“When we combine -- when we gave people an opportunity to have a more seamless experience between Disney+ and Hulu, we saw engagement increasing. And we would hope that when we take this next step, which is basically full integration that, that engagement will go up even more.”

In context

“ked out for all of next year, and the newer ships are even higher in that regard. So we feel terrific from the perspective consumer receptivity to our new offerings. Operator: Our next question today comes from Peter Supino with Wolfe Research. Peter Lawler Supino: I wondered if you could comment on engagement trends regarding of your existing subscribers on Disney+ and Hulu, and how your current DTC strategies could contribute to those trends? And then a related longer-term question, not a 2026 guidance question. Your DTC segment reported 6% operating margins. As DTC surpasses your 10% margin objective, is there an opportunity to accelerate DTC content spending for the sake of market share over the long run? Robert A. Iger: Well, I'll take the first part. Maybe I'll take the second, too. When we combine -- when we gave people an opportunity to have a more seamless experience between Disney+ and Hulu, we saw engagement increasing. And we would hope that when we take this next step, which is basically full integration that, that engagement will go up even more. In addition to that, we've implemented a number of technological improvements that are designed to increase engagement. And we're really pleased with what we're seeing already, but we also know that it's still a work in progress, and we have a lot more work to do. For instance, just the strength of our recommendation engine. We're also experimenting like crazy, where we're basically trying different elements out on consumers and getting data back from them in order to figure out what works the best. That includes basically the homepage experience and basically what they see when they open up an app. In addition, we've added streams, which was a technological advancement. There are some great streams you can watch, I think, 30-some -- [ 35 ] seasons or whatever it is of The Simpsons on one”