Great! Well, thank you everybody for joining. Welcome to the Comcast Keynote Fireside Chat at the Goldman Sachs Communicopia and Technology Conference. I have the privilege of introducing Mike Cavanagh, who's the president of Comcast. Prior to becoming president of Comcast in 2022, Mike first joined the firm in 2015 as its CFO. And prior to that, Mike spent over 20 years in various executive positions in financial services firms. My name is Mike Ng, and I cover Comcast and Media here at Goldman Sachs. We have about 35 minutes for today's presentation. So first, I want to give a big thanks to Mike for being here with us today.
Thank you for having us again.
Great. To start out, I was wondering if we could talk about a big picture question. Comcast has obviously undergone several strategic initiatives this year, from expanding your network footprint and further strengthening your network, scaling Peacock, the Olympics, the build-out of Epic Universe, which is slated to open in 2025. Looking holistically at the business, could you talk a little bit about how these recent investments and initiatives factor into Comcast's broader, longer-term strategic vision?
Sure, Mike. I'll hit top of the waves, and then we can drill down deeper. But to give a good answer, 'cause it's the right question, I think way more. I mean, Jason spoke, and Donna spoke last week at various other financial services firms conferences, but so many people have probably got what they had to say, so I'll try not to be too repetitive. But we set up our discussion in the recent past around six businesses inside the company that are heavy duty revenue growth drivers, now representing 60% of the company, and obviously, that, as time passes, will grow and grow and grow. They're highly accretive on the margin front.
And so we see a path, you know, of what the financial picture looks like when you bring it all the way down to very optimistic about our ability to drive free cash flow over the long-term horizon while investing in those businesses and, you know, retiring shares. So we've got a great, I think, a great, you know, financial algorithm. But the question really is: What are we doing with those six businesses to set them up for sustained, durable market position and success in the eyes of a consumer and in, you know, as just a competitive matter? So let me hit it on that front. So if you hit, you know, more or less one at a time, residential broadband. I think we have one of the best...
Obviously, we passed sixty-three million homes with a network that provides gig speeds today, symmetrical, and that is, you know, something that is, you know, ahead of consumer expectations now. But also, we are on a path through DOCSIS for, you know, constantly innovating around the efficiency of our network. You know, cloud technology, virtualizing a lot of that network, using AI to find problems in the network. So we are heavy-duty investors towards a place where in several years, we'll have a multi-gig symmetrical that's gonna compete against anybody's broadband product wherever we go up against somebody else. And I think that the other dynamic there is we're also building, so we're expanding that footprint. We were eight hundred thousand new passings, you know, in the average of the last, you know, bunch of years.
Last year, we went to a million passings added. This year, it'll be a million two. So we see ourselves driving to a place where, you know, 63 million homes is on its way higher and higher and higher. And we've always designed that plan with the view that over the long term, we're gonna be competing against fiber. We already have competed against fiber and always do well competing against fiber. And the idea that convergence is coming and we're gonna be facing something we didn't plan for, that's, you know, not the case. Obviously, that is our view of the, you know, longer term market, as we've said repeatedly, is that fiber keeps getting built.
How many fiber players decide it's worthwhile to build when they're gonna go up against a very resilient platform that we'll provide to the consumer and anyone else? So I think that business is set up for the long term, and we can come back to it, but we're constantly gonna put energy and effort and resources into it. But we've done a hell of a lot over the last bunch of years, and our roadmap is all within a really reasonable, you know, capital envelope. But that's a winner business, you know, for the long term. Wireless, obviously, the other piece of the convergence story. People kind of snickered when we activated the MVNO a couple of years ago, saying those never work.
But here we are now, 12% penetrated with an excellent product, giving our consumers a great value when you add in our Xfinity Mobile. Pretty much anybody that activates, you know, saves money. We scaled it. We're doing the back office in conjunction with Charter. Us two together are now representing a good amount of revenue streams into the wireless industry, and we're gonna keep innovating around that. And it's a very important, you know, bundle package these days, and we're, you know, gonna be steady as she goes, but have a long-term view that that's a business paired with broadband. Obviously, we wanna be in. And, you know, I think as Jason said, you know, last week, you know, we're the original convergence players.
'Cause that, that is, that is what we've been talking about as we see the economics of, of bundling video, you know, has changed. And then last one on the cable side is business services. $60 billion market opportunity. We're at $10 billion in revenues, 15 years in, $5 billion of EBITDA. You know, you know, really, almost, really done phenomenal job at the small business end of things, basically lifting, lifting our, you know, residential capabilities and first going after that market. And as time has passed, we've gone after enterprise, medium-size, and now larger. We can come back to that a little bit. When you get to the NBC side of it, parks, phenomenal business. Obviously, we're, we're looking at that as a long-term. We're one of two, right?
And I think the characteristics of that business as a long-term growth and return on capital business, given the position we have, is excellent, and so we are, you know, putting, you know, more resource into that business. Obviously, next year is gonna be the launch of Epic Universe in Orlando, which will be the biggest and most technologically advanced theme park introduced in the United States, and I presume therefore in the world, in the last 30 years. So that's coming soon. And meanwhile, we are constantly putting new attractions in different parks to keep them alive. Super Nintendo World in Hollywood last year, Donkey Kong coming to Osaka later this year. And then a few new ideas.
Our parks team is constantly thinking about how to leverage, you know, the business, and so we're doing Universal Horror Unleashed, which is think of Hollywood Horror Nights in Vegas, opens next year, and Universal Kids in Texas outside Plano are gonna be, you know, two smaller scale projects that we'll see how they go for us and could be... you know, add to the growth runner characteristics. Studios, top studio business last year. Great success so far this year with Despicable Me four, Kung Fu Panda four. Twisters did really well in PVOD window and domestic box office, and then we have Wicked coming.
So that's the flywheel of creating great IP, and, Donna and team do a phenomenal job on that side, both, both in film and studios. Peacock is the last of the, of the six, and there we, you know, feel very good about what we've done over a few short years, where we were going from a standing start when, it became clear that we wouldn't be staying in Hulu. And so we ended, the first, we ended the most recent quarter at 33 million, subscribers at strong ARPUs, and we generated $2 billion in revenue in the first half of, 2024, which is as much as we generated revenue-wise from Peacock in all of 2022.
So it's been a steady, you know, progression from first starting with an AVOD vision for what the product should be, working on adding, you know, our next day air as we pulled content back from Hulu, bringing in some of our important cable nets like Bravo, then getting our Pay-1 windows, then adding in some exclusive sports like the Wild Card games, doing some day-and-date movies. So it's a steady and originals, which were affected obviously by the strikes. So, you know, you got just released last week was Fight Night. In the midst of our four nights of football that went from Thursday through Sunday.
We launched Fight Night on Thursday night with Kevin Hart and an unbelievable cast, and Will Packer directing, and that's the most-watched original in the history of Peacock. So lots of great stuff. We'll go deeper on that. But the place that showed off how all that comes together, I got to take a moment and just say how proud we are of what we did with the Olympics.
Yeah.
'Cause when you think about the way that, you know, it owned, it dominated media, social media, television streaming for 17 nights, 30 million average viewers across those nights. You know, the stats are kind of a little silly when you say how much more streaming there was for those Olympics than any others, but on and on, and on, but when you look at how it all worked, you know, you take the connectivity part. Inside Comcast Cable, you know, our universe of customers through X1, Xumo, and the like, and Flex, those markets watched 98% more primetime streaming 'cause they had multicast, and Peacock had Gold Zone only, we were talking about earlier, but Comcast, you know, the prominence on our platform, our aggregation platform is ease of use.
It's like many things we do, aggregating video content through the Comcast system, it generates unbelievably better, you know, results. For our part, for us as NBC, but also for others when we put our energy behind it. Studios, we activated all the talent relationships we had from, you know, obviously Snoop, but many, many others, you know, that we were looking to really bring life back to the Olympics and find new audiences, and sort of big, big responsibility to do it, and we all ended feeling like the Olympics are back. And a lot of that was really putting the whole company and the whole media engine across all platforms behind it. That benefited studios because of the promoting of Fight Night, promoting of Wicked, all the stuff you saw as you were, you know, consuming it.
And then, you know, on and then you take launching of bringing all of our other media assets there. So for Today Show, for CNBC, for Nightly News, all number one in their position for the two weeks when we really brought the whole place together. So it's really just a good example, you know, and we can go deeper on any of that, but how we think about the six businesses that are really driving growth. How they all fit together and how our company as a whole, you know, when you put the resources together to help each and other parts of the thing, can really make a huge difference.
Great. That's a fantastic overview, and I'm looking forward to going through each of those growth businesses in turn, particularly the Olympics. But to start out, maybe we can stick to connectivity and talk a little bit more about broadband. You know, you talked about DOCSIS 4.0, network virtualization, multi-gig symmetrical speeds. You know, you clearly are investing in best-in-class broadband, but, you know, competition is also top of mind, particularly from fixed wireless, lower-cost alternatives. Could you talk a little bit about, you know, why fiber is the right long-term competitor, how you feel about-
I'm sorry, say it again?
Why fiber is the right-
Got it
... long-term competitor to think about?
Mm-hmm.
Why, you know, how you're competing against fixed wireless in the market today?
Sure, sure. So on the fixed wireless point, not to skip over it, but when you're answering a long-term question, so I'd set up, it's a near-term issue. We have a new, you know, competitor that's effectively... We think of it as fixed wireless, a new overbuilder for a segment of the market. And that segment is one that can handle, you know, deal with, you know, what that product can deliver, and it tends to be a lower-end product.
And rather than worry about repricing, you know, the whole book of business, we're trying to be deliberate and not chase the whole business down to a level that's really solving a problem that is at the, you know, the more value-conscious end of the market. So what we've done is we've punched up Internet Essentials. We've been in that space for a long, long time with Internet Essentials, and we've added now products are sort of value-end offerings that go specifically at those segments. And we're seeing just really in recent quarter or two, started to roll that out in broadband and mobile and in video, and that will, I think, be the appropriate type of response.
But we fully expect for fixed wireless to take a share of the market. It's not the most profitable end of the market, but it's a market we still want to serve because we want to segment and serve everyone well. So that's how we think about fixed wireless. And when you say: Why isn't that a long-term competitor? Because in the end, it's using very valuable spectrum, which at the moment is excess.
And so if you know you you know as those networks start to get clogged up which you know maybe they will maybe they won't but I believe that that will be a challenge that you know as people are signing up for the service and as we've looked at the consumer experience it's a challenge that they have to navigate their way through. That'll be that may that's a different dynamic that the providers have to manage so I think we have our answer there but what we see in our network is unbelievable usage. Five years ago the average data consumption for our broadband customer was two hundred gigs a month and the top 10% were consuming seven hundred gigs a month.
Now, we're the median is at seven hundred gigs a month, and the high end is, you know, that much higher. And that's been the direction of travel. And as we're talking about, when you look at something like the Olympics through the lens of, you know, sports, more sports are going to come streaming. There's going to be more versions, the ManningCast of Monday Night Football, in addition to the regular broadcast. You know, the ability to take more and present it, like the technology of the Olympics showed us, to augment, you know, one type of event, I think gives us confidence that the consumption patterns for the consumer on broadband are going to continue to go higher and higher and higher, and that simply is going to be a challenge for anything other than a network like ours to serve.
Great. And then, you know, there's certainly been a lot more talk about convergence, and arguably, Comcast is among the best positioned for that, right? 63 million homes passed. Could you talk a little bit about, you know, how wireless helps the broadband business and vice versa? And then could you also just touch upon, you know, how you expect to lean into what could be an AI smartphone upgrade cycle? Apple just launched, excuse me, announced the new iPhones yesterday.
Yep. Sure. Well, like I said, we're about 12% penetrated of our 32 million broadband homes with Xfinity Mobile. And the cadence at which we're doing it, obviously, to get to the final part of your question, you know, upgrade cycles do create opportunities for switching. The consumer will really decide how big of an upgrade cycle this wave is, and I haven't fully immersed myself in it, so it's not for me to make a prediction, but it will create an opportunity, the size of the opportunity, unclear, but it's not been a key element. It's not been the main thrust of our approach to offer, you know, phone upgrades.
But we do have a big trade-in program that's working really well for us, and we do selectively go in and out of markets with promotions for devices along the way. So I think that's all in our toolkit to see, you know, what it is that the upgrade cycle, you know, would allow for us to do. We do want to lean into wireless, and we have been. Charter is also doing the same, and, you know, they're. We're playing slightly different playbooks, but anything that they do well, there's no pride of authorship. We intend to. You know, I often get the question, "Why aren't you more aggressive?" I mean, our appetite. We have big appetite to penetrate with wireless, and we're making money in the product. It's adding to the...
sort of stickiness of a broadband relationship we care about, and it's in driving higher overall relationship satisfaction. So there's a lot of reasons for us to be, you know, very positive about it, and I think Dave and team are doing a great job with it, and we're going to keep leaning into it.
Great. And to your point about leaning into upgrades, you know, Xfinity Mobile has always been attractively priced, right?
Mm-hmm.
That's the main value proposition.
Yeah, that's the main. Exactly. The main value is service cost.
Right
of the phone, you know, that of the service that, you know, can be 25%-30% lower, you know, given the way most families work. So it depends on who you are, but you get a lot more choice to build a plan where we're giving a lot of value back in. Somebody had a great, you know, observation. When you really think about the amount of traffic used over our broadband network and the amount of traffic used over your cell phone, on a combined basis, with the amount of growth and usage, that we should convert our, you know, the way we demonstrate our bill, like a water company or electric company, like, what's your cost per, you know, per
Bit
... per unit?
Yeah.
You know, and we really offer a great value when you look at it on a blended basis, with an infrastructure that can really handle additional volume very effectively, marginal cost-wise.
If we could just talk about broadband ARPU. You know, Comcast has demonstrated a very good track record of delivering 3%-4% ARPU growth each year, and a lot of that is pricing and commensurate with the value you're delivering, particularly as you invest in network infrastructure. You know, could you talk about your confidence in that ARPU outlook? Do you worry about the, you know, cumulative impact of inflation and, you know, what that means for your ability to continue to price against the backdrop of-
Yep.
Um, yeah.
You know, we continue to believe that 3%-4% is the range we intend to operate against. The reasons you... We finished the last question, and you started the question the same way. Consumers are getting a lot, you know, they're getting increased value and usage out of the product, so 3%-4% in that context is not a unreasonable. We mean, we need to make sure the consumer understands that they're receiving value, and so ideas for doing that are always kicking around. One of the things that's very important is that we're also putting a lot more value around the product. What we do with, you know, controlling, you know, homework hours and switching it on or off with the hardware that goes around it.
The earlier comment on aggregation through X1, if you're or through Flex and now Xumo, if you're broadband only taking video. We've got, you know, home security products. You know, we've got excellent ability to do whole home coverage. So there's a lot more value that goes into than just the price of the service. And we want to innovate. If you come to... Many of you have visited, you know, our technology center in Philadelphia, there's a lot of energy that goes into what you do, beyond just providing a speed and a amount of usage and a price. That is what's driving, you know, value.
And I do think that, you know, making sure that we segment the market properly and sort of deliver great products at a great value in all segments is what really builds up to allowing for that kind of outcome on the top line. All of it being, you know, extremely accretive to the bottom line, given the ability to serve at modest incremental cost.
Yeah. Business services has been a reliable mid-single digit grower, a $10 billion business in a $60 billion TAM, as you've mentioned. You know, Comcast Business Services has had a lot of success in SMB, and I think with the appointment of Ed as president, you're doing more in midsize-
Yep
-and enterprise.
Mm-hmm.
Could you talk a little bit about some of the initiatives there to go up market?
Sure. So as I said, I won't repeat from the beginning, but small business has been, you know, a great starting point for us. As we thought about, and it was in my early days, moving into medium and then even large, I think the team took good counsel from a lot of folks that have run that playbook in different industries. Financial services has done the same. And you go against incumbents who, you know, in many ways, have a incumbent infrastructure that's built for the most sophisticated clients in the world, you know, customers in the world.
Mm-hmm.
Sometimes it's hard to get good economics when you take what's built to put a man on the moon and then want to deliver it to a fast food chain and figure that out. We could, you know, work our way up market with what did we really need to do to by both picking the right target client segments. So we really thought about, okay, branch systems, whether they were, you know, restaurant chains, retail chains, banking chains, where the local business was really a branch, and those characteristics don't look that different than the high end of the small business market, except that you've got to connect them together, but the fundamental needs were mostly there. So we sort of built around that to try to add: how do you connect back to headquarters? How do you connect a region together?
And we're winning business of that sort. And then that gave us the ability to start adding advanced products, cyber, network management, SD-WAN, more security around it all, providing, you know, for your clients, great speed in your Taco Bell restaurant. So when you go in, you've got great Wi-Fi as a consumer. All those products, we started to be on a journey to punch up on the product side, which was then starting to get us towards where you could go after enterprise.
Right.
And so I think that's the journey we keep, you know, moving through. And now we're starting to look at and, you know, did a great acquisition of Masergy, which, you know, helped us take the capability sets that we have, and with their capabilities as well, have now broadened out the aperture of we can serve not just in a region, but we can enhance our own footprint coverage with capabilities that span, you know, the globe, frankly. And that's widened out the target market for us. So that's a steady journey, and as, you know, as I say, maybe a little more than a year in the job, and it's constant cadence of running that playbook and just again and again and again. So we feel very good about that business over the long term.
Right. And there's a long runway for midsize-
Absolutely.
- enterprise.
Yep.
Shifting gears, let's talk about content experiences. Olympics, I was a huge fan of Gold Zone. I was very impressed with how Comcast was able to show multiple feeds. In some ways, you couldn't even tell which one was the linear feed.
Right. Right.
And it ultimately just serves viewers better. Maybe you can expand a little bit on how Comcast utilized all of its assets across NBCU, the connectivity business, to deliver-
Yep
... the Olympics experience, and you know, what are some of the learnings that you could potentially apply to different sports, right?
Right. Right, right.
Whether that be-
Sure
... NBA, NFL, yeah.
It's nice of you to say that because it really is when you're there and... You know, I spent a day in Stamford, you know, a good amount of time in Paris, a good amount of time at the, you know, our own production sites and at the, Olympic, you know, broadcasting facility, and it's staggering. The technology. What it takes to do that is, we had 3,000 people working on it at the moment of the Olympics, 2,000 in Stamford, 1,000 in Paris. And the fact that we-- the ambition was huge, right? The folks that work on the Olympics, it's infectious because they really feel like it is a treasured property that brings joy, inspiration, and all that when done well, right?
So it's sort of the there's definitely a sense of mission if you're working around the Olympics. And so folks felt the stakes were high because for the last ten years, through a confluence of events, the shift that, you know, from linear to streaming, dealing with time zones, some of the locations, COVID, it felt like Olympics was at risk of, you know, not being part of culture the way it had been decades ago for a long time. And so, like I said, we couldn't be prouder that we've you know, turned it around and we delivered for consumers. You know, I think the viewing experience, the anecdotal stuff, but also everything we've seen, and we did a great job for the viewer.
We did a great job for the advertisers, great job for the sponsors, and so we're off to get ready for LA and then Brisbane after that, and on and on. But I think it is really the guts and infrastructure of what it takes to run at scale a big network and produce live events. I mean, the production side, this is not stuff that... You know, it's one thing to say: I'm going to buy some rights to, you know, sports, which is in this particular case, what we're talking about. But the effort that goes into imagining how all that can work and then really activating it the way I described, with bringing in lots of, tapping into lots of other parts of our company to just bring sort of fandoms.
That, that's the way we viewed it, is how to make sure that you are getting to, you know, twenty-somethings, fifty-somethings, gymnastics, you know, folks, equestrian nerds, you know, rowers like myself. Then Gold Zone, like you say, was unbelievable because it displayed how much content—there's five, seven thousand hours of content, and to have the whip-around show and the team, I can take no credit, but the Olympic team was genius in getting Scott Hanson from Red Zone to come and do it and knows what he's doing, and they were having a blast, and it was infectious as people were watching that. On the cable side, like I said, they had multicast, so you could set up, you know, inside X1, you know, how you wanted to view.
You could follow teams, countries, sports, individual, and have that all fed to you. We did the Al Michaels, you know, AI, little daily update thing. So there was just a lot of, a lot of people brainstorming across our company, and I think it goes back to years ago, it, it still at times is, what, what's the advantage of having all the pieces together? I think when you have a content company that... and, and then a distribution company all in one roof that's relying on common sorts of technology platforms, the ideas that come through the combustion of it all are, are, are phenomenal. So-
Right
... we're looking forward to another bunch of years ahead with the Olympics again, and when you think about it, to your question, obviously, now we finished the Olympics, and we started football, right, so we had the Thursday night game, which is a great, you know, 28-29 million viewers, one of the, you know, top kickoff, you know, game we've had. We had Friday night, the exclusive Peacock game in Brazil, which was the second most watched live event, you know, on Peacock, the wildcard game last year being the first one. But basically double the viewing of our regular season game that was exclusive in December of last year, which I think points out how, at the time, there was the gripe: "What's Peacock? Why do I get Peacock?" You know, in the first go-around.
But as you come out of Olympics, there was no noise around that, and to see double the viewing, you know, was an excellent, you know, evidence that we're built. It's compounding success. And then, you know, Sunday night game, and then a huge football game that rated well on a Saturday night. So four nights of football. We launched, as I said earlier, Fight Night in the midst of that. And so it's a great. And we promoted. You know, we've got, you know. For Peacock, we've got Eddie Redmayne in Day of the Jackal coming in later in the year, which looks like it's gonna be unbelievable, and again, you know, Wicked coming in the holiday season.
So the machine of cross-promoting, you know, is all part of that. So that gets the NBA, which we're very pleased to be re-become again a partner of the NBA. It's, you know, a great product. It's gonna bring a broader, more diverse, younger audience. So if you heard Donna speak about it last week, obviously, it does something for our sports calendar.
Yep
... extending us through months of the year and making us a more, complete, you know, year-round, sports, offering, and then throw in Olympics every couple of years. So we feel great about the sports portfolio we have, and we will use everything we learned from the Olympics. We think about the Olympics as a laboratory, you know, so not all of it's relevant, but it is a little bit like, you know, you put a man on the moon, you get Teflon and Tang. There will be things that come out of pushing ourselves that we are then gonna. The team's already in post-mortems, figuring out how you take some of the ideas and push them into other properties we have, and the NBA will clearly be a beneficiary of that.
And we got a huge number of excited folks that helped us on the Olympics, you know, talent and the like, that are dying to be part of us getting back into the NBA. We had, you know, a nice party at the USA House, NBA, and Comcast and NBC, and it's. The excitement's high, you know, because people go back to the, you know, nineties, and, I mean, the tone and the legacy of it. It's. We're coming back, and we bring a lot to it. So I think that's gonna be, you know, how we think about NBA.
It brings that audience, Donna. Last point on that, Donna pointed out in her remarks last week. It then leads you to, with a younger and diverse audience, how you build content that's going to, you know, follow that and bring NBA talent into the mix. So LeBron, we do a lot with LeBron. Steph Curry's got a, you know, Mr. Throwback now on Peacock. So it's, you know, the flywheel effect isn't just creating IP and studios and then flywheeling it around. It can be, you know, it can come from sports, too, and we intend to, you know, mine that seam.
Great. We're bumping up on time, but I did want to squeeze one last one in on parks. Obviously, a lot of excitement around Epic Universe-
Yep
... coming next year. There's been a little bit of normalization after some post-COVID demand-
Yep
... in the parks. Could you just talk about what you're seeing in consumer demand in the parks and-
Sure. Yep
... you know, how some of the investments-
Mm-hmm
... that you're putting in should help?
Yep, nothing different than what we talked about on the second quarter call, which, to remind folks, we pointed out that, you know, we had more of a COVID pull forward in parks, maybe in 2022 and 2023 than, you know, than we'd really appreciated. So that was one thing. And so now, as cruises and international travel and the value of the dollar all are, you know, you know, leveling out, you have that effect. I think the other dynamic is just the cadence in the parks business, as I described, the things we have going to Osaka and L.A.
But Epic was the epic thing that we were going to be putting into the Orlando market, and it got delayed because of COVID, so we hit in Orlando sort of a lull in the action, which is anomalous. So with that Epic coming next year and then the cadence that follows, I think that'll address, you know, those dynamics for us.
Okay, excellent. Maybe just one last one. You know, studios have been a huge success. You know, Super Mario Bros., Despicable Me, Jurassic World, Fast.
Mm-hmm.
You know, what's your vision for studios and how it fits into the larger value creation cycle?
Sure. I mean, it is, you know, it's the beginning of the IP cycle for... that feeds the rest. But you think about the- we're the home to Steven Spielberg and Chris Meledandri, Christopher Nolan, now with Oppenheimer, you know, Jason Blum, Jordan Peele, just to name a few.
And so I think you know, being a talent-friendly you know home to creators, Donna's and her team do an unbelievable job, you know, both capitalizing and creating on franchises, and we have several of those, in Jurassic and Fast and the like, and this unbelievable you know pile of horror content coming from Jason and Blumhouse, as well as two of the best you know well Chris Meledandri, maybe the acts in the space of you know animation through Illumination with Despicable Me, and DreamWorks Animation as well. So I think we have great balance in how we... And then we build a strategic slate around that. Not you know a few tentpoles, a few you know returning franchises, a few animation and a few...
And we got to Focus, you know, on the more, you know, art house, you know, end of things. So I think it's still the movie business. It's still, you know, but when you run a portfolio like that over multiple years, we feel great about that being sort of a core of the content creation side of things.
That's a great place to cap it off. Mike Cavanagh, everybody.
Thank you, everybody. Thanks, Mike.
Thank you so much. That was awesome. That was great.