Roger Lynch

So we started working on plans for each of our brands around that.

And some of the brands we looked at said, hmm, they don't really have a good plan for that.

So we're going to reprioritize on the ones that do.

But if you don't have those paths forward, if you don't have really strong authoritative brands or brands that have very strong niche in certain areas or direct audiences, then you're just going to be fighting that all the way down.

You know, it's a very important part of our revenue stream.

Our digital subscriptions grew 29% last year, revenue.

Wow.

And, you know, they're growing double-digit percentages this year.

So it's a really important growth area of our business.

Yeah.

And we're launching more digital subscriptions for more brands like Pitchfork, a small brand, just launched a subscription earlier this year.

Tatler, another small brand in the UK, launched it.

But our big brands, the New Yorker, very, very strong growth.

Vogue is showing incredible growth in digital subscriptions.

So that's an area that's important to impress.

And I think we've built up some really good capabilities, both on the technology side, but then also on just the people capability side, too.

We have raised prices on subscriptions fairly materially over the last couple of years.

You know, each year we think, okay, we're raising the price, the retention is going to go down, and actually the retention has gotten better every single year.

So the elasticity looks pretty good for us so far.

publications can get hurt is if they're caught in the middle.