Michael Nathanson: Yes, it does. It’s really helpful. Can I just have one more for Mark? I think I’d be remiss not to ask you about China, given your history there, given the depth of your relationships. What are you hearing on the ground, right? You have — actually the text you put out, but are you seeing real signs of reawakening on spending and activation from the client side? Is that a hopeful sign for ’23?
Mark Read: Yes, certainly, when I talk to our people there, they’re much more positive and much more optimistic about the outlook for the year and about client spending. In our case, we had a very strong Q1 last year, I think we were up 12%. So it’s going to make the comparatives this year a bit tougher for us in Q1. So I don’t think you’ll see it feed through into our growth until Q2 onwards. But I think China is 5% of our business. So it’s an important part of our business, but it’s by no means delivering all of the growth that we expect this year. It’s really — it’s part of the puzzle, I would say — I would describe it as. But I think people are positive and it’s definitely opening up.
Operator: Our next question comes from Doug Arthur from Huber Research.
Douglas Arthur: Mark, there was a narrative in the marketplace, say, 18 months ago, that Retail Media was not really incremental spending. It was sort of moving from one pile to the other. That doesn’t seem to be the case. So I guess what is your outlook there? And what is the specific WPP agency role in facilitating the growth of retail media? And then I’ve got a follow-up for John.
Mark Read: Yes. Look, I think some of it is being displaced from analog, which may not be measured to digital, which is probably more measurable, right? And more reported by the companies. And so classically a big, packaged goods company would go to Walmart and would have listing fees and promotions and advertising, and you would never see that either in — Walmart would never disclose that, and you would never see that in the P&L of the packaged goods company either. And now that’s may be reported as advertising revenue, so people are starting to collect it. So I wouldn’t say it’s necessarily being displaced, but I think it’s becoming more measurable. And part of it — some part of it is incremental because you’re creating new opportunities for clients to advertise, and so it’s incremental.
I would say from the perspective of our business, it is incremental to our business because it’s money that probably would not have passed through WPP. But because it’s now being spent as pure advertising is being passed through WPP. And so our job is to help our clients manage that and integrate it with the rest of their advertising. And quite frankly, the retailers are trying to double dip, which is trying to get the trade dollars out of the manufacturers, as well as the retail advertising dollars by persuading them on different things, and then always different things. So it’s a little bit of an arm wrestle about what it is. And I think our job and our role is to help clients spend it efficiently, understand where it’s additive to their overall media mix and understand where it’s actually incremental or replacing trade spend, and make sure that they’ve got the right balance there between those two activities, I guess.
Douglas Arthur: Yes, that’s very helpful. And just a follow-up for John. The transformation program seems ahead of schedule. Where are you getting incremental savings? Is it more on the real estate side or kind of IT? And could you eventually exceed your goal through ’24, ’25?
