Alicia Barry

You can see how these numbers aren't really adding up.

Absolutely, when you're trying to secure advertisers, right?

But also it plays to a much broader issue, I would argue, in the media sector, and that is the fragmentation.

I mean, Carrington, you and I are on a podcast right now.

People can play this any time they would like.

So are people still listening to that one radio station in the morning when they get in the car?

Are they getting in the car?

You know, are they walking to work with AirPods in their ears?

I mean, ARN is sort of banking its growth opportunity in the digital space.

It's pointed to that outlook and it says the convergence of audio and video creates a material opportunity.

So they're going to start filming their programs.

They're going to start doing more podcasts.

Is this big flagship radio breakfast program, what they're going to hang their hat on in the next couple of years?

Yeah.

And they really wouldn't talk about it at the AGM.

Any question that was thrown to them about Kyle or Jackie O was very quickly put to bed because it is before the courts.

And in fact, there was a brief mention in Hamish McLennan's opening address, but then said, we're not going to talk about it anymore.

I mean,

The big issue now for the company is they have a first strike against the remuneration report.

It just takes 25% of shareholders to vote against a remuneration report for it to be a first strike.