Ann: Shareholder Update, page-183

You're off track because if BIG want the future recurring revenues (monthly membership / subscription) they must find a way to get the "eyeballs" ie: visitors on "their" BIG platform". If they don't then SME's will eventually walk due to the limited exposure not justifying the ongoing monthly membership / subscription fees in YR's 2,3,4 etc. This attrition will then directly impact future revenue growth which must offset the loss of the SME businesses not re-contracting. Therefore, BIG is stuck in a vicious cycle of churning SME's to advertise for a year.....rinse and repeat. Unfortunately this model will fail in the LT once competitors ie: Yellow Pages etc. expose the success / retention rates and provide "traffic" statistics of the platform or in the worst scenario case Google, Facebook etc want this advertising segment revenue and facilitate videographers via contract per service etc as part of the overall SME's advertising spend on their platform.

Alternatively BIG could change the "business model" ie: no future recurring revenue and simply charge a one-off fee/ licence fee to produce video content for the SME who then use it as they see fit whether on other platforms or their own website etc. It goes without saying that this business model is unlikely to generate a high valuation due to the limitations of a one-off fee / licence fee, lack of recurring revenues plus the cyclical economic nature of SME's.