Brave Ideas

Chris Richmond, Senior Head of Real Estate for PricewaterhouseCoopers (PwC) joins Bold Founder, Caleb Parker, and dives deep into what drives his real estate decisions. He's responsible for for ensuring 24,500 team members have a happy and productive office environment across the portfolio and shares how flexible working and the war for talent require buildings to level up their service game. About Chris Richmond A Chartered Surveyor since 1991 with an MBA from Kingston University (1999) and over 30 years commercial real estate experience primarily working client side within large corporations such as Royal Mail, Orange/EE and PwC. Achievements include the renewal of the office portfolio to right-size workplaces into modern, flexible, sustainable and vibrate spaces in line with evolving business needs. Chris is on the management board for the British Council for Offices (BCO). Connect with Chris on LinkedIn: https://www.linkedin.com/in/christopher-richmond-mba-mrics-9b99b514/ Subscribe Apple | Spotify | Google | Stitcher | Podbean Questions answered in this episode How big is your UK portfolio How many people do you support? Are your assets on long-term conventional leases? Do you see a correlation between your office environment and talent acquisition? What does talent want? What does talent expect? Do you agree that companies don't want an office, but rather a productive workforce? How does PwC ensure people have what they need from the office to be productive? How do you use data to optimise your offices? How is flexible working part of your strategy? How often are you actually in the office? How do you balance flexible working and office working occupancy to determine the ROI of a space. What is your decision making process when acquiring new space or renewing leases? Why do you think CRE is slow to move from product to service? What's the incentive for a landlord to provide an extra level of service if a customer is stuck in a 10-15 year lease? Would you take space in a building that is managed by a Space-as-a-Service operator? Value Bombs and tweetables PwC UK recruits 1,500 graduates each year The office stands for place where people come together to collaborate and share ideas We want to create an atmosphere where people are happy and want to come A happy workforce feeds into productivity 17,000 sensors help measure data to determine what's working in the office. Data is a symptom of what's not working, and enables further feedback checks. Our team are instructed to only come into the office when they need to. People are epowered to make this decision themselves. Location is still important to attracting talent, but service is just as important. Buildings are not currently offering the level of service needed. The human experience is lacking. Asset managers are not taking a proper interest in customer service, and that's a missed opportunity. Customers are more interested in quality versus price of services. A better balance is needed. Customer service creates value. Happy customers will stay longer and generate increased returns. PwC would look at taking self-contained space in buildings that are fully managed by a Space-as-a-Service operator. Resources Excerpt from the BCO report referenced in this episode: "The demand for excellent customer experience in the workplace is here to stay. Efficiency, flexibility, adaptability, sustainability and wellbeing continue to be of top concern to occupiers. Office building owners and managers are increasingly being asked, and now expected, to offer a service that supports these business objectives. If the office industry cannot deliver the service customers want, they will either self-deliver or take their business elsewhere. The increase in the percentage of space being taken by corporates from companies like WeWork, IWG and The Office Group, rather than traditional landlords, is testimony to this." Click here to read the entire BCO report Sponsors   Bold helps commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex (www.workbold.co)   NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you. (www.newflex.com)   A Podcast Company is the leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - (https://www.apodcastcompany.com and www.podcastsyndicator.com) This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

Mark Tyson, Head of Service Delivery at Legal & General Investment Management (LGIM) sat down with Bold Founder, Caleb Parker, to share how space moving from product to service can create successful businesses, driving demand, premium rents and ultimately high building valuations. About Mark Tyson Mark is Head of Service Delivery at Legal & General Investment Management (LGIM). He is responsible for all Property & Facilities Management operations across over 400 properties in the UK following an 18 month transformation programme to implement a new occupier focussed operating model. Previously he has held leadership roles in Mitie and Capita Real Estate with a focus on Property Management, Facilities Management and Sustainability services. During this period he has also developed a number of Smart Building propositions which incorporate well-being, asset and energy data to support better decision making in the built environment Connect with Mark on LinkedIn: https://www.linkedin.com/in/mark-tyson-23b7a1a/ Subscribe Apple | Spotify | Google | Stitcher | Podbean Questions answered in this episode With the demand for Space-as-a-Service and flexibility growing year on year, what are you seeing from your customers? What do you consider flex space? You've launched your own Space-as-a-Service brand - are you now competing with the "Weworks" of the world? What percentage of your buildings will be dedicated to SpaaS or flex? Will your valuation model change? Value Bombs and tweetables We need to stop talking about sqft and cost per sqft and talk about outcome - how the space works for a business. We’re using net promoter scores to see how people like working in a building We want to understand what the occupier is using a space for, the right conditions to make that catagory of business work and measure metrics to understand if the space is successful for a business Stop thinking about productivity gain, and start thinking about providing a space that gives people a chance to be successful. Positive outcomes enable premium rents. Service will be the differentiator when offices are a commodity People will stay in buildings longer that provide a great service thereby reducing void periods and directly affecting building valuations. Many assets won't be able to keep up with the changes in market demands, and we'll see some stranded assets which are difficult to exit. It's about what can be done to protect investments from decreasing in value. Sponsors   Bold helps commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex (www.workbold.co)   NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you. (www.newflex.com)   A Podcast Company is the leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - (https://www.apodcastcompany.com and www.podcastsyndicator.com) This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

Elaine Rossall, Head of UK Offices Research and Strategy at JLL joins Bold founder, Caleb Parker, to discuss how flexible working trends impact commercial real estate assets and how landlords are responding. About Elaine Rossall Elaine joined JLL in 2018 from Cushman and Wakefield where she spent 24 years, first as a member of the associate European research group and later as head of London group research. At JLL Elaine works with the office agency and capital markets teams to deliver clients with an all-encompassing view of the sector, delivering innovative and challenging insight to help develop and inform client strategies. Connect with Elaine LinkedIn: https://www.linkedin.com/in/elrossall/ Twitter: https://twitter.com/elrossall Subscribe Apple | Spotify | Google | Stitcher | Podbean Questions answered in this episode Why is JLL implementing flexible working?  What is the benefit of letting someone choose their own work schedule? How is flexible working enabling space consolidation? How does flexible working and space consolidation affect London landlords? Will conventional leased space convert to flex space when traditional occupiers relocate? How does JLL advise landlords on how to respond to the demand for flex? Will it be a problem for landlords when the overall office stock is 30-50% flex? How do the other top UK markets compare to London? Value Bombs and tweetables Flexible working is about empowerment and productivity Changing the way people work to create a better working environment for everyone Occupiers are looking for landlords to provide flex and amenity space within the asset It’s important for landlords to understand which operator brands are out there Landlords who do not have large portfolios should look to partner with operators instead of launching their own flexspace brand There's a blurring of lines between the operators and the landlords For landlords to be successful they need to understand how occupiers are behaving Over time we’ll stop talking about flex being a proportion of the market, because the overall market will be flexible Sponsors   Bold helps commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex (www.workbold.co)   NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you. (www.newflex.com)   A Podcast Company is the leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - (https://www.apodcastcompany.com and www.podcastsyndicator.com) This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

James Goldsmith, Head of Leasing for AXA Investment Managers at 22 Bishopsgate sits down with Caleb Parker to share his vision for creating a community and breeding successful companies. 22 Bishopsgate is the newest skypscraper altering the London skyline and is leading the way when it comes to deliver space-as-a-service and amenities to delight consumers. About James Goldsmith James has worked on some of London's most progressive schemes, including Apple's first UK flagship in Regent Street, Television Centre, Central Saint Giles and The Shard. He maintains a strong belief in market research and how broader social and economic issues influence occupier needs and objectives. During his 25-year career in Central London, James has executed many high-profile and award-winning transactions as both an adviser and a principal; operating within the leasing, asset management and development markets. Before joining AXA Real Assets in 2016, he held senior positions at Deloitte, Jones Lang LaSalle and CBRE and is a real estate graduate of the University of Reading. Connect with James on LinkedIn here: https://www.linkedin.com/in/james-goldsmith-82250828/ Subscribe Apple | Spotify | Google | Stitcher | Podbean Value Bombs and Tweetables It's not just the real estate, it's how you create the right managed environment.  "It's about shared purpose, collaboration and adaptability and they were the themes owe wanted to create for the space and what it represents!"  "It's how to create value. There are very convenient ways of creating money, actually, do we just need to turn it around and see if we get the product, right, if we get the environment, right, and we can encourage the right behaviors and the right businesses in there, then the money will flow from it." The way we measure value is less about the rents we achieve and the length of the leases, and more about the success of the occupiers. If you have a building with a reputation for breeding successful occupiers then that building will always be in demand - which means you are always going to have value Sponsors   Bold helps commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex (www.workbold.co)     NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you. (www.newflex.com)       A Podcast Company is the leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - (https://www.apodcastcompany.com and www.podcastsyndicator.com)     INTERESTING FACTS: AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), acting on behalf of a consortium of international investors, together with its development partner Lipton Rogers Developments, have unveiled their vision for the highly-anticipated office building Twentytwo, located at 22 Bishopsgate in the heart of the City of London. Their concept responds directly to the major shifts in the way people work and live, brought about by cultural, demographic and technological advances in the world of work. Twentytwo has been designed as a place people will want to work in, and as a building that represents a new approach to office design. At its core, Twentytwo aims to offer choice – choice to eat healthier, choice to exercise, choice to speak to others and share experiences and choice for the occupiers in creating their own, bespoke workspaces. It is designed to increase wellness, engagement and productivity, ultimately making a significant and positive impact on the businesses and people that will form its community. The 62-storey tower will be the first of its kind to house a fresh food market, innovation hub, gym, wellbeing retreat and spa, curated ‘art walk’, business club and cycle hub, as well as the London’s highest free public viewing gallery. It will be the first UK tower to contain in excess of 100,000 sq ft of integrated amenity and social spaces, creating an inspiring, healthy and energising workplace for a vibrant and diverse business workforce of 12,000 people. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

Matt Filkin, Chief Operating Officer for London-based property investment company Almacantar, joins Bold Founder Caleb Parker, and shares his views on why landlords should challenge the status quo to provide the services people want from buildings today. He goes on to explain how partnering with experienced operator brands can work well and have a positive impact on building valuations. About Matt Filkin A lawyer by background, Matt has extensive experience in the real estate sector. He has broad transactional expertise, having negotiated as both principal and adviser on property and debt transactions totaling over £7bn. As Chief Operating Officer Matt is responsible for the day to day operation of the business, driving efficiency and implementing operating policies and strategies across Almacantar and its projects. Subscribe Apple | Spotify | Google | Stitcher | Podbean Questions answered in this episode What does space-as-a-service mean to you as a landlord? How does Almacantar plan for space-as-service in your developments? Is there a formula for allocating space-as-a-service in an asset? How do you see space-as-a-service affecting building valuation? What are the right economics for partnerships between landlords and operator? Value bombs and tweetables Demand for space-as-a-service is not slowing down. Real estate needs to catch up. Customers don't want the hassle of operating property. They want their employees to be productive. "We will always contemplate space-as-a-service in our buildings" Valuers need to consider the income that's being generated by space-as-a-service footprints, and value that footprint separately than the rest of the building. It's important to align the right operating brand with the customer experience you want to deliver in a building. Sponsors   Bold helps commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex (www.workbold.co)     NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you. (www.newflex.com)       A Podcast Company is the leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - (https://www.apodcastcompany.com and www.podcastsyndicator.com) This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

Dan Hughes, Founder at Alpha Property Insight, joins Bold Founder Caleb Parker, to talk about the changes coming to building valuations - more specifically about the impact Space-as-a-Service has on the valuation of commercial assets. About Dan Dan spent his career working across the built environment and has held senior roles in some of the world's leading data organisations. Dan led the Land and Property Sector strategy and commercial activity at Ordnance Survey, the world’s leading location data specialist. Dan was also Director of Data and information products for RICS. Dan is founder of Alpha Property Insight and LIQUID Real Estate Innovation which help the property sector to embrace and benefit from new ways of thinking and technology. Dan recently published the LIQUID Future of Valuations paper, which you will hear insights from in this episode. Subscribe Apple | Spotify | Stitcher | Google   Questions answered in this episode Can building user data can affect the valuation of the building? Can the right Space-as-a-Service makeup may positively affect the valuation of an asset? How will valuation methodologies change? Will SPaaS become a recognised asset class? How will the valuation method for Space-as-a-Service look? Value Bombs and Tweetables   "We're in an interestig time where the value of building is not necessarily going to to be calculated same way as the valuation process states it should be done." Over the next 5 year hundreds of data points will feed into the valuation process. We're advocating for the the systematic collection of data that you can use across a portfolio. The future of the property industry will be built around trust and as we move into a digital world, the ethical use of data will be at the very heart of this. Certain data points will be able to report on how happy building users are.  Buildings with happy users can expect higher valuations. Resources Leesman Index: https://www.leesmanindex.com/ Future of commercial property valuations report: https://www.liquidrei.com/commercial-property-valuations Sponsors   Bold Helping commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex     NewFlex NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you.       A Podcast Company   The leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - https://www.apodcastcompany.com and www.podcastsyndicator.com This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

Mark Bott, Head of Serviced Offices for Colliers International UK,  tells Caleb Parker why he believes landlords should incorporate flexspace and coworking footprints in their assets on this third episode of the #WorkBold Podcast.   About Mark Bott Mark is a Corporate Real Estate professional advising organizations of all sizes (FTSE 100 to SMEs and landlords) on how their real estate strategy & portfolio can benefit through flexible workspace - including serviced offices / co-working / managed space.   Subscribe Apple | Spotify | Stitcher | Google   Value Bombs and Tweetables    Serviced offices now offer the amenities that top tech companies provide to employees. As a result, these operators have become more attractive to corporate occupiers. Buildings should offer space-on-demand. Some of our corporate customers say to "We will disregard any building that doesn't have an element of flex in that building." Some flexspace operators have diversified into providing Front of House staff for buildings. "We all know that the first impression counts in anything!"  Hotels investors have restaurants and bars as an amenity to attract guests. There's a shift towards the office market when landlords are developing an asset to include Space-as-a-Service amenities. The challenge around commercial real estate is around building valuations. Space-as-a-Service footprints should range between 10-20% of the gross square feet of the building so it doesn't affect the valuation. The burden of responsibility is shifting from the corporate occupier to the building operator when it comes to providing services to building users. Sponsors   Bold Helping commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex     NewFlex NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you.       A Podcast Company   The leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - https://www.apodcastcompany.com and www.podcastsyndicator.com This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

Lucy Watts discusses trends driving the demand for Space-as-a-Service with Caleb Parker on the second episode of the #WorkBold Podcast. Lucy is Senior Director of Strategic Projects for The Instant Group. She shares insights on customer demand: why customers want flexibility and space-as-a-service average requirement sizes what buildings can do to attract fast growing companies Lucy manages Instant's flex and data insight service and explains how Instant has reacted to market demand for more data, insight and overall transparency.  About Lucy Watts Lucy is responsible for key strategic projects across The Instant Group. Starting her Instant Career in 2006, Lucy previously headed up the company's broker division, working with both SMEs and large corporates to help them locate and acquire office space worldwide. She's built long-standing relationships with Instant's key operator partners across the globe to ensure they have the knowledge and market expertise to deliver valuable solutions for clients. Background There are currently 6,000 flexible workspaces in the UK but 4,000 providers. So, whilst the big brands are growing they still only have a small market share. The demand for hybrid space (a mix of coworking and private offices) increased by 25% in 2019.  Did you know that 80% of the UK population live within 30 minutes commute of a flexible workspace? Carsten Foetsch recently revealed that 52% of coworking spaces are profitable but if you have been open more than a year, have over 200 members and have hybrid space the percentage increases to 74%. Subscribe Apple | Spotify | Stitcher | Google   Value Bombs and Tweetables  1) " The average cycle of a business is getting shorter, therefore, you need some flexibility in a typical fixed lease portfolio so that you are not taking on so much risk!"  2) " The demand for data will continue to grow and there will be a continued blurring of the lines between flexspace and the traditional leases as more landlords enter the market with a solution!"  SPONSORS   Bold Helping commercial real estate create & manage flexible spaces to dream, create, share, and succeed in. Now part of NewFlex     NewFlex NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you.       A Podcast Company   The leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. - https://www.apodcastcompany.com and www.podcastsyndicator.com This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

World-renowned real estate advisor, Antony Slumbers talks about the future of Commercial Real Estate and the future asset class, Space-as-a-Service. Transformation, Technology, and Innovation. A well-known speaker in property, a globally recognized expert on PropTech, and #SpaceAsAService expert talks to Bold Founder, Caleb Parker on this first episode of the #WorkBold Podcast. Antony travels the world speaking on Space-as-a-Service and consulting on new changes in technology, micro and macro-economics and changing customer expectations in commercial real estate (#CRE). Antony has been a software development and technology strategist in commercial real estate since 1995. Now, he consults and works with corporate real estate boards on Transformation, Technology, and Innovation Cofounder of Real Innovation Academy Slumbers speaks internationally on ‘‘Space-as-a-Service’, AI, Innovation, and the future of work and the workplace’ The iconic Duke Long has had Antony in his Top 10 Commercial Real Estate People You Must Follow On Twitter. Follow Antony on Twitter here: @antonyslumbers He also has a No 1 ranked non-US commercial real estate blog Sits on the Advisory Board of Tenant Engagement leader Equiem Is a member of the Leadership Board of CRETech And a mentor at MetaProp RE200 And also on the ULI Europe Technology and Real Estate Council Connect with Antony on LinkedIn https://www.linkedin.com/in/antonyslumbers/ Connect with Caleb on LinkedIn https://www.linkedin.com/in/calebparker/  If you have any questions or feedback on this episode, email podcast@workbold.co Subscribe to the #WorkBold Podcast https://workbold.co.uk/podcast/ Value Bombs  1) "Businesses don't want an office, they want a productive workforce!" (click to tweet) 2) #SpaceAsAService is now rapidly moving into the mainstream. The confusion of a Chicken and Pig. ‘What’s the difference between the Chicken and the Pig in a bacon and egg sandwich?’ ‘The Chicken is involved but the Pig is committed!’ Knowing who you are as a Landlord is vital with #SpaceAsAService. Successful networks win because they become a safe, comfortable and painless solution to a need. And they grow exponentially; from no-one knowing anything about them to suddenly being known by everyone. But once established their value grows exponentially as well. People are tribal, we like to belong. Only Pigs will build #SpaceAsAService networks we want to belong to. But there will be many winners in a #SpaceAsAService world, Chickens as well as Pigs. 3) Mostly, real estate companies are optimized for being Product/Rent Collector companies. As they should be. That is what has worked for several decades. Build or buy an asset, lease it, keep it or sell it. And many are very good at that; the concern is that many will forget what they are, and think their slick machine will work in a different world. It won’t. 4) "The days of coming into the office 5 days a week is terminal!" (click to tweet) Resources The Trillion Dollar Hashtag Re-thinking Real Estate by Dror Poleg How should Landlords respond to Flexible Workspace Demand Bold Website   Sponsors Fortune Favours the Bold Bold merges property management & Space-as-a-Service to drive asset value and help office customers grow faster. Now part of NewFlex (www.workbold.co)    Future Proof Your Portfolio with NewFlex NewFlex delivers and manages a range of branded solutions for every type of building, in every type of location, for every type of occupier. Including the flexibility to develop your own brand. All enabled by flexible management contracts where we are invested in making money for you. (www.newflex.com)   Launch Your Own Podcast A Podcast Company is the leading podcast production company for brands, organizations, institutions, individuals, and entrepreneurs. Our team sets you up with the right equipment, training, and guidance to ensure you sound amazing. (https://www.apodcastcompany.com)   Subscribe to the #WorkBold Podcast https://workbold.co.uk/podcast/ This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe

Welcome to the Brave Ideas podcast (formerly #WorkBold) Hosted by Caleb Parker, we’ll be answering all questions about the future asset class called Space-as-a-Service (SPaaS), which only represents 6-10% of the overall CRE market. But we’ve seen the predictions that SPaaS will grow to 30% over the next decade. That level of growth will change CRE forever. If you’re an asset manager, fund manager, property manager, landlord, property entrepreneur or investor, real estate agent or in corporate real estate...if you’re involved in commercial real estate in any way, SPaaS will affect you. So you need to be listening to this season! Value Bombs 1.    The future of work and commercial real estate is being defined by Space-as-a-Service. 2.    We’re the only podcast out there championing Space-as-a-Service and challenging commercial real estate to lean into the future. Subscribe Apple | Spotify | Stitcher | Google   Resources Re-thinking Real Estate by Dror Poleg   This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.braveideas.media/subscribe