• Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.

Microsoft gaming revenue increased three percent year-on-year to hit $1.6bn for FY17


I counted around 8 weirdly negative comments on the first page before the discussion shifted mostly to arguing over just how much MS first party sucks. This last page had certain people talking about their situation being "absolutely bleak" or their entire business model being unsuccessful. And this in a thread that's ultimately about gaming being pretty damn great for MS, with them apparently being above everybody in revenue but Sony.

It's not everybody or even a majority, there's plenty of insightful comments too, but some jimmies have absolutely been rustled.
 

Rolf NB

Member
I counted around 8 weirdly negative comments on the first page before the discussion shifted mostly to arguing over just how much MS first party sucks. This last page had certain people talking about their situation being "absolutely bleak" or their entire business model being unsuccessful. And this in a thread that's ultimately about gaming being pretty damn great for MS, with them apparently being above everybody in revenue but Sony.

It's not everybody or even a majority, there's plenty of insightful comments too, but some jimmies have absolutely been rustled.
Baseless speculation.

Microsoft is not disclosing anything to support this. Microsoft is lumping things together to obfuscate the few cherry-picked figures they do disclose. Microsoft wantonly misappropriates established terms ("first party investment" now includes timed exclusivity deals, "Xbox users" now encompass PC-only gamers and Minecraft players on random platforms) to butter up their appearance.

Why do you think anyone would do this? Because things are genuinely so "pretty damn great"?

Even Konami, even after expressing its intention to leave the gaming industry altogether, is more forthcoming about its gaming business than Microsoft. Read that again: Konami is a more respectable platform holder than Microsoft.
 
Yes, it will sell to existing hardcore fanbase for three or 4 months just like the xb1s and then they will be back to where they are right now. People are putting too much faith in a $500 hardware that is not a new generation to boot.

There's a much bigger market for Xbox One X compared to Xbox One S. There's a reason so many had the impression when the Xbox One S was first announced that Microsoft took some wind out of its sales when Scorpio was announced later in the same conference. Xbox One S will likely only sell better due to price, not because it's a more desirable product than Xbox One X.

Xbox One X is the console upgrade that people wanted. Xbox One S, even though it had the ability to upscale to 4K or came with 4K blu ray, is a far more niche product than Xbox One X is in reality. The only reason that may not necessarily come through quite as clearly in the sales department is due to the huge price advantage the S will have. I do, however, believe strongly that many more people want an X than those who will want the S. It's just the S will benefit out of the gate in ways the X will not because of price.
 

gamz

Member
There's a much bigger market for Xbox One X compared to Xbox One S. There's a reason so many had the impression when the Xbox One S was first announced that Microsoft took some wind out of its sales when Scorpio was announced later in the same conference. Xbox One S will likely only sell better due to price, not because it's a more desirable product than Xbox One X.

Xbox One X is the console upgrade that people wanted. Xbox One S, even though it had the ability to upscale to 4K or came with 4K blu ray, is a far more niche product than Xbox One X is in reality. The only reason that may not necessarily come through quite as clearly in the sales department is due to the huge price advantage the S will have. I do, however, believe strongly that many more people want an X than those who will want the S. It's just the S will benefit out of the gate in ways the X will not because of price.

100% agreed.
 

jroc74

Phone reception is more important to me than human rights
There's a much bigger market for Xbox One X compared to Xbox One S. There's a reason so many had the impression when the Xbox One S was first announced that Microsoft took some wind out of its sales when Scorpio was announced later in the same conference. Xbox One S will likely only sell better due to price, not because it's a more desirable product than Xbox One X.

Xbox One X is the console upgrade that people wanted. Xbox One S, even though it had the ability to upscale to 4K or came with 4K blu ray, is a far more niche product than Xbox One X is in reality. The only reason that may not necessarily come through quite as clearly in the sales department is due to the huge price advantage the S will have. I do, however, believe strongly that many more people want an X than those who will want the S. It's just the S will benefit out of the gate in ways the X will not because of price.

The One S, to be in the middle of a gen, low price, very modest specs bump/change, I disagree its more of a niche than the One X.

These type of mid gen consoles have been the norm for a few generations now.

The Pro and One X are the definition of niche.

The One X would probably do better if it was their next gen console.

It's not about it being the console ppl wanted, its about precedence IMO.
 
The One S, to be in the middle of a gen, low price, very modest specs bump/change, I disagree its more of a niche than the One X.

These type of mid gen consoles have been the norm for a few generations now.

The Pro and One X are the definition of niche.

The One X would probably do better if it was their next gen console.

For what it offers over a regular Xbox One compared to what the Xbox One X will do, with respect to what gamers expect and want more, it's certainly a more niche product.

For example. Xbox One S and Xbox One X at identical pricing. What sells better? Xbox One X would win by a clear margin. Its only achilles heal is price.
 

jroc74

Phone reception is more important to me than human rights
For what it offers over a regular Xbox One compared to what the Xbox One X will do, with respect to what gamers expect and want more, it's certainly a more niche product.

For example. Xbox One S and Xbox One X at identical pricing. What sells better? Xbox One X would win by a clear margin. Its only achilles heal is price.


And my thing is, a mid gen console with this big of a specs increase (even the Pro) has never been done before. AFAIK.

Can't get more niche than that.
 

Zedox

Member
Xbox One S is niche? Jesus.

You do realize that's like saying a regularly priced laptop around $899 is niche because the price of a super laptop is in like the $2000 range.
 

gamz

Member
Xbox One S is niche? Jesus.

You do realize that's like saying a regularly priced laptop around $899 is niche because the price of a super laptop is in like the $2000 range.

Well to be fair he said if they were priced the same. Unless I'm reading him wrong?
 

mrklaw

MrArseFace
There's a much bigger market for Xbox One X compared to Xbox One S. There's a reason so many had the impression when the Xbox One S was first announced that Microsoft took some wind out of its sales when Scorpio was announced later in the same conference. Xbox One S will likely only sell better due to price, not because it's a more desirable product than Xbox One X.

Xbox One X is the console upgrade that people wanted. Xbox One S, even though it had the ability to upscale to 4K or came with 4K blu ray, is a far more niche product than Xbox One X is in reality. The only reason that may not necessarily come through quite as clearly in the sales department is due to the huge price advantage the S will have. I do, however, believe strongly that many more people want an X than those who will want the S. It's just the S will benefit out of the gate in ways the X will not because of price.

No there isn’t

The market for an affordable $200-249 console is way way bigger than the market for a $500 console. Simple economics.

There is a tech enthusiast market that may have been considering building a gaming PC, that may be swayed by the X1X. But at least some of those will have been siphoned off by the PS Pro, and some may decide to wait if they think a PS5/Xbox 2 is only a couple of years away.

I think the market is small, which is one reason MS weren’t worried about pricing it at $500 - they know the relatively small audience is less price sensitive than the mass market so they can make at least some margin from it

It’ll be more profitable for MS probably, but the market is not bigger.
 

jroc74

Phone reception is more important to me than human rights
Well to be fair he said if they were priced the same. Unless I'm reading him wrong?
Even if that was the case, if they came out at the same time, it still wouldn't make the One S niche.

Usually we see something like this that launch together or within months of each other. Years later and its usually seen as next gen.

Phones, tablets, laptops, etc.

Both Sony and MS are trying something new AFAIK.
 
It's strange that a business that makes money (like Microsoft's gaming division) is referred to as successful.
Microsoft's gaming division making money sure is rustling some jimmies.
How much money did they make?

There's a much bigger market for Xbox One X compared to Xbox One S. ...Xbox One S will likely only sell better due to price....
If a product sells less than another, by definition its market isn't bigger. You're tying yourself into knots trying to redefine "niche" for what reason? Just stick with the simple truth: the One X is a far superior console to One S, but that comes with increased cost.
 

jroc74

Phone reception is more important to me than human rights
How much money did they make?


If a product sells less than another, by definition its market isn't bigger. You're tying yourself into knots trying to redefine "niche" for what reason? Just stick with the simple truth: the One X is a far superior console to One S, but that comes with increased cost.
Exactly.
 

gamz

Member
How much money did they make?


If a product sells less than another, by definition its market isn't bigger. You're tying yourself into knots trying to redefine "niche" for what reason? Just stick with the simple truth: the One X is a far superior console to One S, but that comes with increased cost.

Agreed, but we don't know that yet.
 

Toni

Member
There is a mistake in the title, Microsoft gaming revenue for FY17 (July 16-June 17) was in fact 9 billion dollars (1,6 billion is for Q4). Don't ask comparison with previous year, we don't have it !

However, 9 billion dollars is pretty big, in fact it's above EA, Activision Blizzard or Nintendo during the same period. Only one video game company had bigger sales for the last fiscal year, you can guess who (Sony Interactive Entertainment with 14,7 billion dollars).

Gaming revenue for Microsoft includes revenue dollars from Xbox consoles, Xbox Live service, first party games and third party games royalties.

Holy mother fucking shit.

PS4 is not slowing down.
 

EdgeXL

Member
well, somebody was impressed enough with Matt's insights to write an article.

However, the industry insider known as Matt on the Neogaf board noted that to his knowledge, Microsoft isn’t actually increasing their investments in that sector in a meaningful way. He then added that this is also because their software underperformed so far with the Xbox One and the Xbox division doesn’t really have a blank check to spend on game development.
 
Agreed, but we don't know that yet.
True, though precedent suggests it'll be the case, and Microsoft themselves have said they expect One S to sell more then One X. We'll see.

Also, SenjutsuSage himself expected that outcome, so the point was that he was being self-contradictory.
 
I think this just speaks more to them embracing PC for all games doesn't it? I don't think it proves anything more than that putting their games on PC as well grew revenue 3%. Something most should have expected by having games on PC day and date. I think it also explains their decline in hardware and MAU, since those on PC don't have to have a Live sub to play online.

The One X release will provide better info as to where the Xbox users are going, console or PC.
 

Rolf NB

Member
For what it offers over a regular Xbox One compared to what the Xbox One X will do, with respect to what gamers expect and want more, it's certainly a more niche product.
PS4 Pro.

15~25% of PS4 hardware at 400$ vs 300$ base model (share started on the low end of the range, now trending upwards slowly).

That's a 100$ bump reducing the sales share of what is simply a better PS4 to a quarter at best.

Now imagine what a 200$ bump will do to a better Xbox One. Suggestion: it will have an even lower share of overally Xbox One sales.
For example. Xbox One S and Xbox One X at identical pricing. What sells better? Xbox One X would win by a clear margin. Its only achilles heal is price.
I can't believe it's not butter.
 

Ushay

Member
So much mitigation in these threads, it's like a full time firefighting exercise for some.

Anyhow I wanted to say it's great to see MS and Sony doing well, good figures. Glad consoles gaming is here to stay.
 
I suspect the Scorpio will have a really strong launch period, but most sales will come from current XB1 owners. Hence no big change to install base. The XB1S sales should pick up again in the holiday period, then fizzle out like now. I expect the Scorpio won't be doing much in the middle of next year either, and it wont be long before you can find them for $400.
 

LordRaptor

Member
Isn't it? Or are you assuming their gaming business isn't profitable?

His point is that their "Gaming business" comprises of a lot more things than their "console business" and it is difficult to say whether the "console" part is doing well when it is obfuscated by a lot of things that have little to nothing to do with the console side of things.
 

Inuhanyou

Believes Dragon Quest is a franchise managed by Sony
MS seem to be holding steady with their investments in minecraft, live and such. That's good. But the hardware side of things seems to be in a pickle. Is that why they decided to price XB1X at 500? Because the division would not be able to just eat those losses at a lower price point?
 
His point is that their "Gaming business" comprises of a lot more things than their "console business" and it is difficult to say whether the "console" part is doing well when it is obfuscated by a lot of things that have little to nothing to do with the console side of things.
I get what you're saying but isn't the console business part of MS larger gaming business? you also have Xbox live subscriptions and services, revenue from game sales (1st and 3rd Party) also 1st party game sales on mobile platforms and Windows 10.etc These all make up their gaming business, so why is the console side excluded in his comment? If MS is ok with this why are others bothered? what non-gaming related stuff is included in thier gaming business?
http://gamingbolt.com/xbox-business-is-growing-profitably-says-microsoft-ceo-satya-nadella
http://www.dualshockers.com/microsoft-ceo-xbox-business-growing-profitably-strong-start-xbox-game-pass-mixer/

”Our gaming business now is more than nine billion dollars and growing profitably. The gaming world is growing faster than ever before from gameplay across multiple devices, to the explosive growth in streaming and esports, to new subscription services and mixed reality scenarios....Nadella
Seems weird that you guys are talking about firefighting when you don't know either way.
what are you talking about?
 

xabbott

Member
Baseless speculation.

Microsoft is not disclosing anything to support this. Microsoft is lumping things together to obfuscate the few cherry-picked figures they do disclose. Microsoft wantonly misappropriates established terms ("first party investment" now includes timed exclusivity deals, "Xbox users" now encompass PC-only gamers and Minecraft players on random platforms) to butter up their appearance.

Why do you think anyone would do this? Because things are genuinely so "pretty damn great"?

Even Konami, even after expressing its intention to leave the gaming industry altogether, is more forthcoming about its gaming business than Microsoft. Read that again: Konami is a more respectable platform holder than Microsoft.

I think you misunderstand what these earnings reports are for. Stuff like "first party" vs "second party" only exist on forums and console war battlefields.

There is no reason not to include timed exclusive investments, Minecraft sales, PC users, etc. in this entire gaming category. When hardware sales are down, they state that and why. They could play with the numbers all they want but if gaming was not making money it would show up and the market would react accordingly.

Not only is that not the case, overall the company has been doing way better than the market predicted just a few years ago. I think it even hit an all time high or a five year high. Not due to gaming alone ofcourse but they do seem in much better condition than many imagine.
 

AmFreak

Member
So much mitigation in these threads, it's like a full time firefighting exercise for some.

Anyhow I wanted to say it's great to see MS and Sony doing well, good figures. Glad consoles gaming is here to stay.
Mitigation, because not everyone hypes these subpar figures up?
Hardware has a huge drop-off of 29%.
Software is up 11%, but software going up is nothing extraordinary, it's the normal progression.
And it being up 11% on a hardware base that is up 25-35% is nothing to cheer on.
 

LordRaptor

Member
I get what you're saying but isn't the console business part of MS larger gaming business? you also have Xbox live subscriptions and services, revenue from game sales (1st and 3rd Party)..etc These all make up their gaming business..so why is the console side excluded in his comment?

As a reply to "I'm glad consoles are here to stay!" if MS are making more money from gaming software sales on W10, and as a third party cross platform publisher across multiple devices than they are on purely Xbox hardware + software combined, then "gaming" being up doesn't mean "Xbox is here to stay!". If anything it means Xbox exclusives are holding them back.

I'm not saying that that is the case, nor did I make the original comment or the reply; it is important not to conflate "gaming" with "Xbox" though because they are not the same thing.
 
As a reply to"I'm glad consoles are here to stay!" if MS are making more money from gaming software sales on W10, and as a third party cross platform publisher across multiple devices than they are on purely Xbox hardware software combined, then "gaming" being up doesn't mean "Xbox is here to stay!". If anything it means Xbox exclusives are holding them back.

I'm not saying that that is the case, nor did I make the original comment or the reply; it is important not to conflate "gaming" with "Xbox" though because they are not the same thing.
The consoles are where they sell Xbox live subscriptions, Gamepass, EA Access.. etc it's also where they make the most revenue from 1st and 3rd party game sales. So I don't think Ushays comment is wrong in any way. I don't believe that they have to make some huge profits on the hardware side to sustain their gaming division cos as it stands now they are doing ok ..definitely doing ok as a whole.
 

Chobel

Member
There's a much bigger market for Xbox One X compared to Xbox One S. There's a reason so many had the impression when the Xbox One S was first announced that Microsoft took some wind out of its sales when Scorpio was announced later in the same conference. Xbox One S will likely only sell better due to price, not because it's a more desirable product than Xbox One X.

Xbox One X is the console upgrade that people wanted. Xbox One S, even though it had the ability to upscale to 4K or came with 4K blu ray, is a far more niche product than Xbox One X is in reality. The only reason that may not necessarily come through quite as clearly in the sales department is due to the huge price advantage the S will have. I do, however, believe strongly that many more people want an X than those who will want the S. It's just the S will benefit out of the gate in ways the X will not because of price.

LMAO!
 
Baseless speculation.

Microsoft is not disclosing anything to support this. Microsoft is lumping things together to obfuscate the few cherry-picked figures they do disclose. Microsoft wantonly misappropriates established terms ("first party investment" now includes timed exclusivity deals, "Xbox users" now encompass PC-only gamers and Minecraft players on random platforms) to butter up their appearance.

Why do you think anyone would do this? Because things are genuinely so "pretty damn great"?

Even Konami, even after expressing its intention to leave the gaming industry altogether, is more forthcoming about its gaming business than Microsoft. Read that again: Konami is a more respectable platform holder than Microsoft.

Thanks for further proving my point.

You're suggesting MS is lying to investors when they talk about their gaming division growing and being profitable for them. That's quite a reach, and you want to complain about others making baseless speculation?

Public companies have good reasons for wanting to keep vague on these sorts of figures, so it's a big stretch to then suggest they're only doing it because the real numbers are secretly bad. MS isn't some fly-by-night startup trying to fool their investors here before their company collapses. If in an earnings report they say gaming is going well for them we can broadly believe that. There's no conspiracy here.

Furthermore, do you actually think your Konami example makes your judgment here look sound and/or impartial? A company infamous for employee abuse, working to prevent ex-employees from getting other jobs or even health insurance, and lying to, well, everybody is the comparison you choose to negatively measure Microsoft against? I'd never suggest MS is saintly, quite the opposite if anything, but you might want to step back and get a little perspective here.
 

Rolf NB

Member
Thanks for further proving my point.

You're suggesting MS is lying to investors when they talk about their gaming division growing and being profitable for them. That's quite a reach, and you want to complain about others making baseless speculation?

Public companies have good reasons for wanting to keep vague on these sorts of figures, so it's a big stretch to then suggest they're only doing it because the real numbers are secretly bad. MS isn't some fly-by-night startup trying to fool their investors here before their company collapses. If in an earnings report they say gaming is going well for them we can broadly believe that. There's no conspiracy here.

Furthermore, do you actually think your Konami example makes your judgment here look sound and/or impartial? A company infamous for employee abuse, working to prevent ex-employees from getting other jobs or even health insurance, and lying to, well, everybody is the comparison you choose to negatively measure Microsoft against? I'd never suggest MS is saintly, quite the opposite if anything, but you might want to step back and get a little perspective here.
Microsoft is not disclosing profit / loss for the division, let alone the console business specifically. They disclose only revenue, only for a bundle division.
Every other platform holder discloses revenue and profit / loss at least quarterly, at most lumping together console hardware, console publishing and console network money streams.
Even companies that aren't platform holders disclose revenue and profit / loss for their gaming ventures.
 

wapplew

Member
No there isn’t

The market for an affordable $200-249 console is way way bigger than the market for a $500 console. Simple economics.

There is a tech enthusiast market that may have been considering building a gaming PC, that may be swayed by the X1X. But at least some of those will have been siphoned off by the PS Pro, and some may decide to wait if they think a PS5/Xbox 2 is only a couple of years away.

I think the market is small, which is one reason MS weren’t worried about pricing it at $500 - they know the relatively small audience is less price sensitive than the mass market so they can make at least some margin from it

It’ll be more profitable for MS probably, but the market is not bigger.

For anyone who think X1X is niche product because of the price, you don't want to be this guy.
https://youtu.be/eywi0h_Y5_U
 
For anyone who think X1X is niche product because of the price, you don't want to be this guy.
https://youtu.be/eywi0h_Y5_U

Oh yeah, the X1X will be the next iPhone. Just you wait.

For what it offers over a regular Xbox One compared to what the Xbox One X will do, with respect to what gamers expect and want more, it's certainly a more niche product.

For example. Xbox One S and Xbox One X at identical pricing. What sells better? Xbox One X would win by a clear margin. Its only achilles heal is price.

A Ferrari and a VW Beetle for the same price. What sells better? Don't be fucking daft.
 
Is there even a demand for it? I can't think of any software that's driving that hardware
Suppose Just Cause 3 were released in 2018. PS4 version runs like crap. PS4 Pro version runs... better. But the XBOX version runs flawlessly. I think there's a potential market for people who want to play games that don't run like crap, but don't want to buy a PC.
 

kyser73

Member
Thanks for further proving my point.

You're suggesting MS is lying to investors when they talk about their gaming division growing and being profitable for them. That's quite a reach, and you want to complain about others making baseless speculation?

Public companies have good reasons for wanting to keep vague on these sorts of figures, so it's a big stretch to then suggest they're only doing it because the real numbers are secretly bad. MS isn't some fly-by-night startup trying to fool their investors here before their company collapses. If in an earnings report they say gaming is going well for them we can broadly believe that. There's no conspiracy here.

Furthermore, do you actually think your Konami example makes your judgment here look sound and/or impartial? A company infamous for employee abuse, working to prevent ex-employees from getting other jobs or even health insurance, and lying to, well, everybody is the comparison you choose to negatively measure Microsoft against? I'd never suggest MS is saintly, quite the opposite if anything, but you might want to step back and get a little perspective here.

Nobody is saying MS is lying.

The point is that by stating a single figure for a division that covers W10 store, Minecraft, XBL, MS First party, third-party licencing royalties AND Xbox hardware it isn't possible to discern which parts of that division are subsidising others' losses.

No-one is saying MS are either alone or unethical for doing it - it's common practice in most big companies where there's red ink in some divisions to aggregate results into a bigger pot to present the best possible picture.

But here's the kick - companies only do it when they have to.
 

Neith

Banned
Baseless speculation.

Microsoft is not disclosing anything to support this. Microsoft is lumping things together to obfuscate the few cherry-picked figures they do disclose. Microsoft wantonly misappropriates established terms ("first party investment" now includes timed exclusivity deals, "Xbox users" now encompass PC-only gamers and Minecraft players on random platforms) to butter up their appearance.

Why do you think anyone would do this? Because things are genuinely so "pretty damn great"?

Even Konami, even after expressing its intention to leave the gaming industry altogether, is more forthcoming about its gaming business than Microsoft. Read that again: Konami is a more respectable platform holder than Microsoft.

Exactly, I sold my One a while back. Not sure if I will invest in Scorpio again unless their first party improves. I have a PC. I like a few of their exclusives, but it was not enough. Maybe the next Halo will pull me back in, but so far all I have seen is talk from them about games. M has been trying to cover their ass since their release announcement.

The Rare game does look fun for sure, but I can't be totally into something I barely know about.

Suppose Just Cause 3 were released in 2018. PS4 version runs like crap. PS4 Pro version runs... better. But the XBOX version runs flawlessly. I think there's a potential market for people who want to play games that don't run like crap, but don't want to buy a PC.

There is a very limited potential market for this; mostly a few million hardcores that refuse to go to PC for third party. This market is extremely small. Most people are happy with a normal PS4 or even a normal Xbox One. You heavily overestimate the amount of people that are going to just drop 500 to play a slightly better rendition of a game.

And the Pro is very powerful with extremely mature studios and developers very familiar with its hardware. The differences are going to be minor to anyone not hardcore.
 
Exactly, I sold my One a while back. Not sure if I will invest in Scorpio again unless their first party improves. I have a PC. I like a few of their exclusives, but it was not enough. Maybe the next Halo will pull me back in, but so far all I have seen is talk from them about games.

The rare game does look fun for sure, but I can't be totally into something I barely know about.
You are a PC gamer. PC gaming has belonged to Microsoft ever since they took it over with DirectX back in the 90s. Windows gaming and the Xbox are two sides of the same coin. You are interested in the next Halo. Microsoft don't care whether you play Halo 6 on Xbox or PC, just so long as you play it within Microsoft's Windows ecosystem.
 

Neith

Banned
You are a PC gamer. PC gaming has belonged to Microsoft ever since they took it over with DirectX back in the 90s. Windows gaming and the Xbox are two sides of the same coin. You are interested in the next Halo. Microsoft don't care whether you play Halo 6 on Xbox or PC, just so long as you play it within Microsoft's Windows ecosystem.

I have only windows 7 with no plans to upgrade.

I WOULD BE ECSTATIC if Microsoft would pull their head out of their ass and put more of their games on Steam. You are correct they don't care, but they do care because they refuse to support Steam with their biggest releases.

I would love to pay full price for Forza Horizon. But they won't even let me. So to hell with them for now.
 
You are correct they don't care, but they do care because they refuse to support Steam with their biggest releases.
They give preference to their own store, but they are not opposed to releasing games on Steam after a delay. Unlike companies like EA, who flat-out refuse to put anything on Steam. They're under no obligation to support Steam as a platform. Nobody is. But more Steam support would be nice, sure.
 
Top Bottom