Summary

• Has KSI Really Left the Sidemen?: KSI uploaded an emotional video announcing his exit from the Sidemen citing work-life balance. 2M+ views in 24 hours. No public fallout claimed. The fanbase is entirely split between mourning the end of an era and convinced he lost an Arsenal bet forfeit. The timing, right before a World Cup summer, is suspicious.
• FIFA’s Fan ID Splits Opinion: FIFA’s new NFC-enabled physical card unlocks stadium navigation, AR and merchandise personalisation for every ticket holder across 104 World Cup matches. It also captures in-stadium behavioural data paired with online activity. Is a collectible card enough of a value exchange for fans to part with their data?
• MrBeast Just Took on Google: Beast Industries is building a two-sided creator marketplace connecting 100,000+ vetted micro-creators with Fortune 1000 brands via AI matching. Held its first formal upfront alongside NBC, Fox and Amazon. $5BN valuation, $400M+ revenue. MrBeast is no longer building the world’s biggest channel. He’s building the operating layer underneath all creators.
• Fanatics Built the Most Valuable Ad Network in Sport: Fanatics logs 2BN+ fan signals daily across commerce, collectibles, betting and gaming from 100M+ identified fans. Its new FanGraph network lets brands target fans by purchase behaviour, team loyalty and betting activity in a single profile. Data earned through 30 years of fan transactions, not extraction.
• Why Tubi Is Giving the World Cup Away for Free: Tubi launched its 2026 FIFA World Cup FOX Hub on 18 May. Free, no subscription, no login. Selected live matches simulcast in 4K. Fox is selling the same rights to paying subscribers simultaneously. Pure anonymous reach play, and exactly the opposite of FIFA’s Fan ID strategy.
• Who Owns the Fan?: FIFA wants to identify every fan in the stadium. MrBeast aggregates 100,000 creators and sells them to Fortune 1000 brands. Fanatics earned its 100M-fan database through 30 years of commerce. Tubi gives the World Cup away for free with no login. The race to own the fan relationship is the whole game now.

Show notes

Anonymous Fan Index

Transcription

Ed (00:01.258)
Right then. You ready? Yeah. Cool. Right, here we go. Hello and welcome to this week’s edition of the Attention Shift. This week I’ve got a special guest, Joe Edwards from Display. Welcome on board. Cool. So obviously we’re in you’re into the tiger’s lair here, so we can only imagine how you’re gonna deal with some of the very, very, very specific question I’m gonna be putting your way.

Joe Edwards (00:04.269)
Yeah.

Joe Edwards (00:15.084)
Thank you. It’s good to be here.

Ed (00:27.296)
But no, obviously Joe Redfern left us recently, so we’re doing something a bit different for the foreseeable future against some of our my colleagues from here at display, who’ve all got really strong opinions. We thought it would be a great way to spread it around a little bit. So, without further ado, we’re gonna kick off with the big story that broke at weekend KSI. The internet is completely divided over if KSI has actually left the sidemen. So, here’s what’s happened. He uploaded an emotional 30 minute video announcing his exit from the sidemen.

to fix his work life balance, as he put it. and he’s claimed there is no behind the scenes beef or any fallouts that have happened. It did tw two million video views in the first 24 hours, and it happened hot on the heels of the group completely telling out Wembley Stadium right before a massive World Cup summer. so the fan base interest and it’s entirely fractured over the legitimacy of the video. Half think he’s telling the truth, half think that it’s all some kind of ruse.

The group members immediately lean into the chaos, tweeting fast and furious style goodbye videos, and going back to the seven two thousand seventeen Distrack. So, interesting, right? Interesting move from KSI. He’s got quite big, it’s fair to say, Joe. Where do you think his head’s at and where’s he going with this?

Joe Edwards (01:42.54)
I don’t know. mean, my immediate thought was maybe he’s outgrown him. Like to your point, it’s got so big. Maybe he has actually outgrown him. I was listening to a podcast probably not even at like a month ago about how the Sidemen group are looking at investments. And I wonder, I wonder whether he’s just pulled out of the kind of being the face of and whether the financial stuff is still

Ed (02:02.827)
Yeah, yeah.

Joe Edwards (02:12.195)
still kind of in play which i’m sure

Ed (02:15.466)
Yeah, I think that’s a little bit stickier and harder to extrapolate from. But look, it may be that he’s keeping his investments as part of that group and this is just more from a content perspective. but it’d be interesting because in a lot of ways, a little bit like a a band, right? When you leave a band, like any of the historic stuff you’ve done, you’re party to that. Any of the new stuff you’re not. So it’d be interesting how do they manage that investment versus ’cause a lot of the ways that they grow their investments is through the content they create, which you won’t be party to anymore. So whether they’re gonna have to think of some kind of leveling

Joe Edwards (02:23.586)
Yeah.

Ed (02:44.414)
On returns. Interesting point.

Joe Edwards (02:45.996)
And also, what happens to all the monetization of the content that he’s already on as well? So…

Ed (02:50.89)
Well I guess that ’cause he was part of it, he’s part of the the again similar to music, part of that split, so it continues to be to be thus, I guess.

Joe Edwards (03:00.5)
Yeah, I guess the other one with my marketing how and is like all news is PR, whether it’s good or bad generally. So it’s probably creating up the kind of storm in the media as we’ve already seen. Like I just think it’s it went absolutely crazy. So that’s only going to add to whatever next crazy project he’s got on underway or under his hat.

Ed (03:08.543)
Yeah.

Ed (03:28.918)
Yeah, there’s all sorts of rumours as well that it was some kind of arsenal bet that he lost and that’s why he did it. That basically the bet was his ’cause they got to the ’cause they won Premier League and got to the Champions League final if he had to then do a video saying that he’d left side men.

Joe Edwards (03:40.398)
Love that. I mean, that’s the case, but we’ll see, I guess. We will see.

Ed (03:44.885)
Yeah, we’ll find out soon enough. Look, he so obviously he recently invested in Dagman Redbridge as well. And he look he has got a lot of things he’s be obviously been doing Britain’s got talent, isn’t it, that he’s been doing as well. He has got a lot of stuff going on and the reality is he’s you know, he he he he’s he is one person doing a lot of this stuff and there is only so many hours in the day and you know the side main content is good. There’s a lot of planning goes into it, it takes a long time to film. Some of that inf involves international travel as well when they do it. Like

Again, there’s only so much time you can devote to these things.

Joe Edwards (04:16.299)
Yeah. Yeah, agreed.

Ed (04:19.296)
Cool. Right then, next one. So this is a bit of a disagreement already. We’re already in story two. So FIFA, FIFA fan ID.

FIFA’s launched FIFA Fan ID, which is a free NSC enabled physical card, little for physical card, to every ticket holder at the hundred all 104 that matches across the 16 stadiums and the US Canada next week for the World Cup. how it works, you collect the card from a fan information booth inside any of the stadium, you tap your phone on the card and it unlocks a digital layer. Stadium navigation, AR, video messages, merchandise personalisation.

Or with the official tournament content. and FIFA have been explicit in this that the fan ID allows them to capture in stadium behaviour data paired with insights from fans online activities. So ultimately, you know, you can see what FIFA are gonna get out of this as well. so there’s a physical presence there, married with a digital identity, and they’re unifying that for the first time at this scale.

and they’ve got two separate systems: the FIFA ID, which is mandatory for you to be able to get a ticket, and the fan ID, which is an optional experience layer, so you can decide not to pick up the physical card. But they have described their a value exchange, right? What the fans get and what FIFA gets. Discuss.

Joe Edwards (05:43.843)
Well, I think the first thing was like the reason I was pro this was that it’s physical and for somebody that’s going along to this event and spending God knows how much money on tickets, there’s an element of having some sort of memorabilia around it. And I just like the idea of being given something that you’re going to hold. You’ve got some ownership over it.

And I mean, all the other value add stuff that they’re talking about in terms of like the experience layer for them. Yeah, I mean, that’s all really, really good stuff. The biggest thing for me was actually just like the fact that you’re getting something physical. I’m sure.

Ed (06:28.054)
Yeah, ’cause all the tickets will be all the tickets will be digital, I imagine you don’t get a physical ticket anymore.

Joe Edwards (06:31.542)
Yeah, mean, they say something like fan ID, you imagine everything’s going on your phone in some respect or another. And I’m sure there will be advantages of having this card versus other things like.

Ed (06:36.971)
Yeah.

Joe Edwards (06:51.112)
merchandise and all that other kind of stuff. So it will only be used as a way of encouraging, you know, more revenue. I think there was something around like five million, five million tickets sold over the period of time. My question is, I wonder how many people are going to adopt this physical fan ID.

over just sticking with the ticket. Like out of those five million people turning up at the event, what do we reckon? Is it one million, two million, four million? The lot, you know?

Ed (07:23.306)
You know what, I’d I’d n I’d I’ve not thought about what you said that if every fan card when you go into every stadium’s got a different design on it, so it becomes a collectible. I’m still not a massive fan of the idea of getting these fan cards, because I just think that if it’s NFC enabled, you can make the digital tickets on the phone NFC enabled. So why do you then need to go and do a physical NFC-enabled card to do the exact same thing? Now look, you they can’t just make people

give up their data unless they ask people to opt in on the NFC enabled digital ticket. But are they not just adding a layer of complexity to what they want to try and get out of it? And and is a card enough of a value exchange for people to to part with their data? Is my question.

Joe Edwards (07:53.921)
Yeah.

Joe Edwards (08:07.392)
Yeah, that is the 360.

Ed (08:10.464)
Go on, I’m gonna push you a harder on that. Come on.

Joe Edwards (08:13.358)
Do I think it’s enough? I think so. Honestly, like, I think of the times that I’ve been at big competitions and having something to show for those big, competitions, I think is special. I’ve got in my room, I’ve got a couple of foam fingers literally from when I went to see New York Knicks, which must be like 20 years ago now.

Ed (08:40.97)
Yeah, yeah, yeah.

Joe Edwards (08:42.474)
And I think these types of things, and you can see I’ve got shells full of…

I mean, some people call it crap. I will call it of great memories. And I think those things are really important. And for the sake of a bit more data about what fans do, I’m sure they’ll be. And honestly, for the fact they’ve probably spent so much money on the tickets, anything extra that they’re getting from the experience, I think will be enough for that value exchange. we talk about value exchange and the fact that

Ed (09:11.201)
yeah, they love and sorry.

Joe Edwards (09:18.164)
FIFA have been explicit around the fan ID allows them to capture in so they will not have been that explicit They are to us they are to the industry, but the everyday fan is not reading the terms and conditions I mean when was the last time you actually like read all the terms and conditions of the latest bit of software you’ve you’ve purchased?

Ed (09:38.118)
All the time, Joe, as you like you know it’s my fiduciary responsibility.

Never. Never.

Joe Edwards (09:47.176)
Yeah, and I think that’s like, that’s the point. It’s like the fans won’t really, they’ll go, nice, wicked. that looks cool. What can I do with it? And that’ll be the, that’ll be the, that’ll be about as far as it goes in terms of the terms of conditions. I would have said.

Ed (10:05.526)
So I think yeah, so I think if they’ve if they we didn’t didn’t really say it in anything that was if they’ve made it into a collectible, they’ve probably sold it as a sponsorship inventory activation thing too to some of their sponsors, no doubt. So if it’s a collectible, I don’t know how many people are going to multiple games, but I’m trying to think when I went to the World Cup in nineteen ninety now, but again, we have physical tickets then as well, so it was a lot. And I’ve gotten them somewhere, but again, the football wasn’t wasn’t developed like it is now too. So I mean, you were lucky if you a crappy burger and

Joe Edwards (10:16.547)
Yep.

Joe Edwards (10:27.159)
Yeah.

Joe Edwards (10:32.769)
Yeah.

Ed (10:35.486)
And a shitty flag to be really honest. right then, next story. Mr. Beast is in the news again. so think what you want about Mr. Beast, but he definitely has changed YouTube forever, and his new business venture is trying to do the same for advertising. So Beast Industries is his corporate entity, and he’s now building a two-sa two-sided

Joe Edwards (10:35.758)
you

Ed (11:02.326)
Creator marketplace connected 100,000 vetted micro created calls and with 100, sorry, 1,000 fortune brands through an AI-driven matching distribution. So he built Viro, and we talked about that in an earlier pod with Joe Redfern, which was about creator distribution of content because TikTok, Reels, and Shorts. Now what he’s building is effectively an influencer platform. So now he’s found those microcreators who are willing to share and

remix his content and share it to a wider wider audience. He’s now going actually these are the ones now that I know that I can actually sell access to to other brands as well, not just related to the content that I’m creating. So he’s done a an a formal advertiser presentation, a little bit like the upfronts, which we covered off a few weeks ago. and same as NBC and Fox and Amazon to pitch for annual brand commitments. so yeah, his business has been valued at five billion dollars.

four hundred million plus revenue and he’s trademark these file trademarks for Mr B Social, B Social Creator Industries Watch Time Studios. So you can you can see the way he’s going with this and like it or not, it’s clever, right?

Joe Edwards (12:14.602)
Yeah, yeah, for sure. mean, it feels like he’s… I think a lot of… Where to start with this one? Like, the industries that work really well find some sort of slither in the middle, right? Like, always feel like Uber did that really well, right? They kind of connected to things that weren’t really working particularly well.

Ed (12:35.274)
Almost like the most obvious problem that no one else has spotted.

Joe Edwards (12:38.334)
Yeah, exactly that. And, you know, ultimately there is a little bit of, well, ever since influences have been going on, I feel like there’s been a bit of a wild, west of the industry. And I mean, there still is, frankly, but this definitely looks like a way of systemizing.

an approach to reach creators and provide new revenue streams and revenue opportunities for everybody and giving brands obviously the opportunity to get in front of the audiences they want. And when you look at, mean, we know that trust of media is generally really, really low and trust of creators is a lot higher. So it kind of makes sense and.

I wonder, and I need to look into it, is how much the investment has changed in organisations across things like paid media versus creators versus PR. But he’s definitely, I mean, he’s always gonna be onto something, that one, but it definitely feels like a good move on his part.

Ed (13:49.579)
Guess what I what’s clever with like look if you’re putting your marketing director hat on right, like go to market and how you reach an audience is always like how are we going to reach the audience to get our product in front of them? He literally gets out of bed and he’s got a go and he is a go to he’s a walking go to market plan, right? ‘Cause he can do something and and instantly he’s reaching millions and millions of millions. So if he can work out the products and services to sell to those millions and millions, reaching an audience is not that difficult for him.

Probably the easiest thing in the world, which is the complete difference to everyone else that is launching products and services.

Joe Edwards (14:15.885)
No.

Joe Edwards (14:19.904)
Yeah, yeah. And, and yeah, it’s giving, you know, on the creative side of things, it is creating new revenue opportunities for them and giving them access to brands that they probably never had before as well. So I think like it’s, you can kind of see the three sided triangle where everyone’s kind of getting some value out of this one, which, which is pretty cool.

Ed (14:43.422)
It’s interesting as well that he did it as a d that he did it as you know, like a traditional media upfront where where ultimately he’s not he’s you he’s not necessarily coming at it with the same sort of slate of content. He’s coming at it almost with a slate of I’ve got access to audience. What budget have you got? ‘Cause I can create whatever content is needed to be created to get to this audience. I’ve already put the infrastructure in place. He’s literally con he’s literally just connecting advertising money to audience.

Joe Edwards (14:50.668)
Yeah.

Joe Edwards (15:07.149)
Yeah.

Ed (15:11.156)
without them even knowing what the content’s gonna be, which is totally different to how media comes at it.

Joe Edwards (15:15.626)
Yeah, what I need to go and dig into again a little bit more will be like, I want to see the back end of his platform and what metrics he’s delivering as part of it. think the metrics piece will be really interesting on this one. But you’re right, it is just complete access to audience, right?

Ed (15:42.315)
Yeah, totally. Cool. Right then. Next story. So Fanatics, a regular news contributor to the pod. so I don’t I’m not sure if people realise just how powerful Fanatics has become as a company in sport. They started outright doing doing merchandising, but they’ve just got into everything these days. And again, they’re about to change a lot in the industry and in a similar kind of way, it it’s you know sort of working off the back of what Mr Beast has done. So

Fanatics recently revealed that they log two billion plus fan signals through daily commerce on a regular basis. Collectibles, betting, gaming, and that’s from a hundred million plus identified fans. and they’ve launched Fangraph, which is an advertising network built on that unified fan data, like the holy grail, right? So brand partners can reach fans whose purchase behaviour, team loyalties, paying activity are all visible in one single profile, enabling

programmatic targeting across all of Formatic’s own properties. I think the value exchange is clear, right? That every data point was earned through a fan transaction, something that they have naturally opted into when they’re buying a a jersey or a shirt, placing a bet, collecting a card. None of the fans signed up to be tracked though. They signed up for a service that they wanted, and then the data has followed that value that was created for them. So you go in like commerce, collectibles, betting, gaming, advertising.

So again, lots and lots of parallels with the previous story, Mr. Bass. And each new vertical adds more fans, more data, more signals. so this is, I guess, a tr a a a truly integrated ad network that they’re talking about having created where they have a pretty good understanding of what fans are doing on a daily basis.

Joe Edwards (17:31.758)
And I’m sure they can command a premium CPM for the privilege as well, right? think, I mean, it is smart. I think more organizations need to see the value in, know, I mean, we speak to some organizations that are struggling with a name and an email address and the fact that they’ve got all this additional data around their fans is crazy.

I was doing, a few years ago when the whole scary GDPR thing kicked off, that does feel like a long time ago now, but when that all kicked off, I remember doing a talk at an event where I just tracked how many cookies I dropped over the course of a week, and it was about 3,000.

And that’s just, yeah, I mean, I’m probably a fairly heavy internet user compared to the average Joe, no pun intended. And so the fact they’ve got two billion across a hundred million is probably about right in terms of, but it shows it’s some real depth of data that they’ve got there. And…

I would say that more more organizations, particularly in the media space, need to start looking at this as a serious revenue opportunity. Too often, particularly in media, it’s just like eyeballs, eyeballs, eyeballs, eyeballs. Ultimately, that’s because that’s where the money’s come from initially. But the fact that they are going from commerce, collectibles, betting, you said, gaming, and then moving into this advertising space.

You know, not only can they create their own like fan media ecosystem, but they can probably go sell that data on anonymized, of course, to generate even more revenue streams themselves.

Ed (19:30.773)
Yeah, there’s there’s real depth to the data that they own because it’s not just like say our balls, it’s come from through genuine not even interactions, right? P purchases and and look, and I think it’s an interesting link there. Obviously earlier on this year we you were the architect of the anonymous fan index that we released. talking about fan data with consent earned through genuine services and at the moment a real engagement. I think I think

People starting to understand that data is the product is is we’re seeing it more and more now. I think even when we talked about this back earlier this year, we weren’t seeing a lot of it.

Joe Edwards (20:02.882)
Yeah.

Joe Edwards (20:09.698)
But isn’t that crazy to almost say that, right? Like, when Facebook, yeah, it’s like, Facebook were like, we’re all the bloody product because it’s all our data. And that was happening, well, mean, however many years ago that was, but you’re right, there’s a real kind of need for catch up in a lot of places.

Ed (20:13.302)
Well it’s obvious in a lot of ways, but again, like yeah, it wasn’t yeah.

Ed (20:33.866)
Yeah. Cool. Right, and then last story. So Tubi. why is Tubi giving away the World Cup for free this summer? So, Tubi we’ve talked about before, are the f free Fox owned hub. they’ve launched their their twenty twenty six FIFA World Cup service. It’s gonna be free, no subscription, no login destination for World Cup content, origin including original docu series, talk shows

And selected live matches. So they’ll for instance they’ll simulcast a live in 4K actually. The opening ceremonies in two matches, Mexico, South Africa, and the US national team versus Paraguay. You’ll be able to get that across connected TVs, mobile web. Obviously, we won’t be in the US. I mean, if you are certainly not to be to watch this. And then Fox is simultaneously selling the World Cup to paying subscribers too. So they’re trying to give people a little bit of a taste in the Tubi environment, but they’re trying to obviously convert people from Tubi over to the Fox.

paid environment too. obviously we saw what YouTube announced around how they’ve done a number of deals through FIFA with riots orders around the world to be able to watch the first ten minutes free on YouTube before you have to pop over to the media organisation that has got the rights to it. So there’s clearly been a mass movement around this World Cup about how do we reach the widest audience possible and try to work out a way to convert them. Right.

Joe Edwards (21:57.942)
Yeah, this is an interesting one because this almost flies in the face a little bit of the anonymous fan survey. But and we often talk a lot about YouTube job versus OTT for sports rights holders and how are you going to move people over and and that kind of that kind of piece. I mean, the other piece of this is

Ed (22:04.458)
Yeah.

Joe Edwards (22:26.082)
that you can just sell ad space if you’re giving something free to air and that’s the way that they’ll be driving revenue through that model as well. So there’s more than one way to skin a cat when it comes to generating some revenue. Again, I feel like this podcast quite often does a lot about the new stuff that’s kind of coming out. Really interesting to see what data this brings back off the back of this one.

Ed (22:55.06)
If it’s a success, we’ll hear all about it. and if it’s not, we won’t. No, I look, and it’s not it’s not dissimilar to what Design did with the Club World Cup, right? Like again, it was I think y you had to register and you can, you know, watch the games on there and then they ended up with a a mass group of people who registered and then it’s like, all right, how much can we convert them now into paying

Joe Edwards (22:56.974)
No doubt. Yeah.

Ed (23:20.262)
subscribers. So it you know, it’s not necessarily a new thing. It’s been done before in that sense. it’s been interesting what Tubi’s been doing ’cause they’ve tried to do it little bit differently to to what other people have been doing. But this is gonna be the sort of the biggest proof concept yet for their model, I guess.

Joe Edwards (23:36.034)
Yeah, and mean, they’re still going to go up again. The other area that they’re going up against, I mean, it’s good that there’s like in this instance, it’s like no subscription, no login destination. They’re still going to be going up a lot of piracy. And I guess that’s probably part of the thing they’re trying to battle through, battle through as well.

Ed (23:53.483)
Yeah, you’d imagine they’re trying they’re trying to see actually if we do it like this, you know, can we can we generate enough money, I guess, through advertising and other conversion means when we’ve gotten them on the platform, ’cause it’s not just advertising, right? They could be doing deals with with fanatics around selling merch. Well, ’cause you’re on platform there side by side with the content. You know, just because they’re not doing registration to go onto the platform to watch the content doesn’t mean that they’re not doing other engagement mechanics that you are sharing your data your data for. again, like it it’ll be interesting to see what

the actual activation looks like through the whole ecosystem of what a fan does when they’re on platform. like I say that could that you know, does it see piracy go down because obviously these games are free. I think there’s probably not enough games. I think if people are watching content that’s pirated in a platform that they used to use and they’ll just keep using it.

Joe Edwards (24:43.106)
Yeah, yeah, true. I’m excited to see how this one brings out though.

Ed (24:48.746)
Yeah, me too. There’s a few things in there as well. So have you enjoyed it? First pod. First pod with us anyway. It’s not your first pod ever.

Joe Edwards (24:56.15)
Yeah, it’s not my first pod. No, I actually had my own pod a few years ago called the real marketing rap, but it’s dead now. I think the one that got me emotional was the FIFA fan ID. Like in terms of like that, like real emotive connection that I think that brings the fans.

Ed (24:58.666)
Ha ha.

Ed (25:05.174)
There you go.

Bring it back.

Ed (25:25.366)
I think the collector I think the col yeah, collecting them, yeah, I can see how some people want to do that. and having that physical thing where they’re not getting a physical ticket. So it could simple just replace that. And like you say, no one’s gonna really read the small print about where they’re being tracked and what they’re doing. And ultimately like people most people think assuming they’re being tracked anyway these days.

Joe Edwards (25:25.381)
something

Joe Edwards (25:36.695)
Yeah.

Joe Edwards (25:44.704)
Yeah, the Mr. Beast one, I’m gonna go and have a dig around Viro and find out a more for sure.

Ed (25:53.846)
I don’t think anybody re remixing my content, but yeah you go.

Right then Joe, we’re done. I’m getting I’m getting I’m getting the word off producer Dan. You’re done, that’s enough. No more talking, people are bored by that. thank you so much for joining me this week. This has been Joe Edwards, I’ve been Ed Abbott, this has been the Attention Shift pod. If you’ve got any opinions on anything we’ve discussed today, you want to agree with us, you want to disagree with us, you can email us at hello attention shift. I forgot what the end of it is.

Joe Edwards (26:05.706)
it’s on. Wait.

Ed (26:27.338)
Dot Media. There we go. Hello attention shift.media. Do it that many times and you forget it. so yeah, hello attention shift.media, you can email us. we’ve got more guests coming up. there’s some great recent interviews that we’ve done that I would definitely recommend go and check out display.com and you can find all the recent pods on there. But Joe, thank you so much.

Joe Edwards (26:46.35)
Thanks, Ed.