Exhibit 1 fffiffifl- -fi     ffifl-flfl-  Share of US consumer media consumption, revenue, and earnings in 2024, by medium, % Note: Figures may not sum to 100%, because of rounding. 1 Doesn’t include search revenue. ²Enterprise profit pool; includes profit from professional content creators (eg, studios) but not from individual creators (eg, influencers, musicians). ³Amusement parks, live music, sporting events, and theatrical video (doesn’t include theater). ⁴Digital magazines and newspapers. ⁵Print books, magazines, and newspapers. ⁶Console, mobile, and PC games. ⁷Social media and social video. ⁸Audiobooks, digital music, podcasts, and radio. ⁹Advertising video on demand (VOD), free ad-supported streaming TV, subscription VOD, and virtual multichannel video programming distributors. 10 Broadcast and pay TV. Source: EMARKETER; MAGNA; Omdia; PwC; McKinsey analysis Consumption of new consumer media is growing fast, but it hasn’t proven as profitable as legacy formats have. McKinsey & Company Live³ 3 0 3 Digital publishing⁴ Print publishing⁵ Gaming⁶ Social⁷ Audio⁸ Streaming⁹ Linear video 10 –4 4 –1 5 8 2 13 –4 3 6 –6 9 18 4 24 –5 15 6 15 17 12 13 4 17 33 13 4 13 7 26 20 19 5 4 21 23 7 Consumption Consumption 1.5 trillion hours per year $570 billion¹ per year $130 billion² per year Revenue Revenue Earnings 201924 CAGR, % Out of 20 primary media arenas we analyzed that are vying for consumers’ attention, the value of an hour of consumption ranged from highs of $33 per hour for live sports, $24 per hour for amusement parks, and $17 per hour for live concerts to lows of $0.12 per hour for digital music, $0.11 per hour for radio, and $0.05 per hour for podcasts (Exhibit 2). Notably, though social media and social video are among the fastest-growing arenas in terms of monetization (revenue per hour is projected to grow 10 and 7 percent annually, respectively, from 2024 to 2028), they currently fall squarely in the middle of the nonlive-media pack, garnering $0.25 per hour. By contrast, legacy-media formats such as print newspapers, magazines, and books, while declining in value, still generate the highest levels of monetization after live events and gaming, well ahead of their digital peers. 5 The ‘attention equation’: Winning the right battles for consumer attention