of media is missing. So we think this has a really unique perspective. And owning a team is cool, owning a league, owning a sport, being at the top of the stack is even cooler. Yeah, that seems to be the distinguisher here because obviously there are tons of bigger sports leagues that command a lot bigger audiences. Formula One owns its IP and is a publicly traded company. Don't you worry a little that this deal they did with Apple is going to make them disappear in this country, much like MLS soccer has disappeared behind the Apple TV paywall? Yeah, it's a great question. That was certainly a fear when they announced the deal. While they haven't been that explicit on what ratings and viewership it looks like, our best sense is that ratings are actually up versus what they were on ESPN, which given the smaller audience size and number of subscribers on Apple TV versus ESPN, it's probably tracking to over a million of viewers per race in the US, which we think is pretty solid and impressive. And we think that can grow over time and as you know well with Amazon getting Thursday and I football, it started slow and then it built up over time. So I think there's a lot of things around marketing that Apple can do that can bring in new viewers. Obviously drive to survive was kind of the huge wake up moment for the US and paying attention to this sport. You know, there's a young 19 year old Italian driver, Kimi Antonelli, who is one six races, bringing in a lot of young fans that never would have looked at the sport before. Obviously the Brad Pitt F1 movie was certainly the test case for Apple to see how this works. I think we're in like inning two of the US kind of getting excited about this sport. And Apple is really putting the full heft and support with you know over a billion iPhone users. Obviously very US focused today. We think there's more they can do globally over time. Okay. So two through five on your list are TKO group owner of WWE and UFC Disney, interesting TKOs above Disney, live nation, obviously the dominant force in concert promotion and Netflix. So why is TKO above Disney and Netflix? Sure. So it's actually to your point on the league and the ownership of the sport just ownership, right? They control their destiny. Their ownership is ownership. And so you have this trophy asset both for no one in TKO or trophy assets UFC itself. As you know paramount plus did a $7.7 billion deal to get UFC. Why did they do that? Because UFC has a huge fan base. They brought it away from the paywall. They're giving access to everyone. Unfortunately, the McGregor fight wasn't very good or fun to watch. But I think it underscores that was a moment where everyone had to tune in. You had to see what happened with Conor McGregor. I think the margins on this business are incredible. They have 40% EBITDA on margins. They're able to run the business really effectively. They obviously have WWE and UFC. Do you think there's a lot of partnership? and sponsorship opportunities, there's also a lot of site fee opportunities, where cities and countries say, "We'll do anything, we'll pay you guys hundreds of millions of dollars to have you host your events in our cities." Yeah, you can say the Saudis, the Saudis will pay hundreds of millions of dollars for events. Yes. No, that's right. I mean, there's definitely a Middle East connection between both of these companies, Liberty Formula One, NTKO, they obviously, we estimate Middle East is less than 10% of revenue for both companies, but the Middle East has been very supportive of live sports and events. I think the live golf situation, some people have asked if that's an indication that they could be moving away. In many ways, I think real sports that have structural advantages that are not challenger leagues. Real sports like the WWE. WWE, you're going to tell me Santa Claus isn't real next match. I'm sorry. Listen. People listen to this show in their cars, so cover your kids ears, fair enough. But aren't they vulnerable at TKO? This is what I've always wondered, these are not, they don't have an antitrust exemption for mixed martial arts or for professional wrestling. And there is a real chance that if the creative sucks at WWE for a while or if fighters get pissed off about being exploited by Dana White or something, or the Saudis or someone else backs up a dump truck of money, that both of these owned and operated leagues could be vulnerable to competitors. >> I think live as a cautionary tale on that happening. I think we have clear proof points that it's very rare for a challenger league to come anywhere close to the incumbent. And you've seen the AEW try to make some inroads, the scale, it's not even close. And then same for PFL, these are the premier global brands in franchises. They have the viewership, they have the capital, and they have the best fighters. There's always going to be moments where someone might try to challenge that. But I think the incumbent advantage is pretty strong here, and the moats pretty deep. And they're locked into these deals right now. So at least in the short term, the money's going to keep coming in. >> That's right, exactly. I mean, I think the most interesting thing about the companies is that they are these amazing trophy assets, but they also have really long term, highly contracted, highly visible revenue streams, which in a world of a lot of fragmentation, a lot of uncertainty, I think there should be a premium paid for the visibility and certainty that you have with these multi-year media deals. >> Right. And by the way, we should say this is not investment advice. This is, we are discussing these for news purposes, and don't go by TKO stock and then email me in six months when it tanks. Email you. Your clients can email you. >> They do, don't worry. But I'm sure they yes, I'm sure they do. All right, so Disney versus Netflix here, why is Disney above Netflix? Is it just because on your matrix, the interactivity and engagement of the parks is what sets them apart? Because in your report, you said it was not just that. You said it was a lot of what their AI plans are. >> Yeah, so I think the parks are very unique. And if you look at the composition of Disney, you know, 70% plus of the EBIT is coming from parks and streaming. So those are the two big bets that you're making. And if you look at what Netflix showed us when they showed interest in WBD, they cared very much about intellectual property. So when you think about the arsenal that you want to attack the media marketplace, you would like to have really strong characters, really strong intellectual property, and be able to leverage that across your franchise. I think Zootopia 2 was a pretty good example last year where they had almost $2 billion global box office, they had over a billion hours streamed on Disney plus, and then that reverberated across the entire company. That fed into consumer products and selling toys, and that also generates excitement around the parks. Obviously, we just had a handful of new releases in the box office. Toy Story 5 was the good one. No Moana was a little disappointing. Mandalorian Grogu, as you know, also a little disappointing, but they have this incredible intellectual property, this treasure trove that they're really just tapping into. And I'm hopeful that New CEO Josh Demaro is going to unlock new ways to interact with those characters. That's going to really spread across the entire company. Yeah, you write about this, about the promise of AI-enabled interactivity with the Disney characters. How confident are you that they can figure that out? Because I think that's the holy grail of Disney and Disney plus is creating an interactive service where these properties come to life for kids, and they can increase time on Disney plus and money spent in the parks and all through their flywheel simply by activating an interactivity element of their characters. Yeah, so a very simple framework and heuristic that we like to use is there's a really strong correlation between how interactive a piece of content is and how well it monetizes. So a very simple example would be, you know, streaming audio using Spotify as the proxy monetizes at about 10 cents an hour. Streaming video using Netflix as a proxy is 25 cents an hour because you're fully engaged. It's not in the background. You're looking at it. And you can charge higher ad rates. Exactly. Yes, because you're fully engaged, you're present. That's why everyone wonders, why is my favorite podcast on video now? It's because they can charge more for ads. They can see it. They want to see your face. Yeah. Yeah. That's the reason. The games are kind of the next step in this evolution and take two is kind of the best example of this. Obviously, GTA coming out. And if you look at how well those guys monetize is well over a dollar an hour. The next big step, the holy grail as we talked about are live events like sports, like concerts and live nation is kind of the best example of this, which monetize is at $50 an hour. So thank you, you know, concerts, two hours, 100 bucks, that's how we get the 50 bucks. So every single media company that we're talking about wants to slide further to the right on this scale, get more interactive, drive more pricing power, drive more connection to their audience. And so I think that's what Disney is trying to do. I mean, how much per hour does it cost to go to Disney Park? Yeah. It seems like they're monetizing me pretty damn well when I go there with $500 in my pocket and I leave with zero. That's right. Although I think you could get into the park for like a hundred bucks and spend the whole day. It's actually a good value, but it's like 200 now and don't get me started on the parks. But, but that is the pinnacle is what you're saying of a media company. That's right. The ability to extract more money from their customers per hour. And the top of that interactivity pyramid is the people that can get you to leave your home and go to some place to pay to watch something or interact with it. It's exactly right. And I think somewhere in between in that scale, between video and video games is where Disney is trying to play right now and they have this epic Fortnite partnership they've talked about what they're doing with the Simpsons, but they're trying to figure out how do they get young people to interact with their content, their characters. And I think ultimately they want that to live on Disney plus. So they talk about Disney plus being the hub and they're going to have lots of spokes around it. But I think ultimately their goal would be to get you to Disney plus where you have every single character, every Disney franchise, and you could interact with it in a very unique way. We're not there yet to your point, but I think that's kind of where we're going. Yeah, how long? I think it's a couple of years away. Yeah, they've been talking about this for years now. This is kind of the Josh Demaro thesis for his being the CEO of Disney's, but how long is this going to take? Yeah. Well, I think that you have the power and speed of AI is very present and real. And I think we're seeing every day the leaps that we're making. The debate is does that lower the barriers to entry? Does that make existing IP less interesting as everyone can kind of spin up new impressive content pretty quickly? I would take the other side of them and say those companies that have really good IP that can nurture that IP and bring it to life and make it increasingly relevant in this fragmenting world are best positions. I think no better company is positioned to capitalize on this than Disney. And I think it's less far away than consensus things. I totally agree with you. I think that in a world where anyone can make anything for nothing, we're going to be flooded with garbage and what is going to be a distinguisher. It's stuff we know. Now it doesn't mean that this AI won't get out of control and Homer Simpson will launch nuclear warheads at Russia or something, but I think that these AI-enabled characters are going to be super meaningful in the ecosystem and not that long. That's right. And Serandos has often said, "If you flood this zone with AI-slop, you're likely to see a reversion back to quality." And I think the other learning from things like Sora, you know, when you could turn yourself into Superman and IP was not protected, it was fun and it was easy. What a week that was. Yeah, there was an amazing one week. I made lots of cool videos and then it got a lot less interesting. And then you never went to Sora again. Exactly. Yeah, I agree. This episode is brought to you by Accenture. When your advertising operations fall out of sync, campaigns slow down, insights get buried, and opportunities get missed. That's why Spotify and Accenture are working together to reinvent the rhythm of bad sales, using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. To learn more, check out Accenture.com. Imagine setting your makeup, than forgetting it's even theirs. Meet new grippy setting mist from Maybelline, New York. Jelly mist technology locks in your look for up to 24 hours. with flexible all day comfy grip. No tightness, no stickiness, no residue. Just plump, dewy, hydrated skin that still feels like your skin. Try new, grippy setting mist from Mavily New York. Maybe it's Mavilyne. Calm/spotify. Netflix is still pretty high on your list. Number four. Sorry, number five after Live Nation. And is that just because of their scale and engagement? That's exactly right. So you have well over 300 million members. We think they have a lot of pricing power still. I think as you've discussed on this show, engagement is the single biggest question for Netflix. And it's a really interesting nuanced conversation we can have. You know, they just reported time spent just hours growth was up two percent year on year and the first half of the year. I would actually say despite the stock reacting negatively, that was better than fear going into the print. People thought it could be a negative number. And I know we're getting the disclosure less frequently or at once a year instead of twice a year. However, they're still giving us the same amount of information. But I do think they bring up a really interesting point, which is just hours misses the bigger picture. There are other things like quality and variety that go into the engagement equation, which I think a lot of investors ignore. I would love for Netflix to give us a quality score where they can, you know, say, hey, hunting lives. Well, it wasn't the most watch show that we have. The people who watched it were super engaged and they talked about it on social media. They finished every episode. They rewatched episodes. I think there's a lot of nuance in there. That's a good idea. What would you what would what would the factors be? Because it's got to be some third party data, right? It should be a medical score. I think they have a lot of data that they obviously would not want to share for competitive reasons. I the walking dead does really well, AMC X is trying to, you know, negotiate those rights, which come off at the end of this year. So you'll probably get some kind of announcement. But they could tell us completion rates. They could tell us, you know, the scores when you get the little thumbs up or thumbs down after the show. It's exactly right. My metrics would be completion rates, rewatching rates, thumbs up, thumbs down. And then there's definitely a social media footprint. There's definitely metacritic rotten tomato scores. You could kind of put that into its own algorithm. I think their fear would be they don't want to give competitive intelligence to other streamers. But I think there's a lot they could do on the quality scoring that could help us dimension and understand that, you know, one hour of the NFL is obviously very different than an hour of cartoons or friends. The example that they pointed out that I thought was interesting on the earnings call. So live events and sports, 5% of their content budget, 1% of hours, kids content, same 5% but 8% of hours. However, if you look at the signups, so 6 out of the 10 top 10 signup days in the last five years came from live events and sports. And that's where your metric captures that. Yes, exactly right. You would put the signup moment, the under the urgency and pricing power metrics, where that's where they're getting you, even though their miss Rachel might generate hours and hours and hours of content. It's a kid whose family has already signed up for Netflix. And I think these big live events are good acquisition drivers, good gross ad drivers. And then they want a shoulder program around that to keep the turn down and you saw that with the world baseball classic in Japan, you know, they try to put some of their best stuff behind it, like one piece, even though that wasn't as good as some people had hoped. I think they're going to try and put some of their best stuff around these big events like NFL coming up. All right, so let's look at the rest of this list because the so top five or Formula One TKO Disney Live Nation Netflix, then the rest of the top 15 is Spotify. We've talked about them. The New York Times, interesting Warner music group, Sphere, the Atlanta Braves holding company. That's the only major league baseball team that is publicly traded. MSG sports, MSG entertainment, Paramount Skydance, Warner Brothers Discovery, assuming that deal closes, Roku and Fox core. So a lot of sports oriented entities in this list. Yeah, that's right. One thing I think that's really interesting. Yes, like if you can own, you know, MSGS is a good example. So Cameron Manson Peron on my team just upgraded MSGS, which owns the next in the Rangers. So that's just a mix in the Rangers. I get confused with the state of the Jim Dolan Empire. I know where does the surveillance system come in? What is that? Sure. So there's three Dolan entities that are publicly traded today. So there's the Sphere, which is obviously the Vegas venue. Also, the RSNs are in there, but that's been, you know, largely ring fenced. You have MSGE, which is the garden itself in Rio City. And they have MSGS, which is the Sphere. So the next in the Rangers. So all three of Dolan's companies are on your list. Yeah, they all score pretty well. And it's exactly what we were talking about. They have the sports. They have the franchises. Obviously winning a championship. You could argue you go from a Dolan discount to a Dolan premium. And they are actually going to be splitting the teams. The next are the most valuable team, even when they sucked just because they play and like, you know, unlike other teams. That's right. Beyond the sports. What's driving these other companies to be there? Why is the New York Times number seven? Sure. So they have urgency. I think that's, you know, there's nothing in terms of when you think about AI risk, having reporters on the ground in the Middle East. That's really hard to replicate. It's really hard to have breaking news as you know well from your job. So I think having that, you know, newsroom, having these reporters that are entrenched that have great relationships is very AI proof and is very urgent. I think these brands that have, you know, great staff and great people and people go there first to find out what's happening. I think that's differentiated. That's so funny because the narrative around the times for so long was that news is not differentiated. Literally, there is no, you know, there's you cannot copyright the news. You can copyright the expression of how you write an article, but the news is the news. And I have always attributed the New York Times success to its ability to go away from the news and to create other things that are sticky for customers like games and cooking. And sports and things like that isn't that was powering the urgency of the times now. Yeah, so they have definitely diversified into as you point out games and cooking and then bought the athletics are getting bigger in sports without a doubt. I think at its core, the times as a brand, they have really amazing reporters who break news all the time and people trust them. And so in many ways, you could argue that the paper of record for many people and I think that's a differentiated brand that is often under appreciated where people say to your point, oh, isn't news commoditized. I think breaking news is really hard having on the ground differentiated insights and context is really important. Yeah, and they got to scale pretty fast online and other brands, you know, it's, we don't get into the news media here, but there are the top of the pyramid and then there's sort of everyone else. It's like a, you know, our glass. Exactly. I think another, another interesting thing to talk about is music. And I would just say, you know, we spent a lot of time talking about how hard the streaming video market is, how competitive it is. I think streaming audio is really different and the reason why Spotify score so highly, which I know you're a big fan of. Well, they own the show. Yeah, they produce the show. So it's a paid partnership. Yes, they butter your bread. So I would say the thing that Spotify does so well is you have a much better industry structure, right? So in streaming video, we have 20 plus options. We do surveys. We ask about over 20 different services and streaming audio. It's really Spotify and YouTube music. Apple music has has not been growing. They just raise prices, which is helpful for the ecosystem. Amazon has so many other things going on. But it's really this, you know, healthy industry structure. And in the history of media and internet, companies that do one thing really well and give their customers a lot of satisfaction. They know them well. They help them with personalization and discovery. I think that's really unique and differentiated. And what they're trying to do now is they announced to deal with universal music group. Or they're going to let you make a mega death version of a Taylor Swift song. And so we're going to be able to do AI remixes, which I think on this interact activity scale slides them further to the right with more interactivity, better monetization, more pricing power over time. Just what we all wanted. All right, so in your report, you talk about this extra free time that we're all going to have when AI is doing our laundry and doing our homework and driving our car. Who's going to win that? Who's going to win that extra 60 minutes a day? So I know you're just going to work harder. You're going to use a lot of these AI tools to put out more podcasts and read even better newsletters. No, I'd like to think that I would be watching more movies, reading more books. I fear that I will be scrolling on my phone looking at videos of deformed raccoons that are circulating in my feeds. I think the fear right now is you're alluding to is, you know, social media and TikTok and Instagram Reels and even YouTube itself. You know, these things are very effective and they're growing very quickly. And especially younger cohorts are spending a lot more time there. And so, you know, to our Netflix conversation, the fear is that that's going to crack into some of this long form premium content time that we spend. My personal belief is that, you know, sitting down with your significant other, watching a special show, watching a series that your friends are talking about is still very unique and differentiated. And I have a colleague who jokes that, you know, his Tesla drives into work and he'll watch. you know, the hawk on Netflix on his ride into work. So I do think this idea of having a little extra free time, where it's 30 or 60 minutes, that could actually be allocated to premium long form content consumption. Obviously, doomed scrolling is something to compete against, but I think that's a very different thing that we're seeking out. And I'm keeping an eye on it. I don't know the answer to this to your point. We'll have to see how it evolves. But I think the bull case for all of these media companies is that we actually get an extra hour and we do spend a little bit more time with some of these really quality premium long form content sources. And I just point out like podcasts and audiobooks or good examples where people don't always just want, you know, short term dopamine hit, but I actually want to dig deeper and have, you know, a meaningful experience. Well, that's nice to hear, but I will probably be watching old clips of Veepe on YouTube or the Robert Pattinson video where he says get these beggars out of here a million times. So great, I appreciate you coming on. Thank you. It's a fascinating list. Thanks for having me, Matt. We're back with the call sheet producer Craig is out today. Producer Jesse is here in his place. Jesse is Craig getting the full calf implants. I know is some procedure. He was going to Turkey. I thought I thought it was the bicep implant or the the abs implants. Well, I know he's getting the peptide infusion, but I didn't know if it was biceps or or calves, maybe a butt lift. I don't know. It's hard to keep track. Before we start, an announcement to make for people in L.A. Friday, August 21st at 10 p.m. at the American Cinema Tech in Los Feliz, the Los Feliz 3. I am participating in their friend of the fast American Cinema Tech podcast and film festival. I'm going to be introducing one of my favorite movies of all time election. The Alexander Payne movie with Reese Witherspoon. Please tell me you've seen it, Jesse. It's been years since I've seen it, but I have seen it once. Oh, it is so good. It is my favorite comedy of all time. And I'm going to be introducing it at the Cinema Tech event on August 21st. If you want tickets, you can go to American Cinema Tech dot com. All right. Secondly, a little accountability corner here. Catching up on some predictions that we made. So I took the over on the Odyssey, getting to 100 million last weekend. And it did 25% better than that. It got to 124 million. So it went for me, although it's hardly a win because I was even questioning where the line should be. Then on the World Cup final ratings, I set the line somewhat arbitrarily at 25 million. It came in at 38 million for the World Cup final on Fox. That was just the Fox number, not even counting Telemundo. So a win for me, although that is not really a win because I was so over a huge L for Craig, because he took the under on 25 million. Just just a huge whiff. Yeah, I don't know why he decided to take the under on that. Maybe he was just trying to go against you. I don't know. That was that was odd. Yes. All right. Onto today's prediction. Odyssey didn't even have any competition last weekend. Huge flex for Chris Nolan. No other studio put up a movie opposite Odyssey. And an even bigger flex. No new movies this weekend in wide release. So he got two full weekends to himself, mostly because I think everybody knew he was going to take all the I'm X screens. But I want to do an interesting call sheet today. I want to try to predict the second weekend drop for the Odyssey, because typically movies that open over 100 million, they will drop by 50, 60, sometimes even 70% in the second weekend. That's not going to happen here. This movie has played really well all week. The IMAX sellouts are really fueling it. It's getting to like 20, 21 million dollars domestic per day during the week, which is very good. And I'm going to go out on the limb. And I'm going to say that this movie is only going to drop 40%. Let's set the line at 40% and I'll take the under on 40%. I think it will be somewhere in the 30s for the second weekend. Fueled by IMAX. Yeah. I believe you on that. I've probably ticked the under as well. I've been holding out to try to watch it in, you know, 70 millimeter IMAX, but I can't find a show time that works. I know. I think that's, I think honestly that's the case for a lot of people that they keep looking to try to see this movie. And they're not finding any seats in the format they want. So they're having to wait. So I think that's going to lead to really long legs for this movie. Plus the nerds are going to see it multiple times. So I think that that's a pretty safe bet here. Then, of course, next weekend, it'll get blown away by Spider-Man. So, you know, enjoy it while last. But I think this, I think honestly, Odyssey will chug along during August. And all of a sudden, we'll see that it's at 800 million and, you know, flirting with the billion. When or what is the next movie that's going to have like the next IMAX movie after Odyssey, like what's the next movie that's going to take the theaters? Because I feel like until Odyssey is like out of IMAX, that's going to be like the legs for it. Wait, you're not excited about Infinity Vision? Oh, I totally forgot about that. Spider-Man will be in Infinity Vision. Well, I, I need to get my ticket for Spider-Man then. Exactly. All the way. I know. We're going to see how well that marketing stuff works because spoiler alert, there's no such thing as Infinity Vision. But we'll see. All right, that's the show for the day. I want to thank my guests, Sean Diffley, producer Craig Horbeck, artist of Jesse Lopez, and Stefano Sanchez. And I want to thank you. We will see you next week.