The Exchanges

Q Ari, how much of your time are you spending trying to figure out where, like, all these next-gen AI tools either help you, give you maybe operating leverage to actually go and be even more creative on the content versus maybe disrupt some of the legacy folks you've worked with?

A You know, we have a whole program being set up at TKO and, and, and William Morris about kind of how Uh, AI can help us on the production side. There's a whole nother that the studios are doing and our clients are doing. You know, I have, I've made a decision. I don't know enough about AI. I'm not smart enough to know enough about AI. I've made a decision that live is, content is where I'm going to sit. I'm really good at that. I'm really good at monetizing that. So we have a pure play sports, sports entertainment business. I just launched, which will launch in October, kind of what I believe is the next kind of live events business. You know, you have Our sports business, you have Live Nation and Michael Rapinoe is an incredible, that's pure play music, and I think there's, when we were a public company, now we're a private company, we had 700 events inside Endeavor. I have, um, it will be completed in the first week in October, bought a lot of those, raised about two billion dollars and about 900, and I'm gonna go pure play in events, because I think it's the opposite. If you have AI over there, The opposite bet on AA is not data centers. It's live.

AI assessment note: “I've made a decision that live is, content is where I'm going to sit.”

Q Is that the future, do you think, for monetization for the big independents? Is that they actually own the equity in what historically have just been sponsors for them, and that's where the value is?

A Well, you're going to own the equity in your podcast, right? And then a lot of people, and we started this business, I don't know, about 10 years ago, we called, we started at WMU, we called Talent Ventures, where a lot of musicians, actors started, because, you know, with the broadcast networks and cable channels, ratings going down, You know, manufacturers had to get to the audience, and so that they used to do it through commercials. When that rating went down, they started then giving equity or people started launching, you know, a lot of different products. Sometimes it was alcohol, sometimes perfume, sometimes it was food, et cetera. That will now start happening With people like you, other podcasters.

AI assessment note: “That will now start happening With people like you, other podcasters.”