And for us, our Buy business is about two-thirds of the revenues of the company, and that is very much all around helping multi-national clients like Pepsi, Nestlé, Procter and Coke figure out what their market share is and how they grow their businesses all around the world, including this market. So it’s a big part – it’s a bigger part of the business. It’s been around for a long, long time; multi-year contracts, very high renewal rates.
And right now for us, what we are following in the Buy business is this big macro trend of more people entering the middle-class in emerging markets, bringing a ton of purchasing power with them. Our clients see it. We see it. We invest ahead of it, and over the last five years, the revenues we collect in our Buy business in the developing world have doubled; over a $1 billion franchise. So it’s a big part of a big macro trend and a big investment profile that we see for the company.
That side of the business is all about following consumption, following coverage, and as long as we continue to follow consumption, you know what people take in and we do – where they are living and working in all around the world, that’s coverage, we’ll be just fine. As a matter of fact, as we continue to expand coverage, it deepens the moat we have and makes the moat move bigger, because we’re in a 100 countries; my next biggest competitor is in eight countries. And it’s because we have for decades continued to extend the competitive advantage by continuing to cover the consumer.
On the Watch side, the other third of the business, it’s – the foundation is a TV ratings business, largely in the U.S.; that again helps our advertiser and our media clients understand audiences and understand how audiences behave, how they consume video, no matter what distribution platform they’re on or what device they use it on. So for us, again, as long as we continue to understand consumption of video and advertising, and we can do it and cover any way they get that, it’s again increase the competitive moat we have in the business.
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