“Password sharing beginning next month, in very select markets. We're starting to go after people who are sharing passwords improperly. And that will roll out in earnest or across the globe in September.”

In context

“orts are playing out very well. And in addition to that, we feel good about the offering we have, particularly in terms of the premium offerings that we have, both in sports as well as with the Disney+ offering. The challenge, obviously, in the advertising market right now is there's a lot more supply in the market, largely as a result of one of our competitors entering the ad tier. But that said, I think generally speaking, we feel like we're in a better place than we were a year ago, and we have healthy momentum across nearly all the categories. Auto may be one exception and maybe to some degree, electronics as well. But by and large, demand is out there, and it's pretty high. So we lap our way out of the supply increase, I think we're going to be in a good spot as we enter next year. Password sharing beginning next month, in very select markets. We're starting to go after people who are sharing passwords improperly. And that will roll out in earnest or across the globe in September. We feel quite bullish about it. Obviously, we're heartened by the results that Netflix has delivered in their password sharing initiative and believe that it will be one of the contributors to growth, as you noted, going forward. I think it's also important to note, look, Netflix is, in many respects, the gold standard when it comes to streaming. But what I mean by that is if you look at programming, we stack up really well. We have a great lineup and quality of programming across not just ESPN and Disney+, but also Hulu. What we're building is the technology that Netflix has had in place and has been building for well over a decade to improve the business from a bottom line perspective. And that starts with password sharing, but it's all the things that Hugh mentioned as well. So I fee”