David Doft: Just to be clear, our segments have not changed, though we are evolving them likely at year-end and there’s some language in the 10-Q around that. You’re looking at the disaggregated revenue section. We’ve disclosed that for a long time to give greater color on the source of our revenues by product we sell. So trade show and other events, trade shows are pure trade shows, other events or conferences, and other smaller marketing type events that we hold for many of our brands. The subscription software and services are subscription products largely in that is elastic, but also our subscription education products, which is a much smaller piece that we have. And then other marketing services is generally the media and content business. But it’s only the revenue disclosed, the full segment disclosure, including P&Ls have not changed from before.
Allen Klee: Okay. Thank you. For media content, are there any — is there anything you could — that you’re trying to do proactively to improve the results there?
Herve Sedky: Absolutely. And about a year ago, we’ve hired — we’ve made some changes where we separated our content in our media business from our trade show business. So that was the first step of really creating a standalone media and content business. We’ve hired leadership across a number of areas, someone to head up the entire unit, but also Editor in Chief and Head of Marketing and the Head of Sales, all those hires were done Q1, I believe, of this year. And so our goal here is to be less reliant on advertising spend actually and to transform and to convert that business from an advertising driven model to more lead generating model. And we are just at the beginning of that transition, but we’re optimistic that we’ll continue to make progress.
I would like to also mention that if you look at the entire content and media business, while we have talked about the softness in the tech sector, there are many other sectors because our media properties or support the sectors that we operate trade shows in. And the other sectors are meeting and our hitting the goals and that we have for that business. So it’s really the — largely the tech sector that is impacted. But things like the food sector and design and construction, which is a big one and so forth are on track.
Allen Klee: Thank you. In terms of lead generation offerings, do you think that could happen in 2024?
Herve Sedky: I absolutely do. We just launched, for instance, a newsletter for small businesses that cross all of the different sectors. And in a very short amount of time, we’ve built a significant database with hundreds of thousands of people signing up for it, which allows us to really start building this business. So we — it will take some time. We don’t see it — we see the continued evolution of that business over the course of the next few years, but we will see some progress in ’24 for sure.
David Doft: Yeah, Allen. One of the things that I think is important to keep in mind is, as Herve indicated, not only was there weakness in advertising budgets this year, and I think you’re probably well-aware of that given what’s going on with a lot of other players in the space, so ad agencies or other media companies that are exposed to the tech sector, but we’re in the middle of substantial change in that unit. And maybe it wasn’t the ideal time side by side, but you got to do what you got to do for the business to set it up for the future. But we went through a change in the sales force by separating the sales teams from the events and into a more dedicated media and content unit. We created a central newsroom so that all of our editors and reporters weren’t operating independently, and we can get leverage.
