“We do think that product will be additive to us in 2026. And yes, there'll be an investment, then that's part of the 2025 guide. But that investment, we're looking to pay back relatively quickly in 2026.”

In context

“air to give to investors not just operational results, but an expectation as to what we expect these investments to return, hence, the guidance rather than just focus it on the narrow pieces, although we've given you, I think, good segment detail, we thought it was also important to give you a picture of the overall company. So philosophically, because we've invested, we do feel like it's appropriate for us to give you a multiyear look because these investments are obviously multiyear in nature. In terms of our confidence in delivering it, obviously, we've got confidence in it. Otherwise, we wouldn't do it. We know it's important to deliver the guidance that we give, and that's why we've given it. So as it relates to flagship, I think it's a bit early to be talking about ARPU on flagship. We do think that product will be additive to us in 2026. And yes, there'll be an investment, then that's part of the 2025 guide. But that investment, we're looking to pay back relatively quickly in 2026. Robert Iger: To add to that, we have considerable visibility on our content pipeline as well. And one of the things that we've seen lately that is heartening is that when we have success in a feature film or even when there is expected success, the consumption of basically prior films – movies that have been made prior to the one that's coming out, goes up, spikes significantly on the platform. So if you were to look at the numbers for Inside Out 1 as Inside Out 2's trailer hit or what's happening with the first Moana film or what's happening with a number of Marvel properties since Deadpool & Wolverine came out. And I could go on and on. It's quite interesting for us in terms of raising consumption. So as we look ahead, I noticed some of the films in 2025, which is going to end with Zoot”