Clint Stinchcomb: It’s minimal in 2022. When we — let say we dipped our toe in the water, just in an effort to learn what we could to understand the real differences and positioning of the service and also to just operationally make sure that we are doing all the things right. So minimal revenue from FAST last year. Going forward, it will be a component of our broader advertising and brand partnership business. So it’s meaningful. But AVOD is meaningful and then the comprehensive approach that we take to these brand partnerships where we are including our partners on our O&O platforms, including social, it spreads out across a number of different assets. So I think in 2023, FAST will be a component, but probably less of a component than it would be in 2024 and beyond when we have got a full year behind us and when we are really rolling.
And the other benefit that we see to FAST is, it’s not just monetization for our brand partners. It’s also a platform to promote to our direct services and this becomes even more valuable as we move to virtually 100% performance-based marketing. And as we have, frankly, higher-margin, more profitable subscription tiers to promote to and it’s — so we just want to make sure that we leverage it as strongly as we can. Makes sense?
Dillon Heslin: Yeah. That’s helpful. And then in terms of the Spiegel changes and then some of the deals that have gone away, like, when do you expect to see the impact, one, of the Spiegel changes, and then are there any sort of other partnership or bundled agreements that are potentially less favorable in economics that you can either try to restructure or possibly do similar things to what you have done in the last six months?
Peter Westley: Well — do you want to?
Clint Stinchcomb: Well, I would say, as it relates to Spiegel, we like that relationship. That’s a — the fact that we have two linear channels in German-speaking Europe, reaching close to 5 million customers and seeing the Curiosity brand, that’s been really good. And what Peter is talking about is it, is an accounting treatment that we are — we think actually positions that JV for even greater success. As it relates to our other bundled deals, I think, you will read about a number of them over the next month, the economics that we have with our other partners are good. They are all nice margin, recurring revenue, multiple years. And in the cases where it requires language content, much of that is behind us now, as it’s like having built this critical mass library. So the deals that we will do are going to all fit that criteria and really excited about the ones that are — that come on over the past month and over the next month.
Peter Westley: Yeah. I’d just add that one distribution deal we walked away from, that was a real outlier in terms of the overall economics of that package and we have instilled real discipline in some of our larger kind of enterprise types of deals and we are not doing some of the types of deals that we had done in the past, but there — those deals are effectively all behind us as of the end of 2022.
Dillon Heslin: Got it. Appreciate it. That’s helpful. Actually, one more, if I may did — maybe I missed it, but did you guys share the subscription — subscriber number at all for the end of the year?
Clint Stinchcomb: We didn’t. But I mean, our direct — we said our direct customers grew and they grew 25% year-over-year and on the bundled side, grew a little bit, and that was a combination of — in certain cases, we are paid basically a fixed fee based on the numbers, not — it’s not a fee per subscriber, it’s a fixed fee and the distributor customers, subscribers can go up and down a little bit and so that’s why it was kind of marginal growth over the quarter there.
