Friday, April 19, 2024

4/19 WAKE-UP CALL: Israel Strikes Back


Israel, early Friday morning local time, launched missiles in a retaliatory strike against Iran, a senior U.S. official told ABC News. The missile launches follow Iran's attack last Saturday, where the country sent a volley of more than 300 uncrewed drones and missiles toward targets throughout the country, Israeli military officials previously said. All but a few were intercepted by Israel and its allies, including the United States, officials said.

Iran's attack came more than six months after Hamas terrorists invaded Israel on Oct. 7, after which the Israeli military began its bombardment of the Gaza Strip. Israeli Prime Minister Benjamin Netanyahu and the country's war cabinet have met several times since the Iran strikes, and as ABC News previously reported, at least two strikes were previously aborted.

⛽OIL PRICES JUMP: Oil prices jumped more than 3% on Friday after Israel carried out a military strike on Iran, triggering fears of an expanding war in the Middle East. Israel carried out a limited military strike against Iran and is currently assessing the strike’s effectiveness and damage caused, a source familiar with the situation told NBC News. The operation was carried out in the early hours of Friday morning local time. Both oil benchmarks pared gains after initially jumping over 3% on news of explosions in Iran.

➤TWH PUSHES LONG-SHOT DEAL: VThe White House is pushing for a long-shot deal that presses Israel to accept a new commitment to Palestinian statehood in exchange for diplomatic recognition by Riyadh, U.S. and Saudi officials said. The Biden administration is offering Riyadh a more formal defense relationship, help acquiring civil nuclear power and a renewed push for a Palestinian state—a package that U.S. officials say is in the final stages of negotiations. Israel has long sought normalized relations with Saudi Arabia, its most powerful Arab neighbor. The deal could mean a diplomatic breakthrough for President Biden amid his re-election campaign. Meanwhile, more aid is getting into Gaza, but not enough to avert a looming famine. Separately, Iran could work on building nuclear weapons if Israel attacks its nuclear facilities in retaliation for Tehran’s Saturday assault, a senior Iranian official warned.

➤ANTI-ISRAEL STUDENTS ARRESTED: Jewish students at Columbia University applauded the removal of anti-Israel protesters who were camping out in tents on campus Thursday – claiming the unruly demonstration made them fear for their safety. 

“It makes me feel safer. It makes me feel like the administration is finally implementing their policies and the truth is, today of all days, it looks like everyone who supports their cause — the anti-Israel, pro-Hamas cause — came out of the crevices and it’s a lot of people,” sophomore Jonny Lederer told The Post. Cops decked out in riot gear moved in and arrested more than 100 protesters Thursday after Columbia president Minouche Shafik gave the green light for cops to clear the encampment from the Upper West Side campus. Some of the arrested protesters even had to be carried away to waiting NYPD corrections buses.

➤SPEAKER RISKING JOB:  House Speaker Mike Johnson is risking his job for the Ukraine aid he once opposed. The approximately $60 billion for Kyiv is part of a broader package including aid to Israel and Taiwan, as well as a TikTok crackdown, that is set for a final vote on Saturday. With a 218-213 margin in the House, Johnson will likely have to rely heavily on Democratic votes. The Senate could take up the measure next week. Reps. Marjorie Taylor Greene (R., Ga.) last month filed a motion to force Johnson out of the speakership but didn’t force a vote. Rep. Thomas Massie (R., Ky.), joined the effort this week and said the speaker should step down. Johnson has said he’s not resigning.

➤MOLINARO BREAKS 11TH COMMANDMENT: Rep. Marc Molinaro, R-N.Y., accused his fellow Republican lawmaker, Rep. Marjorie Taylor Greene, R-Ga., of holding Congress "hostage" after she called to oust House Speaker Mike Johnson, R-La. Greene last month introduced what’s known as a “motion to vacate,” which, if passed, would boot Johnson from the speakership. The effort picked up steam this week after Rep. Thomas Massie, R-Ky., announced he supports it, calling out Johnson shortly after he unveiled a plan to deliver foreign aid to U.S. allies.  But Greene's push drew condemnation from many Republican lawmakers, especially after the House was frozen for weeks after former Speaker Kevin McCarthy, R-Calif., was ousted last year.  

➤FBI WARNS OF CHINESE HACKERS: Chinese government-linked hackers have burrowed into U.S. critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI Director Christopher Wray said on Thursday. An ongoing Chinese hacking campaign known as Volt Typhoon has successfully gained access to numerous American companies in telecommunications, energy, water and other critical sectors, with 23 pipeline operators targeted, Wray said in a speech at Vanderbilt University. China is developing the "ability to physically wreak havoc on our critical infrastructure at a time of its choosing," Wray said at the 2024 Vanderbilt Summit on Modern Conflict and Emerging Threats. "Its plan is to land low blows against civilian infrastructure to try to induce panic." Wray said it was difficult to determine the intent of this cyber pre-positioning which was aligned with China's broader intent to deter the U.S. from defending Taiwan.

Netflix Blows Past Earnings Estimates As Subscribers Jump 16%


Netflix has delivered impressive results in its first quarter of 2024. Here are the key highlights:

  • Earnings per share (EPS): Netflix exceeded expectations, reporting $5.28 per share, surpassing the estimated $4.52 per share expected by LSEG.
  • Revenue: The company’s revenue reached $9.37 billion, outperforming the anticipated $9.28 billion expected by LSEG.
  • Total memberships: Netflix’s subscriber base grew significantly, reaching 269.6 million, exceeding the projected 264.21 million according to Street Account.
  • Net income: Netflix achieved $2.33 billion, or $5.28 per share, compared to the prior-year period’s $1.30 billion, or $2.88 per share. The company’s revenue for the quarter stood at $9.37 billion, a substantial increase from the year-ago quarter’s $8.16 billion.

The company added 9.33 million subscribers in the first quarter, more than five times the number of customers it added during the same period a year earlier, with its efforts to limit password sharing continuing to bear fruit. Netflix began limiting password sharing in earnest about a year ago. 

Wall Street Journal graphic

Netflix has spent the last year limiting account sharing, working to expand its ad business and changing its line-up of prices and plans to better position itself for future growth. It plans to stop providing investors quarterly membership numbers and the average revenue generated per member early next year because it now has multiple pricing tiers in a variety of markets, and will add annual revenue guidance.

Netflix is strategically transitioning from emphasizing subscriber growth to focusing on profitability. To achieve this, they have implemented measures such as price hikes, addressing password sharing, and introducing an ad-supported tier. Investors are keen to see how these efforts impact Netflix’s performance and are also curious about the company’s venture into video games. Additionally, Netflix’s partnership with TKO Group Holdings to bring WWE content to the platform and its potential expansion into live sports offerings have piqued interest.

As of now, Netflix’s stock has seen remarkable growth, with a 27% increase year-to-date and approximately 85% growth over the last 12 months. These results demonstrate the streaming giant’s resilience and continued appeal to audiences worldwide

Netflix said Thursday it will no longer report quarterly membership numbers and average revenue per membership starting in the first quarter of 2025.

This is a significant change for the company and for the so-called “streaming wars,” which have largely been defined by a race for customers. Netflix wants investors to judge the company by the same metrics executives view as “our best proxy for customer satisfaction,” the company said in its quarterly shareholder letter.

Political Ad Spending Following the People


In the days leading up to the Super Tuesday primaries this month, viewers of Walt Disney Co.’s Hulu streaming service in Los Angeles saw a blizzard of political ads featuring everything from US Senate candidates to the battle over a city council seat.

Bloomberg reports streaming services have become the fastest-growing outlet for political commercials as media giants have introduced ad-supported versions of their services and become more accepting of the spots.

Where Politicians Are Spending: Streaming services with ads score big gains this election cycle

Political spending on streaming services has nearly quadrupled this election cycle from the same period in 2022, according to data from AdImpact, which tracks campaign outlays. At the current pace, streaming may soon pass cable TV, which is in decline as more customers cancel the product.

Not all streaming companies take ads. Amazon.com Inc. and Apple Inc. don’t accept political ads on their services. Paramount Global, Warner Bros. Discovery Inc. and Comcast Corp., which have all launched ad-supported versions of their services, accept the spots. Hulu, a pioneer in online TV ads, began allowing a wider range of political commercials in 2022.

Streaming services aren’t required to publicly report political ad buys, unlike broadcasters. That makes it harder for campaigns to see what their allies and opponents are spending. But if regulators update the rules, the added visibility may hasten the shift to streaming even more dramatically, Goldberg said.

Sony-Apollo May Join the Bidding For Paramount Global


Sony Pictures Entertainment and Apollo Global Management are discussing making a joint bid for Paramount Global according to Reuters citing a person familiar with the matter.

The companies have yet to approach Paramount, which is in exclusive deal talks with Skydance Media, an independent studio led by David Ellison, though some investors have urged Paramount to explore other options.

The competing bid, which is still being structured, would offer cash for all outstanding Paramount shares and take the company private, the source said.

Somy would hold a majority stake in the joint venture and operate the media company, and its library of films, including such classics as "Star Trek," "Mission:Impossible" and "Indiana Jones," and television characters like SpongeBob SquarePants, according to the source.

Sony Pictures Entertainment Chairman Tony Vinciquerra, a veteran media executive with deep experience in film and television, would likely run the studio and take advantage of Sony's marketing and distribution.

Apollo would likely assume control of the CBS broadcast network and its local television stations, because of restrictions on foreign ownership of broadcast stations, the source said. Sony's parent corporation is headquartered in Tokyo.

The New York Times first reported the Sony-Apollo discussions. Paramount and Sony declined comment. Apollo could not be reached for comment.

The private equity firm previously made a $26 billion offer to buy Paramount Global, whose enterprise value at the end of 2023 was about $22.5 billion.

S-F Radio: iHM Promotes Travis Loughran, Dan Hunt

Travis and Dan

iHeartMedia announced Thursday that Dan Hunt has been named Program Director for CHR KYLD (WiLD 94.9) and Travis Loughran has been named Program Director of Hot AC KIOI (Star 101.3) , effective May 15. 

Both will report to Don Parker, SVP/Programming for iHeartMedia San Francisco.

“I’m thrilled to welcome Dan Hunt to WiLD 94.9 and to reward Travis’ hard work and dedication to iHeartMedia/San Francisco with this well-deserved promotion to PD of Star 101.3,” stated Don Parker. “Both have a long track record of success at iHeartMedia, as well as previous programming positions prior to joining the company. I look forward to their leadership of these two iconic San Francisco brands.”

Dan joins the San Francisco cluster from sister WWPW (Power 96.1)/Atlanta, where he most recently served as the Program Director and a member of the CHR Brand Team. Prior to joining iHeartMedia Atlanta, Dan served as the Program Director of WRDW/Philadelphia and WWKX/Providence.

Travis is elevated from the Assistant Program Director position he previously held at both Star 101.3 and WiLD 94.9. His previous experience includes Programming and Creative Production positions at WQHT/New York, Program Director of KBMB/Sacramento and APD/MD of B95 for iHeartMedia Fresno.

A TikTok Ban Would Impact The Music Industry


A potential TikTok ban in the United States could significantly impact the music industry. Let’s delve into the implications:

TikTok’s Influence: TikTok has experienced hyper-rapid growth over the past six years and currently boasts the third-largest user base among social networks, trailing only Facebook and Instagram.

While entertainment content dominates TikTok, the extent of music-related content remains somewhat unclear. Many TikTok stars gain fame through lip-syncs, dance routines, and videos set to existing music, while a smaller number of artists directly promote their own music on the platform.

YouTube vs. TikTok: To understand TikTok’s impact, we can draw parallels with YouTube. YouTube is the world’s largest distributor of music, surpassing even Spotify. YouTube’s music usage outpaces Spotify, despite the latter having more plays for hit songs. YouTube’s free service accessibility contributes to its popularity.

Unlike Spotify, YouTube allows anyone to upload videos with music, maintaining relative independence from the music industry.

Potential Consequences of a TikTok Ban: A TikTok ban would disrupt countless marketing and promotion plans for artists and labels. It could affect the reach of both established and emerging artists, hindering the creation of viral hits at the current pace.

Billboard charts would also experience significant shifts due to TikTok’s role in breaking new artists and promoting hit songs.

Adaptability and New Opportunities: The music industry has consistently adapted to changes. Even if TikTok were to vanish, new avenues for promoting music and connecting with fans would emerge.

As history has shown, artists and the industry find innovative ways to thrive despite challenges.

FCC Chair Backs Bill Forcing TikTok Parent To Divest


FCC Chair Jessica Rosenworcel finds it shocking that U.S. law prevents foreign ownership of old media assets but has nothing to say about new media — including the wildly popular TikTok, which is owned by a Chinese company. 

A bill passed by the House last month would require parent company ByteDance to divest TikTok or face a ban in the U.S. However, the bill appears to have stalled in the Senate. If it ever makes it to the President’s desk, she believes he should absolutely sign it.

Jessica Rosenworcel
Rosenworcel emphasizes that while the FCC doesn’t have authority over apps like TikTok, the lack of oversight for newer forms of media is stunning. She highlights the need to be thoughtful about who invests in media in the country. 

Additionally, she discusses the impending vote on reinstating net neutrality rules, online privacy, and her push for a new “cyber trust mark” for connected devices in homes. The goal is to ensure basic standards and safety for consumers when purchasing devices like baby monitors.

The commission is set to vote April 25 on reinstating the net neutrality rules repealed by Rosenworcel’s predecessor Agit Pai. The rules prevents internet providers from blocking or throttling consumer access to websites or services, creating fast lanes, or censoring content. Basically, net neutrality categorizes internet providers as common carriers, similar to the regulatory classification given to landline phone service.

NPR CEO Ted Talk: "Truth Is a Distraction"


NPR CEO Katherine Maher remains under scrutiny for her role as a “woke” Diversity, Equity, and Inclusion (DEI) enforcer. 

Let’s explore the context:

Background: Maher was previously the CEO of the Wikimedia Foundation, which oversees Wikipedia. Her appointment as NPR’s CEO has raised questions about her approach to media leadership.

Controversial Views: Maher’s social media posts have drawn attention. She once justified the shoplifting epidemic in Los Angeles by linking it to the sins of slavery. Her stance on issues like DEI and social justice has been criticized by some.

Impact on NPR: As the head of a prominent news outlet, Maher’s views and leadership style may influence NPR’s editorial decisions. Critics argue that her ideological positions could affect the network’s objectivity and balance.

Public Debate: The debate over Maher’s suitability for the role reflects broader discussions about media bias, journalistic integrity, and the role of public funding.

Monthly Streaming Costs 22% Higher Since 2021


With the average monthly pricing for total consumer streaming platforms climbing over the past three years -- up 22% -- so has cancellation of streamers, according to MediaPost citing a Horowitz Research study.

The study finds that slightly more than half, at 52%, have canceled or dropped at least one streaming service within the past year.

The major reasons for this “churn” include price hikes and “perceived lack of value for the cost,” according to authors of the study. In addition, Horowitz added, about 30% of those who canceled cited the inability to share password and login information as a determining factor. Looking to the future, 23% of consumers plan to cancel one or more of their streamers in the coming months -- up from 19% in 2023.

Horowitz says the average total monthly price for all consumers streaming platforms is now $60.60 in 2024 -- up from $49.33 in 2021. According to industry estimates, consumers are buying around five or so streaming platforms per month.

To help with lowering their streamers' entertainment cost, 59% of streaming consumers are now more receptive to the idea of subscribing to more streamers with advertising options -- if that means lower overall monthly fees.

For example, the study says, almost one in three streamers who have Netflix now buy the streamer's $6.99/month advertising option.

SiriusXM Sued For Patent Infringement


Sirius XM Holdings is facing legal challenges related to patent infringement. Here are the notable instances:

Fraunhofer Lawsuit (2023): Fraunhofer-Gesellschaft zur Förderung der Angewandten Forschung e.V. (Fraunhofer), a Germany-based research organization, filed a patent infringement lawsuit against Sirius XM Radio Inc. in a six-year-long legal battle.

The dispute centered around technology related to satellite communication networks. In 1998, WorldSpace International Network obtained an exclusive license from Fraunhofer for this technology, which was later sublicensed to a Sirius XM predecessor company.

Despite subsequent bankruptcy proceedings and agreements, Fraunhofer maintained that Sirius XM had infringed on its patents. However, the court ruled in favor of Sirius XM, citing equitable estoppel due to Fraunhofer’s five-year silence and related conduct.

Keystone Autonics Lawsuit (2007): Keystone Autonics, an Austin, Texas-based company, sued both Sirius Satellite Radio and XM Satellite Radio for alleged patent infringement. Keystone Autonics claimed that the radio companies used technology directly from patents it owned.

Fraunhofer Revival (2019): Fraunhofer-Gesellschaft’s patent infringement suit against Sirius XM Radio was revived in the Federal Circuit. The dispute centered on Sirius XM’s reliance on a possibly-defunct licensing agreement, which Fraunhofer argued infringed on its patents.

Fresno Radio: KMJ Receives Multiple Honors


Cumulus Media's News Talk 580/105.9 KMJ in Fresno, CA, was honored at Fresno City Hall Thursday, as Fresno Mayor Jerry Dyer officially declared the day, as "Christopher Gabriel Day," "Christina Musson Day," and "Fresno's Morning News Day." Christopher Gabriel of KMJ Morning News is heard on KMJ weekdays from 6:00am-9:00am. Christina Musson is co-host of Broeske & Musson on KMJ weekdays from 9:00am-11:00am. 

The honors were bestowed upon the KMJ crew in recognition of their service to the community and several awards they have received recently. KMJ's Morning News team - Christopher Gabriel, Liz Kern, Don York and Gabe Navarro - took home a Golden Mike Award for Best Newscast from RTNA Southern California. Christopher Gabriel also won a Golden Mike Award for Best Sportscast. Christina Musson won her second consecutive national Gracie Award from the Alliance for Women in Media Foundation for Best Co-Host, Talk/Personality – Small/Medium Market Radio. 

Photo: KMJ's Christopher Gabriel (holding plaque), daughter Cadence (in green), wife Wendy (in beige) are flanked by Fresno City Councilman Garry Bredefeld (Left), and Fresno Mayor Jerry Dyer (Right).

Concord Chorus Acquires Hipgnosis Songs Fund


Hipgnosis Songs Fund, a company that played a significant role in the music industry’s surge of catalog deals, has agreed to a $1.4 billion takeover by Concord Chorus, a rival company. This acquisition comes after a tumultuous period for Hipgnosis, which saw its share price decline significantly.

Here are some key points about this deal:

  • Deal Value: The takeover is valued at $1.402 billion and represents an opportunity for Hipgnosis shareholders to realize their holdings at a premium.
  • Background: Hipgnosis Songs Fund had faced challenges, including a failed investors continuation resolution and a partial catalog sale. The company decided not to recommence paying dividends for the foreseeable future as it focused on debt reduction.
  • Catalog: Hipgnosis Songs Fund’s catalog includes stakes in songs by artists such as Neil Young, Justin Bieber, Journey, Lindsey Buckingham, Blondie, and Justin Timberlake.
  • Management Transition: After the acquisition, Concord is expected to take over the management of Hipgnosis’ assets. Concord has a track record of completing more than 100 transactions across recorded music, music publishing, and theatricals, with a total spending spree of US$2.8 billion since 2015.

This deal marks a significant development in the music industry landscape, and Concord aims to manage the Hipgnosis catalog in the interests of composers and performers.

Radio History: April 19


➦In 1924…A year before the "Grand Ole Opry" hit the airwaves from WSM Radio in Nashville, "The Chicago Barn Dance" aired on WLS Radio in Chicago. The country music show was later renamed "National Barn Dance" and continued on the air – on WLS, simulcast on the ABC Radio Network, simulcast on the NBC Radio Network, back to WLS only, then Chicago's WGN Radio – until 1968.

According to Edgar Bill, the first WLS station manager: "We had so much highbrow music the first week that we thought it would be a good idea to get on some of the old time music.  After we had been going about an hour, we received about 25 telegrams of enthusiastic approval.  It was this response that pushed the Barn Dance!"  Indeed, Sears-Roebuck management was aghast by this "disgraceful low-brow music" that was being broadcast on their new station.  When Bill and Agricultural Director Samuel Guard were confronted by the angry executives, they pointed to the audiences overwhelming approval.

The Barn Dance served two distinct audiences.  It targeted the rural farm audiences as well as city listeners that had come from rural communities or those whom had been told about the "good old times."

In November 1925, WLS claimed to be the first to build an audience studio when it moved to larger quarters on the 6th floor of the Sherman Hotel in downtown Chicago.  The theatre was designed to hold 100 people as well as technical and control room facilities. (WLS History)

National Barn Dance continued for more than two decades on WLS.  WLW Cincinnati became the flagship from 1950-60, and Chicago’s WGN took over as host station from 1960-68.

➦In 1943...'Theater of Romance' anthology debuted on the CBS Radio Network as a filler show between 1943 and 1957. It substituted from time to time for such shows as Gunsmoke, Life with Luigi, Lux Radio Theater, and many others. Producers, directors, and actors changed constantly through the years. Even the locale changed from New York to Los Angeles in 1945.

Romance featured such stars as Henry Fonda, Humphrey Bogart, Gregory Peck, Shirley Temple, and many other Hollywood stars, often binding the story lines with the films in which the stars were currently being featured. The themed stories often revolved around historical fiction as well, and broadcast before a live audience.






➦In 1965..WINS 1010 AM in New York City flipped from Top40 to become the first All-News radio station.  Two months earlier, personality Murray The K departed WINS...

Thursday, April 18, 2024

R.I.P.: Dickey Betts, Founding Member Of the Allman Brothers Band

Dickey Betts (1944-2024)

Dickey Betts, co-founding member of The Allman Brothers Band who was responsible for the band’s biggest hit “Ramblin’ Man,” has died at the age of 80.

Betts’ manager told Rolling Stone that the musician passed away on Thursday, April 18th, from cancer and chronic obstructive pulmonary disease.

“The legendary performer, songwriter, bandleader and family patriarch was at his home in Osprey, Florida, surrounded by his family,” they said in a statement. “Dickey was larger than life, and his loss will be felt worldwide. At this difficult time, the family asks for prayers and respect for their privacy in the coming days. More information will be forthcoming at the appropriate time.”

Betts was a co-founding member of The Allman Brothers band alongside brothers Duane and Gregg Allman, Butch Trucks, Jaimoe Johanson, and Berry Oakley. When Duane Allman was killed in a motorcycle crash in 1971, Betts assumed the role of the group’s lead guitarist and also took over more of a singing role. In addition to writing and singing lead on “Ramblin’ Man,” Betts composed beloved instrumentals including “Jessica” and “In Memory of Elizabeth Reed.”

Allman Brothers Band first disbanded due to inner turmoil in 1976. They reformed for a brief four-year run in 1978, before permanently getting back together in 1989. Betts was fired from the band in the late 1990s, reportedly due to issues related to his use of drugs and alcohol. Though his dismissal was initially described as only temporary, Betts filed suit against his former bandmates, leading to his permanent separation.


Betts was later inducted into the Rock and Roll Hall of Fame as a member of The Allman Brothers Band in 1995.

Nielsen Reports Greater Shifts in Viewing Behavior


Nielsen has released The Gauge™ report for March 2024, which revealed that TV usage changes from February to March were very similar to those exhibited in the same interval last year, as seasonality—of both content and viewing behavior—has started to take effect. As such, the 3% drop in overall TV usage in March does not come as a surprise, but a closer look at shifts in viewing behavior over a longer period of time highlights greater changes across the broader media landscape.



While usage fell to some extent across each of the primary viewing categories this month, cable viewing from February to March drove a 0.7-point bump in share, resulting in 28.3% of TV for cable. The cable category was lifted in part by sports, which was up 43% in March, driven largely by college basketball viewership. Games in the women's NCAA tournament had a more meaningful impact on viewership compared with previous years, with the Round 2 matchup between Iowa and West Virginia ranking as the No. 7 cable telecast in March with 4.9 million viewers on ESPN. Also giving cable a boost this month was State of the Union coverage on cable news networks. The March 7 event drew 32.2 million viewers in total (14.1M on cable networks), and six of this month's top 10 cable telecasts were related to it. On a year-over-year basis, the cable category saw a 10% decline and has lost 2.8 share points.

The streaming category also exhibited minimal impact compared with last month, falling just 1% which resulted in a 38.5% share of TV (+0.8 pt.) in March. YouTube ended the month with another record, accounting for 9.7% of total TV usage in March (+0.4 pt.) — the largest share for a streaming service to date in The Gauge. Meanwhile, Netflix climbed to 8.1% of TV (+0.3 pt.), boosted by three of this month's top streaming originals: Love is Blind, The Gentleman, and Avatar: The Last Airbender, which combined for nearly 15 million viewing minutes in the March interval.

Streaming viewership was up 12% this month versus one year ago, and the category has added 4.4 share points (vs. 34.1% in March 2023).