Thank you everyone for joining us. My name is Sean Diffley. I'm joined by Thomas Yeh from the Morgan Stanley Media and Entertainment Research team. We're extremely excited to have Spence Neumann from Netflix here. I'm gonna give a quick disclosure. For important disclosures, please see the Morgan Stanley Research Disclosure website. If you have any questions, reach out to your Morgan Stanley sales rep. A bit of a different conversation than we might have been having a week ago, but we're gonna get into all that. To kick us off, Spence, maybe you could level set for us today the health of the business as you see it over the next few years and your key priorities at Netflix for 2026.
All right. Well, thanks for having me. Good to see everybody. Well, look, yeah, I guess it's a bit of a different conversation, but also more the same for us. I mean, we feel great about our business, so and the position we're in. We feel great about our kind of, our growth opportunity ahead, our organic growth opportunity on a short, medium, and long term. You see that a bit in our 2026 guide that in our Q4 call. We're really healthy outlook for the business. We guided to, and a kind of 12%-14% revenue growth, operating margins increasing to 31.5%, rough doubling of our ads business to about $3 billion in 2026, about $11 billion of free cash flow.
Really healthy outlook for us. You know, our focus remains very similar. Our core focus is kind of drive the strength in our kind of and continue to strengthen and improve our core business in terms of improving our content or core content offering around film and series, improving our product experience, continuing to grow that ads business, continuing to expand our entertainment offering and drive, you know, strong, healthy revenue and profit growth. We also want to expand into new entertainment categories, building out live, building out things like podcasts. Continuing to kind of build that out as well so that we're extending and growing. Overall, that kind of focus remains the same.
You know, it's one of those things where I know it sounds boring, but even though we're pretty big, we're pretty small. Every way we look at our addressable market, we're still less than 10% view share in every country in which we operate. We're about 7% of addressable revenue market. And, we're, you know. We're, sorry, someone's buzzing me and it's distracting me on my phone. We're small in kind of every way that we kinda measure the business in terms of even households, we're less than 50% penetrated. We've got a strong runway for growth in the core as we continue to focus on that, and that really is our focus.
Again, I wanna kinda reinforce it's a runway of organic growth that we feel great about.
Great. You referenced the double-digit revenue growth for this year. I would say one thing the market was a little surprised by was the level of cash content investment.
Yeah.
About $20 billion, that's 10% year-on-year growth. By implication, your margin outlook was maybe a bit lower than what we've seen in the past. You know, maybe take a minute to talk about why you feel this is the right level of investment for the business today.
Yeah, sure. You know, as you say, we're we guided to about $20 billion of cash content spend, up about 10% over last year. It's really no change in our approach. You know, we've always talked about is that we want to kinda drive healthy double-digit revenue growth for as long as possible. We wanted to accelerate that revenue growth. As we did, as we have shown we are doing, we wanna kinda spend in a healthy way into that growth, spend at a lower rate of growth than our revenue growth. We've been doing that for a long while now. As you saw from our healthy revenue growth outlook, it enabled us to kinda grow our content spend growth.
We grew about 7% year-over-year in 2025. We're guiding to about 10% this year. The ratio of cash spend to content amort is essentially unchanged. It's a roughly 1.1 ratio of cash spend to content amort. You know, we set margin targets. Our approach is to gradually grow our margins by growing our spends a bit below the pace of our revenue growth. We've been doing that pretty, you know. We have a pretty demonstrated history of doing that, setting those targets and growing gradually. The rate of margin expansion, you know, varies year-to-year depending on opportunity. We've, you know, we've averaged over the last five years about 2 percentage points, a little over 2 percentage points of margin growth per year, and this guide is up 2%.
you know, it's quite consistent. Again, if you go back, you know, I started in January of 2019 at Netflix. In 2018, we had 10% operating margin. We've grown from that to a 31.5% guide this year. I think we've shown we can be disciplined there. What that content spend shows is that we see some really attractive opportunities to spend into our growth on the content side. It's everything from core film and TV series. On the TV side, in particular TV series, non-English TV series, we see continued opportunity to grow our spend into markets around the world where we're improving our product market fit. We got licensing opportunities in terms of content. We usually ramped up in licensing following the strikes.
We ramped down a little bit. We talked about in our last earnings call, we were ramping back up again. We have some deals that we either expanded or new deals. We licensed Paramount content. Universal, we expanded from animated film to live action. Sony, we, you know, we're innovating even in licensing. We did the first ever global Pay-1 deal, which means on a global basis, we have the Pay-1 window for Sony films first time. At the same day on a single service around the world. We're expanding there. We're expanding into, you know, The live business for us is one where we're seeing some nice early success, and so we're growing out.
We're not only growing our U.S. slate with more big fights like the Ronda Rousey fight coming out later this year, but also expanding outside the U.S. for, like, live events that originate outside the U.S. We've got the World Baseball Classic actually starting tomorrow in Japan. We had Taipei 101, which was a fun event earlier in this year, a little scary to watch at times. You know, we've got, I think, a fun kind of reunion coming up in March in Korea with BTS, so interesting things coming outside of the U.S. We're expanding content formats like podcasting. All in, you know, we think we're finding really interesting ways to grow and expand and strengthen our content offering.
The bulk of that investment is in areas that we know really well in terms of core film and series with a proven ROI on our investment. In some of these newer areas, we kind of step into it in a very intentional and disciplined way and kind of learn into the growth. Overall, you should expect that we'll continue to grow our content investment as we grow our revenue in a healthy way, but do it in a way that gradually grows margins. We don't see any ceiling in the near future or even the medium future in terms of ceilings to the margin potential for the business.
Before we get to some of the more recent M&A developments, I wanted to ask about the engagement trends.
Oh, yeah.
I think that's an area obviously of greater investor focus in terms of just trying to gauge the health of your standalone business. On one end, clearly you're the envy of the industry with 190 billion hours viewed each year. I think on the other end, there are increasingly some growing concerns about the pace of the growth and how that continues to evolve, especially with, you know, the potential rise of user-generated content and AI content. Can you just maybe talk a little bit about how you and the team assess engagement and the health of it, and more broadly, whether you think it's right for investors to think about that as a main KPI that you expect to grow over time?
Well, it's nice to hear you say we are the envy of the industry. We appreciate it. We work hard for that. We don't take that for granted. It is a fiercely competitive industry. We talk about it as, like, We're always competing for those entertainment moments of truth. It's a tough battle every day. We're trying to win those moments, we really wanna be that kind of that first place that, you know, kind of starting point and destination for professionally produced content and the best of creators around the world. That is, you know, again, that's what we work hard to do.
You mentioned our engagement report. Frankly, we probably should rename that report the view hour report because that's what it is view hours. It's not engagement holistically. View hours are important. They're just not the whole story. They're a part of the story. So yeah, we're, you know, we focus on the value we deliver to members in terms of overall engagement value. It's not just quantity of hours. You know, there's also we look at kind of, we do look at quantity, we look at frequency, we look at kind of the quality of those hours as well. It's a holistic view. You know, for example, just on the quality front, you know, our primary quality metric, I think Greg may have mentioned this on our last earnings call.
We delivered, thanks to, you know, Bela and the creative team, we hit a record high for us in terms of quality per, you know, hour of entertainment that we delivered to our members last year in Q4. That was awesome. We see that as we improve the quality per hour, that actually directly improves the retention on our service. You also heard on our last call that we had a great quarter in terms of improving. We already have kind of world-class, kind of low churn, strong retention on our service. We delivered that again in Q4. We had strong acquisition retention, strong member growth. We're really kind of looking at all those things. Coming back to, we're getting increasingly sophisticated in terms of how we manage to kind of overall engagement.
On the view hour piece, just to hit on it, The total view hours, they were up. We were up 2% in the back half of last year, up from 1%, you know, 1% increase in the first half. You know, that incremental 1% is 1.5 billion hours at our scale. There's a little bit of large numbers. I think part of what, you know, if we double-click on it, I think what folks are getting at a little bit is we're growing members, so the view hours per member household is coming down. And there's a lot that kind of plays into that as well. Overall, again, I just want to reinforce we have very healthy engagement characteristics.
If you think about what goes into a view hour per household, there's a lot of things that can impact that. The plan mix impacts that, geography impacts that, you know, culture and viewing habits impact that. For example, again, we talked about in the last earnings call, Japan is an example is a country where typical household watches about a half to two-thirds the amount of viewing in a U.S. household. If you think about our kind of, you know, where, you know, a good chunk of our member growth may come in the years to come, good chunk come from countries that look more like Japan than the U.S. That doesn't mean that it's not healthy growing engagement. It's just kind of a different mix of engagement.
Again, overall, you know, kind of takeaway for us is, we are and we plan to continue to grow viewing hours, but we're also increasingly focused on the total engagement story and more sophisticated in terms of the quality and overall value we deliver to our members. That's really what drives our business and how we manage the business.
I think increasingly, to some extent, because of your success, the comparison now relative to competition is to YouTube as opposed to some of the legacy traditional media companies. Can you talk about why or why not you think that that might be an appropriate comparison? You talk about the quality of the engagement, in particular, how you could potentially be assessing that on a relative basis.
Yeah, well, I guess, get back, you know, I guess, maybe industry is more focused on YouTube today. I can assure you we've been focused on YouTube for a long time. I think, I think it's about 10 years ago that YouTube first showed up in one of our earnings letters. We think very broadly about competition. We're in the entertainment business broadly. Entertainment has always been a intensely competitive business. It still is and remains and will be intensely competitive. YouTube is a key competitor. Increasingly, you know, as we talked about on the TV surface, which is the primary surface in which we entertain members around the world.
You know, the constant for us is for us to compete, we have to get better faster than the competition in our positioning in the entertainment market. For us, we're positioned, we want to be the best destination for professionally produced content. We want to have the best creators of professionally produced content on the planet and deliver to them the biggest audiences possible. What we're doing in order to kind of continue to compete there is we want to continue to strengthen and expand our entertainment offering, which means working with an expanded set of those best creators. Why we work with creator, we produce content in more than 50 countries around the world. It's not just coming out of the conventional Hollywood creative system.
That's a really important part of it. It's producing in more than 50 countries around the world. It's also embracing creators from social media platforms, creators from open content platforms. You know, Ms. Rachel was the, I think, the 9th most watched TV show we had on the service in the second half of 2025. My son is very grateful for the fact that we now have Mark Rober on the service. We have Alan Chikin Chow on the service coming soon. Like, you know, things that resonate with all these audiences, but it is still professionally produced creator content. It's just an expanded universe of that. We're doing that. You see, we're expanding the content formats that we're getting into, like video podcasts. We're expanding into areas like live, as I mentioned.
It's about really kind of doing it in a way that for us goes after what we think are those most valuable moments of entertainment, because that's really what drives that flywheel and also drives our positioning in a very competitive entertainment ecosystem.
Great. We wanted to turn to your decision to walk away from Warner Bros.. You declined to raise your bid for Warner.
We're not still in it?
You're out. You're officially out.
Hard to get a laugh in this room. Okay.
Within hours, I think you had four days. Within hours, you put an announcement out that you were walking away. Maybe walk us through what led you to this decision. Was it as simple as, you know, a specific price? I know Ted said, you know, the realization was someone was going to lose by $1, but maybe take us behind the scenes and what led you to walk away.
The short answer is it was all about price. We can get into it, but we said all along, this was an opportunity that was nice to have at the right price, not a must-have at any price. You know, we love the Warner Bros. business, the assets that were available, that we were bidding, as you know, on the studio and streaming assets, not the entire company. You know, at the end, we had a strong belief, a stronger belief at the end than the beginning that we would have been great stewards of those assets and that business. We also had a stronger belief at the beginning than at the end that we had a clear path to regulatory.
Much to a lot of the speculation that was out there, we had high confidence in all of those things. At the end of the day, we were going to stay very disciplined because this was, for us, an accelerator of our strategy. I mean, it kinda sounded maybe more exotic than it was because we're historically primarily builders and buyers. At the end of the day, this is a business that what we were looking at was primarily, an amazing, set of, a content library and IP, and studio production capabilities that would kind of allow us to bring more great content to our members.
With an HBO Max service, also the opportunity to bring kind of with that complementary service, because there was roughly 80% overlap between HBO subscribers and our subscribers, so a way to kind of continue to expand and evolve our plans and pricing in a way that thought we could deliver more value, even more value at better pricing to members around the world. At the end of the day, it was sort of playing our playbook. We also thought in terms of the seat we were in, we had kind of a unique point of view in terms of how to value those assets, because it is the kind of stuff that we do every day. It was just doing kind of more of it and expanding on that.
We went into it with a point of view on price. Once it was clear that this was going to be something where it didn't financially make sense to us anymore, it was time to kind of move on. That kind of gets back to kind of where we started. We feel great about our business. This was always from us, a position of offense, not defense. It was again, nice to have, would have loved it. Now we move forward. We move forward with a really healthy business with a long runway of growth. We move forward with $2.8 billion in our pocket that we didn't have a few weeks ago.
You know, we kind of resume our, you know, the business that we were always mostly focused on, and even just things like our capital allocation policy unchanged, but it means now we kind of turn on our share repurchase program.
Right. I guess now that we have to think about PSKY Warner, this is effectively what could be the formation of a larger scaled competitor in the landscape. How do you think about their willingness to license content and kind of your ability to source that?
Well, it's hard for me to speak for them. At the end of the day, we've competed with Warner Bros. for a long time and also do business with Warner Bros., we compete with Paramount, do business with them. In general, the entertainment industry is one where it's more typical than atypical to both compete and have commercial relationships. We kind of hope and expect that that will be the case here too. You know, licensing ebbs and flows for us in the industry, so with particular suppliers. You know, we continue to have really strong access to content from suppliers around the world. We don't have any supplier, like, meaningful supplier concentration. There's no single supplier that's more than a small minority share of our viewing.
Again, it ebbs and flows. We kinda, you know, look forward to competing with the new Paramount, but also doing business with them. You know, I mentioned in our Q4 call, we talked about we're doing more licensing of Paramount content. I think today maybe we renewed our Little House on the Prairie show with Paramount. For us, it's business as usual, but it's really kind of more in their court, and we'll see.
Great. We wanted to ask if there's any updated change or to your philosophy around M&A. You obviously mentioned historically you're builders, not buyers. Was there anything in this experience that changed kind of your framework and approach? Was it worth it? Anything on the regulatory front you would bring up or how we should think about your approach to other studios if they were to ever come available?
I know it sounds boring, but there's really no change. Again, it's like, you know, our approach to M&A is part of our approach to capital allocation, which is again, it's the same. First and foremost, we allocate our capital to invest strategically in our growth, that's primarily through organic investment and occasionally through M&A. Then we, you know, we ensure that we've got a strong balance sheet with ample liquidity. Lastly, we return excess cash to shareholders through share repurchase. M&A is part of that. Again, it's a tactic to accelerate our strategy. In the case of Warner Bros., it just happened to be an opportunity.
It's rare to have an opportunity to have studio and IP assets at that scale that aren't attached to a lot of other legacy businesses that are not attractive to us. We've been really clear, we don't have an interest in buying legacy linear assets and managing through that transition. We'll continue to kind of stay focused on what are those opportunities, strategic accelerators. Again, no change to our focus. It just this maybe felt a little bit more exotic because of the size. The strategy and approach to capital allocation is unchanged.
Shifting back to the core business, you disclosed recently a milestone for subscribers reaching over 325 million. I think that's basically 50% of the 700 million connected TV households that you talked about before as an opportunity. How should we think about the member opportunity from here? Is that still the right framework that we should be thinking about in terms of what you're trying to tackle?
From a member opportunity, yes, generally. That's a growing universe of connected households. Our estimate now is that that connected household universe is more like $800 million, a little over $800 million versus the number you quoted. You know, we're still less than 50% penetrated of connected households around the world, and we're growing into that. We're growing into it in our more penetrated markets and our less penetrated markets. You saw that in our last earnings report. You know, we've got healthy growth in every region around the world. We continue to have a long runway to growth. Also importantly, you know, we're building out multiple levers of growth.
One of the things we talked about, you know, a few years ago, and we slowed down, is we wanted to make sure we built to a healthy multiple levers of growth, including kind of launching the ad business. Now you kind of see that. We have growth through member growth. We have growth through kind of building member value and pricing into that subscription value. We have growth through our ad business, you know, taking that. You can kind of do the math on that this year, going from $1.5 billion of ads revenue last year to $3 billion this year. You look at our overall revenue guidance, which is, you know, ±$6 billion of incremental revenue growth year-over-year.
That puts ads at about a 25% contributor of growth. We're delivering more balanced growth across all of those, and that's what we've really been building to, and that's playing out in the business.
If you think about the content investments that's going into growing that member opportunity, two areas that you mentioned earlier about podcasting, and I think another one that more recently an experiment is vertical video.
Yeah.
Can you just maybe outline how we should think about those as interesting opportunities for you? More broadly, whether or not expanding more deeply into mobile consumption is something that you're really focused on.
Yeah, sure. Starting, I guess, with podcasts, I think we think of that as, like, we're always looking for those as I mentioned before, those most valuable areas to expand and strengthen our entertainment offering. Video podcast is one of those examples to us, where we think there's an opportunity. Not dissimilar to how we expanded over time. There was a day when all we were scripted TV and film, English language, and then we went into unscripted, and then we went to non-English TV and film. We went to animation and anime and then live. This is another potential content format or category for us. We're learning into it in areas that we know resonate with our members, so things like pop culture and lifestyle and true crime.
It also, you know, important thing about video podcasts for us is, you know, again, we're trying to win more of these moments of truth, and with video podcasts, there's a because it's frankly a little easier to get in and out of them. It plays better on mobile devices. It's sometimes you can kinda listen and not be watching all the time, so it has a little bit of the back and forth there. We're seeing, and it's still early days, it's still very early signal, but Our video podcasts are over-indexing on time of the day, like morning and afternoon when, relative to our core kind of subscription TV, film on-demand offering. Similarly, it's over-indexing on the mobile device, so that's pretty cool.
We'll kind of see where that plays out, and we'll learn into it. Then on vertical video, yeah, you're right. We've been testing into it for several months now. You can see in our mobile feed, there's vertical video clips, mostly film and TV series and film clips today. We'll expand that to more content formats like video podcasting. I think, more importantly, we're gonna continue to evolve and improve our mobile experience broadly. I think we touched on that in our last earnings letter.
In the back half of this year, we'll roll out our new mobile user interface, which, similar to what we did with our TV user interface last year where we rolled that out broadly and that kinda created a new platform for us that, you know, mostly was visually, more compelling, I think. And now we're rolling out more adaptive and personalized capabilities and all that plumbing underneath it. That's the same thing with mobile, where we'll kind of roll it out this year, and then that's now a platform that we can evolve and optimize for, you know, years and years to come, so.
We'd be remiss if we didn't ask about AI at our TMT conference. It's been a big topic over the last few days. Can you just talk about the puts and takes for your business? You've talked historically about the benefits that it might have to production and the production process. There's obviously a lot more existential angst as well about lowering barriers to entry and creating more of an opportunity for others as well, to get into space. Can you just talk about the relative positioning and how you're thinking about it currently?
Yeah, sure. I mean, we look at it as more puts than takes, I guess, if you're puts and takes. you know, it's a really exciting time for us. I mean, we look at, you know, AI and Gen AI and, you know, it's going to create, you know, a lot of things better: better content, better product experience for the industry. For us, you know, it's exciting because we're one of, we believe one of the few companies on the planet that has is really good at entertainment and technology. We've got 25 years of history of using AI and machine learning tools and now applying Gen AI. Our DNA is technology-rich.
We have deep data sets, and we have, you know, products and business operations at global scale. When you put those things together, we see, like, really exciting opportunities in terms of the application of GenAI to improve every aspect of our business. The key for us is, like, we're also pro-human. You know, we fundamentally kinda believe that creativity and the best of creativity is going to be done by people, and there's a pretty small subset of amazing creators on the planet. For us, we're focused on, like, from the content side, how do we have GenAI kind of infused tools that help bring out the best of storytelling for those creators?
It's an expanding set of creators, but still relatively few on the planet that we think make the best of creative expression, we wanna get the tools in their hands. Again, it's creators from more than 50 countries around the world. It's from social platforms. It's from open content platforms. We're focused on those, you know, infusing Gen AI tools into the creative process for people to make the best storytelling. We're also focused on Gen AI and when we think about, like, our product roadmap and our product experience. Our CTO has talked about for our product roadmap, we're focused on more personalization, more interactivity, greater immersiveness. All those things play to an expanded entertainment offering across core film and TV, live, games, et cetera.
You think about that product roadmap and infusing GenAI into it, we think using those models, it's an accelerator and enabler of that roadmap. Great for us because, you know, product done well and a product experience done well, matching the right content to the right individual at the right time, it's a force multiplier on our content investments. Those things are really powerful. On the advertising side, I mean, you all see it as well in terms of GenAI. We're, you know, still early days in our advertising rollout. This is our first full year of our ad tech stack.
Infusing Gen AI in that tech stack and those capabilities, we see it in terms of, in terms of just the advertising, the creative process itself, in terms of the creative formats that can be Gen AI created. It's improving contextual targeting and placement. It's, again, it's just going to be an enabler and accelerator of the effectiveness of advertising for our clients and for ourselves. Across the board, we're excited about the opportunity, but an opportunity for us is one where it's all about enabling the best of those creators and delivering the best of and the largest audiences in a professionally produced content ecosystem.
All right. We wanted to turn to pricing. You were pretty clear on the earnings call that it was business as usual, even as the Warner deal was pending. How would you say recent price increases have fared relative to your expectations? Do you have any view in kind of the change in your pricing power? Should we expect anything different now that Warner is kind of in the rear view?
I wouldn't expect anything different before or after. We said we were gonna kind of stay focused and continue to run the business as we always have. You know, we continue to deliver more entertainment value to our members around the world. We talked about, you know. I talked at the start of this, that when we've gotten more sophisticated about how we measure entertainment value in terms of, like, engagement quality, as an example, and we had record engagement quality scores at the end of last year that we continue to build on, so. We see that kind of, the proof of that in terms of how pricing and pricing changes have rolled out.
We've had really high customer satisfaction, really high brand health, and then pricing has, you know, gone as well, you know, or better than expected. Essentially, there's kinda no change there. We'll continue to focus on what we do, which is deliver more and more value to members around the world and then occasionally price into that value.
Maybe just spend a second on the quality of engagement. How do you guys actually measure that? Like, obviously, you know, Taipei 101, to your point, very special, really engaged. Like, how should we think about that from the outside?
You know, I, you know, I'm probably not gonna get into all that. You know, it's a very competitive business and we've got multiple metrics. One of the most basic ways that I think Bela and Ted have been recommending is one of the things we look at is do people press play and stay? That's a very basic way to think about it. Do they like what they watched? I'm not gonna kinda get into the.
We wanted to talk more about advertising. Obviously, you mentioned roughly double revenue this year to over $3 billion. I think fill rate has been one of the kinda question marks. Is it fair to say there's opportunity to continue to improve the fill rate and stay at very attractive levels in terms of ad load?
Yes. You know, we're continuing to grow our ad business in a healthy way, expect to rough doubling again this year. You know, it's a result of the fact that advertisers are pleased with things we've delivered on. We're delivering on an increasing scale. We're, you know, we've gone beyond kind of critical scale in all of our ads markets. We deliver a highly attentive and engaged audience. We kind of do that with a really strong slate of titles. We also now have a tech stack that brings kind of capabilities to market faster.
With all of that, then with the tech stack in particular kinda layered into that, we're able to deliver more ad products, and we're also able to kind of, stitch together more, more demand, more demand from things like, you know, external DSPs. It allows us to do more programmatic integrations, more data integrations on the programmatic side. All of that stuff allows us to bring more demand into the system. We increased fill rate last year. We'll continue to increase fill rate this year as we bring all this online. I should also say we don't manage to fill rate. We manage to overall ad revenue. We're trying to manage to that while also maintaining premium CPM marketplace, and that's what we're doing.
Fill is part of the path to get there.
Great. We wanted to hit on sports. Can you update us on your financial framework for assessing sports rights? You mentioned before you've licensed some sports rights like NFL games, Women's World Cup, MLB, but you've also largely been disinterested in kinda big regular season rights. How should we assess, you know, how you're thinking about the approach to sports?
We think about sports as we love sports, it has to work for us as well, for our members and for our business. For us, sports is part of our overall live event strategy. As part of live, sports is a subset of that. We don't love the business of being in the business of big seasons of big sports. We think that's a pretty tough business to be in, we don't think we need it to deliver that improving member value. We like it as part of our event strategy and see that with, like, the NFL on Christmas Day on Netflix is kind of eventizing a couple NFL games a year. See it with things like the Canelo-Crawford fight.
You see it with, you know, WBC in Japan starting tomorrow, where it's, you know, that's big in Japan, big in some other countries around the world as well. We're excited for those opportunities and continuing to build on those opportunities and find a way where sports can be a nice complement to our business. Seems with the big sports events. You know, we're gonna stay disciplined in terms of how we invest into it.
Looks like we're running out of time, but maybe just the last one from me. Anything on the content slate that you'd be highlighting in the second half? When is KPop Demon Hunters 2 coming out?
Oh, man. I believe they're... I don't know when that's coming out. I can't wait. I loved it, I gotta say. I mean, anyway, I won't... What's coming out, you know, I am, I'm a big fan of One Piece. I don't know if you guys watch One Piece. I, you know, I think it's feel good, and I think that's, is that next week? It's coming out soon. It's actually. That'll be fun. For some of you guys, Peaky Blinders, the movie, is coming out soon, I think you'll enjoy that. For others, Bridgerton, now all episodes have dropped if you wanna catch up on that. There's a lot of I mean, the thing with us is, like, and I don't do this as well as Ted.
You know, we could do five minutes of running through the steady drum beat of titles across film and TV and different content formats around the world, but that's what makes, you know, I think Netflix great and exciting. It's something fun and amazing for everyone, and it's not like one and done. We keep at it every week, every month, so.
Thank you so much for your time.
All righty. Thanks, guys.