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Beyond the Sub Count: Netflix's Engagement Era · Kids Media Club Podcast

• 0:00
  Foreign.
• 0:05
  Welcome
• 0:05
  to
• 0:06
  another
• 0:07
  Kids
• 0:07
  Media
• 0:07
  Club
• 0:08
  podcast.
• 0:08
  I'm
• 0:09
  Andy
• 0:09
  Williams.
• 0:10
  No
• 0:10
  Joe
• 0:10
  today,
• 0:11
  but
• 0:12
  Emily,
• 0:12
  we're
• 0:13
  here
• 0:13
  to
• 0:13
  have
• 0:14
  a
• 0:14
  chat
• 0:14
  about
• 0:15
  the
• 0:15
  Netflix
• 0:16
  earnings.
• 0:16
  I
• 0:17
  think,
• 0:17
  yeah,
• 0:18
  no
• 0:18
  Joe
• 0:18
  today,
• 0:18
  but
• 0:19
  I
• 0:19
  will
• 0:19
  replace
• 0:19
  Joe
• 0:19
  with
• 0:20
  my
• 0:20
  enthusiasm
• 0:20
  about
• 0:21
  the
• 0:21
  Netflix
• 0:21
  earnings
• 0:21
  report,
• 0:22
  which
• 0:22
  is
• 0:22
  the
• 0:22
  kind
• 0:23
  of
• 0:23
  thing
• 0:23
  that
• 0:23
  I
• 0:23
  like
• 0:23
  to
• 0:23
  hop
• 0:24
  up
• 0:24
  and
• 0:24
  down
• 0:24
  about
• 0:25
  probably
• 0:26
  for
• 0:26
  like
• 0:26
  five
• 0:26
  years
• 0:26
  now.
• 0:27
  I,
• 0:27
  I
• 0:27
  started
• 0:28
  writing
• 0:28
  earnings
• 0:28
  notes
• 0:29
  from
• 0:29
  a
• 0:29
  kid's
• 0:29
  perspective
• 0:30
  in
• 0:30
  2020
• 0:31
  and
• 0:31
  here
• 0:31
  we
• 0:31
  are
• 0:32
  in
• 0:32
  2026
• 0:33
  and
• 0:33
  I'm
• 0:33
  still
• 0:33
  going.
• 0:34
  So,
• 0:35
  yeah,
• 0:35
  Netflix,
• 0:36
  the
• 0:36
  first
• 0:36
  mover
• 0:37
  in
• 0:37
  streaming
• 0:38
  in
• 0:38
  the
• 0:38
  streaming
• 0:38
  wars,
• 0:39
  remains,
• 0:40
  I
• 0:40
  think,
• 0:40
  one
• 0:40
  of
• 0:40
  the
• 0:40
  most
• 0:40
  interesting
• 0:42
  entities
• 0:43
  out
• 0:43
  there
• 0:43
  in
• 0:43
  terms
• 0:43
  of
• 0:44
  what
• 0:44
  they're
• 0:44
  doing.
• 0:45
  And
• 0:45
  yeah,
• 0:46
  there
• 0:46
  was
• 0:46
  plenty
• 0:46
  to
• 0:46
  digest
• 0:47
  their
• 0:47
  earnings
• 0:47
  last
• 0:48
  night
• 0:48
  for
• 0:48
  sure.
• 0:49
  It's,
• 0:49
  you
• 0:49
  know,
• 0:49
  I
• 0:50
  stay
• 0:50
  up
• 0:50
  late,
• 0:51
  I
• 0:51
  get
• 0:51
  the
• 0:52
  tea
• 0:52
  on
• 0:53
  and
• 0:54
  listen
• 0:55
  and
• 0:55
  digest
• 0:56
  and
• 0:56
  read
• 0:56
  and
• 0:56
  write
• 0:57
  into
• 0:57
  the
• 0:58
  night.
• 0:59
  What
• 0:59
  were
• 0:59
  your
• 0:59
  key
• 0:59
  takeaways
• 1:00
  then
• 1:00
  from
• 1:00
  it?
• 1:02
  So
• 1:05
  a
• 1:05
  couple
• 1:05
  things,
• 1:05
  right?
• 1:06
  So
• 1:06
  there's
• 1:06
  obviously
• 1:07
  there's
• 1:07
  the
• 1:07
  Warner
• 1:07
  Netflix
• 1:08
  thing
• 1:08
  and
• 1:08
  that's
• 1:08
  a
• 1:09
  whole
• 1:09
  different
• 1:09
  thing.
• 1:10
  Right.
• 1:10
  So
• 1:10
  let's
• 1:11
  just
• 1:11
  park
• 1:11
  that
• 1:11
  for
• 1:11
  a
• 1:11
  moment.
• 1:13
  I
• 1:13
  have
• 1:13
  to
• 1:13
  say
• 1:13
  one
• 1:13
  of
• 1:14
  my
• 1:14
  key
• 1:14
  takeaways
• 1:15
  was
• 1:16
  around
• 1:16
  engagement.
• 1:17
  So
• 1:17
  Netflix
• 1:18
  released
• 1:18
  the
• 1:20
  twice
• 1:21
  yearly
• 1:21
  engagement
• 1:22
  reports
• 1:22
  and
• 1:22
  this
• 1:23
  in
• 1:23
  January
• 1:23
  and
• 1:24
  July.
• 1:25
  So
• 1:25
  that
• 1:26
  released
• 1:26
  last
• 1:26
  night.
• 1:28
  The
• 1:29
  thing
• 1:29
  about
• 1:29
  it
• 1:29
  is
• 1:30
  at
• 1:30
  the
• 1:30
  start
• 1:31
  of
• 1:31
  2025,
• 1:31
  Netflix
• 1:32
  had
• 1:32
  announced
• 1:33
  that
• 1:33
  they
• 1:33
  were
• 1:33
  no
• 1:33
  longer
• 1:33
  going
• 1:34
  to
• 1:34
  disclose
• 1:35
  subscriber
• 1:35
  numbers.
• 1:38
  Assuming,
• 1:38
  you
• 1:39
  know,
• 1:39
  the
• 1:39
  main
• 1:39
  reason
• 1:40
  for
• 1:40
  that,
• 1:40
  we
• 1:40
  can
• 1:40
  assume
• 1:40
  is
• 1:41
  that
• 1:41
  subscriber
• 1:41
  numbers
• 1:41
  are
• 1:42
  pretty
• 1:42
  saturated
• 1:43
  in
• 1:43
  many
• 1:43
  of
• 1:43
  their
• 1:43
  core
• 1:44
  markets
• 1:45
  and
• 1:47
  you
• 1:47
  know,
• 1:47
  they
• 1:47
  weren't
• 1:47
  going
• 1:48
  to
• 1:48
  be
• 1:48
  able
• 1:48
  to
• 1:48
  show
• 1:48
  any
• 1:49
  really
• 1:50
  compelling
• 1:50
  growth
• 1:51
  story
• 1:51
  based
• 1:51
  on
• 1:51
  subscriber
• 1:52
  numbers
• 1:53
  with
• 1:53
  consistency.
• 1:54
  Let's
• 1:54
  say.
• 1:54
  Obviously
• 1:55
  if
• 1:55
  they
• 1:55
  did
• 1:55
  some
• 1:55
  big
• 1:56
  launch
• 1:56
  or
• 1:57
  big
• 1:57
  platform
• 1:57
  adjustment
• 1:58
  adjustment
• 1:58
  in
• 1:58
  an
• 1:59
  individual
• 1:59
  market,
• 2:00
  then
• 2:00
  you
• 2:01
  know,
• 2:01
  they
• 2:01
  could,
• 2:01
  they
• 2:01
  can
• 2:01
  announce
• 2:02
  subscriber
• 2:02
  numbers.
• 2:03
  It's
• 2:03
  not
• 2:03
  the
• 2:03
  law.
• 2:03
  They
• 2:03
  just
• 2:03
  said
• 2:04
  they
• 2:04
  weren't
• 2:04
  going
• 2:04
  to
• 2:04
  do
• 2:04
  it
• 2:04
  consistently
• 2:05
  anymore
• 2:05
  as
• 2:05
  part
• 2:05
  of
• 2:06
  their,
• 2:06
  like
• 2:06
  earnings
• 2:06
  materials
• 2:07
  that
• 2:07
  they
• 2:07
  release
• 2:08
  to
• 2:08
  shareholders
• 2:09
  that
• 2:09
  have
• 2:09
  things
• 2:09
  like
• 2:10
  revenue
• 2:10
  and
• 2:11
  profit
• 2:11
  margin,
• 2:11
  that
• 2:11
  kind
• 2:12
  of
• 2:12
  thing.
• 2:14
  So
• 2:14
  that
• 2:14
  was
• 2:14
  a
• 2:14
  big
• 2:14
  change
• 2:15
  in
• 2:15
  2025.
• 2:15
  They
• 2:16
  said,
• 2:16
  you
• 2:16
  know,
• 2:16
  the
• 2:16
  streaming
• 2:17
  wars
• 2:17
  were
• 2:18
  no
• 2:18
  longer
• 2:18
  about
• 2:18
  subscribers.
• 2:19
  They
• 2:19
  were
• 2:19
  about
• 2:19
  content
• 2:19
  engagement.
• 2:20
  Music
• 2:21
  to
• 2:21
  my
• 2:21
  ears,
• 2:22
  that
• 2:22
  was
• 2:22
  part
• 2:22
  of
• 2:22
  this
• 2:23
  whole
• 2:23
  content
• 2:24
  performance
• 2:25
  disclosure
• 2:25
  that
• 2:25
  they're,
• 2:26
  that,
• 2:26
  that
• 2:26
  they're
• 2:26
  now
• 2:27
  doing.
• 2:27
  That's
• 2:27
  why
• 2:27
  we
• 2:28
  know
• 2:28
  so
• 2:28
  much
• 2:28
  more
• 2:28
  about
• 2:29
  the
• 2:29
  types
• 2:29
  of
• 2:29
  content
• 2:29
  that
• 2:30
  does
• 2:30
  well
• 2:30
  on
• 2:30
  Netflix.
• 2:30
  To
• 2:30
  Top
• 2:31
  Tens
• 2:31
  and
• 2:31
  to
• 2:31
  these
• 2:31
  engagement
• 2:32
  reports.
• 2:32
  I
• 2:33
  have
• 2:33
  to
• 2:33
  say
• 2:33
  last
• 2:33
  night
• 2:35
  there
• 2:35
  was
• 2:35
  a
• 2:36
  lot
• 2:36
  of
• 2:36
  qualifying
• 2:37
  around
• 2:37
  the
• 2:38
  content
• 2:38
  engagement
• 2:39
  in
• 2:39
  a,
• 2:39
  in
• 2:39
  the
• 2:39
  broad
• 2:40
  sense.
• 2:41
  So
• 2:41
  they
• 2:41
  were
• 2:41
  saying,
• 2:41
  you
• 2:42
  know,
• 2:42
  were
• 2:42
  they
• 2:42
  down
• 2:43
  1%.
• 2:43
  They
• 2:43
  were.
• 2:44
  They
• 2:44
  were
• 2:44
  down
• 2:44
  1%
• 2:44
  overall
• 2:45
  engagement,
• 2:45
  up
• 2:46
  2%
• 2:46
  in
• 2:46
  overall
• 2:46
  engagement.
• 2:47
  They
• 2:47
  were
• 2:48
  then
• 2:48
  qualifying
• 2:48
  that
• 2:48
  with
• 2:49
  whether
• 2:49
  it
• 2:49
  was
• 2:50
  about
• 2:50
  original
• 2:50
  titles
• 2:51
  that
• 2:51
  were
• 2:51
  up
• 2:51
  a
• 2:51
  certain
• 2:52
  amount.
• 2:52
  There
• 2:53
  just
• 2:53
  seemed
• 2:53
  to
• 2:53
  be
• 2:53
  this
• 2:54
  kind
• 2:54
  of
• 2:54
  frustration
• 2:55
  with
• 2:56
  how
• 2:57
  to
• 2:58
  characterize
• 2:59
  content
• 2:59
  engagement
• 3:00
  in
• 3:01
  a
• 3:01
  broad
• 3:01
  sense.
• 3:02
  Were
• 3:02
  there
• 3:02
  any
• 3:03
  obvious
• 3:03
  kind
• 3:03
  of
• 3:04
  winners
• 3:04
  and
• 3:04
  lose
• 3:05
  losers
• 3:05
  in
• 3:05
  terms
• 3:06
  of
• 3:06
  how
• 3:07
  that.
• 3:08
  What
• 3:08
  was
• 3:08
  kind
• 3:08
  of
• 3:09
  what
• 3:09
  was
• 3:09
  moving
• 3:09
  the
• 3:09
  dial
• 3:10
  one
• 3:10
  way
• 3:10
  or
• 3:11
  the
• 3:11
  other,
• 3:11
  do
• 3:11
  you
• 3:11
  think?
• 3:12
  Was
• 3:12
  there
• 3:12
  any
• 3:13
  indication
• 3:13
  of
• 3:13
  that?
• 3:15
  Well,
• 3:15
  to
• 3:15
  be
• 3:15
  honest,
• 3:15
  like,
• 3:16
  it
• 3:16
  felt
• 3:16
  like
• 3:17
  in.
• 3:17
  In
• 3:17
  the
• 3:17
  broadest
• 3:18
  sense,
• 3:18
  you
• 3:18
  know,
• 3:18
  they
• 3:18
  said
• 3:18
  the
• 3:19
  view
• 3:19
  hours
• 3:19
  increased
• 3:20
  2%
• 3:21
  year
• 3:21
  over
• 3:21
  year.
• 3:22
  But
• 3:22
  like
• 3:22
  2%,
• 3:23
  like,
• 3:23
  okay.
• 3:24
  And
• 3:24
  I
• 3:24
  know
• 3:24
  that's
• 3:24
  like
• 3:24
  around
• 3:25
  a
• 3:25
  billion
• 3:25
  hours.
• 3:25
  It's
• 3:26
  like
• 3:26
  it's
• 3:26
  a
• 3:26
  billion
• 3:26
  hours.
• 3:27
  It's
• 3:27
  Netflix
• 3:27
  release,
• 3:28
  like
• 3:28
  in
• 3:28
  the
• 3:29
  engagement
• 3:29
  reports
• 3:29
  is
• 3:29
  around
• 3:30
  70
• 3:30
  billion
• 3:30
  hours.
• 3:30
  So
• 3:31
  that's
• 3:31
  kind
• 3:31
  of
• 3:32
  a
• 3:32
  billion.
• 3:32
  A
• 3:32
  billion
• 3:32
  and
• 3:32
  change
• 3:33
  hours.
• 3:33
  And
• 3:33
  I
• 3:33
  know
• 3:33
  a
• 3:34
  billion
• 3:34
  is
• 3:34
  a
• 3:34
  big
• 3:34
  number,
• 3:34
  but
• 3:35
  like,
• 3:35
  2%
• 3:35
  is
• 3:36
  like,
• 3:37
  not
• 3:38
  like
• 3:38
  something
• 3:39
  you
• 3:39
  can
• 3:39
  sink
• 3:40
  your
• 3:40
  teeth
• 3:40
  in
• 3:40
  and
• 3:40
  juice.
• 3:41
  Right.
• 3:41
  Like,
• 3:41
  it's
• 3:42
  just
• 3:42
  not.
• 3:42
  It's
• 3:42
  just
• 3:42
  not
• 3:43
  that
• 3:43
  compelling
• 3:44
  a
• 3:44
  change,
• 3:44
  I
• 3:44
  would
• 3:44
  say.
• 3:46
  Do
• 3:46
  you.
• 3:46
  I
• 3:46
  mean,
• 3:46
  it
• 3:46
  kind
• 3:46
  of
• 3:47
  2%
• 3:48
  feels
• 3:48
  like
• 3:49
  it
• 3:49
  could
• 3:49
  be
• 3:49
  a
• 3:50
  rounding
• 3:50
  error,
• 3:51
  maybe
• 3:51
  not,
• 3:52
  but
• 3:52
  it's
• 3:52
  not
• 3:53
  big
• 3:53
  enough
• 3:53
  that
• 3:54
  it's.
• 3:55
  It's
• 3:56
  that
• 3:56
  it's
• 3:56
  such
• 3:56
  a
• 3:57
  statement
• 3:57
  that
• 3:58
  you
• 3:58
  can't
• 3:58
  argue
• 3:59
  either
• 3:59
  way.
• 4:00
  Yeah,
• 4:01
  exactly.
• 4:01
  And
• 4:01
  like,
• 4:01
  if
• 4:02
  we
• 4:02
  look
• 4:02
  at
• 4:02
  H2
• 4:02
  20,
• 4:03
  25,
• 4:03
  which
• 4:04
  is,
• 4:04
  you
• 4:04
  know,
• 4:04
  the
• 4:05
  half
• 4:05
  we've
• 4:05
  just
• 4:05
  been
• 4:05
  to,
• 4:06
  like,
• 4:06
  they
• 4:06
  had
• 4:07
  an
• 4:07
  absolutely
• 4:08
  stacked
• 4:08
  slate.
• 4:08
  They
• 4:08
  had
• 4:09
  Wednesday,
• 4:09
  they
• 4:10
  had
• 4:10
  K
• 4:10
  Pop
• 4:10
  Demon
• 4:10
  Hunters
• 4:11
  that
• 4:11
  they
• 4:11
  didn't
• 4:11
  even
• 4:11
  know
• 4:11
  was
• 4:12
  coming.
• 4:12
  The
• 4:12
  biggest
• 4:13
  movie
• 4:13
  on
• 4:14
  Netflix
• 4:14
  ever.
• 4:16
  They
• 4:16
  had
• 4:17
  Stranger
• 4:17
  Things,
• 4:17
  Right,
• 4:18
  Like
• 4:18
  Stranger
• 4:18
  Things
• 4:18
  a
• 4:19
  Palooza,
• 4:19
  right?
• 4:19
  Like
• 4:20
  the
• 4:20
  finale
• 4:20
  of
• 4:20
  Stranger
• 4:21
  Things.
• 4:21
  We
• 4:21
  saw
• 4:21
  all
• 4:21
  of
• 4:21
  the
• 4:22
  individual
• 4:22
  seasons
• 4:23
  built
• 4:24
  bubble
• 4:24
  up.
• 4:25
  I
• 4:25
  mean,
• 4:25
  Stranger
• 4:25
  Things
• 4:26
  is
• 4:26
  the
• 4:26
  biggest
• 4:26
  show
• 4:27
  to
• 4:27
  come
• 4:27
  out
• 4:27
  of
• 4:27
  Netflix.
• 4:27
  I
• 4:27
  would
• 4:28
  argue.
• 4:28
  I
• 4:28
  was
• 4:29
  going
• 4:29
  to
• 4:29
  say,
• 4:29
  for
• 4:29
  all
• 4:29
  that
• 4:29
  people
• 4:29
  said
• 4:30
  that
• 4:30
  the
• 4:30
  last
• 4:30
  season
• 4:31
  was
• 4:31
  going
• 4:31
  to
• 4:31
  disappoint.
• 4:32
  My
• 4:32
  impression
• 4:33
  was
• 4:33
  that
• 4:34
  the
• 4:34
  numbers
• 4:34
  for
• 4:35
  Stranger
• 4:35
  Things
• 4:35
  last
• 4:36
  season
• 4:36
  were
• 4:36
  huge.
• 4:37
  So
• 4:37
  like
• 4:37
  you
• 4:37
  said,
• 4:38
  there's
• 4:38
  a
• 4:38
  lot
• 4:38
  of
• 4:39
  big
• 4:40
  shows
• 4:40
  there.
• 4:40
  You'd
• 4:41
  imagine
• 4:41
  that
• 4:41
  that
• 4:41
  would
• 4:41
  have
• 4:42
  had
• 4:42
  an
• 4:42
  impact.
• 4:44
  Yeah,
• 4:44
  yeah,
• 4:44
  exactly.
• 4:45
  And
• 4:45
  I
• 4:45
  think
• 4:45
  that,
• 4:45
  like,
• 4:46
  that
• 4:46
  is.
• 4:47
  That
• 4:48
  is,
• 4:48
  I
• 4:48
  think,
• 4:48
  part
• 4:48
  of
• 4:48
  the
• 4:48
  frustration.
• 4:49
  So,
• 4:49
  you
• 4:49
  know,
• 4:50
  they
• 4:50
  said
• 4:50
  that
• 4:50
  they're.
• 4:52
  There
• 4:52
  were
• 4:53
  branded
• 4:53
  originals,
• 4:54
  saw
• 4:54
  9%
• 4:55
  rise.
• 4:56
  So
• 4:56
  that
• 4:56
  is
• 4:57
  probably
• 4:57
  going
• 4:57
  in
• 4:58
  the
• 4:58
  right
• 4:58
  direction.
• 4:58
  But
• 4:58
  it
• 4:58
  is,
• 4:59
  I
• 4:59
  think
• 4:59
  it
• 4:59
  is
• 4:59
  hard
• 5:00
  when
• 5:00
  you
• 5:01
  oversee
• 5:01
  an
• 5:02
  ecosystem
• 5:02
  of
• 5:02
  content
• 5:03
  as
• 5:03
  vast
• 5:03
  as
• 5:04
  Netflix
• 5:04
  does
• 5:05
  that,
• 5:05
  like
• 5:07
  moving
• 5:07
  the
• 5:07
  needle.
• 5:09
  It's
• 5:10
  very
• 5:10
  difficult.
• 5:10
  It
• 5:10
  can
• 5:10
  be
• 5:10
  difficult
• 5:11
  to
• 5:11
  demonstrate
• 5:11
  moving
• 5:12
  the
• 5:12
  needle.
• 5:12
  And
• 5:12
  that's
• 5:12
  what
• 5:12
  we
• 5:12
  find
• 5:13
  in
• 5:13
  the
• 5:13
  Netflix
• 5:13
  kids
• 5:13
  content
• 5:14
  performance
• 5:14
  reports
• 5:14
  like
• 5:15
  we
• 5:15
  found.
• 5:16
  It's
• 5:16
  important
• 5:17
  when
• 5:17
  we're
• 5:18
  looking
• 5:18
  at
• 5:18
  what
• 5:18
  is
• 5:18
  doing
• 5:18
  well,
• 5:19
  to
• 5:19
  kind
• 5:19
  of
• 5:20
  bridle
• 5:20
  it
• 5:20
  and
• 5:21
  to
• 5:21
  kind
• 5:21
  of
• 5:21
  contain
• 5:22
  what
• 5:22
  we're
• 5:22
  looking
• 5:22
  at.
• 5:23
  Because
• 5:23
  if
• 5:23
  you
• 5:23
  try
• 5:23
  to
• 5:23
  look
• 5:23
  at
• 5:24
  everything,
• 5:24
  it's
• 5:25
  just
• 5:25
  like
• 5:25
  trying
• 5:25
  to
• 5:26
  boil
• 5:26
  the
• 5:26
  ocean,
• 5:26
  right?
• 5:27
  But
• 5:27
  if
• 5:27
  you're
• 5:27
  able
• 5:27
  to
• 5:28
  go,
• 5:28
  right,
• 5:28
  well,
• 5:28
  how
• 5:29
  efficiently
• 5:29
  is
• 5:29
  this
• 5:30
  genre
• 5:30
  working?
• 5:31
  How
• 5:31
  efficiently
• 5:32
  are
• 5:32
  this.
• 5:32
  Is
• 5:33
  this
• 5:33
  type
• 5:33
  of
• 5:33
  content
• 5:33
  working?
• 5:34
  What
• 5:34
  does
• 5:34
  good
• 5:35
  look
• 5:35
  like
• 5:35
  for
• 5:36
  preschool?
• 5:36
  What
• 5:36
  does
• 5:37
  good
• 5:37
  look
• 5:37
  like
• 5:37
  for
• 5:38
  an
• 5:38
  animated
• 5:39
  movie?
• 5:40
  Right?
• 5:40
  Like
• 5:40
  when
• 5:40
  you're
• 5:41
  able
• 5:41
  to
• 5:41
  kind
• 5:41
  of,
• 5:41
  as
• 5:41
  I
• 5:42
  said,
• 5:42
  bridlet
• 5:42
  or
• 5:42
  contain
• 5:43
  what
• 5:43
  you're
• 5:43
  looking
• 5:43
  at,
• 5:44
  that's
• 5:44
  when
• 5:45
  you
• 5:45
  can
• 5:45
  get
• 5:45
  insights.
• 5:46
  But
• 5:46
  when
• 5:46
  you're
• 5:46
  looking
• 5:46
  at
• 5:46
  the
• 5:47
  overall
• 5:47
  picture,
• 5:49
  it's
• 5:49
  a
• 5:49
  lot
• 5:49
  more
• 5:49
  difficult
• 5:50
  to
• 5:50
  be
• 5:50
  able
• 5:50
  to
• 5:51
  kind
• 5:51
  of
• 5:51
  divine
• 5:52
  the
• 5:52
  direction
• 5:53
  the
• 5:53
  wind
• 5:53
  is
• 5:53
  traveling,
• 5:53
  if
• 5:54
  you
• 5:54
  know
• 5:54
  what
• 5:54
  I
• 5:54
  mean.
• 5:55
  So
• 5:55
  I
• 5:55
  think.
• 5:56
  But
• 5:56
  the
• 5:56
  thing
• 5:56
  is,
• 5:56
  Netflix
• 5:57
  had
• 5:58
  come
• 5:58
  out
• 5:58
  with
• 5:58
  this
• 5:58
  big
• 6:00
  statement.
• 6:00
  We're
• 6:00
  going
• 6:00
  to
• 6:00
  be
• 6:01
  releasing
• 6:01
  all
• 6:01
  the
• 6:01
  data
• 6:02
  on
• 6:02
  our
• 6:03
  shows
• 6:03
  every
• 6:03
  six
• 6:03
  months.
• 6:04
  And
• 6:04
  I
• 6:05
  think
• 6:05
  are
• 6:05
  finding
• 6:06
  the
• 6:06
  kind
• 6:06
  of
• 6:06
  shortcomings
• 6:07
  of
• 6:07
  that.
• 6:07
  I
• 6:07
  don't
• 6:07
  know
• 6:07
  if
• 6:07
  maybe
• 6:08
  they
• 6:08
  were
• 6:08
  expecting
• 6:09
  other
• 6:10
  streamers
• 6:11
  to
• 6:11
  follow
• 6:11
  through
• 6:12
  and
• 6:12
  to
• 6:12
  kind
• 6:12
  of
• 6:12
  take
• 6:12
  the
• 6:13
  bait
• 6:13
  of
• 6:13
  also
• 6:13
  disclosing
• 6:14
  more.
• 6:16
  And
• 6:16
  in
• 6:16
  that
• 6:16
  sense,
• 6:17
  you
• 6:17
  know,
• 6:17
  it
• 6:18
  would
• 6:18
  be
• 6:18
  very
• 6:18
  difficult
• 6:18
  for
• 6:19
  any
• 6:19
  other
• 6:19
  streamer
• 6:19
  to
• 6:20
  match
• 6:20
  up
• 6:20
  to
• 6:20
  the
• 6:20
  Netflix
• 6:21
  metrics
• 6:21
  of
• 6:21
  something
• 6:22
  like
• 6:22
  string
• 6:22
  things,
• 6:23
  but
• 6:23
  no
• 6:23
  one
• 6:24
  else
• 6:24
  has
• 6:24
  done
• 6:24
  that.
• 6:24
  So
• 6:25
  it
• 6:25
  just.
• 6:26
  Do
• 6:26
  you
• 6:26
  know
• 6:26
  what
• 6:26
  it
• 6:26
  was
• 6:27
  that
• 6:27
  was
• 6:27
  one
• 6:27
  of
• 6:28
  my
• 6:28
  key
• 6:28
  takeaways
• 6:28
  from
• 6:29
  earnings
• 6:29
  was
• 6:30
  this
• 6:30
  kind
• 6:30
  of
• 6:30
  sense
• 6:30
  of
• 6:30
  frustration,
• 6:31
  sense
• 6:32
  of
• 6:32
  overqualification
• 6:33
  around
• 6:33
  the
• 6:33
  broad
• 6:34
  content
• 6:34
  metrics.
• 6:35
  And
• 6:35
  then
• 6:35
  on
• 6:35
  top
• 6:35
  of
• 6:35
  that,
• 6:36
  which
• 6:36
  I
• 6:36
  would
• 6:36
  say
• 6:36
  is
• 6:37
  also
• 6:37
  indicative
• 6:37
  of
• 6:37
  that
• 6:38
  frustration,
• 6:38
  they
• 6:39
  did
• 6:39
  release
• 6:39
  subscriber
• 6:40
  numbers,
• 6:41
  generally
• 6:41
  speaking,
• 6:41
  for
• 6:41
  the
• 6:42
  first
• 6:42
  time
• 6:42
  in
• 6:43
  a
• 6:43
  year.
• 6:43
  325.
• 6:46
  What
• 6:46
  story
• 6:46
  did
• 6:46
  that
• 6:47
  tell
• 6:47
  then?
• 6:48
  Did
• 6:49
  it.
• 6:49
  Did
• 6:49
  that.
• 6:50
  They
• 6:50
  were.
• 6:50
  They're
• 6:51
  up
• 6:51
  first,
• 6:51
  I
• 6:51
  think
• 6:52
  last
• 6:52
  year
• 6:53
  they
• 6:53
  were
• 6:53
  at
• 6:53
  around
• 6:53
  300
• 6:54
  million
• 6:54
  subscribers.
• 6:54
  301,
• 6:55
  I
• 6:55
  think,
• 6:56
  this
• 6:56
  year.
• 6:57
  So,
• 6:57
  you
• 6:57
  know,
• 6:57
  that
• 6:57
  was
• 6:57
  January
• 6:58
  of
• 6:58
  last
• 6:58
  year.
• 6:58
  January
• 6:58
  of
• 6:58
  this
• 6:59
  year,
• 6:59
  they're
• 6:59
  at
• 6:59
  325.
• 7:00
  So
• 7:01
  they're
• 7:01
  demonstrating
• 7:01
  growth.
• 7:03
  They
• 7:03
  say
• 7:03
  they.
• 7:04
  They
• 7:04
  reckon
• 7:04
  they
• 7:04
  reach
• 7:04
  around
• 7:05
  a
• 7:05
  billion
• 7:05
  people
• 7:05
  on
• 7:05
  earth
• 7:06
  with
• 7:06
  their
• 7:06
  service,
• 7:06
  which
• 7:06
  would,
• 7:07
  I
• 7:07
  think
• 7:07
  would
• 7:07
  make.
• 7:07
  Probably
• 7:08
  make
• 7:08
  sense,
• 7:10
  you
• 7:10
  know,
• 7:10
  but
• 7:10
  it
• 7:11
  just
• 7:11
  kind
• 7:11
  of
• 7:11
  felt
• 7:11
  like.
• 7:14
  Let's
• 7:15
  just
• 7:15
  go
• 7:15
  back
• 7:15
  to
• 7:15
  the
• 7:15
  old
• 7:15
  thing
• 7:15
  we
• 7:16
  used
• 7:16
  to
• 7:16
  say
• 7:16
  that
• 7:16
  used
• 7:16
  to
• 7:16
  help
• 7:16
  us
• 7:17
  rather
• 7:17
  than
• 7:17
  like
• 7:17
  trying
• 7:18
  to
• 7:18
  exist
• 7:18
  in.
• 7:19
  In
• 7:19
  the
• 7:19
  new
• 7:19
  engagement
• 7:20
  reality
• 7:20
  that
• 7:21
  they
• 7:21
  put
• 7:21
  themselves
• 7:21
  in.
• 7:22
  So
• 7:22
  that
• 7:22
  was
• 7:23
  one
• 7:23
  of
• 7:23
  the
• 7:23
  key
• 7:23
  takeaways
• 7:24
  for
• 7:24
  me.
• 7:24
  There's
• 7:25
  Lots
• 7:25
  of
• 7:25
  other
• 7:25
  things
• 7:25
  that
• 7:25
  were
• 7:26
  going
• 7:26
  on.
• 7:26
  They're
• 7:26
  talking
• 7:26
  about
• 7:27
  product
• 7:27
  updates
• 7:28
  around
• 7:30
  things
• 7:30
  like
• 7:31
  obviously
• 7:31
  their
• 7:32
  ad,
• 7:32
  their
• 7:32
  ad
• 7:32
  set,
• 7:33
  their
• 7:33
  ad,
• 7:34
  their
• 7:34
  ad
• 7:34
  stack,
• 7:35
  their
• 7:35
  ad
• 7:35
  tech
• 7:35
  stack
• 7:36
  that
• 7:36
  they're.
• 7:36
  They're
• 7:36
  trying
• 7:36
  to
• 7:36
  build
• 7:37
  out.
• 7:38
  And
• 7:39
  what's
• 7:39
  the
• 7:39
  story
• 7:39
  there?
• 7:40
  And
• 7:40
  what
• 7:41
  was
• 7:41
  the
• 7:41
  story
• 7:41
  there
• 7:41
  in
• 7:42
  terms
• 7:42
  of
• 7:42
  advertising
• 7:43
  and
• 7:44
  that
• 7:44
  side
• 7:45
  of
• 7:45
  things?
• 7:47
  It's
• 7:47
  still
• 7:47
  something
• 7:48
  that
• 7:48
  they're
• 7:48
  in.
• 7:48
  They're
• 7:48
  in
• 7:48
  growth
• 7:49
  mode
• 7:49
  on,
• 7:49
  for
• 7:49
  sure.
• 7:50
  And.
• 7:50
  And,
• 7:51
  you
• 7:51
  know,
• 7:51
  that's
• 7:51
  something
• 7:51
  that
• 7:51
  they're
• 7:52
  learning
• 7:52
  at.
• 7:52
  There's
• 7:53
  lots
• 7:53
  of
• 7:53
  other
• 7:53
  stuff
• 7:53
  they're
• 7:53
  learning
• 7:54
  on
• 7:54
  too.
• 7:54
  Right.
• 7:54
  Things
• 7:54
  like
• 7:55
  live
• 7:56
  and
• 7:56
  things
• 7:56
  like.
• 7:58
  The
• 7:58
  other
• 7:59
  thing
• 7:59
  I
• 7:59
  thought
• 7:59
  that
• 7:59
  was
• 7:59
  interesting
• 8:00
  as
• 8:00
  well.
• 8:00
  So
• 8:00
  live
• 8:00
  and
• 8:01
  sports
• 8:01
  programming,
• 8:01
  that
• 8:01
  kind
• 8:02
  of
• 8:02
  thing,
• 8:02
  which
• 8:02
  they're
• 8:02
  definitely
• 8:03
  getting
• 8:03
  a
• 8:03
  lot
• 8:03
  better
• 8:03
  at.
• 8:04
  If
• 8:04
  you
• 8:04
  consider,
• 8:04
  like
• 8:05
  the,
• 8:06
  I
• 8:06
  think
• 8:06
  was
• 8:06
  the
• 8:06
  NFL
• 8:07
  games
• 8:07
  before,
• 8:07
  where
• 8:08
  one
• 8:08
  of
• 8:08
  the
• 8:08
  first
• 8:08
  live
• 8:09
  events,
• 8:09
  there
• 8:09
  was
• 8:09
  a
• 8:10
  lot
• 8:10
  of
• 8:10
  lag.
• 8:11
  They've
• 8:11
  done
• 8:11
  many
• 8:12
  more
• 8:12
  since.
• 8:12
  So
• 8:12
  that's
• 8:12
  becoming
• 8:13
  much
• 8:13
  more
• 8:13
  of
• 8:13
  a
• 8:14
  natural
• 8:14
  place
• 8:14
  for
• 8:15
  them
• 8:15
  or
• 8:16
  a
• 8:16
  comfortable
• 8:16
  place
• 8:16
  them,
• 8:17
  should
• 8:17
  I
• 8:17
  say.
• 8:18
  The
• 8:18
  other
• 8:18
  thing
• 8:18
  I
• 8:19
  thought
• 8:19
  was
• 8:19
  fascinating
• 8:20
  is
• 8:20
  that
• 8:20
  they're
• 8:21
  talking
• 8:21
  about
• 8:21
  getting
• 8:21
  into
• 8:21
  vertical
• 8:22
  video.
• 8:23
  Everybody's
• 8:24
  getting
• 8:24
  into
• 8:24
  vertical
• 8:24
  right
• 8:25
  now,
• 8:25
  obviously.
• 8:25
  Disney
• 8:25
  plus
• 8:26
  made
• 8:26
  that
• 8:26
  announcement
• 8:27
  at
• 8:27
  CES,
• 8:29
  TikTok
• 8:30
  are
• 8:30
  launching
• 8:31
  a
• 8:31
  bespoke
• 8:31
  microdrama
• 8:32
  app.
• 8:33
  Netflix
• 8:33
  are
• 8:33
  not
• 8:33
  being
• 8:34
  left
• 8:34
  behind.
• 8:34
  They're
• 8:34
  talking
• 8:34
  about
• 8:35
  new
• 8:35
  moves
• 8:35
  in
• 8:35
  vertical
• 8:36
  video
• 8:36
  this
• 8:37
  year,
• 8:38
  which
• 8:38
  I
• 8:38
  think
• 8:38
  also.
• 8:39
  Also
• 8:40
  supports
• 8:40
  what
• 8:40
  they're
• 8:40
  doing
• 8:41
  around
• 8:41
  podcasting,
• 8:42
  because,
• 8:42
  you
• 8:43
  know.
• 8:44
  Are
• 8:44
  you
• 8:44
  familiar
• 8:44
  with
• 8:45
  podcasts,
• 8:45
  Andy?
• 8:46
  Yes,
• 8:46
  I've
• 8:46
  heard
• 8:47
  of
• 8:47
  them.
• 8:48
  They're,
• 8:48
  they're,
• 8:48
  they're.
• 8:49
  They're
• 8:49
  a
• 8:49
  kind
• 8:49
  of
• 8:49
  genre
• 8:50
  where
• 8:50
  people
• 8:51
  talk
• 8:51
  to
• 8:51
  each
• 8:51
  other
• 8:52
  around
• 8:52
  various
• 8:53
  topics.
• 8:54
  Like
• 8:54
  kids
• 8:55
  media,
• 8:55
  for
• 8:55
  instance.
• 8:56
  Like
• 8:56
  kids.
• 8:56
  Precisely.
• 8:57
  Precisely.
• 8:57
  Yes.
• 8:58
  But
• 8:58
  I
• 8:58
  guess
• 8:58
  the
• 8:59
  video
• 8:59
  version
• 8:59
  of
• 9:00
  podcasts
• 9:00
  is
• 9:00
  that
• 9:01
  kind
• 9:01
  of
• 9:02
  vertical.
• 9:03
  As
• 9:03
  anyone
• 9:03
  who
• 9:04
  can
• 9:04
  see
• 9:04
  me
• 9:04
  is
• 9:04
  like,
• 9:05
  I'm
• 9:05
  cutting
• 9:05
  myself
• 9:05
  off
• 9:05
  here
• 9:06
  in
• 9:06
  the
• 9:06
  screen.
• 9:07
  It's
• 9:07
  that
• 9:07
  vertical.
• 9:08
  It's
• 9:08
  that
• 9:08
  vertical
• 9:09
  format.
• 9:10
  So,
• 9:11
  you
• 9:11
  know,
• 9:11
  that's
• 9:11
  something
• 9:12
  that
• 9:12
  they're
• 9:12
  trying
• 9:12
  to
• 9:13
  develop.
• 9:16
  So
• 9:16
  does
• 9:17
  that
• 9:17
  mean
• 9:17
  in
• 9:17
  some
• 9:17
  ways
• 9:18
  that
• 9:18
  just
• 9:18
  as
• 9:19
  YouTube
• 9:20
  is
• 9:20
  moving
• 9:21
  from
• 9:22
  the
• 9:22
  mobile
• 9:22
  to
• 9:23
  the
• 9:23
  living
• 9:23
  room,
• 9:24
  is
• 9:24
  that
• 9:25
  an
• 9:25
  example
• 9:25
  of
• 9:25
  Netflix
• 9:27
  looking
• 9:27
  to
• 9:27
  move
• 9:28
  from
• 9:28
  the
• 9:28
  living
• 9:28
  room
• 9:29
  into
• 9:30
  the
• 9:30
  mobile
• 9:31
  space?
• 9:31
  I
• 9:31
  mean,
• 9:31
  will
• 9:31
  those
• 9:32
  verticals
• 9:32
  exist
• 9:33
  on
• 9:33
  their
• 9:33
  app
• 9:34
  then?
• 9:36
  I
• 9:36
  think,
• 9:36
  yes,
• 9:36
  I
• 9:37
  think
• 9:37
  so.
• 9:40
  It's
• 9:40
  interesting.
• 9:42
  I
• 9:42
  think
• 9:42
  this
• 9:43
  social
• 9:43
  video
• 9:44
  moving
• 9:44
  to
• 9:44
  living
• 9:44
  room,
• 9:45
  led
• 9:45
  by
• 9:45
  Netflix,
• 9:46
  led
• 9:46
  by
• 9:46
  YouTube,
• 9:48
  has
• 9:48
  been
• 9:48
  driven
• 9:49
  by
• 9:50
  wanting
• 9:50
  to
• 9:50
  expand
• 9:50
  ad
• 9:51
  revenue
• 9:51
  and
• 9:51
  wanting
• 9:51
  to
• 9:52
  get
• 9:52
  those
• 9:52
  TV
• 9:52
  ad
• 9:52
  dollars.
• 9:53
  I
• 9:53
  think
• 9:54
  a
• 9:54
  very
• 9:55
  pure
• 9:55
  and
• 9:55
  passionate
• 9:57
  pursuit
• 9:57
  of
• 9:57
  that,
• 9:57
  I
• 9:58
  would
• 9:58
  say.
• 9:59
  I
• 9:59
  think
• 10:00
  premium
• 10:00
  streaming,
• 10:01
  moving
• 10:01
  to
• 10:01
  digital
• 10:02
  or
• 10:02
  mobile
• 10:03
  first
• 10:03
  video.
• 10:04
  Vertical
• 10:04
  video,
• 10:05
  by
• 10:05
  extension,
• 10:06
  is
• 10:06
  Something
• 10:06
  that,
• 10:07
  you
• 10:07
  know,
• 10:07
  there's
• 10:08
  been
• 10:08
  a
• 10:08
  bit
• 10:08
  of
• 10:09
  maybe
• 10:09
  executive
• 10:10
  nose
• 10:10
  holding
• 10:11
  around.
• 10:11
  You
• 10:11
  know,
• 10:11
  we
• 10:11
  are
• 10:12
  premium,
• 10:12
  we
• 10:12
  are
• 10:12
  taste
• 10:13
  makers.
• 10:14
  We
• 10:14
  decide
• 10:14
  what
• 10:14
  works.
• 10:15
  And
• 10:15
  that's
• 10:16
  not
• 10:16
  how,
• 10:16
  you
• 10:17
  know,
• 10:17
  digital
• 10:17
  ecosystems
• 10:18
  work
• 10:18
  at
• 10:18
  all,
• 10:19
  right?
• 10:19
  Like
• 10:19
  that's,
• 10:20
  you
• 10:20
  know,
• 10:21
  in
• 10:22
  places
• 10:22
  like
• 10:22
  YouTube
• 10:23
  or
• 10:23
  TikTok,
• 10:23
  you
• 10:23
  know,
• 10:23
  the
• 10:24
  audience
• 10:24
  decides
• 10:24
  what's
• 10:25
  good
• 10:25
  or
• 10:25
  not.
• 10:26
  And
• 10:27
  so
• 10:27
  there's
• 10:27
  been
• 10:27
  that
• 10:27
  kind
• 10:27
  of
• 10:28
  reticence
• 10:28
  to
• 10:28
  go
• 10:28
  the
• 10:29
  other
• 10:29
  way.
• 10:30
  There's
• 10:30
  loads
• 10:31
  of,
• 10:31
  there's
• 10:31
  loads
• 10:31
  of
• 10:31
  shortcomings
• 10:32
  with
• 10:32
  that
• 10:32
  as
• 10:33
  well
• 10:33
  because
• 10:33
  they've
• 10:33
  been
• 10:33
  in
• 10:34
  the,
• 10:34
  in
• 10:34
  the
• 10:34
  subscriber
• 10:35
  model
• 10:35
  for
• 10:35
  so,
• 10:36
  for
• 10:36
  so
• 10:36
  long.
• 10:36
  You
• 10:36
  know,
• 10:37
  the
• 10:39
  back
• 10:39
  end
• 10:39
  of
• 10:39
  the
• 10:40
  data
• 10:40
  that
• 10:40
  they,
• 10:40
  that
• 10:41
  Netflix
• 10:41
  or
• 10:41
  Disney
• 10:42
  have
• 10:42
  on
• 10:42
  their,
• 10:43
  on
• 10:43
  their,
• 10:43
  on
• 10:43
  their
• 10:44
  users
• 10:44
  is
• 10:44
  like
• 10:45
  far
• 10:45
  inferior
• 10:46
  than
• 10:46
  Google.
• 10:46
  I
• 10:46
  think
• 10:46
  we've
• 10:46
  probably
• 10:47
  talked
• 10:47
  about
• 10:47
  this
• 10:47
  on
• 10:47
  the
• 10:47
  podcast,
• 10:48
  right?
• 10:48
  Like
• 10:48
  Google
• 10:49
  have
• 10:50
  your
• 10:50
  YouTube,
• 10:51
  perform
• 10:51
  your
• 10:52
  YouTube,
• 10:53
  your
• 10:53
  YouTube
• 10:54
  journey.
• 10:54
  They
• 10:54
  have
• 10:54
  like
• 10:54
  everything
• 10:55
  you
• 10:55
  do
• 10:55
  when
• 10:55
  you're
• 10:55
  logged
• 10:55
  into
• 10:56
  Gmail,
• 10:56
  which
• 10:56
  most
• 10:56
  people
• 10:57
  have,
• 10:57
  you
• 10:57
  know,
• 10:57
  a
• 10:57
  standard.
• 11:00
  So
• 11:00
  the
• 11:00
  move
• 11:01
  that
• 11:01
  way
• 11:02
  is,
• 11:02
  is
• 11:03
  tougher
• 11:03
  for
• 11:03
  premium.
• 11:04
  But
• 11:04
  the
• 11:05
  bottom
• 11:05
  line
• 11:05
  is
• 11:05
  I
• 11:06
  think
• 11:06
  you,
• 11:06
  you
• 11:06
  know
• 11:08
  those
• 11:08
  lean
• 11:09
  back
• 11:09
  moments
• 11:10
  that
• 11:10
  were
• 11:11
  filled
• 11:11
  by
• 11:12
  linear
• 11:12
  in
• 11:13
  certain
• 11:13
  ways
• 11:13
  for
• 11:14
  a
• 11:14
  long
• 11:14
  time,
• 11:14
  you
• 11:14
  know,
• 11:15
  having
• 11:15
  the
• 11:15
  TV
• 11:15
  on
• 11:15
  in
• 11:15
  the
• 11:15
  background,
• 11:16
  putting
• 11:17
  the
• 11:17
  TV
• 11:17
  on
• 11:18
  when
• 11:18
  you're
• 11:18
  just
• 11:19
  cooking
• 11:19
  dinner
• 11:19
  or
• 11:20
  whatever,
• 11:20
  right?
• 11:20
  Those
• 11:20
  lean
• 11:21
  back
• 11:21
  moments
• 11:21
  are
• 11:21
  not
• 11:22
  really
• 11:22
  serviced
• 11:23
  by
• 11:23
  premium
• 11:24
  streaming.
• 11:24
  Premium
• 11:25
  streaming
• 11:25
  is
• 11:25
  where
• 11:25
  you
• 11:25
  sit
• 11:25
  at
• 11:26
  8
• 11:26
  o'
• 11:26
  clock
• 11:26
  when
• 11:26
  you
• 11:26
  want
• 11:26
  to
• 11:26
  watch
• 11:27
  something.
• 11:28
  And
• 11:28
  I
• 11:28
  think
• 11:28
  that's
• 11:29
  the
• 11:29
  move
• 11:29
  into
• 11:30
  vertical.
• 11:30
  Moving
• 11:31
  to
• 11:31
  mobile
• 11:32
  is
• 11:32
  part
• 11:32
  of
• 11:32
  premium
• 11:33
  streaming.
• 11:33
  Trying
• 11:33
  to
• 11:34
  inhabit
• 11:34
  more
• 11:34
  parts
• 11:35
  of
• 11:35
  your
• 11:35
  attention
• 11:35
  in
• 11:35
  a
• 11:35
  given
• 11:36
  day.
• 11:37
  So
• 11:38
  yeah,
• 11:39
  and
• 11:39
  they
• 11:39
  need
• 11:39
  that.
• 11:40
  Honestly,
• 11:40
  I
• 11:40
  think
• 11:40
  that's
• 11:40
  also
• 11:41
  where
• 11:41
  podcasts
• 11:41
  come
• 11:41
  in.
• 11:42
  Like,
• 11:42
  I
• 11:42
  think
• 11:42
  there's
• 11:43
  a
• 11:43
  lot
• 11:43
  of
• 11:43
  those.
• 11:44
  It's
• 11:44
  not,
• 11:44
  it's
• 11:44
  not
• 11:45
  that
• 11:45
  linear
• 11:45
  is
• 11:45
  totally
• 11:46
  dead,
• 11:46
  but
• 11:46
  I
• 11:46
  think
• 11:47
  between
• 11:47
  the
• 11:48
  decline
• 11:48
  of
• 11:48
  linear
• 11:49
  and
• 11:50
  the
• 11:50
  rise
• 11:50
  of
• 11:50
  importance
• 11:51
  of
• 11:51
  digital
• 11:51
  platforms
• 11:52
  for
• 11:52
  younger
• 11:52
  generations,
• 11:53
  like
• 11:54
  parts
• 11:54
  of
• 11:54
  digital
• 11:55
  are
• 11:55
  fulfilling
• 11:56
  things
• 11:56
  that
• 11:56
  linear
• 11:56
  used
• 11:57
  to
• 11:57
  do
• 11:57
  in
• 11:57
  ways
• 11:58
  like
• 11:58
  podcasts,
• 11:58
  right,
• 11:59
  like
• 11:59
  basically
• 11:59
  like
• 11:59
  a
• 12:00
  talk
• 12:00
  show
• 12:00
  in
• 12:01
  things
• 12:01
  like
• 12:03
  even
• 12:03
  life.
• 12:04
  Like
• 12:04
  even
• 12:04
  if
• 12:04
  you
• 12:04
  think
• 12:04
  of
• 12:05
  like
• 12:05
  lifestyle
• 12:05
  or
• 12:05
  magazine
• 12:06
  style
• 12:06
  content,
• 12:06
  right?
• 12:07
  Like
• 12:08
  all
• 12:08
  your,
• 12:09
  like
• 12:09
  your
• 12:10
  fitness
• 12:10
  people
• 12:10
  are,
• 12:11
  are
• 12:11
  on
• 12:11
  vertical.
• 12:11
  Your,
• 12:13
  you
• 12:13
  know,
• 12:13
  your
• 12:14
  cooking
• 12:14
  people
• 12:14
  are
• 12:14
  on
• 12:15
  vertical,
• 12:15
  right?
• 12:15
  Like
• 12:15
  even
• 12:16
  finance
• 12:16
  people,
• 12:17
  right,
• 12:17
  like
• 12:17
  they're
• 12:17
  all
• 12:17
  coming
• 12:18
  up
• 12:18
  on,
• 12:18
  on
• 12:18
  platforms
• 12:18
  like
• 12:19
  Tik
• 12:19
  Tok,
• 12:19
  where
• 12:19
  they
• 12:19
  used
• 12:20
  to
• 12:20
  be
• 12:20
  on,
• 12:20
  you
• 12:21
  know,
• 12:21
  this
• 12:21
  morning's
• 12:22
  couch.
• 12:22
  Maybe
• 12:22
  they
• 12:22
  still
• 12:23
  are
• 12:23
  a
• 12:23
  little
• 12:23
  bit,
• 12:23
  but
• 12:25
  it's
• 12:25
  kind
• 12:25
  of
• 12:25
  the
• 12:25
  same,
• 12:26
  it's
• 12:26
  kind
• 12:26
  of
• 12:26
  the
• 12:26
  same
• 12:26
  need
• 12:27
  state.
• 12:27
  So
• 12:28
  yeah,
• 12:28
  I
• 12:28
  always,
• 12:29
  I
• 12:29
  always
• 12:29
  felt
• 12:29
  like
• 12:30
  their,
• 12:30
  their
• 12:31
  acquisition
• 12:32
  of
• 12:32
  Gohanger,
• 12:33
  the
• 12:33
  Gary
• 12:33
  Lineker's
• 12:34
  podcast
• 12:35
  company.
• 12:36
  It
• 12:36
  feels
• 12:37
  like
• 12:37
  that
• 12:37
  gives
• 12:37
  them
• 12:38
  the
• 12:38
  ability
• 12:38
  to
• 12:39
  bring
• 12:40
  the
• 12:40
  conversations
• 12:40
  around
• 12:41
  shows
• 12:43
  within
• 12:43
  their
• 12:44
  kind
• 12:44
  of
• 12:45
  ecosystem
• 12:46
  really.
• 12:46
  So,
• 12:48
  so
• 12:48
  you
• 12:48
  can
• 12:48
  have
• 12:48
  kind
• 12:49
  of
• 12:49
  the
• 12:49
  rest
• 12:49
  is
• 12:49
  entertainment,
• 12:50
  but
• 12:50
  it
• 12:51
  exists
• 12:52
  under
• 12:52
  the
• 12:52
  Netflix
• 12:53
  umbrella.
• 12:53
  Or
• 12:54
  you
• 12:54
  can
• 12:54
  have,
• 12:55
  you
• 12:55
  can
• 12:56
  have
• 12:56
  a
• 12:56
  podcast
• 12:56
  about
• 12:57
  football.
• 12:57
  And
• 12:57
  I
• 12:58
  don't
• 12:58
  know
• 12:58
  whether
• 12:59
  there
• 12:59
  are
• 13:00
  any
• 13:00
  plans
• 13:00
  to
• 13:00
  kind
• 13:01
  of
• 13:01
  get
• 13:01
  into
• 13:01
  that
• 13:02
  space
• 13:02
  for
• 13:02
  Netflix,
• 13:03
  but
• 13:03
  if
• 13:04
  you
• 13:04
  wanted
• 13:04
  to
• 13:04
  get
• 13:04
  more
• 13:05
  and
• 13:05
  more
• 13:05
  into
• 13:05
  sports,
• 13:06
  you're
• 13:06
  starting
• 13:06
  to
• 13:06
  build
• 13:06
  the
• 13:06
  architecture,
• 13:08
  the
• 13:08
  commentary
• 13:08
  architecture
• 13:09
  that
• 13:09
  could
• 13:09
  kind
• 13:09
  of
• 13:09
  sit
• 13:10
  around
• 13:10
  that.
• 13:11
  Yeah,
• 13:11
  exactly,
• 13:12
  exactly.
• 13:12
  I
• 13:12
  think
• 13:13
  it's
• 13:13
  just,
• 13:13
  it's
• 13:13
  more,
• 13:13
  it's
• 13:14
  trying
• 13:14
  to
• 13:14
  build
• 13:14
  more
• 13:14
  reasons
• 13:15
  in
• 13:15
  the
• 13:15
  day
• 13:15
  for
• 13:16
  people
• 13:16
  to
• 13:16
  get
• 13:16
  on
• 13:16
  Netflix.
• 13:17
  Like
• 13:18
  they've
• 13:18
  done
• 13:18
  really
• 13:18
  well,
• 13:19
  as
• 13:19
  I
• 13:19
  said,
• 13:19
  at
• 13:19
  owning
• 13:20
  8
• 13:20
  o'
• 13:20
  clock
• 13:20
  at
• 13:20
  night
• 13:20
  when
• 13:20
  you're
• 13:21
  sitting
• 13:21
  there
• 13:21
  to
• 13:21
  watch
• 13:21
  TV
• 13:22
  or
• 13:22
  you
• 13:22
  know,
• 13:22
  on
• 13:22
  a
• 13:23
  Saturday
• 13:23
  evening
• 13:23
  or
• 13:23
  whatever.
• 13:24
  But
• 13:25
  you
• 13:25
  know,
• 13:25
  those
• 13:26
  in
• 13:26
  the
• 13:26
  middle
• 13:27
  of
• 13:27
  the
• 13:27
  day
• 13:27
  attention
• 13:27
  moments
• 13:28
  they
• 13:29
  don't
• 13:29
  own.
• 13:29
  And
• 13:29
  YouTube
• 13:31
  and
• 13:31
  digital
• 13:31
  platforms
• 13:32
  have
• 13:32
  been
• 13:32
  taking
• 13:32
  up
• 13:32
  a
• 13:32
  lot
• 13:32
  more
• 13:33
  space
• 13:33
  there.
• 13:35
  So
• 13:35
  yeah,
• 13:35
  the
• 13:35
  fight's
• 13:36
  on,
• 13:36
  which
• 13:36
  is
• 13:36
  kind
• 13:36
  of
• 13:37
  cool.
• 13:37
  The
• 13:37
  other
• 13:37
  thing
• 13:37
  that
• 13:38
  they
• 13:38
  also
• 13:38
  are
• 13:38
  doing
• 13:39
  for
• 13:39
  that
• 13:39
  attention,
• 13:40
  that
• 13:40
  attention
• 13:40
  game
• 13:41
  is
• 13:41
  the
• 13:41
  gaming
• 13:42
  stuff,
• 13:42
  right?
• 13:42
  Like,
• 13:43
  yeah,
• 13:43
  I
• 13:43
  was
• 13:43
  going
• 13:43
  to
• 13:43
  ask.
• 13:44
  Something
• 13:44
  they're
• 13:44
  building
• 13:44
  out
• 13:45
  about
• 13:45
  the
• 13:45
  cloud
• 13:45
  based
• 13:46
  games.
• 13:47
  Some
• 13:47
  of
• 13:47
  them
• 13:47
  seem
• 13:47
  really
• 13:48
  cool,
• 13:48
  right?
• 13:48
  Like
• 13:48
  party
• 13:48
  games
• 13:51
  driven
• 13:51
  out
• 13:52
  of,
• 13:52
  driven
• 13:52
  out
• 13:52
  of
• 13:52
  the,
• 13:54
  you
• 13:54
  know,
• 13:54
  your
• 13:55
  smart
• 13:55
  TV
• 13:56
  Netflix
• 13:56
  interface
• 13:57
  that
• 13:57
  succinctly
• 14:00
  dials
• 14:01
  up
• 14:01
  your
• 14:01
  phone
• 14:02
  so
• 14:02
  that
• 14:02
  you
• 14:02
  can
• 14:02
  play
• 14:02
  things
• 14:02
  like
• 14:02
  Pictionary,
• 14:03
  you
• 14:04
  know,
• 14:04
  with
• 14:04
  your,
• 14:04
  with
• 14:04
  your
• 14:04
  mobile
• 14:05
  devices
• 14:05
  that
• 14:05
  come
• 14:05
  up
• 14:05
  on
• 14:06
  the
• 14:06
  TV
• 14:06
  screen.
• 14:06
  Like
• 14:07
  that
• 14:07
  sounds
• 14:07
  really
• 14:07
  cool.
• 14:09
  And
• 14:09
  there
• 14:09
  are
• 14:10
  the
• 14:10
  other
• 14:11
  movements
• 14:11
  they're
• 14:11
  making
• 14:11
  in
• 14:12
  gaming.
• 14:12
  Although
• 14:13
  we
• 14:13
  all
• 14:13
  need
• 14:13
  to
• 14:13
  just
• 14:14
  get
• 14:14
  comfortable.
• 14:14
  The
• 14:14
  fact
• 14:15
  that
• 14:15
  like
• 14:15
  Netflix
• 14:15
  do
• 14:16
  not
• 14:16
  see
• 14:16
  gaming
• 14:17
  as
• 14:17
  a
• 14:17
  business
• 14:18
  vertical
• 14:19
  to
• 14:19
  be
• 14:19
  making
• 14:19
  a
• 14:19
  P
• 14:20
  and
• 14:20
  L
• 14:20
  in
• 14:20
  of
• 14:20
  itself,
• 14:21
  it's
• 14:21
  still
• 14:21
  all
• 14:22
  in
• 14:22
  service
• 14:22
  of
• 14:23
  engagement
• 14:24
  overall
• 14:24
  rather
• 14:25
  than,
• 14:25
  you
• 14:26
  know,
• 14:26
  we
• 14:26
  need,
• 14:26
  we're
• 14:26
  going
• 14:27
  to
• 14:27
  launch
• 14:27
  the
• 14:27
  next,
• 14:27
  you
• 14:28
  know,
• 14:29
  Grand
• 14:29
  Theft
• 14:29
  Auto
• 14:30
  and
• 14:30
  make
• 14:30
  money
• 14:30
  or
• 14:30
  whatever.
• 14:31
  Right.
• 14:31
  It's,
• 14:32
  it's
• 14:32
  about
• 14:32
  keeping,
• 14:34
  keeping
• 14:34
  the
• 14:34
  viewer
• 14:35
  or
• 14:35
  the
• 14:36
  customer
• 14:36
  there
• 14:37
  and
• 14:37
  not
• 14:38
  losing
• 14:38
  another
• 14:39
  device.
• 14:39
  The
• 14:40
  member.
• 14:40
  So
• 14:40
  sorry.
• 14:41
  Yeah.
• 14:43
  And
• 14:43
  in
• 14:43
  terms
• 14:43
  of
• 14:44
  kids,
• 14:44
  did
• 14:44
  you
• 14:44
  get
• 14:44
  any
• 14:45
  insight
• 14:45
  into
• 14:47
  how,
• 14:49
  if
• 14:49
  there's
• 14:49
  any
• 14:50
  evolution
• 14:50
  in
• 14:51
  terms
• 14:51
  of
• 14:51
  how
• 14:51
  they're
• 14:51
  thinking
• 14:52
  about
• 14:52
  the
• 14:52
  kids
• 14:52
  space?
• 14:54
  I
• 14:54
  mean
• 14:54
  the,
• 14:55
  the
• 14:55
  main
• 14:55
  thing
• 14:55
  for
• 14:56
  me
• 14:56
  on
• 14:56
  kids
• 14:56
  is
• 14:58
  the
• 14:58
  CRE.
• 14:58
  I
• 14:58
  think
• 14:59
  the
• 14:59
  creator
• 14:59
  movements
• 15:00
  that
• 15:00
  we're
• 15:00
  seeing.
• 15:00
  Ms.
• 15:01
  Rachel
• 15:01
  has
• 15:01
  come
• 15:02
  in.
• 15:03
  She
• 15:04
  launched
• 15:04
  on
• 15:04
  Netflix
• 15:05
  last
• 15:05
  January,
• 15:05
  season
• 15:06
  two
• 15:06
  launched
• 15:06
  in
• 15:06
  September
• 15:07
  and
• 15:07
  she
• 15:07
  had
• 15:07
  a
• 15:07
  big
• 15:08
  2025
• 15:08
  on
• 15:09
  Netflix.
• 15:09
  So
• 15:09
  she
• 15:09
  is
• 15:10
  going
• 15:10
  to
• 15:10
  end
• 15:10
  up
• 15:11
  around.
• 15:13
  She
• 15:13
  will
• 15:13
  end
• 15:13
  up
• 15:13
  a
• 15:13
  top
• 15:13
  five
• 15:14
  show
• 15:14
  on
• 15:14
  Netflix
• 15:15
  for,
• 15:16
  for
• 15:16
  H2,
• 15:17
  20,
• 15:17
  25.
• 15:18
  I
• 15:19
  think
• 15:19
  she
• 15:19
  was
• 15:19
  around
• 15:19
  seven
• 15:19
  when
• 15:20
  she
• 15:20
  came
• 15:20
  in
• 15:20
  a
• 15:20
  H1.
• 15:21
  So
• 15:21
  she's
• 15:21
  gaining
• 15:21
  ground.
• 15:22
  And
• 15:22
  they
• 15:23
  launched
• 15:23
  Mark
• 15:23
  Rober's
• 15:24
  Crunch
• 15:24
  Labs
• 15:26
  on
• 15:26
  the
• 15:27
  service
• 15:27
  last.
• 15:28
  Last
• 15:28
  year
• 15:28
  as
• 15:28
  well.
• 15:29
  That's
• 15:29
  seen
• 15:29
  some
• 15:29
  good
• 15:30
  results.
• 15:30
  So
• 15:31
  I
• 15:31
  think
• 15:31
  creator.
• 15:32
  Those
• 15:32
  creator
• 15:33
  movements
• 15:33
  I
• 15:33
  think
• 15:33
  are
• 15:34
  quite
• 15:34
  interesting
• 15:34
  in
• 15:35
  terms
• 15:35
  of
• 15:35
  kids.
• 15:36
  Um,
• 15:37
  other
• 15:37
  things
• 15:37
  we're
• 15:38
  seeing
• 15:38
  on
• 15:38
  kids
• 15:39
  are
• 15:40
  Paw
• 15:40
  Patrol
• 15:40
  won
• 15:41
  big
• 15:41
  with
• 15:42
  engagement.
• 15:42
  They
• 15:42
  launched
• 15:43
  a
• 15:43
  US
• 15:43
  window
• 15:44
  on
• 15:44
  Netflix
• 15:44
  last
• 15:44
  July.
• 15:45
  So
• 15:45
  their
• 15:45
  hours
• 15:45
  viewed
• 15:47
  are,
• 15:47
  you
• 15:47
  know,
• 15:47
  really,
• 15:48
  really
• 15:48
  high
• 15:48
  and
• 15:48
  up
• 15:49
  there.
• 15:50
  Gabby
• 15:50
  Zeus
• 15:51
  continues
• 15:51
  to
• 15:51
  fight
• 15:51
  the
• 15:51
  good
• 15:51
  fight.
• 15:52
  You
• 15:52
  know,
• 15:52
  the
• 15:52
  biggies,
• 15:52
  Peppa
• 15:53
  and
• 15:54
  that
• 15:54
  kind
• 15:54
  of
• 15:54
  thing.
• 15:54
  They,
• 15:55
  they.
• 15:55
  Those
• 15:55
  guys
• 15:55
  are
• 15:56
  all
• 15:56
  still
• 15:56
  in,
• 15:56
  you
• 15:57
  know,
• 15:57
  fighting
• 15:58
  it
• 15:58
  out,
• 15:58
  slugging
• 15:58
  it
• 15:59
  out
• 15:59
  with
• 15:59
  each
• 15:59
  other
• 15:59
  to
• 15:59
  try
• 15:59
  to,
• 16:00
  to
• 16:00
  try
• 16:00
  to
• 16:00
  gain
• 16:00
  ground,
• 16:01
  but
• 16:01
  they're
• 16:01
  all
• 16:01
  continuing
• 16:02
  to
• 16:02
  do
• 16:02
  very,
• 16:02
  very
• 16:02
  well.
• 16:03
  Cocomel,
• 16:04
  I
• 16:04
  mean,
• 16:04
  ironically,
• 16:05
  it's
• 16:05
  still
• 16:05
  on
• 16:05
  the
• 16:05
  creator.
• 16:06
  It's
• 16:06
  on
• 16:06
  the
• 16:06
  creator
• 16:07
  YouTube
• 16:09
  line,
• 16:09
  but
• 16:09
  that
• 16:09
  isn't.
• 16:10
  That
• 16:10
  continues
• 16:10
  to
• 16:11
  be
• 16:11
  in
• 16:11
  decline
• 16:11
  on
• 16:11
  Netflix.
• 16:12
  So,
• 16:12
  you
• 16:13
  know,
• 16:13
  maybe
• 16:13
  there's
• 16:14
  a
• 16:14
  question
• 16:14
  around
• 16:14
  the
• 16:15
  life
• 16:15
  cycle
• 16:15
  of
• 16:15
  that
• 16:15
  type
• 16:16
  of
• 16:16
  ip.
• 16:17
  Although
• 16:18
  I,
• 16:18
  you
• 16:18
  know,
• 16:19
  I
• 16:19
  think
• 16:19
  there's.
• 16:19
  I
• 16:19
  think.
• 16:20
  I
• 16:20
  do
• 16:20
  think
• 16:20
  Ms.
• 16:20
  Rachel
• 16:20
  has
• 16:21
  an
• 16:21
  opportunity
• 16:21
  there.
• 16:23
  Sesame
• 16:24
  street
• 16:24
  numbers
• 16:25
  came
• 16:25
  in
• 16:25
  as
• 16:25
  well
• 16:26
  that
• 16:26
  launched.
• 16:28
  Yeah,
• 16:28
  they
• 16:28
  were.
• 16:29
  Okay.
• 16:29
  I
• 16:29
  need
• 16:29
  to
• 16:29
  look
• 16:29
  at
• 16:30
  it
• 16:30
  in
• 16:30
  more
• 16:30
  detail
• 16:30
  before
• 16:30
  I
• 16:30
  commit
• 16:31
  to
• 16:31
  a
• 16:31
  full,
• 16:32
  full
• 16:32
  opinion
• 16:32
  on
• 16:32
  it.
• 16:32
  But
• 16:32
  I
• 16:32
  definitely
• 16:33
  don't
• 16:33
  think
• 16:34
  it
• 16:34
  was
• 16:34
  served
• 16:34
  by
• 16:35
  the
• 16:35
  volume
• 16:35
  of
• 16:35
  content
• 16:35
  that
• 16:36
  it
• 16:36
  had.
• 16:36
  Right.
• 16:36
  It
• 16:37
  was
• 16:37
  quite
• 16:37
  a
• 16:37
  low
• 16:37
  volume,
• 16:38
  just
• 16:38
  I
• 16:39
  think
• 16:39
  four
• 16:39
  or
• 16:39
  five
• 16:39
  episodes
• 16:40
  totaling
• 16:40
  two
• 16:40
  hours
• 16:41
  since
• 16:41
  September.
• 16:43
  So
• 16:44
  that
• 16:44
  would
• 16:44
  be
• 16:44
  something
• 16:45
  that,
• 16:45
  you
• 16:45
  know,
• 16:46
  just
• 16:46
  doesn't
• 16:46
  feel
• 16:46
  like
• 16:46
  it's.
• 16:47
  It's
• 16:47
  in
• 16:47
  volume
• 16:47
  on
• 16:48
  there
• 16:48
  now.
• 16:48
  Listen,
• 16:49
  sometimes,
• 16:49
  like,
• 16:49
  something
• 16:50
  like
• 16:50
  Ms.
• 16:50
  Rachel
• 16:50
  not
• 16:51
  in
• 16:51
  volume
• 16:51
  seemed
• 16:51
  to
• 16:51
  do
• 16:52
  very,
• 16:52
  very
• 16:52
  well.
• 16:52
  So.
• 16:53
  And
• 16:54
  Sesame
• 16:54
  street
• 16:54
  wasn't
• 16:55
  in
• 16:55
  that.
• 16:55
  That
• 16:55
  kind
• 16:55
  of
• 16:56
  league
• 16:56
  at
• 16:56
  all.
• 16:56
  But
• 16:56
  whether
• 16:56
  it
• 16:57
  was
• 16:57
  in
• 16:57
  the
• 16:57
  league
• 16:57
  of.
• 16:58
  I'm
• 16:58
  like,
• 16:58
  yeah,
• 16:58
  I
• 16:58
  need
• 16:58
  to
• 16:59
  go.
• 16:59
  I'm
• 16:59
  still,
• 16:59
  I'm
• 17:00
  still
• 17:00
  crunching.
• 17:00
  But,
• 17:01
  you
• 17:01
  know,
• 17:01
  I'm.
• 17:02
  So
• 17:02
  I'm
• 17:02
  holding
• 17:02
  it
• 17:02
  on
• 17:03
  my
• 17:03
  opinion
• 17:03
  on
• 17:03
  it
• 17:03
  for,
• 17:04
  for
• 17:04
  a
• 17:04
  little,
• 17:04
  for
• 17:04
  a
• 17:05
  little
• 17:05
  bit.
• 17:05
  I
• 17:05
  need
• 17:05
  to
• 17:05
  look
• 17:05
  at
• 17:05
  it
• 17:06
  a
• 17:06
  bit
• 17:06
  more
• 17:06
  tomorrow.
• 17:07
  But,
• 17:08
  yeah,
• 17:09
  did
• 17:10
  okay.
• 17:10
  But
• 17:10
  it's,
• 17:11
  it's
• 17:11
  definitely
• 17:11
  not
• 17:12
  like
• 17:12
  a
• 17:12
  runaway,
• 17:12
  like,
• 17:13
  Ms.
• 17:13
  Rachel
• 17:13
  situation.
• 17:14
  I
• 17:14
  would
• 17:14
  say.
• 17:16
  There'S
• 17:17
  no
• 17:17
  indication
• 17:17
  that,
• 17:18
  that,
• 17:20
  that
• 17:20
  there's.
• 17:21
  I
• 17:21
  mean,
• 17:21
  it's
• 17:22
  tricky,
• 17:22
  isn't
• 17:22
  it,
• 17:22
  with
• 17:22
  Netflix,
• 17:23
  there's
• 17:23
  so
• 17:23
  much
• 17:23
  content
• 17:24
  that
• 17:24
  sometimes
• 17:25
  to
• 17:26
  talk
• 17:26
  about
• 17:26
  there
• 17:27
  being
• 17:27
  like
• 17:27
  a,
• 17:29
  A
• 17:29
  channel
• 17:29
  offer
• 17:30
  for
• 17:30
  kids,
• 17:32
  there's
• 17:32
  kind
• 17:33
  of,
• 17:33
  there's
• 17:33
  almost.
• 17:33
  There's
• 17:34
  too
• 17:35
  large
• 17:35
  an
• 17:35
  array
• 17:36
  to
• 17:36
  really
• 17:36
  Have
• 17:36
  a
• 17:36
  coherent
• 17:37
  kind
• 17:37
  of
• 17:37
  one
• 17:38
  specific
• 17:38
  kind
• 17:38
  of
• 17:39
  tone
• 17:39
  of
• 17:39
  voice.
• 17:39
  But
• 17:40
  do
• 17:41
  you
• 17:41
  get
• 17:41
  the
• 17:41
  sense
• 17:41
  that
• 17:42
  Ms.
• 17:42
  Rachel
• 17:42
  and
• 17:44
  Sesame
• 17:44
  street,
• 17:44
  that
• 17:45
  they're,
• 17:45
  that
• 17:46
  they.
• 17:46
  That
• 17:46
  could
• 17:46
  be
• 17:47
  an
• 17:47
  opportunity
• 17:48
  to
• 17:48
  kind
• 17:48
  of
• 17:48
  have
• 17:50
  a
• 17:50
  range
• 17:50
  of
• 17:51
  kids
• 17:51
  content
• 17:51
  that's
• 17:52
  kind
• 17:52
  of
• 17:52
  in.
• 17:52
  Within
• 17:53
  a
• 17:53
  sort
• 17:53
  of
• 17:53
  almost
• 17:53
  a.
• 17:55
  A
• 17:55
  kind
• 17:55
  of
• 17:55
  a.
• 17:56
  I
• 17:56
  don't
• 17:56
  know,
• 17:56
  a
• 17:56
  house
• 17:57
  style
• 17:57
  or
• 17:57
  a
• 17:58
  kind
• 17:58
  of
• 17:58
  thing?
• 17:58
  Yeah,
• 17:59
  I
• 18:00
  got
• 18:00
  taught
• 18:00
  that,
• 18:00
  you
• 18:01
  know,
• 18:03
  when
• 18:03
  the
• 18:04
  United
• 18:04
  Sesame
• 18:04
  street
• 18:05
  came
• 18:05
  through.
• 18:05
  I
• 18:05
  think
• 18:05
  like
• 18:06
  Ms.
• 18:06
  Rachel
• 18:07
  and
• 18:07
  Sesame
• 18:07
  street
• 18:07
  have
• 18:07
  collabed
• 18:08
  before.
• 18:09
  Their
• 18:09
  values
• 18:09
  are
• 18:09
  very
• 18:09
  aligned.
• 18:10
  Yeah.
• 18:11
  Mark
• 18:11
  Rober
• 18:11
  as
• 18:12
  well.
• 18:12
  Honestly,
• 18:12
  like,
• 18:12
  and
• 18:13
  Mark
• 18:13
  Rober.
• 18:13
  There
• 18:14
  was
• 18:14
  a
• 18:14
  Mark
• 18:14
  Robert
• 18:15
  and
• 18:15
  Elmo
• 18:15
  Christmas
• 18:16
  special
• 18:16
  that
• 18:16
  was
• 18:17
  the
• 18:17
  one
• 18:18
  other
• 18:18
  piece
• 18:18
  of
• 18:18
  content
• 18:18
  in
• 18:19
  addition
• 18:19
  to
• 18:19
  the
• 18:20
  four
• 18:20
  episodes.
• 18:21
  The
• 18:21
  four
• 18:21
  episodes.
• 18:21
  Four
• 18:21
  or
• 18:21
  five
• 18:22
  episodes
• 18:22
  of
• 18:22
  Sesame
• 18:22
  Street.
• 18:23
  So
• 18:25
  that
• 18:26
  felt
• 18:26
  like,
• 18:26
  okay,
• 18:27
  you're
• 18:27
  going
• 18:27
  for
• 18:28
  live
• 18:29
  action
• 18:30
  American
• 18:31
  education
• 18:33
  that's
• 18:34
  charming
• 18:34
  and
• 18:34
  appealing
• 18:35
  and
• 18:36
  has
• 18:36
  like,
• 18:37
  has
• 18:38
  enough.
• 18:40
  Yeah.
• 18:41
  Has.
• 18:41
  Has
• 18:42
  enough
• 18:42
  charm
• 18:42
  to
• 18:42
  be,
• 18:43
  you
• 18:43
  know,
• 18:44
  to
• 18:44
  have
• 18:44
  that
• 18:44
  actual
• 18:45
  appeal
• 18:45
  for
• 18:46
  kids.
• 18:46
  Right.
• 18:46
  That
• 18:46
  it's
• 18:47
  not
• 18:47
  just
• 18:48
  here's
• 18:48
  education
• 18:48
  and
• 18:49
  here's
• 18:49
  broccoli.
• 18:49
  It's
• 18:50
  like,
• 18:50
  oh
• 18:50
  no.
• 18:50
  Kids
• 18:51
  actually
• 18:51
  love
• 18:51
  these
• 18:51
  characters
• 18:52
  and
• 18:53
  there's
• 18:53
  fun
• 18:53
  stories
• 18:53
  within.
• 18:54
  Parents
• 18:54
  approve.
• 18:55
  And
• 18:56
  you
• 18:56
  know,
• 18:57
  so
• 18:57
  that
• 18:58
  felt
• 18:58
  like,
• 18:58
  like
• 18:59
  a
• 18:59
  big
• 18:59
  opportunity.
• 18:59
  Definitely.
• 19:00
  But
• 19:01
  that's,
• 19:01
  I
• 19:01
  guess
• 19:01
  why
• 19:01
  I'm
• 19:02
  like,
• 19:02
  the
• 19:02
  volume.
• 19:02
  That's
• 19:03
  why
• 19:03
  the
• 19:03
  volumes
• 19:03
  of
• 19:03
  Sesame
• 19:04
  street
• 19:04
  content
• 19:04
  on
• 19:05
  Netflix
• 19:05
  is
• 19:05
  kind
• 19:05
  of
• 19:05
  a
• 19:06
  head
• 19:06
  scratcher
• 19:06
  for
• 19:07
  me,
• 19:07
  I
• 19:07
  would
• 19:07
  say.
• 19:07
  And
• 19:08
  because
• 19:09
  they
• 19:09
  had
• 19:11
  bigger
• 19:11
  volumes
• 19:12
  or
• 19:12
  volumes
• 19:12
  with
• 19:13
  a
• 19:13
  bit
• 19:13
  more.
• 19:15
  There'D
• 19:16
  be
• 19:16
  a
• 19:16
  bit
• 19:16
  more
• 19:16
  critical
• 19:16
  math,
• 19:17
  really.
• 19:17
  Yeah.
• 19:17
  Or
• 19:18
  a
• 19:18
  bit
• 19:18
  more
• 19:18
  regularity.
• 19:18
  Like
• 19:19
  instead
• 19:19
  of
• 19:19
  doing
• 19:19
  just
• 19:20
  one
• 19:20
  drop
• 19:20
  that,
• 19:20
  you
• 19:21
  know,
• 19:21
  they've
• 19:21
  done
• 19:21
  two
• 19:21
  or
• 19:22
  three
• 19:22
  drops
• 19:22
  over
• 19:22
  the.
• 19:22
  Over
• 19:22
  the
• 19:23
  half.
• 19:24
  Well,
• 19:24
  that
• 19:24
  certainly
• 19:25
  would
• 19:25
  tend
• 19:25
  to
• 19:25
  juice
• 19:25
  it
• 19:25
  a
• 19:26
  bit
• 19:26
  more.
• 19:28
  So.
• 19:28
  Yeah,
• 19:28
  I
• 19:29
  don't
• 19:29
  know.
• 19:29
  But
• 19:29
  like.
• 19:29
  Yeah,
• 19:30
  so
• 19:30
  it's
• 19:30
  just
• 19:30
  a
• 19:30
  bit,
• 19:30
  A
• 19:30
  little
• 19:30
  bit
• 19:31
  of
• 19:31
  a
• 19:31
  head
• 19:31
  scratcher.
• 19:33
  Yeah.
• 19:33
  So
• 19:33
  that.
• 19:34
  And
• 19:34
  then
• 19:35
  as
• 19:35
  you
• 19:35
  get
• 19:35
  older,
• 19:36
  with,
• 19:36
  I
• 19:36
  don't
• 19:36
  know,
• 19:37
  with
• 19:37
  K
• 19:37
  Pop,
• 19:38
  for
• 19:38
  instance,
• 19:39
  how
• 19:39
  did
• 19:40
  that
• 19:40
  feature
• 19:40
  in
• 19:41
  the,
• 19:42
  in
• 19:42
  the.
• 19:42
  Yeah,
• 19:42
  they
• 19:43
  love
• 19:43
  K
• 19:43
  Pop.
• 19:43
  I
• 19:43
  mean,
• 19:43
  like,
• 19:44
  who,
• 19:44
  who
• 19:44
  wouldn't
• 19:45
  love
• 19:45
  having
• 19:45
  that
• 19:45
  IP
• 19:45
  in,
• 19:46
  in
• 19:46
  the
• 19:46
  stable?
• 19:47
  Although
• 19:47
  I,
• 19:47
  I
• 19:48
  do
• 19:48
  feel
• 19:48
  like
• 19:48
  it
• 19:48
  was
• 19:48
  very
• 19:48
  much
• 19:49
  like,
• 19:49
  yes.
• 19:49
  And
• 19:49
  it
• 19:49
  can
• 19:50
  drive
• 19:50
  streaming.
• 19:50
  And
• 19:50
  it
• 19:50
  can
• 19:50
  drive
• 19:51
  streaming,
• 19:51
  which
• 19:51
  is
• 19:51
  what
• 19:51
  I've
• 19:51
  said
• 19:52
  about
• 19:52
  Netflix
• 19:52
  before.
• 19:52
  They
• 19:52
  are.
• 19:53
  They
• 19:53
  still
• 19:53
  remain
• 19:54
  very,
• 19:55
  all
• 19:55
  in
• 19:55
  all,
• 19:55
  in
• 19:56
  service
• 19:56
  of
• 19:56
  streaming.
• 19:56
  You
• 19:57
  know,
• 19:57
  even
• 19:57
  if
• 19:57
  it's
• 19:57
  like
• 19:58
  K
• 19:59
  Pop
• 19:59
  could
• 19:59
  potentially
• 20:00
  be
• 20:00
  a
• 20:00
  billion
• 20:00
  dollar,
• 20:01
  K
• 20:01
  Pop
• 20:01
  Demon
• 20:01
  Hunters,
• 20:01
  could
• 20:02
  be
• 20:02
  a
• 20:02
  billion
• 20:02
  dollar
• 20:02
  franchise
• 20:03
  over
• 20:03
  the
• 20:03
  next
• 20:03
  10
• 20:03
  years,
• 20:04
  you
• 20:04
  know,
• 20:05
  but
• 20:05
  yet
• 20:05
  they're
• 20:06
  like,
• 20:06
  but
• 20:06
  it
• 20:06
  drives
• 20:07
  member
• 20:07
  subscriptions
• 20:08
  and
• 20:08
  it
• 20:08
  drives
• 20:09
  you
• 20:09
  Know,
• 20:09
  it
• 20:09
  keeps,
• 20:10
  it
• 20:10
  drives
• 20:10
  down
• 20:11
  acquisition
• 20:11
  costs,
• 20:11
  whatever,
• 20:12
  and
• 20:12
  you're
• 20:12
  like,
• 20:12
  yeah,
• 20:13
  but
• 20:13
  like
• 20:13
  you
• 20:13
  could
• 20:13
  be
• 20:13
  making
• 20:14
  a
• 20:14
  million
• 20:14
  dollars
• 20:14
  out
• 20:14
  of
• 20:14
  this,
• 20:16
  you
• 20:16
  know.
• 20:16
  So
• 20:17
  that's,
• 20:18
  that's
• 20:18
  going
• 20:18
  to
• 20:18
  be
• 20:18
  one
• 20:18
  of
• 20:18
  the
• 20:19
  interesting
• 20:19
  things
• 20:19
  for
• 20:19
  me
• 20:19
  as
• 20:20
  they
• 20:20
  move
• 20:20
  it
• 20:20
  like
• 20:21
  as
• 20:21
  this
• 20:21
  Warner
• 20:22
  acquisition
• 20:22
  comes
• 20:23
  to
• 20:23
  pass.
• 20:24
  Like
• 20:25
  Warner
• 20:25
  is
• 20:25
  not
• 20:25
  just
• 20:26
  in
• 20:26
  the
• 20:26
  all
• 20:26
  in
• 20:26
  favor,
• 20:27
  all
• 20:27
  in
• 20:27
  service
• 20:27
  of
• 20:27
  streaming
• 20:28
  game.
• 20:28
  They're
• 20:29
  in
• 20:29
  the
• 20:29
  theatrical
• 20:29
  game.
• 20:30
  They're
• 20:30
  in
• 20:30
  the
• 20:30
  game.
• 20:31
  They're
• 20:32
  in
• 20:32
  the
• 20:33
  consumer
• 20:33
  product
• 20:34
  franchise
• 20:34
  game.
• 20:34
  And
• 20:35
  you
• 20:35
  know,
• 20:35
  that's
• 20:36
  that,
• 20:37
  that
• 20:37
  there
• 20:37
  can
• 20:37
  be
• 20:38
  conflicting.
• 20:38
  There
• 20:38
  can
• 20:39
  be
• 20:39
  conflicting
• 20:40
  priorities
• 20:40
  in
• 20:40
  that.
• 20:41
  I
• 20:41
  definitely
• 20:41
  know
• 20:41
  that
• 20:41
  from
• 20:42
  my
• 20:42
  time
• 20:43
  at
• 20:43
  Disney
• 20:43
  where,
• 20:43
  you
• 20:44
  know,
• 20:45
  media
• 20:46
  networks
• 20:46
  need
• 20:46
  to
• 20:47
  bow
• 20:47
  the
• 20:47
  need
• 20:47
  to
• 20:48
  other.
• 20:48
  The
• 20:48
  needs.
• 20:48
  Other
• 20:49
  needs
• 20:49
  of
• 20:49
  the
• 20:49
  business.
• 20:49
  So
• 20:51
  that
• 20:51
  will
• 20:51
  be,
• 20:51
  that
• 20:52
  will
• 20:52
  be
• 20:52
  interesting
• 20:52
  to
• 20:52
  see.
• 20:52
  So
• 20:53
  Now
• 20:53
  K
• 20:53
  pop
• 20:53
  T100
• 20:54
  like,
• 20:54
  like
• 20:54
  star
• 20:55
  of
• 20:55
  the
• 20:55
  show
• 20:55
  there.
• 20:55
  They
• 20:56
  have
• 20:56
  to
• 20:56
  be
• 20:56
  delighted
• 20:56
  with
• 20:57
  it.
• 20:57
  I
• 20:57
  mean
• 20:57
  it's,
• 20:57
  it
• 20:58
  won
• 20:58
  the
• 20:58
  Golden
• 20:58
  Globe.
• 20:59
  Amazing.
• 21:00
  All
• 21:01
  kind
• 21:01
  of
• 21:04
  watching
• 21:04
  now
• 21:04
  for
• 21:05
  the
• 21:05
  Oscars,
• 21:05
  the
• 21:05
  other
• 21:06
  one,
• 21:06
  the
• 21:06
  other
• 21:06
  animated
• 21:06
  movie
• 21:07
  that
• 21:07
  didn't
• 21:07
  do
• 21:07
  as
• 21:07
  badly.
• 21:08
  And
• 21:08
  again,
• 21:08
  I
• 21:08
  need
• 21:08
  to
• 21:08
  get
• 21:08
  into
• 21:09
  the
• 21:09
  detail
• 21:09
  of
• 21:09
  this
• 21:09
  in
• 21:10
  the
• 21:10
  next
• 21:10
  couple
• 21:10
  of
• 21:10
  days
• 21:10
  is
• 21:11
  in
• 21:11
  your
• 21:11
  dreams.
• 21:12
  So.
• 21:12
  All
• 21:12
  right.
• 21:13
  That
• 21:14
  passed
• 21:14
  me
• 21:14
  by
• 21:14
  a
• 21:14
  bit.
• 21:15
  Yeah.
• 21:15
  So
• 21:16
  there
• 21:16
  was
• 21:17
  so
• 21:18
  Netflix
• 21:19
  had
• 21:19
  kind
• 21:19
  of
• 21:19
  with
• 21:20
  Leo
• 21:20
  a
• 21:20
  few
• 21:20
  years
• 21:21
  ago.
• 21:21
  They
• 21:21
  kind
• 21:21
  of
• 21:21
  launched
• 21:22
  this
• 21:22
  of
• 21:23
  Thanksgiving
• 21:24
  Runway
• 21:24
  for
• 21:24
  animated
• 21:25
  movies
• 21:25
  and
• 21:25
  Leo
• 21:26
  starring
• 21:26
  at
• 21:27
  a
• 21:27
  voice
• 21:27
  talent
• 21:27
  ad
• 21:27
  and
• 21:28
  Sandra
• 21:28
  did
• 21:28
  very
• 21:28
  well
• 21:29
  animated
• 21:29
  movie
• 21:30
  about
• 21:30
  a
• 21:30
  gecko
• 21:30
  in
• 21:31
  a
• 21:31
  classroom.
• 21:32
  Last
• 21:32
  year
• 21:32
  Spellbound,
• 21:33
  which
• 21:33
  was
• 21:33
  the
• 21:34
  big
• 21:34
  one
• 21:34
  from
• 21:34
  Skydance
• 21:35
  Animation
• 21:35
  actually
• 21:37
  didn't.
• 21:38
  Yeah,
• 21:39
  didn't.
• 21:39
  Didn't
• 21:39
  mut
• 21:40
  the
• 21:40
  custard
• 21:40
  in
• 21:40
  terms
• 21:40
  of
• 21:41
  Leo
• 21:41
  at
• 21:41
  all.
• 21:41
  Under
• 21:42
  Very,
• 21:42
  very
• 21:42
  under
• 21:43
  that
• 21:43
  Leo
• 21:43
  performance
• 21:44
  in
• 21:44
  your
• 21:44
  dreams
• 21:45
  is
• 21:45
  not
• 21:45
  up
• 21:45
  at
• 21:45
  Leo,
• 21:46
  but
• 21:46
  it
• 21:46
  is
• 21:46
  above
• 21:46
  Spellbound.
• 21:47
  So
• 21:48
  and
• 21:49
  you
• 21:49
  know,
• 21:50
  seem
• 21:50
  to
• 21:50
  do
• 21:50
  probably
• 21:52
  bit
• 21:52
  more
• 21:52
  decent
• 21:52
  numbers
• 21:53
  this,
• 21:53
  this,
• 21:54
  this
• 21:54
  time
• 21:54
  around,
• 21:54
  which
• 21:55
  I
• 21:55
  think
• 21:55
  is
• 21:55
  a
• 21:55
  good
• 21:55
  thing
• 21:55
  for,
• 21:56
  you
• 21:56
  know,
• 21:56
  Netflix
• 21:57
  Animation.
• 21:57
  From
• 21:57
  a
• 21:57
  film
• 21:58
  point
• 21:58
  of
• 21:58
  view.
• 21:58
  They
• 21:58
  had
• 21:59
  not
• 21:59
  seen
• 22:00
  K
• 22:00
  Pop
• 22:00
  Demon
• 22:00
  Hunters
• 22:01
  coming.
• 22:01
  Their
• 22:01
  big
• 22:01
  bet
• 22:02
  for
• 22:02
  the
• 22:02
  year
• 22:02
  was
• 22:03
  in
• 22:03
  your
• 22:03
  dreams.
• 22:04
  Right.
• 22:05
  And
• 22:06
  so
• 22:06
  yeah,
• 22:07
  it
• 22:07
  feels
• 22:07
  like
• 22:07
  it
• 22:07
  did.
• 22:08
  It
• 22:09
  maybe
• 22:09
  did
• 22:09
  a
• 22:09
  like
• 22:10
  a
• 22:10
  decent,
• 22:10
  a
• 22:10
  decent
• 22:10
  number.
• 22:11
  It
• 22:11
  didn't
• 22:11
  have
• 22:11
  to
• 22:12
  just
• 22:12
  follow
• 22:12
  K
• 22:13
  Pop
• 22:13
  Demon
• 22:13
  Hunters.
• 22:13
  Like
• 22:13
  that
• 22:14
  was
• 22:14
  not,
• 22:14
  it
• 22:14
  was
• 22:15
  not
• 22:15
  a
• 22:15
  job
• 22:15
  anyone
• 22:16
  wanted.
• 22:16
  Right.
• 22:16
  But
• 22:16
  you
• 22:17
  know,
• 22:17
  it
• 22:17
  feels
• 22:17
  like
• 22:17
  it.
• 22:18
  It
• 22:18
  may
• 22:18
  have
• 22:18
  done
• 22:19
  decent
• 22:19
  numbers
• 22:19
  again.
• 22:19
  Let's
• 22:20
  dig
• 22:20
  into
• 22:20
  that
• 22:21
  very,
• 22:21
  very
• 22:21
  soon.
• 22:22
  Right.
• 22:23
  And
• 22:24
  did
• 22:24
  you
• 22:24
  have
• 22:24
  it,
• 22:24
  did
• 22:25
  you
• 22:25
  have
• 22:25
  any
• 22:25
  sense
• 22:25
  that
• 22:26
  the
• 22:26
  Warner
• 22:26
  Brothers
• 22:27
  acquisition
• 22:28
  could
• 22:28
  address
• 22:29
  any
• 22:29
  of
• 22:29
  the,
• 22:29
  any
• 22:30
  challenges
• 22:31
  that
• 22:31
  were
• 22:32
  highlighted
• 22:32
  in
• 22:32
  this
• 22:33
  earnings
• 22:33
  report?
• 22:34
  I
• 22:34
  do
• 22:34
  think
• 22:35
  so.
• 22:35
  And
• 22:35
  I
• 22:35
  think
• 22:35
  that
• 22:36
  comes
• 22:36
  back
• 22:36
  to
• 22:36
  the
• 22:36
  point
• 22:37
  I
• 22:37
  made
• 22:37
  at
• 22:37
  the
• 22:37
  Start
• 22:37
  about
• 22:38
  this
• 22:38
  frustration
• 22:38
  with
• 22:39
  the
• 22:39
  overall
• 22:39
  engagement.
• 22:40
  Right.
• 22:40
  Like
• 22:40
  Netflix
• 22:41
  have
• 22:41
  done
• 22:42
  a
• 22:42
  phenomenal
• 22:43
  job
• 22:43
  at
• 22:44
  building
• 22:44
  a
• 22:44
  catalog
• 22:45
  of
• 22:46
  original
• 22:46
  and
• 22:47
  acquired
• 22:47
  content
• 22:48
  that's
• 22:48
  really,
• 22:48
  really
• 22:49
  excellent.
• 22:51
  And
• 22:51
  if
• 22:52
  they
• 22:52
  can't,
• 22:53
  you
• 22:53
  know,
• 22:53
  they
• 22:54
  have,
• 22:54
  they
• 22:54
  have
• 22:55
  ignited
• 22:56
  great
• 22:57
  engagement,
• 22:58
  phenomenal
• 22:58
  engagement.
• 22:59
  But
• 22:59
  if
• 22:59
  they
• 22:59
  are
• 22:59
  not
• 23:00
  able
• 23:00
  to
• 23:00
  kind
• 23:00
  of
• 23:00
  click
• 23:01
  the
• 23:01
  flints
• 23:01
  together
• 23:02
  to
• 23:02
  show
• 23:02
  growth
• 23:02
  in
• 23:03
  that
• 23:04
  yes,
• 23:04
  they
• 23:05
  definitely
• 23:05
  need
• 23:05
  to
• 23:05
  buy
• 23:06
  in
• 23:06
  and
• 23:06
  buying
• 23:06
  in
• 23:07
  Warner
• 23:07
  assets,
• 23:08
  we
• 23:08
  would,
• 23:08
  you
• 23:09
  would,
• 23:09
  one
• 23:09
  would
• 23:09
  hope,
• 23:10
  would,
• 23:11
  would
• 23:12
  kind
• 23:12
  of
• 23:12
  be
• 23:12
  the
• 23:12
  catalyst
• 23:13
  for
• 23:14
  some
• 23:14
  very
• 23:15
  strong
• 23:15
  growth
• 23:16
  in
• 23:16
  engagement.
• 23:17
  And
• 23:17
  they
• 23:17
  need
• 23:17
  to
• 23:18
  be
• 23:18
  smart
• 23:18
  about
• 23:18
  how
• 23:18
  they
• 23:19
  structure
• 23:19
  it
• 23:20
  because,
• 23:21
  you
• 23:21
  know,
• 23:21
  maybe
• 23:22
  people
• 23:22
  just
• 23:22
  only
• 23:22
  have
• 23:22
  certain
• 23:23
  number
• 23:23
  of
• 23:23
  hours
• 23:23
  a
• 23:23
  day
• 23:24
  and,
• 23:24
  and
• 23:24
  70
• 23:24
  million
• 23:25
  odd
• 23:25
  is,
• 23:25
  is
• 23:25
  where
• 23:25
  it's
• 23:26
  going
• 23:26
  to
• 23:26
  stay
• 23:27
  and,
• 23:28
  but
• 23:28
  so
• 23:29
  like
• 23:29
  kind
• 23:29
  of
• 23:29
  being
• 23:29
  able
• 23:30
  to
• 23:30
  access
• 23:30
  people
• 23:30
  in
• 23:31
  different
• 23:31
  places
• 23:31
  or
• 23:31
  being
• 23:32
  able
• 23:32
  to
• 23:32
  access
• 23:32
  different
• 23:33
  types
• 23:33
  of
• 23:33
  audiences
• 23:34
  or
• 23:34
  different
• 23:34
  cohorts
• 23:35
  of
• 23:35
  audiences
• 23:35
  may
• 23:35
  be
• 23:36
  part
• 23:36
  of
• 23:36
  that.
• 23:37
  But
• 23:37
  yeah,
• 23:38
  with
• 23:38
  that
• 23:39
  it
• 23:39
  definitely
• 23:39
  feels
• 23:40
  that
• 23:40
  the
• 23:40
  Warner
• 23:40
  acquisition
• 23:41
  is
• 23:41
  something
• 23:42
  that
• 23:42
  definitely
• 23:42
  should
• 23:43
  help,
• 23:45
  you
• 23:45
  know,
• 23:45
  address
• 23:46
  that
• 23:46
  frustration
• 23:46
  they're
• 23:47
  having
• 23:47
  with
• 23:47
  the
• 23:48
  engagement
• 23:48
  overall
• 23:49
  in
• 23:49
  terms
• 23:49
  of
• 23:49
  its
• 23:49
  growth.
• 23:50
  No
• 23:50
  one's
• 23:50
  saying
• 23:51
  the
• 23:51
  engagement
• 23:51
  is
• 23:51
  bad.
• 23:52
  I'm
• 23:52
  definitely
• 23:52
  not
• 23:52
  saying
• 23:53
  that.
• 23:53
  But
• 23:53
  I'm
• 23:53
  just
• 23:53
  saying
• 23:54
  if
• 23:54
  they
• 23:54
  want
• 23:54
  it
• 23:54
  to
• 23:55
  juice
• 23:56
  narratives
• 23:56
  on
• 23:57
  Wall
• 23:57
  street
• 23:57
  and
• 23:57
  beyond,
• 23:58
  like
• 23:58
  2%
• 23:59
  increase,
• 24:00
  it's
• 24:00
  just
• 24:01
  not
• 24:01
  that
• 24:01
  sexy.
• 24:02
  Doesn't
• 24:02
  matter
• 24:03
  what
• 24:03
  way
• 24:03
  he
• 24:03
  slice
• 24:04
  it.
• 24:05
  Yeah,
• 24:06
  I
• 24:06
  can
• 24:06
  see
• 24:06
  that.
• 24:07
  I
• 24:07
  mean,
• 24:07
  and
• 24:08
  in
• 24:08
  some
• 24:08
  ways
• 24:08
  that
• 24:09
  becomes
• 24:09
  the,
• 24:10
  when
• 24:10
  you're
• 24:11
  as
• 24:11
  successful
• 24:11
  as
• 24:11
  Netflix,
• 24:13
  trying
• 24:13
  to
• 24:14
  get
• 24:14
  that
• 24:15
  sustain
• 24:15
  that
• 24:15
  growth
• 24:16
  becomes
• 24:17
  increasingly
• 24:18
  more
• 24:18
  and
• 24:18
  more
• 24:18
  challenging
• 24:19
  the
• 24:19
  bigger
• 24:19
  you
• 24:19
  get.
• 24:20
  Yeah,
• 24:21
  definitely.
• 24:21
  But
• 24:21
  it's
• 24:22
  also
• 24:22
  this
• 24:22
  whole
• 24:22
  like,
• 24:22
  I
• 24:23
  think
• 24:23
  that,
• 24:23
  you
• 24:23
  know,
• 24:24
  I
• 24:24
  think
• 24:24
  there's
• 24:24
  a
• 24:24
  lot
• 24:24
  of
• 24:24
  uncertainty
• 24:25
  in
• 24:25
  that
• 24:25
  ethos
• 24:26
  change
• 24:26
  that
• 24:26
  they
• 24:26
  have
• 24:26
  been
• 24:27
  able
• 24:27
  to
• 24:27
  be
• 24:27
  very
• 24:28
  single
• 24:28
  minded
• 24:28
  about
• 24:29
  every
• 24:29
  decision
• 24:29
  they've
• 24:29
  made
• 24:30
  so
• 24:31
  far
• 24:31
  to
• 24:31
  the
• 24:31
  point
• 24:31
  where
• 24:31
  they
• 24:32
  can
• 24:32
  write
• 24:32
  off.
• 24:33
  They're
• 24:33
  not
• 24:33
  writing
• 24:33
  off
• 24:34
  K
• 24:34
  Pop
• 24:34
  Demon,
• 24:34
  who
• 24:34
  is
• 24:34
  as
• 24:34
  a
• 24:35
  franchise.
• 24:35
  But
• 24:35
  they
• 24:35
  can
• 24:35
  say
• 24:36
  like,
• 24:36
  oh
• 24:36
  yeah,
• 24:37
  that'll
• 24:37
  be
• 24:37
  nice
• 24:37
  but
• 24:37
  so
• 24:38
  long
• 24:38
  as
• 24:38
  it
• 24:38
  drives
• 24:38
  subscriber
• 24:39
  growth.
• 24:39
  And
• 24:40
  that's
• 24:40
  something
• 24:40
  there.
• 24:41
  I
• 24:41
  think
• 24:42
  that,
• 24:42
  that,
• 24:42
  that
• 24:42
  could,
• 24:43
  that
• 24:44
  could
• 24:44
  really
• 24:44
  come
• 24:44
  and
• 24:44
  bite
• 24:45
  them
• 24:46
  in
• 24:46
  the
• 24:46
  acquisition
• 24:47
  of
• 24:47
  Warner
• 24:47
  because
• 24:48
  those
• 24:48
  assets
• 24:49
  work
• 24:49
  a
• 24:49
  particular
• 24:49
  way
• 24:50
  and
• 24:50
  they
• 24:51
  work
• 24:51
  that
• 24:51
  way
• 24:51
  for
• 24:51
  a
• 24:51
  reason
• 24:52
  because
• 24:52
  that's
• 24:52
  how
• 24:53
  it
• 24:53
  drives
• 24:53
  the,
• 24:53
  drives
• 24:54
  revenue.
• 24:54
  It's
• 24:54
  the,
• 24:54
  it's
• 24:55
  the
• 24:55
  Disney
• 24:55
  franchise.
• 24:56
  Fly
• 24:56
  with
• 24:56
  Fly.
• 24:56
  Fly
• 24:56
  with
• 24:57
  the
• 24:57
  Walt
• 24:57
  Disney.
• 24:57
  You
• 24:57
  know,
• 24:57
  we've
• 24:58
  all
• 24:58
  seen
• 24:58
  that
• 24:58
  like
• 24:59
  napkin
• 24:59
  drawing.
• 25:00
  He's,
• 25:00
  he,
• 25:00
  he
• 25:01
  did
• 25:01
  in
• 25:01
  like
• 25:01
  you
• 25:01
  know,
• 25:02
  decades
• 25:02
  ago.
• 25:03
  So
• 25:04
  that
• 25:04
  we're
• 25:04
  still
• 25:04
  following
• 25:04
  even
• 25:05
  now.
• 25:05
  Yeah,
• 25:06
  but
• 25:06
  that,
• 25:06
  that's
• 25:06
  not
• 25:07
  how
• 25:07
  Netflix
• 25:07
  works.
• 25:08
  And,
• 25:08
  and
• 25:09
  anyway,
• 25:09
  so
• 25:10
  that
• 25:10
  Evolution
• 25:10
  is
• 25:11
  going
• 25:11
  to
• 25:11
  be
• 25:11
  a
• 25:12
  riot
• 25:12
  to
• 25:12
  follow.
• 25:13
  Yeah,
• 25:14
  that's
• 25:14
  fascinating.
• 25:15
  That's
• 25:16
  great.
• 25:17
  Oh,
• 25:17
  thank
• 25:17
  you
• 25:18
  for
• 25:18
  letting
• 25:18
  me
• 25:18
  talk
• 25:18
  at
• 25:19
  you
• 25:19
  about
• 25:19
  this.
• 25:19
  No,
• 25:20
  thank
• 25:20
  you.
• 25:20
  Thank
• 25:21
  you
• 25:21
  for
• 25:21
  letting
• 25:22
  me
• 25:22
  ask
• 25:22
  questions
• 25:22
  on
• 25:23
  that.
• 25:23
  I
• 25:23
  feel
• 25:23
  like
• 25:23
  I've,
• 25:24
  you
• 25:24
  know,
• 25:25
  being
• 25:25
  able
• 25:25
  to
• 25:25
  get
• 25:25
  a
• 25:26
  consultancy
• 25:26
  on
• 25:27
  what's
• 25:27
  happening
• 25:28
  with
• 25:28
  Netflix
• 25:28
  earnings.
• 25:29
  Yes,
• 25:30
  yes.
• 25:30
  Well,
• 25:31
  my
• 25:31
  full
• 25:31
  thoughts
• 25:32
  on
• 25:32
  it
• 25:32
  will
• 25:32
  be
• 25:32
  in
• 25:33
  my
• 25:33
  newsletter,
• 25:33
  the
• 25:33
  Kids
• 25:34
  Streamer
• 25:34
  Sphere,
• 25:35
  the
• 25:35
  day
• 25:35
  after
• 25:36
  this
• 25:36
  podcast
• 25:36
  drops.
• 25:37
  So
• 25:37
  consider
• 25:37
  that
• 25:37
  your
• 25:37
  primer
• 25:38
  and
• 25:38
  get
• 25:38
  in
• 25:38
  there
• 25:39
  to
• 25:39
  get
• 25:39
  all
• 25:39
  the
• 25:40
  juicy
• 25:40
  details.
• 25:41
  But
• 25:41
  yeah,
• 25:41
  we'll
• 25:41
  be
• 25:42
  following
• 25:42
  this
• 25:42
  and
• 25:42
  we'll
• 25:42
  be
• 25:42
  following
• 25:43
  it.
• 25:44
  We've
• 25:45
  got
• 25:45
  a
• 25:45
  number
• 25:45
  of
• 25:45
  other
• 25:45
  stories
• 25:46
  that
• 25:46
  we're
• 25:46
  tracking
• 25:46
  in
• 25:46
  the
• 25:47
  data
• 25:47
  for
• 25:47
  clients
• 25:48
  of
• 25:48
  the
• 25:48
  Netflix
• 25:48
  Kids
• 25:49
  content
• 25:49
  report.
• 25:49
  So,
• 25:50
  yeah,
• 25:50
  you
• 25:50
  can
• 25:51
  always
• 25:51
  come
• 25:51
  to
• 25:51
  me
• 25:51
  for
• 25:52
  the
• 25:52
  juice
• 25:53
  after
• 25:53
  Netflix
• 25:53
  earnings.
• 25:54
  Always
• 25:54
  happy
• 25:55
  to
• 25:55
  chin
• 25:56
  wag
• 25:56
  on
• 25:56
  it.
• 25:57
  That
• 25:57
  was
• 25:57
  great.
• 25:58
  Fabulous.
• 25:58
  Thanks
• 25:59
  very
• 25:59
  much.
• 25:59
  Okay.
• 26:00
  And
• 26:00
  thanks
• 26:01
  to
• 26:01
  everyone
• 26:01
  for
• 26:01
  listening.
• 26:02
  Will
• 26:02
  you
• 26:03
  please,
• 26:03
  like,
• 26:04
  subscribe
• 26:05
  and
• 26:05
  follow
• 26:05
  us
• 26:06
  wherever
• 26:06
  you
• 26:07
  listen
• 26:07
  to
• 26:07
  the
• 26:07
  Kids
• 26:08
  Media
• 26:08
  Club
• 26:08
  podcast?
• 26:09
  You
• 26:10
  can
• 26:10
  also
• 26:10
  find
• 26:10
  us
• 26:11
  on
• 26:11
  Substack
• 26:12
  as
• 26:12
  well
• 26:12
  as
• 26:12
  YouTube
• 26:13
  and
• 26:13
  TikTok.
• 26:14
  And
• 26:14
  we
• 26:15
  will
• 26:15
  see
• 26:15
  you
• 26:15
  guys
• 26:16
  next
• 26:16
  week.
• 26:17
  Don't.
• 26:17
  But.