ZOO has announced a significant new contract with a major Hollywood studio to support the continued global roll-out of the customer’s direct-to-consumer streaming service. This further demonstrates both ZOO’s quality as a services vendor and the leading position of ZOOstudio within the market. In our view, ZOOstudio is a strategically important offering that allows ZOO to become ‘part of the furniture’ once adopted. Client dependence on the technology then translates into competitive advantage and differentiation for ZOO. We make no changes to numbers at this stage but will look to review estimates at the FY23 trading update, due in early April. However, we view this important contract win as a clearly significant milestone towards ZOO’s $400m longer-term revenue target.