“By the end of this calendar year, subscribers will be able to see live TV and add-ons in addition to new features rolling out.”

In context

“Josh D'Amaro (Chief Executive Officer): Thanks, David. It's actually a timely question given the key milestones that we reached between Disney+ and Hulu in the quarter. Now Hulu subscribers can link their profiles and watch history on Disney+ while also getting a much more personalized and unified experience. There's still work to be done on unifying the tech stacks between the legacy stand-alone services as well as on integrating what have historically been disparate datasets. By the end of this calendar year, subscribers will be able to see live TV and add-ons in addition to new features rolling out. You've maybe seen one of our more recent features, Verts. It will be strengthened by the new deal that we have with TikTok, which will bring more curated feeds and fan-created content right onto Disney+. So I'm pretty excited about that. And David, yes, you're right that Hulu is an efficient platform for other entertainment services, some that have been part of the Hulu value proposition to partners and consumers for years now. And we do think that Disney+ can be an aggregator of third-party services and that we can do this both through bundles and add-ons. With Disney+, this is an opportunity on a global basis as well. Given our history and current Hulu add-on offerings and our DTC scale, we're one of a very short list that's well positioned for aggregation. I'd flag in particular the Disney+, Hulu, HBO Max bundle. This is a very popular bundle, and it works well for both us and Warner Bros. Discovery, and it's very sticky. The churn on the bundle is significantly lower than our Hulu or Disney+ stand-alone products when we look at similar tenure cohorts. So I feel good about where we are from an integration standpoint and feel like these opportunities for bundling will be out there for us and will certainly help us from a churn and engagement perspective.”