Netflix (NFLX) 19 Jul 232023 Q2 Earnings call transcript

Company Profile

Participants

Spencer Wang	VP, Finance, IR & Corporate Development
Ted Sarandos	Co-CEO
Greg Peters	Co-CEO
Spencer Neumann	CFO
Jessica Reif Erlich	Bank of America

Call transcript

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Spencer Wang

Hello, and welcome to the Netflix Q2 2023 Earnings Interview. I'm Spencer Wang, VP of Finance, IR and Corporate Development.

Joining me today are Co-CEOs, Ted Sarandos; and Greg Peters; and CFO, Spence Neumann.

Our interviewer this quarter is Jessica Reif Ehrlich from Bank of America.

As a reminder, we'll be making forward-looking statements and actual results may vary.

over to turn first for now question. I'll the you call your Jessica,

Jessica Reif Ehrlich

year let's -- top content spend your gets with one, you. out the on start Thank Well, content How basis? the from and this your strikes. from into far pushed how you a of practical how your next but Can think of you give year? do of us original this you views does affects 'XX business take two not [indiscernible] much

Ted Sarandos

afternoon. Jessica. Thanks, the Thanks Good for questions.

is clear. Let an me something We time. making we start the make that by These absolutely strikes, deals all this strike outcome wanted. not

We by actors much we constantly with very the with now. writers, to industry with directors, and an reach and are hoped with agreement table everyone at negotiating producers across the

a if member very So was I dad in up. personal also to much I IBEW I I union a want of lives was remember of a may, local Local when -- was on a because household. growing was our his level, I as that union electrician. a local My a he And union part was raised say, XXX

more on occasion, pole that than remember dad being family my financially out your on And also it takes I strike. on remember I enormous And one because an and emotionally.

and possible. super any are that I'm and know One So into to took nobody agreement complicated lightly. to had soon this of nobody enables sure everybody as an and move it to one or we've nobody do. SAG We're future. of issues. you forward at getting equitable to got ANPTP work There that in the handful WGA a of should within a But the industry committed that's nobody the as here, lot

Jessica Reif Ehrlich

of certain content, content -- terms original probably in how like a time, point you at have will. run to much out, And you do in

Ted Sarandos

in all the domestic, the can said as strike to upcoming besides we heavily content all things the move conclusion content the scripted, we of across produced We've in that forward. get of Well, all they're the point and local letter. non-English, put we those our English, some unscripted, kinds real true. last look, need we've so to call, film, all this to is But a point, TV,

Jessica Reif Ehrlich

Absolutely.

So rollout is on hear let's to everyone you just and the about. give Union, wants have progress move date sharing, us the Could be you to of complete? kind password which made something a State to will the call of what when like on

Greg Peters

Jessica. Yeah,

hard, X.X they that gave wanted. most they and over really So for an a even needed clear good was that experience that make consumers to months included we've many really find features product decisions over them the approach that iteratively we worked years that to thought information

So viewing think access, your our one. purchase account new a and to devices to account, that history about being profile membership loved to for transferring ways extra a your easy and manage able

Netflix So a user building was with making we delivered think, able someone. that job entertainment way we've a those that we done get balances those when features, in sure but good paid considerations reasonably to at to also

So then, invest that we the service for better into of course, making can everyone.

relative terms in launched we we've our seeing the of that of that in all regions. pre-launch We're in and almost working. countries experience positive revenue to now it's both today, of all operate that subscribers in As we're and

it's the over to several of But note roll quarters. I business product important think impacts will experience also that in that

that they're month own months we even or Because, do the the immediately thing. title in of or applied down maybe so interested months we'll account, up or kind and as three part overnight part, an particularly interventions not in in. next line, gradually sign are won't their because longer some it's So borrowers launch for six a but

model. So vast to iterate and we're execute of we're XX% going countries that revenue over countries, by and to continue live in the majority of

Jessica Reif Ehrlich

about Is who been several back like or Maybe there the coming go said cut devices August that not mobile devices think a September. another to are to or that? think convert. help don't know off borrowers in mean I through there's haven't many students us I are ways. on you segments off way wave mobile home college and of been who Can people yet. maybe yet Anecdotally, yet. for have have summer shut it who they will feels have

Greg Peters

Yeah.

or product it's there's happen So how whether that how it time. the there's over we've roll you behaviors because where described they'll those because experience, components of organized what are essentially out,

And those of those time. see a cohorts broaden so period more of over interventions we'll to

that's one phasing of out. of it So component sort

The is we engagement component borrower that that population. across see other differential

are take stories, borrowers to and using there So then are likely little films. very great bit to less it's transfer And TV are to day. with longer own them some the are accounts service shows every folks us folks And to who over very great it going soon. engaged. And their those convince a some move to

are both this impact business experience. that's from distributes So -- product of those what effects essentially the

So that's over why as would I right we're next now, but effects also it quarters. the we'll think see effects seeing about those many

Jessica Reif Ehrlich

paying what are versus great what this were more your results, color any have households. but like, add-ons Like, subscribers, converted members also on plan? numbers subscriber how to many provide you to quarter, Can percent the there

us people think you change kind what plans? and help of through did can So

Greg Peters

see I say, generally, these what are we Yeah. members. well-qualified would is

words, that are good quite they like So other members, because that engaging tenure plans choosing in good that's qualified, retention retention characteristics essence. is look well and are in have higher are they at generally rates,

numbers. And we'll think most specific more beyond that, that's way comment it. borrowers what those borrower qualified about with fact to consistent those are. well a So cohorts a about way most that's engaged, won't first. to essentially broad general And that That's also the think I on convert then

Jessica Reif Ehrlich

how members accelerate to new through further add-on letter of ARM versus a you accounts higher half that priced the signing help growth along as get in to second it sounds sharing. in up Is us your like existing maybe And much UCAN, from will is can that correct? the subs Well, you function like password plans. ARM in think of

Greg Peters

Spencer, do take to you on? one want this

Spencer Neumann

revenue accelerated our expectations that of really delivered region, Yeah. on a thinking QX it's going key growth combination components line revenue ads. of QX. and Maybe in by QX primary on on a deliver in and to we we're we broadly forward. revenue it. if or in kind and about that our revenue and streams we're volume within just driven about to new pricing, That's given Jessica, track revenue our QX objective our the thinking back revenue around set with is in step further and acceleration in accelerate But like overall and

So out a them think each largely from to revenue big of so and if we during price sharing paused about that's year adjustments our in countries. now more paid one be those, expected. any than we're We so rollout

stream, ads, expected be a that's a new and For revenue so this build gradual not big year. revenue we've that contributor expected to

continues be So on to target.

paid driven in year by growth is our sharing of rollout. our new through volume growth revenue and largely memberships So this that's from paid most

in impact, build said, accelerator revenue as the quarters. to several expect over year Greg primary our is and It we that

we're seeing of that's each and our So what in UCAN. regions in

because advertising benefit ads but market, to the still overall bit more per UCAN bigger So it's very a a from se small still very, nascent it's business. little is

Jessica Reif Ehrlich

you you there's that another driver last in seems dropped and of which is it surprise several ARM, just that the be you a couple this positive and that plan that the could Canada But the had U.S. UK. announced to weeks, basic in and in ago also like weeks very

-- So far a from has and the plans any it the your there advertising tier? it the that more people to the that go so response hoped guess the couple Are rest for? experience here. in I of has driven response of questions Is you world for Canada, you

then will years other is feels fully three obvious over over like I do this impact of guess final And period like, impact? part for this have When the you it's month. or ARPU. out more mean positive rolled this think the $X is like most of – it question time an is I that per what one

Greg Peters

as a we've over features enjoy two prices plan streams consumers and period about structure, do team to great the the have time, period with the around spread of appropriate price Bela’s and time. futures, goal to long That mind. is the list to of optimize means that ads, that pricing, of in the which actually of video really seek give range think We is, that what Sure. how for that this of stories quality, more add so a want of no including ads, continuation number world appropriate wide the done goals think of points we the of corresponding One access we can generally is, a features simultaneous we'll across people doing. a we

we share that now I those entertainment best a evolve think perspective, as what CADX.XX And latest got those includes entry second healthy up think the sign engagement, think from represent that United right countries, the offering move optimizing U.S., Canada. over achieve prices GBPX.XX to we in are an it's big factors This and take rate, U.K. in the and about and in years it we from reflects bunch the affordability, And value, this goal that time. that is launched important a expect. we in will have retention. in and goals just plan the Canada a countries It's so UK ago and think have revenue, we and you note and also States, that that that And conversion, long-term amazing might we've accessibility our of attracting single sign-ups. of plan it's those $X.XX in adjusted

have is standard plan, which we that effects up that So into tier about, sort that level attractive plan. talking of that when essentially two that terms much the in would really into either tier, folks expect, entry ads it's for is basic specific what you're move they price tiers. take They signed which low would you the pretty or drop the

see we so that And sorting.

and In I mean fashion we what an rolling the iterative in surprised. and impacts of countries, we this across expect, be not are allows would to terms that understand us out

generally think that are we expect regard. I things as So in going

Jessica Reif Ehrlich

or members subs for new move sharing, differences one on So are any password question I'll last But the then there from in new churn? advertising. to your noticeable and

Greg Peters

way Netflix have these, the well for time. Well, are right I characterize a They borrowers them of how seeing They terms would are I mentioned I about as them signing Netflix are say, know think we're that folks that off of that in watched the period members before, now. as would qualified. spinning the long way to up, works.

good. is That characteristics, in better retention they're So more retention. higher sharing tenure means which terms behaving like of characteristics subscribers,

Jessica Reif Ehrlich

Right.

Spencer Neumann

about does just ads. ad-free basic in And but call the of a or you today a how average of the also the out maybe Jessica, numbers? and ARM per couple revenue kind tier as -- member, seeing and countries bit in asking as questions think what that and of you getting with in as mentioned the I Canada And is we little as were we number a of move of out -- other mentioned kind of our of we you are ARPU play think you build it

about mentioned drivers So it ARM expect just because limited can sharing. past member, little revenue that in similar of the That's starting year the about a neutral revenue due through moment is over you maybe FX markets spoke was get revenue we rolling down. price paid talk with the But can complicated. slightly out in second to down X%, to mostly average QX our in that the can and if see -- in we we per FX a flat I our ago, QX, big of adjustments you if drivers neutral, advance think a for you

so There's Most has over also country of some here, some ARM the shift year play in been at UCAN, lower in of over mix plan outside past and countries. our time. movement growth member

the medium are the I plays mean that trends. changed over just that expect price of philosophy over adjustments. you it our ARM importantly, mentioned. members we It's from benefit But we So both and longer will and from time ARM term, early. to haven't will long-term benefit pricing ads the that those extra into and

that of as over would member see quarters. paid And time that impacts, the but even percentage only Greg they the sharing we tier itself still build ads of still all small over We're nice really tier multiple going up of extra including early in members mentioned, for base. ARM demonstrating our just growth moves in a reasons we'll the small mentioned, expect. on do, terms we And we're growth are in with that's to the ads off a in

Jessica Reif Ehrlich

on of the that -- is about guaranteed give of time. every to you you go the I offerings Moving have? on the reach the an ability or really the some to some into which you offering talked things like upfront non-traditional was Could advertising. reach innovative provides color in incredible advertisers -- mean one a top XX, the all

through ways the some you're in because different that are talk from of traditional thinking ways media. Just very

Greg Peters

Yeah.

think We back, work to We that We ads on a dollars. advertisers think to one the is it's XXX% that predominant And first to know have dominant when I to that consideration got -- list. top that where about useful quarter-to-quarter. business. priority go reach to stepping planned their we're in membership of almost grow be grew with. of We've they this spend is start the focused want lot considerations the scale.

good want mentioned. good growth. as that's So That's continue to trajectory, that. a Spence We

So one. job that's number

and two really out. number is, following our path. Job those their advertiser a their rolling capabilities effectively. more facing targeting. are innovation country really go-to-market These that out of bucket are we've not advertisers serve actually every features that are well-trodden verification, can that serve in got we that more solid category like I'd measurement, list include more that We're in them things a so and building in sales

We to can well-established So it, know do the These down and of this it's need so there's just a heads we work. We work. very execute. do bunch straightforward following path.

work UX really And data-driven user CTV. a the capabilities is what development, establish properties terms time advertising that which is to experience in that with over the period little time And to what personalization leadership digital can that then opportunity that capabilities to ads blend ads an of testing, we've of of interface about premium long experiencing. position we think of leverages bit defining also talking the on for get of the offering, we you're long, and about, TV over used deliver and the really core experience a a both time, unique at iterative our in

You can see glimpses of that right now.

XX. top mentioned You

all participation shows, so us, moment there's we a given just that ads of tons that, think at on creative and of way the think different is fundamentals But tons of popular And to most really in are films we're and over I way a work focused to opportunity, business. exciting. a advertisers can we improvement. we're ahead years, give those how popular continual the a about also that essentially confident most guaranteed build Netflix, several that's any there have that material on

Jessica Reif Ehrlich

or advertising-only ARM change advertising least any $X.XX standard when to been was said at as more. high as was ARM there last advertising indicating since the here, that Has quarter of you it part

Spencer Neumann

can I change. if you dig Greg. it no It's want,

globally, same U.S. ad basic to of the where ARM in free standard ads ad standard overall higher as free standard than in terms Our statement the than continues higher ads be on

believe, we do said, and we're to with -- revenue to so we're ad good our And here for got the generally, a about for good offering, grow the we ads where our pleased ads it is a to continue can the lot -- incremental which But plan, just member over per we've to of and feel good to additional work economics the get just members, driver business. be, opportunity for business. as material from Greg got really margin time,

Jessica Reif Ehrlich

looking environment. you your advertisers Can tepid have mean, initial to are a advertising seem this advertising really performance? But for. you overall is everything about upfront tell us I

you been? about anything there reaction say has how what is the -- So can

Greg Peters

have it's so hear need Sure. first with Yeah. and great in all, many to to be a advertisers able -- It's of to opportunity what period us. from an meet they concentrated

And are how so top those can advertisers. better what requirements to helpful synthesize that's our support and we

soft. We're from right general market But the that now different that right small. most absolutely being benefit relatively across we you're think is I companies. seeing

scarcity our inventory. around there's So

the manage progress our So that within of and I market. seeing able broader think soft demand that job good on we're good to really we're upfront and But effectively, process sort their is to offering as can as we we advertiser that as so we meet make inventory that more attractive can needs quickly add our that now features up. -- that scale

Jessica Reif Ehrlich

much how need do ad-tech and invest to you tools time build like What own your to infrastructure?

Greg Peters

a see in working Well, it's sort working even features They're collaboration need. advertisers engineers delivering one I basis. in of are basis. a Microsoft priority We're a this are you're has would we that telling that down point on tens in have at specific these than a we're what we consistent -- features gradual this if number, more order a after they we're And on knocking of say, ramp, delivering looking for time. on to essentially another. when us back that, just consistent

Jessica Reif Ehrlich

is period you like time capabilities there the order tech is before like in a really feel all achieve But place? to this have a three plan in you year like scale,

Greg Peters

Yeah, both features binary scale it the reach have next one then you a not like, don't aren't tech day. have and in It's terms terms of suddenly you it have of day the in it you of sort condition. capabilities and --

I hills. those up both So and just of iterating say we're constantly walking would

able I'm XXX% scale, being get growth. quarter-to-quarter with pretty So to to impressed

mentioned you But one space building now, allows into continue got innovative like not from So essentially. and sort better a puts us place before. a basics that features, to we're us better list sort long it's and that's day technical what will a then right to the good we've of feel we're year doing the trajectory every that And and move done. in if that be good of that magically as on again, progress

Jessica Reif Ehrlich

contribution? for in your a be linear, it you, would like revenue. the that one advertising said are decline higher maybe it rethinking past of that this to the this of given You've for -- but be XX% Spence, you'd vision the But what's so you percent?

Spencer Neumann

way to Well, a Jessica. I getting go got XX%, think to are from long even today to where we've we

skis, of we believe part just a blocking a I to ahead -- We business. meaningful of our if tackling can So our be it do. and get We've don't want to got of will. we lot

if it spend and we and when allocation, impart resource we focus least and XX%, XX% didn't this revenue. we its think So energy, time of Greg others, wouldn't effort, at because senior management say of all could be Ted

is say beat bar meet shooting we're time. to would that's that for something I a hoping So or over

and lot a it -- say, are But that a prove -- you think sights there's as that have great time. we because but set dollars to collect over over on we branded ecosystem and environment of ad we demand, to we're that time TV our out

little ready not time, projections I yet, close gives us kind of our getting one ask. is would I So what we to long-term really haven't guess from a even increase to come to Jessica,

Jessica Reif Ehrlich

what maybe follow you why just that the digital? think dollars over about, that like, it the come just from But will like given you're be Greg on time? such up all capabilities and would shouldn't of would to Sure. going said, Like, the linear to ad -- it linear talked extraordinary be do limited pool you capabilities, to pool why of where because have

Spencer Neumann

it And let be to Yes. well, Greg bode speak should I'll it.

Greg Peters

Yeah.

targeted that of time But linear a to connect us capabilities where But that dollars first with we brand are that There's for a capabilities we're definitely envelope. There's go to at linear price time, looking we consumers of think that focused advertising. spot -- we after speak of a there. much will advertising. and expand brand one, again, to now. we can that dollars that is lot lot a to build provide building digital that allow it's over that's and aspiration both think can TV over period we And right and great number pulling to an to solution. have sweet We're we I anticipate dollars. say more fair today,

Spencer Neumann

to time over model. be better really a it's TV than Jessica,

both And that, blending and two digital together dollars brand time. and starts over capturing with so it it's the but

Jessica Reif Ehrlich

then and between are One last any in changed I'll question past this, the on. has so, But the quarter engagement or noticeable differences tiers? move there on

Ted Sarandos

Well, more tiers that there's across we're haven't a seen engagement might expect, participation, as higher more to. means [indiscernible] we time generally getting qualified, some generally change tier over a what if statement, you but broad the that's differences

of well. our engagements seeing across tiers, as we're across all our ads engagement So good good plan

Spencer Neumann

-- if Ted, you know I on. all you

Ted Sarandos

to No, thing Yeah. is in mind to continues the keep grow. that streaming a

And your it's So in our it's every of time continue even U.S. the building is Jessica, all the had growing streaming number we've we very, enormous now the nearly streaming, point, very evidence dependent which that TV competitive. space, grow that is on one number year of and share of, film best creates on XX% one capabilities. to of though so Probably show this an those of in -- then amount possibilities, week but for to

because So increasingly it together, as is watch like quality move things demand consumer enormous the as it streaming there's streaming moving is they love. the on long that and is this And the something dragging consumers can isn't they them running. this we streaming. we're to they or content the to in. Basically, This and deliver away high opportunity demand they can way, what eyeballs watch those where on invented we've of linear put and the how and us can watch they grid and an dictating notion are they're where to by -- from

in they're monetize week world. our and is advertising so the content that subscription about, to on And really and day-out, in ability and and day-in to they dependent through in every having excited choose us pure if both it out country through week do the

Greg Peters

just brands engagement films titles, to mentioned and attractiveness the level that's And this of and ultimately foundation next Yeah, shows they that to XX I Ted top TV is our their advertisers like reach, exactly in have amazing them. to our right. the think high want

Jessica Reif Ehrlich

flow. let's move to on cash free So

said -- outlook about maybe the you quarter bit just Talk an underlying the a QX. you little and Could other had for talked content this extraordinary and You address dynamics? investments? spend quarter, you about second

Spencer Neumann

Jessica. can you early what success One, things. flow of the Yeah. forecast, higher of paid took take driven just the our in one, up by our rollout. forecast XXXX It's I we our success few in for it Sure. sharing expectations. with mean certainty cash terms really I of a that the see in

We production some also the ins had then and of And the the schedule. of move outs strikes. just timing, in lastly, impact the typical

so we're flow And there's and between pretty outcomes that some we for year to 'XX. where create may this where going of lumpiness XXXX range -- a -- still given wide strikes, ultimately cash but land on ongoing actually also the and

So still in between some years. expected 'XX, flow the a substantial lumpiness free but cash

phase But out cash-intensive more of past most we're original programming strategy. broadly, building our that

we'll some expect a cash lumpiness. near-term free But trajectory multiyear growing in positive the lens, So years and we if ahead. we have flow apply

trying So us slower And to helps that's expenses expense prudent a of grow but you're management in that what revenue part responsible growing seeing. generally course, still scale than of just as our healthy. way ongoing that

Jessica Reif Ehrlich

What's spend outlook What your strikes post content the for next few plural? normal years? is the

Spencer Neumann

talked what talked cash what our in the the about of with about, of content and talked of in last coming we when that's -- of had that roughly couple that the what doing most lumpiness as we've through the content with we flat. we strikes. recently because 'XX the revenue you've XXXX our is and 'XX that of out about seen of it kind now would keep because of throws through spend some Well, calls slowed early from COVID, is plan our been down And we

and 'XX. we in as levels 'XX were hope to back similar But is our our in expectation up get those we to levels

back we cash talked works spend about what next content of levels. And is is in grow ratio X.X terms expectation our and So about relative we content will to too, in to those hope it that our year our letter the to out roughly expense.

kind us time. of a of allows scale also our that over in cash healthy flow to growing kind while way So

to out, ticking which do we've to to as way. Ted cash all We revenue hope up to QX to prove to, a as And in and to expect around But hope acceleration, and it the entertainment that we've content in on of lot members guided great QX. in doing our said. prove then we further out and we world start spend healthy obviously. we have got that again then provide -- a start is We just we as

So spend a opportunity, lot we can got do more we've a but big want we spend think into, we responsibly. into to it

Jessica Reif Ehrlich

your let's would it ad feels you're it business spend beyond way that, content capabilities. But and in tremendous model. leverage put there's that measured, maybe like tech your very in investing like of But kind

So is there 'XX? a like way about beyond I free cash to flow think growth and

Ted Sarandos

say, it profits best the way and So I we would to Jessica, revenue expect think about over grow time. to is

Spence past As mentioned, are intensive we the most cash phase.

is in plans. talked times somewhere probably and on So current of around in the in about based for that XXXX cash roughly be past, the future X.X -- area a we've the think that to content we foreseeable going cash the spend to ratio content lot that amortization neighborhood

sort of be So of rough able I think building that gives you a right it. to sense get a blocks the and

is would the see very lead you that free I flow cash future. foreseeable healthy what generation for to think would

Jessica Reif Ehrlich

What So can maybe you? maybe give lowest possibly interesting lot a land, in we and M&A. seen. memory talk there you assets cash flow I of about assets are free be of that we've the might in uses multiples mean distressed media to

Ted Sarandos

go Spence, want do on. to you

Spencer Neumann

some those IP We in for assets, a are said versus opportunity these for reason. always of Yeah. we've those at of just things terms assets stressed the -- looked we've got

we're strength looking can into we around members, when real IP And at look mostly develop great business. is which we our that so content mostly would at for our M&A activity be our in

pools I to very But builders are strong be into think -- really over IP that hasn't been access and opportunities give So could develop traditionally interesting. that buyers, us if fundamentally and could of that's that we there against we that would changed. have super

Jessica Reif Ehrlich

some And amazing your substantial, it's Would just point. content away plus to others? that, maybe -- amazing at library developed on moving consider selling global mean, I XX to sort you've really years over but you titles. pretty got and of a a library this little you've And bit

Ted Sarandos

Look, anywhere we Netflix on of we now. viewing to then unbelievable an almost smaller a this found base. else they we've in value have content always account that otherwise put and And Netflix offer as either our or crossover much a there's of members it,

members we offering we're terms of the original in our it -- we're course content even after run on having the So think Netflix. taking right its around to and

content to versus exist up against in and for all us markets history So our market, seen new syndication are Extraction please our back members back this was way X the of thrill a XX. quarter, opportunity with popped X seen also to contracting and today opportunity, when with the well the home the top kind Queen we've have just video way content this that up build we of seasons of We've our into too continue past right shows XX. Extraction top like through the members isn't exciting with so hit into Charlotte did when that a our things that lot

and comes X Here Bridgerton X.

becomes. better a that dynamic offering way And it's really a the at -- way. -- richer So fluid it's very in even very it's that deeper library and a and fluid

Ted Sarandos

one we time question. Jessica, last have for probably

Jessica Reif Ehrlich

Okay.

Ted Sarandos

two parts it make Jessica. you can want, if You

Jessica Reif Ehrlich

life strategy, NFL you sports [indiscernible] outbid for going Okay. on you talk reportedly seems documentary. about sports. bit lot or a to your sports outbid experimentation. I there supposedly can a Well, and mean little in I ESPN be mean including

be live if that include maybe would in great. So could you sports,

Ted Sarandos

a what new weeks launched of audience remains -- called to We're ago, which around our introduced months is to which few storytelling, in saw sports NFL. not exceptional one a Quarterbacks position do just Survive, brand TordeFrance, that's for did very it the a we liveness about excited -- with you that success -- A unchanged. super sports been a recently really exactly the Drive through not our live and a We to had adjacent we programming. few game. had it's with Look, of time understood just great the the through sport long well and

round year for and that, by -- strengths, sports we it really variety offer sports storytelling. in on are fans that's leans this So our which doing season of now programming can wide

experimental full really And live vehicle in you to brands that to a the about because November. excited Survive. serves some Drive doing, like swing like golf for we're our we're going and that. it And read promotional excited this we're that be sports match of about as stuff So

a sports of really the think that economic sports have can we of be live we of to So for licensing. difficulty model part offering really the on Netflix strong having without fans

Spencer Wang

we Jessica, forward Great. to for to for answer. you, the for next questions thanks interview the and Thank audience speaking you video Ted, you. all to that Thank your you, into quarter. tuning look and Well, thank

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