Speaker 1: Bloomberg Audio Studios, podcasts, radio news. I want to start
Speaker 1: everyone acts like Netflix has won everything, right, I get
Speaker 1: a lot of people don't. People, even people a Netflix,
Speaker 1: don't like it when you say that Netflix has won
Speaker 1: the streaming wars. They think it's the wrong But I
Speaker 1: want to so I want to start with something. Let's
Speaker 1: let's go negative.
Speaker 2: All right, well it is you're speaking to my personality here.
Speaker 1: What is something that Netflix needs to do better?
Speaker 2: We need to do everything better.
Speaker 3: And I think you know the reason I hate, like,
Speaker 3: you know, when I hear we've won everything or whatever.
Speaker 3: I actually I think the worst position for a company
Speaker 3: to be in is to feel like they've actually won everything,
Speaker 3: because I think success has this, uh, you know, vulnerability
Speaker 3: where you start to breed, you know, complacency, error against
Speaker 3: and things like that. And I think in the world
Speaker 3: that we live in entertainment, this has been the most
Speaker 3: competitive entertainment environment that's ever existed in the planet, you know,
Speaker 3: in the history of humankind. It's getting more and more competitive,
Speaker 3: and if you don't maintain the sense that you are
Speaker 3: constantly vulnerable, I think you will lose.
Speaker 1: So I think the biggest thing that people point to
Speaker 1: as perhaps a side of vulnerability at least that I
Speaker 1: noticed is that your engagement, the amount of time people
Speaker 1: spend on the service has been pretty flat over the
Speaker 1: last couple of years. And then you look at the
Speaker 1: regular drops from Meelsen and you see that streaming share
Speaker 1: of TV time has gone up quite a bit, and
Speaker 1: your share that's gone up is a pretty small fraction
Speaker 1: of that. A lot of the growth has gone to
Speaker 1: these free services. So how do you address that?
Speaker 3: Well, I think you just essentially explained it right, which
Speaker 3: is that we moved on demand very early on in
Speaker 3: the process, so we sort of got the benefit or
Speaker 3: basically built our business around that benefit. And then you know,
Speaker 3: everyone over a period of time caught up and essentially
Speaker 3: from our perspective, they're all now moving to that model
Speaker 3: and moving to that benefit from consumers. So you know, frankly,
Speaker 3: the fact that we were actually keeping pace in that
Speaker 3: sort of you know, shifting tide if you will. I think,
Speaker 3: as you know, reasonably good thing. It's not great, you know.
Speaker 1: I mean good thing, but from everything I've heard inside
Speaker 1: the company, like the goal is basically to replace television,
Speaker 1: right like have Netflix be the ones or if you
Speaker 1: can watch basically anything on television on Netflix except for
Speaker 1: news and until recently sports.
Speaker 3: Well, I think, you know, expressing that as an ambition
Speaker 3: and also that is a way to organize how the
Speaker 3: company thinks about what we're trying to go do is great.
Speaker 3: I also think that that's not consistent with saying that
Speaker 3: we thought it was realistic that we were going to
Speaker 3: be the only thing that people were going to watch, right,
Speaker 3: because I also don't think that that's realistic at the
Speaker 3: end of the day. So I think there's always going
Speaker 3: to be like multiple sources of entertainment, even in the
Speaker 3: categories that we serve. We want to be you know,
Speaker 3: we want to win as more much of that as
Speaker 3: we possibly can. So I'm not you know, the don't
Speaker 3: back to being complacent. I'm not happy with the fact,
Speaker 3: you know that we're not growing engagement. We should grow
Speaker 3: more engagement. I think we will. I expect you'll see
Speaker 3: engagement numbers will go up for us. But also I
Speaker 3: don't think that I don't think there's a world in
Speaker 3: which we be the only thing that people watch.
Speaker 1: A big project I assumed to help grow engagement was
Speaker 1: the new you Use or interface UI that you rolled
Speaker 1: out over the last year plus.
Speaker 2: Yep.
Speaker 1: Can you point to some key ways in which that
Speaker 1: has already helped or you think it will help.
Speaker 3: Well, I would say a lot of what we've been
Speaker 3: doing is essentially re architecting the entire stack. This is
Speaker 3: from sort of how algorithms get calculated. We used to
Speaker 3: calculate overnight everyone's recommendations. When they show up in the morning,
Speaker 3: we would have that baked. Now we do it dynamically
Speaker 3: on the fly, and now we've created a UI where
Speaker 3: essentially you can you know, connect those those algorithm pipes
Speaker 3: in and also launch new modules.
Speaker 1: Can you use words that I'm not even going to
Speaker 1: insult the audience here that I will understand.
Speaker 2: Yeah, so thank you.
Speaker 3: Basically, what happens now is that when we think about.
Speaker 2: What titles do you want to watch? Right?
Speaker 3: We used to do that overnight and you'd show up
Speaker 3: and we'd give you those titles, right. But now the
Speaker 3: way that we do it essentially is as you're navigating
Speaker 3: the UI, we think about, oh, what are signals that
Speaker 3: you're giving.
Speaker 1: I skipped over this thing really quick. I'm not interested
Speaker 1: in that, right.
Speaker 2: Right, that's right. So I think that's something that's going
Speaker 2: to take us.
Speaker 3: I think a while to really build the fullness of
Speaker 3: how that delivers, you know, benefit for our users. But
Speaker 3: the thing that I can point to right now that
Speaker 3: the new UI structure is just designed to go do
Speaker 3: and is doing for us, is serving new content needs
Speaker 3: as we expand beyond just film and series.
Speaker 2: We spanned a live events and.
Speaker 3: The UI has to do a different job, which is like,
Speaker 3: why do you want to show up at Thursday at
Speaker 3: seven pm? Because oh you're going to watch a you know,
Speaker 3: a boxing match that you know you would not otherwise
Speaker 3: get to see, Or why do you want to play
Speaker 3: a game or those kind of things. That's that's what
Speaker 3: it's That's what it's doing for us right now.
Speaker 1: Right when it comes to to live that was something
Speaker 1: that you sort of famously said you weren't going to
Speaker 1: do sports for a while. And I know it's not
Speaker 1: just sports, you also do other live events, but the
Speaker 1: sports have been the biggest. Right Your NFL game was
Speaker 1: really big. Boxing match was huge, or both boxing matches,
Speaker 1: the logan or the the Jake Paul one will decide
Speaker 1: if it's really a boxing match.
Speaker 2: Sure, very good offer you. Well, I'll refrain, how much more.
Speaker 1: Are you going to invest in live events over the
Speaker 1: next few years and are there things that you know
Speaker 1: that you want to add to the service that you
Speaker 1: don't have right now.
Speaker 3: So it's a start with you know live, we think
Speaker 3: of as an important additional form of entertainment that we
Speaker 3: can deliver members. It's sort of a different style of
Speaker 3: entertainment you know where. Actually it's interesting because in contrast
Speaker 3: to our on demand service, which has tremendous benefit because
Speaker 3: you control the entertainment when you want to watch it,
Speaker 3: the big benefit alive is that we're all experiencing the
Speaker 3: same thing at the same time, and that has tremendous
Speaker 3: sort of social and conversational relevance. Right, So we want
Speaker 3: to do more of it. It represents a very small
Speaker 3: fraction of our total investment, It represents a small fraction
Speaker 3: of our total hours, but we think it also does
Speaker 3: a different job, so it sort of.
Speaker 1: Comes does it have a different impact, Like do you
Speaker 1: see because from the third party data I've seen, you
Speaker 1: tend to see huge surges and sign ups around some
Speaker 1: of those bigger events.
Speaker 3: Yeah, I think we expected it will do the same
Speaker 3: work ultimately that our other content does, which basically is
Speaker 3: a reason to sign up and a reason to stay.
Speaker 2: That's you know, at the end of the day.
Speaker 3: Now, I think we back to your point about like
Speaker 3: what do we know we want to get and stuff
Speaker 3: like that. We're still really learning in the space, so
Speaker 3: we're really trying to figure out, like, okay, what, how
Speaker 3: is this delivering value to members? How is this delivering
Speaker 3: value to the business. And there's definitely a different phenomena
Speaker 3: where these are punctuated.
Speaker 2: Moments to your point, right, which you.
Speaker 3: Know, people go like, Okay, if I'm maybe on the
Speaker 3: edge of signing up for Netflix, this might be the
Speaker 3: thing that pushes me over, you know, to actually do that.
Speaker 3: So I think we'll see different things for sure, but
Speaker 3: we really are learning.
Speaker 2: As we go.
Speaker 1: I want to throw one poll to the audience before
Speaker 1: we ask the next question, because they are related. If
Speaker 1: we get it up there, I will ask. So I
Speaker 1: just want to I promise Greg I would do this.
Speaker 1: Keep in mind how much these sports cost. Football is
Speaker 1: the most expensive, Tennis is the least expensive. Everything else
Speaker 1: sort of.
Speaker 2: Fits in between there.
Speaker 1: So even though Greg and I both like tennis, probably
Speaker 1: smallest audience but also least.
Speaker 2: Expensive international audience, what.
Speaker 1: Would you say the odds that you make a bid
Speaker 1: for one of the football packages when the NFL ops
Speaker 1: out of its current deal in twenty nine, or.
Speaker 3: Doesn't it you know, it doesn't really fit with our
Speaker 3: strategy as we understand it right now. So again back
Speaker 3: to your point, we think about what we're doing as
Speaker 3: an event's strategy, and it turns out, as you said,
Speaker 3: sports are big events, right, and so we can plug
Speaker 3: those into that strategy. But we also want to make
Speaker 3: sure that we're being really really disciplined about you know,
Speaker 3: are we buying, are we investing in ways that are
Speaker 3: profitable for the business and some of the big league
Speaker 3: sports things.
Speaker 2: We don't actually have a way to figure out that math.
Speaker 1: So okay, all right, although it doesn't I mean, isn't
Speaker 1: the sort of the magic of football. I get that
Speaker 1: the NFL is maybe tricky for you, and that it's
Speaker 1: not global and how expensive it is. But the reason
Speaker 1: it's so successful it's the one sport where like every
Speaker 1: Sunday sort of is an event.
Speaker 3: It's amazing regard, right, But I think to some degree
Speaker 3: that lack of substitutability is of course what gives the
Speaker 3: rights holders the leverage.
Speaker 2: And it's done a pretty good job at Yeah, I
Speaker 2: know you have.
Speaker 1: I can tell that you guys have this vision of
Speaker 1: where like you have more leverage than the sports leagues
Speaker 1: that are negotiation and that has basically never happened in media.
Speaker 3: That's right, until it happens, I would say you should
Speaker 3: have some skepticism about that.
Speaker 2: Okay.
Speaker 1: One other thing that you guys have basically never done
Speaker 1: is large scale em a day. But the bigger you get,
Speaker 1: the more you tend to get tied to different companies,
Speaker 1: different deals. There's been some reports around you guys being
Speaker 1: interested in Warner Brothers Discovery. Is there any truth to that?
Speaker 3: I would say this, you know, we come from a
Speaker 3: deep perriage of being builders rather than buyers. I also
Speaker 3: think that it's you know, one should have a reasonal
Speaker 3: amount of skepticism.
Speaker 2: Around big media mergers.
Speaker 3: They don't have an amazing track record over you know,
Speaker 3: the history of time, so you know, I would say
Speaker 3: it's our also, it's our responsibility to evaluate all our
Speaker 3: options and.
Speaker 1: Try so you'll look, you'll have a conversation, but the
Speaker 1: odds of an offer are pretty low.
Speaker 2: Yeah.
Speaker 3: Our job is to figure out, like what's the best
Speaker 3: way to grow our business? Right, and we have to
Speaker 3: think you know, really carefully, like how do we invest
Speaker 3: our capital, our time, and our attention and if that's
Speaker 3: the best way to do it, great, and if it's not,
Speaker 3: then we should do something else.
Speaker 1: What area you're investing a lot of capital right now?
Speaker 1: Or you might quibble with a lot, but it is
Speaker 1: gaming small fraction of our total investment. But yeah, I
Speaker 1: appreciate you saying that you've been offering video games for
Speaker 1: four years? What would you what grade would little over three?
Speaker 1: Little over three? Sorry? What grade would you give your
Speaker 1: gaming efforts so far?
Speaker 2: I'll give us a B minus? How's that?
Speaker 1: Okay?
Speaker 2: Yeah?
Speaker 3: I would say, look, you want maybe just to start
Speaker 3: where we're at right one. You know, it's a big
Speaker 3: market you one hundred and forty billion dollars X China
Speaker 3: X Russia. That doesn't that's just consumer spend that has
Speaker 3: include ads. So we think it's a real opportunity for
Speaker 3: us to try and earn a percentage of that over
Speaker 3: a period of time. A lot of what we've been
Speaker 3: doing is really just building the foundation, right We've been
Speaker 3: doing a lot of like you know, real hard plumbing work.
Speaker 3: But now we're getting to a really interesting place where
Speaker 3: you know, we're going to deliver more of what our
Speaker 3: vision of what we.
Speaker 2: Should be doing in the space is.
Speaker 3: And we call it games because that's a you know,
Speaker 3: a rubric or you know, a name that we all
Speaker 3: can relate to. But really I would look at this
Speaker 3: as how do we add more interactive capability? So that
Speaker 3: means even things like taking our live program back to
Speaker 3: the live program and how to add interactivity with live.
Speaker 3: So we've got voting right now that we're in testing
Speaker 3: on with David Chang and his live clicking show. You'll
Speaker 3: see that interact those interactive features come up with star Search,
Speaker 3: we do a lot another live event and non sports
Speaker 3: live event of star Search.
Speaker 2: So that's an exciting place to be. And then it
Speaker 2: gets also.
Speaker 3: Yeah, so you can see this is sort of how
Speaker 3: the Dave Chang experience is working. And you know, again
Speaker 3: this is you know, the tip of the iceberg, and
Speaker 3: we'll get deeper into this as we go. We're also
Speaker 3: I think more clear around what are the gaming areas
Speaker 3: back to the true you know, the more or traditional
Speaker 3: gaming areas that we are operating in. You know, it's
Speaker 3: a lot of interactive games around our IP. So you
Speaker 3: think about what you did with skid squid game. I
Speaker 3: don't know if you saw Throng. Let's based on the
Speaker 3: Black Mirror universe, but it's worth checking out because if
Speaker 3: you're a Black Mirror fan, it's so in universe, it's
Speaker 3: and the fans of Black Mirror just loved it because
Speaker 3: it was like they were having a meta experience there too.
Speaker 3: But even like Happy Gilmore, we did a golf game
Speaker 3: with Happy at Gilmore that got a remarkable amount of consumption.
Speaker 1: So do most of the people who use Netflix know
Speaker 1: you offer games?
Speaker 3: I would say, And that's part of frankly, what's been
Speaker 3: hard about this, And I think it's it's hard for
Speaker 3: any brand that has a deep, you know, consumer sense
Speaker 3: of what are you doing for me?
Speaker 2: Right? And then you're like, well, I'm going to do
Speaker 2: this as well, and you have.
Speaker 3: It takes a while to really build up that sense
Speaker 3: of what's happening. But it's not it's not that dissimilar
Speaker 3: to let's say we launched, you know, in a new country,
Speaker 3: like you know, you went to Japan, right, So when
Speaker 3: we started in Japan, two percent of the Japanese population
Speaker 3: it ever heard of Netflix, So nobody knew what nobody
Speaker 3: would nobody eve knew our name much.
Speaker 2: Let's be able to tell you what we were doing.
Speaker 2: And we're doing pay TV.
Speaker 3: Service in a country that doesn't really have a great
Speaker 3: PayTV you know operation we're doing over the internet in
Speaker 3: a way, it was totally new, and so you've got
Speaker 3: to every day build a little bit of like what
Speaker 3: are we doing, who we are, what are we you know,
Speaker 3: how are we here to serve you? So that ten
Speaker 3: year journey, let's say, you know, just did the tenth
Speaker 3: universary in Japan. You know, tremendous progress over ten years,
Speaker 3: but it took us a long time. And I think
Speaker 3: you know, the gaming situation is not dissimilar to that.
Speaker 1: How much is it an impediment that for the most
Speaker 1: part now you can only play it on your on
Speaker 1: your phone.
Speaker 3: Well, I would say, you know, the phone is what's
Speaker 3: great about it is it's a well developed gaming ecosystem,
Speaker 3: right so you know, folks notifying games there. But it's
Speaker 3: also a highly competitive gaming ecosystem, so it's developed. This
Speaker 3: gives you both that upside and the downside. But what's
Speaker 3: exciting is that now we are moving beyond the phone
Speaker 3: to the TV. So I mentioned like one of the
Speaker 3: gaming areas we're going after. One of the big gaming
Speaker 3: areas we're going after now is you know, social gaming experiences.
Speaker 2: It will show up on your TV.
Speaker 3: So we are now announcing we're announced here actually that
Speaker 3: we're going to have these social party games, a pack
Speaker 3: of social party games that you can play on your
Speaker 3: TV with your phone as the controller. And it's things
Speaker 3: like you know, recognizable games like Boggle. You got Pictionary,
Speaker 3: We've got a Lego party game, We've got Tetris, We've
Speaker 3: got like a Mafia style Who've done it? This is
Speaker 3: This is me and our CTO Elizabeth playing Boggle here,
Speaker 3: which is it's we're two very competitive people, so it
Speaker 3: got it got pretty ugly.
Speaker 2: Who I'm not going to say that means he lost.
Speaker 3: Oh does it when she watched a video my friend,
Speaker 3: you triggered my competitors. But this is again, this is
Speaker 3: you know, so it's your phone, which is an incredible device,
Speaker 3: and there's all sorts of things you're going to be
Speaker 3: able to do on your phone that you.
Speaker 2: Can't do on a normal controller, like touch screen.
Speaker 3: And this is USA basically picking our words on that,
Speaker 3: and it's you know, it's dead simple to use, it's intuitive.
Speaker 3: And then this is you know, us on the earliest
Speaker 3: days of how we actually can use that and if
Speaker 3: we you know, basically are going to like unleash this
Speaker 3: with a bunch of creators and they're going to go
Speaker 3: figure out stuff that we didn't even imagine that they
Speaker 3: can do with that interactivity.
Speaker 1: Got so you made to comment earlier about how it's
Speaker 1: never been more competitive in media. How worried are you
Speaker 1: about competition from the second richest person in the world.
Speaker 3: Well, I guess I'm not sure that that's exactly who's
Speaker 3: competing with us, And that's maybe a good question. Well, look,
Speaker 3: I mean start with like, it's fun to have some
Speaker 3: new vigor in the competitive ecosystem and the dynamic there.
Speaker 2: I think it's exciting.
Speaker 3: It sort of you know, keeps everybody on their toes
Speaker 3: and we're trying to figure out everyone like sort of
Speaker 3: figure ouare what.
Speaker 2: Does that mean and what does it do?
Speaker 3: I also think you have to go back to like
Speaker 3: doesn't change the business fundamentals, right, you know, you still
Speaker 3: have a bunch of problems to go solve and a
Speaker 3: business to grow, and so we'll.
Speaker 2: See what happens.
Speaker 1: So you bid against them for UFC, they come way
Speaker 1: over the top, that doesn't worry, that doesn't send the
Speaker 1: signal that maybe they'll be able to spend somewhat irrationally for.
Speaker 3: Loucause we are constantly dealing with situation where our competitors
Speaker 3: outbid us. And what I try and remember our team
Speaker 3: is we should bid up to the point where we
Speaker 3: think it's going to deliver value back to business. And
Speaker 3: if somebody outbids us, I say you should applaud and
Speaker 3: say go with God and try and monetize the heck
Speaker 3: out of that.
Speaker 1: Is it fair to say that YouTube is the stiffest
Speaker 1: competition or at least for attention.
Speaker 2: Sorry saying YouTube? Oh, YouTube, Yeah, for sure, they're a competitor,
Speaker 2: of course.
Speaker 1: Yeah, would you say that the toughest for you?
Speaker 2: I mean, they're a formidable competitor, for sure.
Speaker 3: I mean, and I think because of some degree they
Speaker 3: compete in a different access you know. I think it's
Speaker 3: you know, our thought on competition is always the hardest
Speaker 3: competition to deal with because they you know, it's hard
Speaker 3: to measure how you're doing things. They have angles against
Speaker 3: you that you might not you know, be familiar with.
Speaker 3: And so I think we're developing an understand ending of
Speaker 3: like what's our place in the ecosystem relative to them
Speaker 3: that we basically shore that up. We want to be
Speaker 3: the place where we invest ahead with.
Speaker 1: What is that like. Do you look at that and
Speaker 1: say we need to do UGC? Do you look at
Speaker 1: that and say we should skim off their biggest talent.
Speaker 3: I think the dumbest move would be to try and
Speaker 3: match them in every way, because I think you have
Speaker 3: to really know what lane you're operating in and then
Speaker 3: you try and be excellent at that and then defend
Speaker 3: that lane.
Speaker 2: And so you know what do we do? We invest
Speaker 2: ahead with creators.
Speaker 3: So that they can tell their stories in really really
Speaker 3: compelling ways, in a way that the YouTube model doesn't
Speaker 3: really allow them to go do. So we want to
Speaker 3: work with the best creators in the planet. Some of
Speaker 3: those folks are going to come from YouTube, they're going
Speaker 3: to come from TikTok, They're going to come from traditional
Speaker 3: places all over the place. We want to be the
Speaker 3: place that they want to go when they're ready to
Speaker 3: tell that story at that level. And then our job
Speaker 3: is to find the biggest global audience for them and
Speaker 3: make that really you know, a strong reinforced loop.
Speaker 1: Yeah, I was talking with your old friend Robert earlier,
Speaker 1: and he made a parallel of sorts that I think
Speaker 1: other people have done between two of the dawn of
Speaker 1: UGC and where we're at with AI entertainment right now.
Speaker 1: A lot of people over the last week in Hollywood
Speaker 1: very alarmed about Sora, new product from Open Ai Netflix.
Speaker 1: It seems like has been slightly less reactionary than some
Speaker 1: of its peers, if I'm being fair. You guys have
Speaker 1: talked openly about using AI at least one project, So
Speaker 1: why disclose that? And how are you using AI in
Speaker 1: terms of the creative process, not tech product, any of that.
Speaker 3: So I think a better parallel, in my mind is
Speaker 3: actually the Internet rather than u GC. Sure, So that's
Speaker 3: how I think about it generally. Maybe just to start with,
Speaker 3: we've been in the AI business for people that haven't
Speaker 3: tracked for two decades, and so we think of that
Speaker 3: heritage our tech DNA, large sets of data, scaled consumer products,
Speaker 3: scaled business processes, including on the content production side, as
Speaker 3: being the reason that we actually have an advantage to
Speaker 3: lean into how we use these technologies. We want to
Speaker 3: do so in a disciplined way, though, because I think
Speaker 3: you can you can throw a lot of stuff around
Speaker 3: that's not really going to matter, and we want to
Speaker 3: figure out where the places that that deliver value to
Speaker 3: the business. Consumer experience is one, Advertising is another big one.
Speaker 3: You mentioned content production. We feel like our job is
Speaker 3: to give our creators a suite of tools that we've
Speaker 3: vetted in our work together orchestraight together. Well, they can
Speaker 3: use other tools to them. That's up to them to
Speaker 3: figure out what they want to go do. But you know,
Speaker 3: we see a lot happening in previews and shot planning,
Speaker 3: you know, and scheduling and perform a budgeting.
Speaker 2: And all that stuff.
Speaker 3: We see a lot happen in the you know, sort
Speaker 3: of post side of things, the VFX, and you know.
Speaker 2: You mentioned examples that we've used before.
Speaker 3: That's a pretty good example where we've been able to
Speaker 3: do shots that we wouldn't able to do in other ways.
Speaker 3: And so we see that, you know, continue to proliferate,
Speaker 3: and you know, we'll let the creators lead the way
Speaker 3: in that process, but I think our job is to
Speaker 3: is to assist them in that rather than you know,
Speaker 3: hold back.
Speaker 1: So do you I'm curious because some of your peers
Speaker 1: in Hollywood have sued some of the AI companies. Do
Speaker 1: you feel confident that an open AI I, a Google,
Speaker 1: a Meta or some of the smaller ones like the
Speaker 1: Journey have violated copyrights to you guys own Well.
Speaker 3: I mean, I think we're in this process where you're
Speaker 3: going to see a lot of you know, people trying stuff.
Speaker 3: But I would say we have a very strong position
Speaker 3: that you know, IP should be protected.
Speaker 2: You know, we believe in supporting creators.
Speaker 3: They should tell amazing stories with us, with other people,
Speaker 3: and they're that output should be protected. And so we
Speaker 3: believe strongly that tool creators, some of the folks that
Speaker 3: you mentioned, and also consumers. We have sort of a
Speaker 3: legal standard around this, whether it's coming from an AI
Speaker 3: model or from another human creator, like if you copy
Speaker 3: you know without AI. You know, we've got a legal
Speaker 3: standard around that, and we shouldn't force those standards and
Speaker 3: be strong about that.
Speaker 1: Another area where some of your peers have gotten into
Speaker 1: conflict that you have thus far avoided, although it flared
Speaker 1: up a bit recently, is in politics at a moment
Speaker 1: where you have a president who kind of has gone
Speaker 1: after a lot of elite institutions, probably has treated nasty
Speaker 1: things about your company at one point or another. How
Speaker 1: do you think about you do you have to do
Speaker 1: anything to proactively defend yourself.
Speaker 3: I think we try to stay focused on serving members
Speaker 3: and serving the business as being our overarching organizing principle,
Speaker 3: and it comes to, you know, some of the things
Speaker 3: that trip you know, we've been pretty clear about our
Speaker 3: position that we are in the business of entertaining the world.
Speaker 3: That is our mission.
Speaker 1: But in entertaining the world, you are invariably going to
Speaker 1: program certain things that a lot of people don't that
Speaker 1: people don't like.
Speaker 3: Right, that we are doing our job well, and so
Speaker 3: just to be clear, like we're trying to now program
Speaker 3: for a number of human beings on the planet that's
Speaker 3: approaching a billion people, those people all do not think
Speaker 3: the same. They have different views of what their entertainment
Speaker 3: should be delivering to them. So if we are doing
Speaker 3: our job right, we're working with a wide diversity of
Speaker 3: creators and we're supporting their ability to tell you their
Speaker 3: story and their own way. And that again, if we're
Speaker 3: doing it right, there's something on the service where every
Speaker 3: one of us as employees, where every one of our
Speaker 3: members probably thinks is not great or they don't like
Speaker 3: or maybe they think it's harmful and frankly, if we
Speaker 3: don't have that, we're actually not doing our job correctly, right,
Speaker 3: And so we've been pretty clear that that's the business
Speaker 3: we're in and we're going to keep doing that.
Speaker 1: But you do every so often take stuff down when
Speaker 1: governments still like it. We just haven't had it happen here.
Speaker 3: Would well to be very clear, we do not respond
Speaker 3: to government pressure. When the government has legal claim that
Speaker 3: there's we have to be you're legally obliged to respond to,
Speaker 3: then we react to that, but we then actually post
Speaker 3: that so that there's transparents around that. And again that's
Speaker 3: like happened five times in the last year, right, So
Speaker 3: it's not I mean, it's if you think about the
Speaker 3: kind of content that we carry in the number of
Speaker 3: places that we carry, we've generally been successful at having
Speaker 3: a wide range of content up in every place that
Speaker 3: we operate.
Speaker 1: Okay, we're going to run through a few things quickly
Speaker 1: because I really have a minute plus left. Would you
Speaker 1: have made more money from kpe up Demon Hunters if
Speaker 1: you'd released it in theaters?
Speaker 2: I don't think so.
Speaker 3: At the end of the day, I mean, it's worked
Speaker 3: incredibly well for us. I mean, if you cherry pick
Speaker 3: it and I don't, I don't know. Maybe I don't know,
Speaker 3: it doesn't really matter, but that doesn't that would not
Speaker 3: be a reason to go.
Speaker 2: Change the strategy. So that's probably the more fundament question.
Speaker 1: You've got a bunch of merchant Halloween costumes and stuff.
Speaker 2: One more K pop question.
Speaker 1: Has anyone approached you about a theme park attraction tied to.
Speaker 2: Not that I'm aware of.
Speaker 3: I bet you it's happened, though, you know, and I mean,
Speaker 3: and you know we were doing these in a.
Speaker 1: Very delicate way of saying it's happened, But I'm gonna
Speaker 1: because I'm far enough removed from it, I'm not going
Speaker 1: to touch.
Speaker 3: That I don't actually know, So I'm legitim me telling
Speaker 3: you I don't actually know, but I wouldn't be surprised
Speaker 3: of it asn't happened. But we've got these Netflix houses
Speaker 3: that we're building now, which would be the kind of
Speaker 3: places where we want to put those kind of experiences in.
Speaker 1: Will Netflix syndicate its programming to third parties within the
Speaker 1: next three to five years.
Speaker 2: I doubt it.
Speaker 3: I don't just I don't think there's a lot of
Speaker 3: value in it, and I'm not sure why we would
Speaker 3: do it.
Speaker 1: Okay, last one, who's a better tennis player? You or
Speaker 1: Bill Gates?
Speaker 2: You're really pretty fine. I think I'm a pretty good
Speaker 2: test player.
Speaker 1: That is not an answer to the question, Greg, Thank
Speaker 1: you very much, Thank you, m HM.