Craig Peters: Yes. And I would just add, Mark, that as you look at our average revenue per subscriber, historically, our larger customers have been kind of more converted into subscription. And so, therefore, the opportunity to continue to add subscribers has been kind of in the smaller spending customer side of things. So small businesses, medium-sized businesses, emphasis on iStock and now increasingly through Unsplash. So, that’s why we’re seeing — those are lower spend products, lower download products. And so that’s where we’re getting the positive shift in terms of commitment. But it does bring the average revenue per subscriber down, but that’s not due to loss of subscribers on the premium access or on the larger side. It’s more about the opportunity to get more commitment, higher spend per customer in aggregate through those subscriptions, as Jen highlighted.
Operator: Our next question comes from the line of Cory Carpenter with JPMorgan.
Cory Carpenter: I had one for you, Craig, and one for Jen. Maybe Craig, just could you expand on the NVIDIA partnership that’s in limited testing? Anything around the different ways you’re thinking about commercializing the product and in different ways to monetize? And then, Jen, for you, just on the Hollywood strike impact again, any way to frame how big the entertainment vertical is for you? And is that impact felt mostly in editorial, or is it also in creative? Thank you.
Craig Peters: Yes. Cory, I’m happy to pick up the first and hand to Jen on the second. So, with respect to NVIDIA, I’ve kind of mentioned, we’re taking a very long-term view to AI. And this is a product that we are — have been working on with NVIDIA for quite some time now. It is one that when we bring it to market, it’s going to be commercially viable. So what do I mean by commercially viable? It’s built to respect third-party intellectual property. It’s built to respect third-party brands, names and likeness. So you won’t run into any issues in terms of using the resulting outputs on a commercial basis. It’s creator-responsible. In essence, we will be making sure there’s payment back to the creators that gave us the content that it’s trained on.
It will be indemnified for our customers, which means our customers can use it knowing that Getty Images is actually bearing the risk of the content that’s produced, and it will be incredibly high quality. And getting to that solution takes a lot of time, work, takes a lot of partnership with NVIDIA. In terms of the commercialization of that, I think I’ve mentioned at the outset, while I can’t go into the specific terms of our agreement with NVIDIA, it’s a partnership. And we will share in the resulting revenues that we generate. Getty Images will be the predominant go-to-market path through our sales force and through our websites, and we will share in that revenue. And that’s — it’s not a data licensing deal. It’s a long-term business and product offering that we bring to our customers that is additive to the product suite that we have and will generate revenue.
Now, it’s not going to generate a ton of revenue out of the gate, but it’s one that we think over the long haul, is incredibly well positioned to compete in the space and over the long haul will generate material revenues back into this business. And we think that’s the right structure for the relationship and the right structure for the business overall over the long term as generative AI continues to be something that we think has significant opportunities over the long term. And then, Jen, if you want to pick up on the entertainment side of things and the impacts there.
