You know, if I'm the CEO of a publisher listening to this podcast, why should I care about what TrueText is doing?

Well, the reason you should care is it's a real issue, and it's, uh, TrueText was built from personal experience, and what I will do today is focus on the commercial benefits in terms of monetization and why for revenue this is important for publishers.

And what Nick will focus on is how TrueText rewards strong editorial that has a global audience and can keep editorial values strong into the marketplace.

If I look at previous job that I had, we had about forty to forty-fif- to forty-five percent of our traffic was in non-local language territories.

That revenue was still generating for the company over ten million pounds worth of revenue a year, and yet we could never solve the problem of fill in terms of non-core geos, in terms of lower CPMs, in terms of engagement rate, and in terms of bounce rate.

And there are two reasons we couldn't solve that problem, was, one, the actual cost of translation doing that was significant, and the second is actually businesses tend to just focus on their core geos.

So when we were doing board meetings or board reports, those meetings would always be about the USA, always be about the UK, always be about where the majority of the revenue sat.

So yeah, if you could give us a kind of an, an understanding of where you expect this might land from a kind of yield optimization and ultimately helping drive more, uh, revenue for publishers.

yeah a massive opportunity dave what do you think they how can publishers take advantage and what do you think the friction points are

Yeah, I mean, from my experience, one of my previous roles, just over 40% of our traffic was in non-local language.

But despite that, it was generating over £10 million worth of revenue into the business.

So it's a significant size of the thing.

The reality was 60% of that traffic was unsold because when the buyer is looking, they're looking at point of page load, they're looking at it and it's not in the local language.

They're not seeing that this is quality content that can be bought against it.

The trade-off was it wasn't core to that company's insight.

What, what, how much money is being left on the table? What's the size of this opportunity do you reckon? Well, Well,

you know,

strategic interest would be wanting to buy it at somewhere 10 to $12.

And if that company is trading at $5 a share and, and we have conviction that somebody wants to buy it at 10, um, you know, we love holding that company.

Um, we may even buy more.

Um, so it's really, you know, being able to navigate, uh, kind of the volatility and the lack of interest in small cap.

Um, it's really for us focusing on, on private market value.

The, um, I think the challenge you have in a market where participants are leaving as opposed to coming in is you can't rely on the market to increase your multiple or, on your, on your stock.

Would, do you think that there's certain, there's a certain area of the market that the pessimism is most overdone looking at software, I guess?