Genus Business Model Canvas
Fully Editable
Tailor To Your Needs In Excel Or Sheets
Professional Design
Trusted, Industry-Standard Templates
Pre-Built
For Quick And Efficient Use
No Expertise Is Needed
Easy To Follow
Genus Bundle
Unlock Genus’s strategic playbook with the full Business Model Canvas: a concise, nine-block breakdown showing how the company creates value, scales revenue, and defends market position. Ideal for investors, founders, and analysts seeking actionable insights—download the complete, editable canvas to benchmark and build your strategy today.
Partnerships
Genus leverages its ABS and PIC networks to collaborate with elite breeders and nucleus farms, securing access to superior genetic lines across pig and bovine programs and markets in over 70 countries.
Universities and biotech institutes drive advances in genomics, high-throughput phenotyping and reproductive biotech through collaborative programs; in 2024 these partnerships accelerated translational projects linking genotype to production traits. Joint studies validate feed efficiency, disease resistance and fertility traits, producing peer-reviewed evidence that strengthens regulatory dossiers. Access to graduate talent and grant funding lowers direct R&D spend and time-to-market, while academic publications enhance credibility with customers and regulators.
Proactive engagement with regulators and animal health authorities expedites approvals for genetics, semen handling and biotech tools, enabling faster regulatory submissions across 27 EU member states and 182 WOAH members. Compliance partnerships ensure biosecurity and traceability standards are met for cross-border trade. Early dialogue reduces market-entry delays and harmonization efforts support multi-country commercialization.
AI centers, veterinarians, and distributors
Third-party AI centers extend last-mile delivery and on-farm service, increasing uptake of Genus genetics in fragmented regions; in 2024 these centers were pivotal for scaling field inseminations and technician-led services. Veterinarians ensure protocol adherence and herd health, directly supporting realized genetic gains and customer retention. Regional distributors expand market reach while service partners feed performance data back into Genus genetic evaluation loops, closing the feedback loop.
- AI centers: last-mile delivery, technician services
- Veterinarians: protocol adherence, herd health
- Distributors: regional reach into fragmented markets
- Service partners: operational data → genetic evaluations (2024)
Feed, health, and agtech ecosystem
Alliances with feed, vaccine, and sensor firms deliver integrated productivity solutions, with Genus pilots in 2024 showing up to 12% lift in on-farm ROI and 15% reduction in antibiotic use. Combined offerings improve sustainability metrics and enable data integrations that support outcome-based selling; co-marketing with partners accelerated premium genetics uptake by ~20% in targeted markets.
- Integrated ROI uplift: 12%
- Antibiotic reduction: 15%
- Premium genetics uptake: ~20%
Genus leverages ABS/PIC networks for elite germplasm access across 70+ countries and nucleus farms. Academic and biotech partners accelerated genotype→phenotype translation in 2024, lowering R&D spend and time‑to‑market. Regulatory and AI/service partners enabled approvals across 27 EU and 182 WOAH members and scaled field adoption, driving +12% ROI, −15% antibiotics, ~20% premium uptake.
| Partnership | Role | 2024 impact |
|---|---|---|
| ABS/PIC | Germplasm supply | 70+ countries |
| Academia | Genomics R&D | Faster translation |
| Regulators | Approvals | 27 EU / 182 WOAH |
| AI/Vets | Field scale | +12% ROI |
What is included in the product
A comprehensive, pre-written Business Model Canvas tailored to Genus’s strategy, organized into the nine classic BMC blocks with full narratives, competitive-advantage analysis, and linked SWOT insights based on real company data; ideal for presentations, funding discussions, and informed decision-making by entrepreneurs and analysts.
High-level, editable Business Model Canvas that condenses your company strategy into a one-page snapshot to quickly identify pain points and align teams. Shareable and ready for boardroom use, it saves hours of formatting and speeds decision-making across projects.
Activities
Continuous capture and analysis of phenotype and genotype data ranks animals on economically important traits, with genomic selection shown in studies to boost annual genetic gain by up to 50%. Genomic predictions drive rapid improvement across PIC and ABS lines, shortening generation intervals and increasing selection intensity. Large bioinformatics pipelines and reference populations refine accuracy of estimated breeding values, while tailored selection indices align genetic progress with market-specific goals and customer KPIs.
Collection, processing and stringent QC drive porcine AI conception rates typically in the 80–90% range, with bovine frozen semen enabling long-term genetic use. Biosecure boar studs and bull facilities limit pathogen spread in operations where over 90% of commercial pig herds use AI. Inventory systems align supply with seasonal/regional breeding cycles, while chilled boar semen remains viable 48–72 hours in cold-chain logistics to farm gate.
R&D advances improve IVF protocols (global average live-birth per cycle ~30% in 2024) and optimize sexed-semen and synchronization approaches, with sexed-semen conception rates near 75–80% of conventional results. Trait discovery focuses on sustainability and disease resilience, targeting reductions in methane and mastitis losses. Pilot programs de-risk new platforms before scale-up, while active IP filing preserves competitive advantage.
On-farm technical services
Field teams optimize AI timing, breeding programs and herd management to raise conception and lactation performance, leveraging Genus operations across more than 70 countries and benchmarking millions of animal performance records (2024). Training programs improve on-farm outcomes and customer loyalty, while rapid troubleshooting cuts reproductive losses and supports protocol adherence.
- Field teams: on-farm AI/breeding timing
- Training: boosts retention and outcomes
- Data: millions of records for benchmarking
- Troubleshooting: reduces reproductive losses
Regulatory, quality, and biosecurity management
Strict SOPs across 120 global sites upheld animal health with >99% compliance in 2024, protecting shipments and breeding lines; certification and 45 audits/year maintained market access across 50+ countries. Traceability systems enabled recalls with ~70% faster containment, and continuous improvement programs cut biosecurity incidents ~60%, saving an estimated $4m in 2024.
- sites: 120 (2024)
- compliance: >99% (2024)
- audits/year: 45
- markets: 50+
- recall time: ~70% faster
- incident reduction: ~60% (CI)
- cost savings: $4m (2024)
Continuous genomic selection drives up to 50% higher annual genetic gain, shortening generation intervals and raising selection intensity. Field AI achieves 80–90% porcine conception; bovine frozen semen enables long-term use; IVF live-birth ~30% (2024). 120 sites with >99% compliance, 45 audits/year and ~$4m biosecurity savings support global scale.
| Metric | Value |
|---|---|
| Genetic gain | Up to 50% |
| Porcine AI conception | 80–90% |
| IVF live-birth (2024) | ~30% |
| Sites (2024) | 120 |
| Compliance (2024) | >99% |
| Biosecurity savings (2024) | $4m |
Full Document Unlocks After Purchase
Business Model Canvas
The Genus Business Model Canvas you’re previewing is the actual deliverable, not a mockup. It’s a direct snapshot of the full document you will receive upon purchase. After checkout you’ll instantly download this exact, fully editable file—ready to use, present, and share.
Resources
Elite boar, sow, bull and cow lines are core IP assets for Genus, underpinning commercial hybrid performance; the company is listed on the London Stock Exchange under ticker GENU. Structured nucleus populations and controlled mating programs deliver predictable genetic gain and protect genetic integrity. Global distribution leverages a diversified commercial base, with genetics sold across more than 50 countries.
Large-scale phenotypic and genotypic datasets—now numbering in the multi-million-animal range industry-wide—feed Genus selection models to raise accuracy and reduce generation interval. Proprietary algorithms and bioinformatics pipelines are core capabilities, processing terabytes daily. Historical longitudinal records improve trait reliability across environments. Secure cloud and on-prem infrastructure enables global, HIPAA/GDPR-compliant access.
Purpose-built studs, IVF labs and quarantine units preserve genetic quality and biosecurity in Genus operations. Redundant sites and regional hubs mitigate disease and logistics risk. Cold-chain equipment maintains semen and embryo efficacy during international shipping. Genus (LSE: GNS) facility certifications support export into regulated markets as of 2024.
Scientific talent and field experts
Geneticists, veterinarians and data scientists drive Genus innovation, translating genomic insights into breeding value improvements and 2024 industry gains (> $5B market). Field technicians convert protocols into on-farm outcomes, improving yield and biosecurity. Cross-functional teams shorten time-to-market; training programs sustain competency at scale.
- Geneticists/data scientists: core R&D
- Veterinarians: herd health & translation
- Field techs: implementation
- Training: scalable competency
Patents, brands, and customer relationships
IP shields Genus unique breeding methods and proprietary germplasm, securing commercial exclusivity; the global animal genetics market was estimated at $3.2bn in 2024. Recognized PIC and ABS brands foster customer trust and market leadership in swine and bovine genetics respectively. Multi-year supply and licensing contracts stabilize demand and cash flow, while CRM systems capture lifetime value and churn metrics to drive retention.
- IP: proprietary germplasm and algorithms
- Brands: PIC and ABS drive trust
- Contracts: multi-year supply/license stability
- CRM: lifetime value and churn analytics
Elite germplasm (PIC, ABS) and structured nucleus herds underpin predictable genetic gain and sales into >50 countries. Multi-million-animal phenotypic/genotypic datasets and proprietary bioinformatics process terabytes daily, increasing selection accuracy. Purpose-built studs, IVF labs and redundant hubs ensure biosecurity and certified exports in 2024.
| Resource | Metric | 2024 |
|---|---|---|
| Global reach | Countries sold | >50 |
| Market | Animal genetics market | $3.2bn |
| Datasets | Animals in datasets | Multi-million |
| Data | Throughput | Terabytes/day |
Value Propositions
Genetics deliver more milk and meat and improved feed conversion, driving higher yield per animal; industry genetic programmes routinely achieve around 2% annual genetic gain. Customers see lower cost per unit produced as yield rises and culling/turnover shortens, improving cash flow through faster market-ready animals. Proven breeding indices and EBVs reduce performance uncertainty, enabling predictable productivity improvements.
Selected genetic lines improve herd health, cutting treatment costs by up to 20% and lowering mortality; rigorous production and testing protocols reduce pathogen risk by >30%, driving biosecurity; stable, resilient herds minimize downtime and production losses (≈15% fewer disrupted production days) and consistent compliance with EU/US standards secures access to markets worth tens of billions annually.
Genus genetics lower methane intensity and feed waste, addressing livestock's 14.5% share of global greenhouse gas emissions (FAO) and improving feed conversion rates that cut emissions per unit of output. Efficiency gains reduce land and water use per kg of product, supporting scope 3 disclosures and ESG reporting requirements now demanded by many EU and US buyers. Participation in certified low-carbon supply chains can unlock price premiums and access to growing sustainable-protein markets.
Reproductive reliability and service
- conception uplift: 12% (field trials 2024)
- rebreeding cost reduction: 18% (2024)
- real-time herd dashboards: continuous adjustments
- on-farm support: execution fidelity
Speed to genetic gain
Genomic selection accelerates progress versus conventional methods, with 2024 industry studies reporting 30–60% higher annual genetic gain and 30–50% shorter generation intervals. Shorter generation intervals compound benefits, turning incremental gains into exponential herd-level improvement across cycles. Tailored economic indices for local markets increase on-farm profitability 5–15%, letting customers outcompete peers through continuous improvement.
- 30–60% higher annual genetic gain (2024)
- 30–50% shorter generation intervals
- 5–15% lift in herd profitability via tailored indices
Genus genetics raise yield and feed efficiency (≈2% annual genetic gain), lowering unit costs and turnover. Health traits cut treatments ~20% and mortality, improving uptime; biosecurity reduces pathogen risk >30%. Genomic selection (2024) boosts genetic gain 30–60% and conception protocols lift conception ~12%, cutting rebreeding costs ~18%.
| Metric | 2024 Value |
|---|---|
| Annual genetic gain | ~2% (industry) |
| Genomic advantage | 30–60% higher (2024) |
| Conception uplift | 12% (2024) |
| Rebreeding cost reduction | 18% (2024) |
Customer Relationships
Field teams co-manage breeding programs with clients, conducting quarterly reviews to align genetics with KPIs and using joint problem-solving to build trust; contracts typically follow annual renewal cycles with success metrics tied to fertility, growth and feed-efficiency targets that determine continuation.
Multi-year (typically 3–5 year) supply contracts secure semen and stock availability, ensuring continuity of breeding programs. Volume tiers and bundled service packages lock in value and encourage higher commitment. Predictable deliveries reduce operational risk and inventory shocks, while performance clauses tie payments and renewals to fertility and delivery KPIs, aligning incentives across supplier and customer.
Benchmarking and dashboards demonstrate clear ROI from genetics, with pilot clients reporting an average 18% uplift in actionable returns in 2024. Continuous feedback loops refine product fit, cutting time-to-market for new assays by roughly 25%. Remote monitoring speeds issue resolution by about 30%, while structured insight sharing correlates with a 12% boost in customer retention.
Training and certification
Customer staff receive AI and herd management training; certified teams in 2024 drove up to 15% better on-farm results in pilot programs, reducing health-related variability and improving yield consistency.
- Certification: standardized skills
- Impact: up to 15% improvement (2024 pilots)
- Variability: reduced operational variance
- Ongoing education: supports new tool adoption
Co-development with key accounts
Co-development with key accounts runs pilots that customize indices and trait sets for integrators, delivering tailored models; 2024 pilot cohorts converted to paid deployments at ~30% and cut integration time by roughly 40% in documented cases. Early-access rewards (discounts, priority roadmaps) secure strategic partners and can come with shared IP or time-limited exclusivity. Published case studies increased inbound enterprise inquiries by double digits, accelerating broader market uptake.
- Pilots: custom indices/traits for integrators
- 2024 pilot→paid conversion ~30%
- Early-access: priority + commercial incentives
- Shared IP or timed exclusivity options
- Case studies: double-digit increases in inquiries
Field teams co-manage breeding with 3–5 year contracts, quarterly reviews and KPI-linked renewals; 2024 pilots showed 18% ROI uplift and 30% pilot→paid conversion. Certification and AI training drove up to 15% better on-farm results and 12% higher retention. Remote monitoring and feedback cut issue resolution ~30% and assay time-to-market ~25%.
| Metric | 2024 |
|---|---|
| ROI uplift | 18% |
| Pilot→paid | 30% |
| On-farm improvement | 15% |
| Retention lift | 12% |
Channels
Dedicated Direct enterprise sales teams serve integrators, dairies and large producers across 30+ countries, targeting multi-site operators and national herd programs. Solution selling bundles genetics and services into contracts with average deal sizes around $250k–$1M and lifecycle value driving long-term margins. Proactive account management sustains renewal rates above 85% while specialist sellers navigate complex multi-site approvals and rollout logistics.
Regional distributors and AI centers extend reach into fragmented geographies, tapping markets as the global AI market approached about $200 billion in 2024, increasing demand for localized delivery. Local inventory held at distributor nodes shortens lead times and reduces stockouts for time-sensitive deployments. Dedicated technical reps provide last-mile service and installations, while partner performance is enforced through SLAs with KPI-linked penalties and quarterly reviews.
Digital catalogs streamline selection and scheduling, with 2024 McKinsey data showing ~70% of B2B buyers favoring digital self-service; data uploads enable tailored SKU recommendations and dynamic pricing. Real-time order tracking delivers cold-chain visibility, cutting spoilage by up to 30% in perishables (2024 industry reports). CRM portals and self-service can reduce order processing costs by ~60% and speed fulfillment.
Veterinary and consultancy networks
Influencers in veterinary and consultancy networks recommend protocols and products, with joint events in 2024 reaching about 1,200 producers and driving education; referrals accelerate adoption (≈30% faster uptake) while clinical evidence from trials underpins credibility and buying decisions.
- Influencer recommendations: credibility boost
- Joint events: ~1,200 producers (2024)
- Referrals: ~30% faster adoption
- Clinical evidence: purchase driver
Trade shows and producer forums
Trade shows and producer forums showcase new lines and results while offering live demos and seminars that drive demand; organizers reported about 90% recovery to 2019 booking volumes in 2024, underscoring strong in-person ROI. Networking at these events uncovers enterprise leads and reinforces competitive positioning through side-by-side product comparisons and executive meetings.
- Showcase: new lines, published results
- Demos: seminars drive purchase intent
- Leads: enterprise contacts sourced onsite
- Positioning: competitive benchmarking
Dedicated enterprise sales cover 30+ countries with deal sizes typically $250k–$1M and renewal rates >85%. Regional distributors and AI centers shorten lead times; global AI market ≈$200B (2024). Digital catalogs and CRM drive ~70% B2B self-service adoption and cut order costs ~60%; cold-chain tracking can reduce spoilage up to 30%.
| Channel | 2024 KPI |
|---|---|
| Enterprise sales | Deals $250k–$1M; renewals >85% |
| Digital | 70% self-service; −60% order cost |
| Distribution/AI | Global AI ≈$200B; −30% spoilage |
Customer Segments
Integrated pork producers running large units (often >5,000 sows) demand uniformity, low FCR and robustness to hit throughput and carcass specs; global pork production was about 110 million tonnes in 2024, amplifying scale pressures. PIC genetics from Genus are positioned to meet throughput and carcass targets, with documented FCR lifts (order of 0.05 kg feed/kg) and consistent yield. Contracts increasingly mandate biosecurity, traceability and performance guarantees to secure supply chains and margins. Deep genomic and on‑farm data from PIC (millions of records) enable continual optimization of production, health and carcass metrics.
Commercial dairies prioritize milk yield (US average ~24,700 lb/cow in 2024), fertility (target 365‑day calving interval) and longevity (≈3 lactations). Sexed semen is used for >30% of replacement matings to optimize herd turnover, while beef‑on‑dairy programs represent ≈35% of matings in key markets, adding calf value. Genus service support improves reproduction, lifting conception rates by about 8–10 percentage points.
Beef cow-calf and feedlot operations prioritize growth, marbling and feed efficiency, with genetics targeted to increase average daily gain and carcass quality; USDA reported average days on feed near 167 days in recent years (2024). Tailored indices from Genus align sires to regional markets and consumer specifications, improving marbling scores and consistency. Coordinated programs link cow-calf selection to feedlot endpoints so genetics can reduce days on feed and lower cost of gain.
Artificial insemination cooperatives
Artificial insemination cooperatives aggregate demand from member farms, securing bulk contracts and predictable volumes against a global cattle herd of about 1.5 billion (FAO, 2024). They require consistent supply, transparent proof of performance and may adopt private-label or exclusive semen lines; training programs measurably raise conception rates and member ROI.
- Bulk demand aggregation
- Supply reliability required
- Proof of performance mandatory
- Private-label/exclusive lines viable
- Training improves conception rates
Emerging market producers
Smaller farms in emerging markets need resilient, adaptable genetics to cut mortality and improve feed conversion; global pork production was about 121 million tonnes in 2024 (FAO/USDA), underlining demand pressures. Packaged services and starter bundles with embedded financing reduce adoption friction; Genus reported ~£1.19bn revenue in 2024 to support partner finance models. Distribution partners enable rapid scale across Asia, Latin America and Africa where smallholders dominate supply chains.
- resilient genetics
- packaged services
- financing + starter bundles
- distribution partners for scale
Integrated pork, commercial dairy, beef operators and AI co‑ops demand uniformity, FCR, yield and traceable performance; global pork ~110m t (2024), cattle herd ~1.5bn (FAO 2024). Genus delivers documented FCR gains (~0.05 kg/kg), dairy yields ~24,700 lb/cow (US 2024) and revenue ≈£1.19bn (2024) to support financing and distribution for emerging‑market smallholders.
| Segment | Key metric | 2024 stat |
|---|---|---|
| Pork | Global prod. | 110m t |
| Dairy | US avg yield | 24,700 lb/cow |
| Genus | Revenue | £1.19bn |
Cost Structure
Sequencing, high-resolution phenotyping and multi-site trials drive most R&D/genomic testing spend, with sequencing costs falling to roughly $200–$500 per genome by 2024 and large field trials often running into low‑millions. Continuous improvement requires sustained annual investment to update reference panels and models. Strategic collaborations and licensing partnerships offset capital outlay and operational cost. IP prosecution, including patents and freedom‑to‑operate, adds recurring overhead to budgets.
Studs, nucleus herds and lab processes create heavy fixed costs (capital for facilities and genetics) and material-driven variable costs; breeding is capital-intensive with fixed costs often exceeding 50% of total program spend. Stringent biosecurity protocols add 5-8% to operating complexity and costs. Labor and animal care typically represent 25-30% of operating expenses. Yield losses must be kept below ~2-3% to protect margins.
Specialized cold storage, refrigerated transport and real-time monitoring typically add a 20–50% premium over ambient logistics, driving major CAPEX/OPEX in Genus cost structure. Regional hubs (3–5 nodes) cut delivery failure rates and lead times by ~30–50%, lowering spoilage risk. Channel partner margins commonly add 8–12% to per-unit distribution cost. Contingency reserves of 3–7% cover delays, temperature excursions and spoilage.
Sales, service, and training
Field teams, account management, and education programs scale with revenue; 2024 B2B benchmarks show sales & marketing running about 25–40% of revenue. Travel and demo costs accrue per rep; digital platforms need ongoing maintenance (~10% of product opex). Post-sale support (customer success) sustains LTV by reducing churn.
- Scale: S&M 25–40% revenue (2024)
- Travel/demo: per-rep variable costs
- Maintenance: ~10% product opex
- Support: drives LTV, lowers churn
Regulatory and compliance
Regulatory and compliance drive recurring costs for certifications, audits and health testing, with market approvals in 2024 commonly incurring consulting and fees ranging from tens to hundreds of thousands of dollars per dossier; ongoing traceability systems require software upkeep and integration costs, while risk management and insurance layer additional annual premiums and contingency reserves.
- Recurring certifications/audits/health testing
- Market approval fees + consulting (tens–hundreds k USD)
- Traceability system upkeep
- Risk management & insurance premiums
Sequencing, phenotyping and multi‑site trials are the largest R&D/genomics costs (sequencing ~$200–$500/genome in 2024; trials commonly $1–3M). Breeding and labs are capital‑heavy (fixed >50%); labor/animal care 25–30% and biosecurity adds ~5–8%. Cold chain premiums 20–50%; S&M ~25–40% of revenue with maintenance ~10% product opex.
| Metric | 2024 |
|---|---|
| Sequencing | $200–$500/genome |
| Trials | $1–3M |
| S&M | 25–40% rev |
| Cold chain | 20–50% premium |
Revenue Streams
Core revenue derives from conventional and sexed bovine and porcine semen doses, with sexed doses typically priced 2–4x conventional. Pricing varies by genetic merit and volume, and premium elite lines command materially higher margins. Subscription or allocation models (supply contracts covering multiple seasons) stabilize revenue and inventory. Industry estimates in 2024 put sexed-semen adoption in dairy at roughly 15–25%.
Sales of boars, gilts, bulls, heifers and embryos form a core revenue stream, with elite animals priced according to genetic index rankings and provenance. Bundled offerings commonly include health guarantees, certification and post-sale technical support to protect buyer ROI. Export sales command higher margins due to certification and demand in high-value markets.
Technical services and consulting generate fees for program design, training and on-farm support, typically billed as project fees ranging $5,000–$50,000 depending on scale. Outcome-based contracts share 10–30% of measured upside to align incentives. Three service tiers (small, mid, enterprise) match customer size and complexity. Monthly retainers (often 10–20% of project value) stabilize cash flow.
Licensing and partnerships
Licensing and partnerships generate royalties from IP, indices, and co-developed tools, with comparable fintech licensing contributing ~15% of revenue for platform peers in 2024; white-label offerings for co-ops and distributors scale distribution, and data services monetize benchmarks (data-as-a-service ARR grew ~22% YoY in 2024); joint ventures open new profit pools via shared equity and revenue splits.
- royalties: recurring IP/index fees
- white-label: channel expansion
- data services: benchmark DaaS (22% YoY 2024)
- JVs: equity + revenue-share profit pools
Digital and performance-based models
Digital subscriptions for portals, analytics and decision tools create recurring revenue while pay-for-performance contracts—tied to KPIs like conception rate or feed conversion ratio—align pricing with producer outcomes; 2024 pilots showed bundled packages raising ARPU by ~15% and P4P models delivering measurable ROI within 12 months.
- Portal subscriptions: recurring base
- Analytics/decision tools: premium tiers
- Pay-for-performance: KPI-linked fees (conception, FCR)
- Bundles: ~15% ARPU uplift (2024)
- Longitudinal contracts: higher retention, lower churn
Core revenues: semen (sexed 2–4x price, adoption 15–25% in dairy 2024), elite livestock & embryos (premium margins), services/subscriptions (DaaS ARR +22% YoY 2024; bundles +15% ARPU) and licensing (~15% revenue for peers 2024). Pay-for-performance delivers ROI within 12 months; contracts/share deals stabilize cash flow.
| Stream | 2024 Metric |
|---|---|
| Semen (sexed) | 2–4x price; adoption 15–25% |
| DaaS/Analytics | ARR +22% YoY |
| Bundles | ARPU +15% |
| Licensing | ~15% rev (peers) |