Richard Osman

I'd have read it at four.

You'd have read it, yeah.

Yeah, and this is the second wave of podcast booms.

four or five years ago which was wow what's this new industry there's people everyone's listening to audio this is amazing and so there was a lot of money spent on a lot of money lost at that point and there was some thinking afoot that maybe the multiples you could get for a podcast company might have disappeared however I think since the pivot where now most podcasts are watched yeah

And people have come to understand, certainly people in the venture capitalist world have come to understand that this is the new television, that just by default, everyone is suddenly watching this stuff.

And the production is cheaper and all of those things.

So there is now suddenly a second, much, much, much bigger boom here.

because what they're buying into is the future of television.

They were buying into the future of audio and making a small bet on that.

They're now buying into the future of television and making a huge bet on that.

Yeah.

And the key thing is, it's not scale anymore, it's depth.

So it's not, can you reach 5 million people?

It's, can you reach 70,000 people?

Who really count.

Exactly.

But can we get a maximum value out of that?

Funnily enough, this TBPN thing, I think slightly is set aside from that narrative.

So that narrative, there are lots of podcast deals going on at the moment for the reason I'm talking about, which is suddenly you're owning these brands that people are watching and people don't mind being sold to buy, all that kind of stuff.

Whereas TBPN, I think-