Yesterday’s Video Webinar – key points summarised below: New audiences: Future believes its video verticals (Owned & Operated, AVOD, External) introduce new audiences to the Group and, by virtue of the types of content created and the data-led nature of its approach, enables advertisers to target the more tricky millennial/Gen Z audiences. A scale offering: the Group has added 4 platforms (5 now in total) to its distribution capability in recent times, whilst its social channels (Facebook, Snap, YouTube) have over 120m followers who watched over 9.1bn minutes of content in 2021, with 55 new episodes released every month. We understand TikTok is further behind in its monetisation capabilities, with Future well positioned when this functionality emerges. Increased relevance and efficiency: the Group has made strides across a range of KPIs including page-view to video-view ratio (+6ppt Oct20 to Jan22), absolute video views (+13%) and ad impressions (+38%), and it is seeing enhanced engagement with its content on social channels versus video creation peers. Yield enhancement: the company flags that the yield of video ads is 4x that of display ads and operates a similar “ad waterfall” to its display ads business, with direct deals a similarly clear focus in video. Focus areas: the most developed verticals to some extent mirror Future’s recent acquisition history, with Tech & Gaming the strongest, while some of the “newer-to-Future” verticals including Home & Wealth are further behind, albeit that they are the key focal areas for growth moving forward Revenue and margin performance: since 2017, the Group has grown AVOD revenue at a CAGR of 72% and has grown margin by an impressive 27ppt. Our View Future continues to stay ahead of the game in targeting the audiences of the future. The Group has made no secret of its desire to move higher up the yield curve across its digital ads business, with its video proposition clearly gaining traction and representing a clear source of upside. As previously discussed in our research, we would not be surprised to see M&A in video creation assets, as a key part of the growth story moving forward.