Good morning, and thank you for joining us. The topic we are here to discuss today is one of significant importance to the future of the interactive entertainment industry: the viability and implementation of ad-free gaming experiences that remain financially successful. For years, the dominant models for many games, particularly on mobile and free-to-play platforms, have relied heavily on advertising or aggressive monetization tactics that can detract from the user experience. Today, we will outline a clear and objective case for a different path—one where player satisfaction and revenue generation are not mutually exclusive, but are instead intrinsically linked. The primary challenge is straightforward: game development is a business with substantial costs, including salaries for developers, artists, and designers, infrastructure for online services, marketing, and ongoing content updates. These costs must be recouped. The traditional solution of inserting advertisements, whether banner ads, video interstitials, or incentivized rewards, creates a fundamental tension. It often interrupts gameplay, compromises artistic vision, and can be perceived as intrusive or disrespectful of the player's time. Our industry is now maturing to a point where we recognize that the long-term health of a game and its community is more valuable than short-term ad impressions. The question then becomes: how can we build a sustainable economic engine without resorting to advertisements? The most established and respected model for ad-free monetization is the premium, or pay-to-play, model. This is a direct transaction: the consumer pays a single, upfront price to own and access the full game. This model aligns incentives perfectly. The developer's goal is to create a high-quality, polished, and complete experience that justifies the initial purchase, leading to positive reviews, word-of-mouth marketing, and a strong reputation. The player receives a guaranteed, uninterrupted experience with no hidden costs or manipulative systems. We see this model thriving on platforms like Steam, Epic Games Store, and consoles. Games like "Elden Ring," "Baldur's Gate 3," and "The Legend of Zelda: Tears of the Kingdom" demonstrate that players are willing to pay a significant premium price for a product they trust to be a complete and fulfilling work of art. The revenue is generated at the point of sale, and the relationship with the player is built on a foundation of quality and respect. However, the premium model is not the only path. For games that offer an ongoing service, such as massively multiplayer online games (MMOs) or live-service titles, the subscription model has proven exceptionally effective. In this model, players pay a recurring fee—monthly, quarterly, or annually—to maintain access to the game world. This provides developers with a predictable and continuous revenue stream, which is crucial for funding regular content updates, expansions, server maintenance, and community support. The most famous example is, without a doubt, "World of Warcraft," which has maintained a colossal player base for nearly two decades on a subscription basis. More recently, games like "Final Fantasy XIV" have also perfected this model. The key to a successful subscription is the consistent delivery of value. Players must feel that their recurring payment is justified by new story content, gameplay features, events, and a stable, well-moderated environment. It is a covenant of continuous quality between the developer and the community. A third, and often misunderstood, model is the free-to-play model without ads, which is almost exclusively powered by the sale of in-game items, commonly known as microtransactions. It is critical to distinguish between ethical and unethical implementations of this system. The ethical approach, often called "cosmetic-only" or "player-choice" monetization, involves selling items that do not affect gameplay balance. This includes character skins, weapon cosmetics, emotes, pets, and other visual customizations. The highly successful games "Fortnite," "Valorant," and "League of Legends" have built multi-billion dollar enterprises on this principle. They offer the core game for free, ensuring a massive and accessible player base, and generate revenue from a segment of that audience that wishes to personalize their experience. This model works because it is voluntary and transparent. It allows players who cannot or do not wish to spend money to enjoy the full gameplay experience on an equal footing with those who do, while allowing dedicated fans to financially support the game and express their individuality. Another significant avenue is the expansion pack or downloadable content (DLC) model. This is frequently used in conjunction with a premium base game. After the initial release, developers create substantial new content—such as new story campaigns, characters, maps, or game modes—that is sold as a separate product. When done correctly, as with "The Witcher 3: Wild Hunt – Blood and Wine" or "Cyberpunk 2077: Phantom Liberty," this content is so expansive and high-quality that it feels like a new game in itself. This model extends the life of a title, provides ongoing revenue for the studio, and delivers deep, meaningful value to the most engaged players. It is a way of saying "thank you" to the existing community by offering them more of what they love, rather than finding ways to extract more money from the base experience. A more niche, but increasingly popular, model is the "pay-what-you-want" bundle or direct patronage system. Platforms like itch.io often host game jams and independent projects where players can pay any amount, including zero, for a game. This builds immense goodwill and allows players to directly support creators they believe in. On a larger scale, early access programs on Steam allow players to purchase and play a game while it is still in development. Their feedback helps shape the final product, and their financial support funds the final stages of development. This creates a collaborative relationship and a strong sense of community ownership before the game is even finished. It is also vital to address the role of platform-level subscriptions, such as Xbox Game Pass, PlayStation Plus Extra/Premium, and PC Game Pass. For developers, having their game included in these services involves a licensing fee paid by the platform holder. This provides a significant, upfront financial injection that de-risks development and ensures revenue regardless of individual unit sales. For the player, it offers a Netflix-style library of games for a monthly fee. While the game itself remains ad-free, its inclusion in this catalog is a strategic monetization decision for the developer, funded by the subscription revenue of the platform. This model is becoming a major pillar of the industry's financial landscape. In conclusion, the narrative that games must choose between being ad-free and being profitable is a false dichotomy. A diverse and robust toolkit of revenue models exists that prioritizes the player experience. The premium model trades on quality and reputation. The subscription model builds on continuous service and content. The ethical free-to-play model leverages accessibility and cosmetic customization. The expansion model deepens engagement with substantial new content. And emerging models like early access and platform subscriptions offer new forms of developer-player collaboration and financial stability. The common thread weaving through all these successful ad-free models is value. They succeed when the player perceives that the money they are spending—whether upfront, periodically, or voluntarily on cosmetics—is directly correlated to a high-quality, respectful, and enjoyable experience. The industry is learning that the most sustainable business model is one built on trust. By eliminating intrusive ads and focusing on these player-centric monetization strategies, developers can build not only profitable businesses but also lasting legacies and dedicated communities. The future of gaming is not free with ads; it is about creating value so compelling that players are happy to pay for it, directly and willingly. Thank you. We will now open the floor to questions.