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11/5/2025
dimensionalize the opportunity around that push. I think the big focus sounds like it's centered on building engagement and brand, but I guess how should we think about how it affects advertising? Do you see this as maybe another aperture for expanding into video advertising opportunities? And then also maybe just touching on what kind of incremental investment needs this push might entail. And then secondly, on the family plan, it looks like it now represents 2% of your digital-only subscriber footprint, and Looks like it also came through predominantly on the game side versus the bundle. Can you talk about what stage of the rollout you're in and if there's any appetite to push further on that in terms of maybe restricting sharing somehow on your non-family plan?
I'm happy to take both those questions, Thomas. Good morning. Let me start on video. I think the first thing to say is we think it's a big opportunity for the company and we're in early days of it. We know lots and lots of people are seeking out and getting their news and the other kinds of content we make in the form of video. And so we think having more video gives us a big opportunity to engage our the people we already have more and to engage even more people and to do that both on and off our platform. And you asked specifically about advertising. I'd say we are early here. Our first priority is to do what I've just described, which is to drive more engagement. And ultimately, you know, having a wider engaged audience is what drives every part of our business, subscriptions, advertising, affiliate licensing. So We just think, you know, we think this is a really important part of our go-forward growth plans, and we're very excited about what we're doing there. On family plan, we are really excited about this. We're, you know, it's definitely played a role in the quarter. Family plan is good in a bunch of ways. It's good for market penetration. There you can think of it as, you know, the subscribers we already have bringing in other subscribers. And because the family plan subscription is priced at a premium, it's additive to subscription revenue. It's great for engagement. It's great for retention. And then I think you asked specifically about it's waiting to gains versus the bundle. That is not, I would not think about it that way. I would think about it as We presented a family opportunity in both the bundle and in games, and we are really excited about the performance of both.
Thank you so much. That's very helpful.
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