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…Nick, just put a fine point on what you're articulating here, when you were saying that maybe the sort of app style doesn't work as well in this metaverse type world, can you help us understand what Rec Room is? For folks who didn't catch you the last time around, and maybe especially articulate this notion of it is just one big world. How did you come to that and what does it mean? Very gradually, and I wouldn't say I came to it. I would say that there were many, many people on the team that contributed a lot of tiny choices that helped build where it is. Backing all the way up, Rec Room is a virtual universe. It's made up of millions of different rooms, and all these rooms are unique experiences. There are Battle Royale islands, there are escape rooms, there are fashion set shows. You can have a family reunion in Rec Room, you could have a book club, you could have a live performance of Hamilton. All of these things have been done. Rec Room is just a very flexible environment where you can come together in a 3D world. Users get to build these rooms, and they can build and publish them. The way that they build is very unique. Rather than building in a game engine, you're just building kind of the way that you would in Minecraft. You're in the game, manipulating objects, and you can do it socially. You can have up to 40 people in a room that are chatting with each other and talking about the room that they're creating. Maybe you want to build a Castle Crashers game. I could be like, Ben why don't you go build the moat, David go build a castle, and I'm going to work on the scoring and put a little goblin army over here. We can just have that creation experience together. It makes creation very accessible to people even if they don't know how to code, even if they don't know how to 3D model. Unlike (say) Roblox—which we'll talk about more as we go—there's no separate creator app. It's all one world.…

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