All right, thank you for joining. 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. And we're extremely excited to have Spence Newman from Netflix here. I'm going to give a quick disclosure. For important disclosures, please see the Morgan Stanley Research Disclosure website. And if you have any questions, reach out to your Morgan Stanley sales rep. So a bit of a different conversation than we might have been having a week ago, but we're going to get into all that. But 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 of 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, short, medium, and long-term. I see that a bit in our 2026 guide that in our Q4 call were really healthy outlook for the business. We guided to kind of 12% to 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. So really healthy outlook. For us, our focus remains very similar. So 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 core content offering around film and series, improving our product experience, continuing to grow that ads business, continue to expand our entertainment offering and drive strong, healthy revenue and profit growth. We also want to expand into new entertainment categories, building out live, building out things like podcasts. So continuing to kind of build that out as well so that we're extending and growing. And so overall, that kind of focus remains the same. And, 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. and 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. So, and we're, you know, so we're, sorry, someone's buzzing me and it's distracting me on my phone. So we're small in kind of every way that we kind of measure the business in terms of even households, we're less than 50% penetrated. So we've got a strong runway for growth in the core as we continue to focus on that, and that really is our focus. And again, I want to kind of reinforce it's a runway of organic growth that we feel great about.

Great. So 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, 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. Maybe take a minute to talk about why you feel this is the right level of investment for the business today.

So as you say, we got it to about $20 billion of cash content spend, up about 10% over last year. But it's really no change in our approach. So what we've always talked about is that we want to kind of drive healthy double-digit revenue growth for as long as possible. We wanted to accelerate that revenue growth. And as we did, as we have shown we are doing, then we want to kind of spend in a healthy way into that growth, but spend at a lower rate of growth than our revenue growth. And we've been doing that for a long while now. So as you saw from our healthy revenue growth outlook, it enabled us to kind of grow our content spend growth. So 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 and we set margin targets so um our our approach is to gradually grow our margins by growing our our spends a bit below the pace of our our revenue growth um and we've been doing that um 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 um we've you know we've averaged over the last five years about two percentage points a little over two percentage points of margin growth per year and this guide is up two percent um so uh you know it's it's quite consistent and and again if you go back you know i started in january of 2019 at netflix in 2018 we had 10 operating margins so we've grown from that to a 31.5 guide this year so i think we've shown we can be disciplined there But what that content spend shows is that we see some really attractive opportunities to spend into our growth on the content side. So 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've got licensing opportunities in terms of content. We 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're innovating even in licensing. We did the first ever global pay one deal, which means on a global basis, we have the pay one window for Sony Films, first time at the same day on a single service around the world so we're expanding there we're expanding into uh you know our the live business for us is one where we're seeing some nice early success and so we're growing that 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 of the u.s for like live events that originate outside the u.s we've got the world baseball classic actually tomorrow starting tomorrow in japan uh we had taipei 100 which was a fun event earlier in this year, a little scary to watch at times. 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. And then we're expanding content formats like podcasting. So all in, 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. And 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. But 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. And 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 um i think that's an area obviously of a greater investor focus in terms of 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 And 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 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.

Sure. Well, it's nice to hear you say we are the envy of the industry. We appreciate that. We work hard for that. So 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. And it's a tough battle every day. We're trying to win those moments. And we really want to be that kind of that first place, that kind of starting point and destination for professionally produced content and the best of creators around the world. So that is, you know, again, that's what we work hard to do. You mentioned our engagement report, and frankly, we probably should rename that report the view hour report, because that's what it is, is view hours. It's not engagement holistically. And view hours are important. They're just not the whole story. They're a part of the story. So, you know, we're, you know, we focus on the value we deliver to members in terms of overall engagement value. And 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. And it's a holistic view. You know, For example, just on the quality front, our primary quality metric, I think Greg may have mentioned this on our last earnings call, we delivered, thanks to Bella and the creative team, we hit a record high for us in terms of quality per hour of entertainment that we delivered to our members last year in Q4. So that was awesome. And we see that as we improve the quality per hour, that actually directly improves the retention on our service. And then 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, and we delivered that again in Q4. So we had strong acquisition retention, strong member growth. So we're really kind of looking at all those things. But coming back to, and we're getting increasingly sophisticated in terms of how we manage to kind of overall engagement. on the uh view hour piece just to hit on it we that total view hours they were up so we were up two percent in the back half of last year up from one percent you know one percent increase in the first half you know that incremental one percent is 1.5 billion hours at our scale so there's a little bit of law large numbers but i think part of what you know if we double click on it i think what folks um are getting at a little bit is we're growing members so the view hours per member member household is coming down. And there's a lot that kind of plays into that as well. So overall, again, I just want to reinforce, we have very healthy engagement characteristics. But if you think about what goes into a view hour per household, there's a lot of things that can impact that. Their plan mix impacts that. Geography impacts that. You know, culture and viewing habits impact that. So for example, again, we talked about in the last earnings call, Japan is an example as a country where typical household watch about watches about a half to two-thirds the amount of viewing in a U.S. household and 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. and so that doesn't mean that it's not healthy growing engagement it's just kind of a different mix of engagement so so 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 and you talk about the quality of the engagement in particular how you could potentially be assessing that on a relative basis

uh yeah well i i guess get back you know i guess um maybe industry is is more focused on youtube today um i can assure you we've been focused on youtube for a long time i think uh i think it's about 10 years ago that YouTube first showed up in one of our earnings letters. So 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. And YouTube is a key competitor. Increasingly, as we talked about, on the TV surface, which is the primary surface in which we entertain members around the world. So that said, 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. And for us, we're positioned, we want to be the best destination for professionally produced content. So we want to have the best creators of professionally produced content on the planet and deliver to them the biggest audience as possible. So 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. It's why we work with creators. 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, but 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, Miss Rachel was, I think, the ninth most-watched TV show we had on the service in the second half of 2025 um thank my son is very grateful for the fact that we now have mark rober on the service so we have alan chicken chow on the service coming soon so 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 so we're doing that you see we're expanding the content formats that we're getting into like video podcasts um we're expanding into areas like live as i mentioned so 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 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 brothers so you declined to raise your bid for warner we're not still in it you're out you're officially out so hard to get a laugh in this room okay um so you you within the hours you had i think you had four days within hours you put an announcement out that you were walking away so 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 a dollar but maybe take us behind the scenes and what led you to to walk away well the short answer is it was all about price

so um uh then we can get into it but but uh we said all along this was uh this was an opportunity that was a nice to have at the right price not a must-have at any price and uh you know we love the warner brothers business the assets that were available uh that we were bidding as you know on the studio and streaming assets not the entire company um and you know at the end we had a uh a strong belief a stronger belief at the end in the beginning that we would have been great stewards of those assets in that business we also had a stronger belief at the beginning and then at the end that we had a clear path to regulatory so much to a lot of the speculation that was out there we had high confidence in all of those things but 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 it kind of sounded maybe more exotic than it was because we're historically primarily builders and buyers but at the end of 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 and with an HBO max service also the opportunity to bring kind of with it that complementary service because there was roughly 80 percent overlap between HBO subscribers and our subscribers for a way to kind of continue to expand and evolve our plans and pricing in a way that we could thought we could deliver more value even more value at better pricing to members around the world so at the end of the day it was sort of playing our playbook but it was we also thought in terms of the 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 and so we went into it with a point of view on price and once it was clear that this was going to be something where it didn't make financial financially make sense to us anymore it was time to kind of move on and that kind of gets back to kind of where we started is we feel great about our business. This was always from us a position of offense, not defense. And it was, again, nice to have. Would have loved it. But now we move forward. We move forward with a really healthy business with a long runaway of growth. We move forward with $2.8 billion in our pocket that we didn't have a few weeks ago. And then we kind of resume 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 and i guess now that

we have to think about peace guy warner this is effectively what could be the formation of a larger skilled competitor in the landscape how do you think about their willingness to license content and kind of your ability to to source that well it's hard for me to speak for them

but at the end of the day we we compete we've competed with warner's warner brothers for a long time and also do business with warner brothers to compete with paramount to business with them in general the entertainment industry is one where it's it's more typical than atypical to both compete and have commercial relationships so um we kind of hope and expect that that will be the case here too um but you know licensing ebbs and flows for us um in the industry so with particular suppliers. We continue to have really strong access to content from suppliers around the world. We don't have any 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 look forward to competing with the new Paramount, but also doing business with them. You know, we mentioned in our Q4 call we talked about we were doing more licensing of Paramount content. I think today, maybe, we renewed our Little House on the Prairie show with Paramount. So for us, it's business as usual, but it's really kind of more in their court, and we'll see.

Great. And we wanted to ask if there's any updated change to your philosophy around M&A. You obviously mentioned historically you're builders, not buyers, but 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. So, 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. So, 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 ensure that we've got a strong balance sheet with ample liquidity. And then lastly, we return excess cash to shareholders through share repurchase. M&A is part of that, again, is it's a tactic to accelerate our strategy. In the case of Warner Brothers, 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. And we've been really clear, we don't have an interest in buying legacy linear assets and managing through that transition. So we'll continue to kind of stay focused on what are those opportunities, strategic accelerators, but again, no change to our focus. It just, this maybe felt a little bit more exotic because of the size, but 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, and is that still the right framework that we should be thinking about in terms of what you're trying to tackle?

well from a member opportunity uh yes generally so um but that's a growing universe of connected households so our estimate now is that that connected household universe is more like 800 million a little over 800 million versus uh the number you quoted um and so you know at our you know we're still less than 50 percent penetrated of connected households around the world um and we're growing into that we're growing into it in our more penetrated markets and our less penetrated market. So you saw that in our last earnings report. We've got healthy growth in every region around the world. We continue to have a long runway to growth, but also importantly, we're building out multiple levers of growth. So one of the things we talked about a few years ago when we slowed down is we wanted to make sure we built to a healthy multiple levers of growth, including kind of launching the ads business. And so now you kind of see that. So we have growth through member growth we have growth through kind of building member value and pricing into that subscription value and then we have growth through our ads business you know taking that so you can kind of do the math on that this year going from one and a half billion of ads revenue last year to three billion this year and you look at our overall revenue guidance which is you know plus or minus six billion of incremental revenue growth year over year that puts ads at about a 25 percent contributor growth so so we're delivering more balanced growth across all of those and that's we've really been building to and 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's more recently an experiment is vertical video can you just maybe outline how we should think about those as interesting opportunities for you and more broadly whether or not expanding more deeply into mobile consumption

it's something that you're really focused on yeah sure so um yeah starting i guess with podcasts i think we think of that as like we're always looking for those kind of as i mentioned before those kind of more about most valuable areas to expand and strengthen our entertainment offering and video podcasts 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 were scripted tv and film, English language, and then we went in unscripted, and then we went to non-English TV and film, went to animation and anime, and then live. And so this is another potential content format or category for us. So we're learning into it in areas that we know resonate with our members. So things like pop culture and lifestyle and true crime. But it also, you know, an 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 um there's a because it's it's frankly a little easier to get in and out of them it plays better on mobile devices it's sometimes you can kind of listen and not be watching all the time so it has a little bit of the back and forth there and we're seeing and it's still early days it's still very early signal but it is over you know our video podcasts are over indexing on time of the day like morning and afternoon when relative to our our core kind of subscription uh tv film on demand offering and similarly it's over indexing on the mobile device so that's pretty cool so we'll we'll kind of see where that plays out and we'll learn into it and then on vertical video yeah you're right we've been we've been testing into it uh for uh several months now um you can see in our in our mobile feed there's vertical video clips mostly film and tv series and and film clips today we'll expand that to more content formats like video podcasting. But I think more importantly, we're going to continue to evolve and improve our mobile experience broadly. So 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 was similar to what we did with our TV user interface last year, where we rolled that out broadly. And that kind of created a new platform for us that mostly was visually more compelling i think and now we're rolling out more adaptive and personalized capabilities and all that plumbing underneath that's and 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 and 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 talked historically about the benefits that it might have to production and the production process, but 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, of your puts and takes um you know what's it's a really exciting time for us i mean uh we we look at uh you know ai and gen ai and um you know it's going to create you know you know a lot of things better better better content better product experience uh for the industry but for us you know it's exciting because we're one of we believe one of the few companies on the planet that has um is really good at entertainment and technology and we've got 25 years of history of using ai and machine learning tools and now applying Gen AI. And so we're very, 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 Gen AI to improve every aspect of our business. The key for us is like we're also pro-human. You know, we fundamentally kind of 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. And so for us, we're focused on like for on the content side, how do we have gen AI kind of infused tools that help bring out the best of storytelling for those creators. Now, it's an expanding set of creators, but still relatively few on the planet that we think make the best of creative expression. And so we want to get their 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. But 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, our product experience, like 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. If you think about that product roadmap and infusing Gen.AI into it, we think using those models, it's an accelerator and an enabler of that roadmap, which is great for us because 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 investment so those things are really powerful and then on the advertising side i mean you all see it as well in terms of gen ai we're we're um you know we're still early days in our in our advertising roll out this is our first full year of our our ad tech stack but um infusing gen ai in that tech stack and those capabilities we see it in terms of um in terms of just the the advertising um the creative process itself in terms of the creative formats that can be genii created um it's improving contextual targeting and placement so it's again it's just going to need to be an enabler and accelerator of the um effectiveness of advertising for for our clients and for ourselves so so across the board we're excited about the opportunity but an opportunity for us is one where it's all about enabling um 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. So 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 of 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. So we said we were going to kind of stay focused and continue to run the business as we always have. We continue to deliver more entertainment value to our members around the world. We talked about, I talked at the start of this, that when we got more sophisticated about how we measure entertainment value in terms of engagement quality, as an example, and we had record engagement quality scores at the end of last year that we continue to build on. And we see the proof of that in terms of how pricing and pricing changes have rolled out. So we've had really high customer satisfaction, really high brand health, and then pricing has gone as well or better than expected. And so essentially there's kind of no change there. And 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? Obviously, Taipei 101, to your point, very special, really engaged. How should we think about that from the outside?

I'm probably not going to get into all that. It's a very competitive business, and we've got multiple metrics. One of the most basic ways that I think Bella and Ted have been on record saying, 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? But I'm not going to get into it.

and we wanted to talk more about advertising obviously you mentioned roughly double revenue uh this year to over three billion um i think fill rate has been one of the kind of question marks um is it fair to say there's opportunity to continue to improve the fill rate um and stay

very attractive levels in terms of ad load uh yes so um you know we're we're continuing to grow our ads business in a healthy way expect a rough doubling again this year that has the you know it's a result of the fact that advertisers are pleased with things we've delivered on we're delivering on increasing scale where you know 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 of titles and we also now have a tech stack that brings kind of capabilities to market faster. So with all of that, then with the tech stack in particular kind of layered into that, we're able to deliver more ad products, and we're also able to kind of stitch together more demand from things like external DSPs. And then it allows us to do more programmatic integrations, more data integrations on the programmatic side. so 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 if we bring all those online but i should also say we don't manage to fill rate we managed to overall add revenue we're trying to manage to that while while also maintaining a premium cpm marketplace and that's that's what

we're doing so phil is part of the path to get there great we wanted to hit on sports can you updated 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 kind of big regular season rights how should we assess you know how you're

thinking about the approach to sports yeah well you think about sports as uh we love sports but it has to work for us as well for our members and for our business so for us sports is is part of our overall live event strategy so 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 and we don't think we need it to deliver that memory improving member value so we like it as part of our event strategy and see that with like the nfl on christmas day on netflix is kind of adventizing a couple NFL games a year. You see it with things like the Canelo Crawford fight. You see it with, you know, WBC in Japan starting tomorrow where it's a, you know, that's big in Japan, big in some other countries around the world as well. So 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 teams with the big sports events. But we're not in the, you know, we're going to stay disciplined in terms of how we invest into it.

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 and when is K-pop Demon Hunters 2 coming out

oh man I'm losing it 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 but what's coming out I'm a big fan of One Piece I don't know if you guys watch One Piece I think it's feel good and I think that's next week it's coming out soon it's actually so that'll be fun uh for some of you guys Peaky Blinders the movie's coming out soon so I think you'll enjoy that for others Bridgerton now all all episodes have dropped if you want to catch up on that so there's a lot of good 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 we I think Netflix great and exciting is something fun and amazing for everyone and it's not like one and done we keep at it every every week every month so

thank you so much for your time all righty thanks