And then — and so I think — but that said, it’s still — it’s a mature category, right? They’re 17 years in. So — but then when you think about the real problem we’re solving and sort of step back from files and think about it more is like how do we organize all your working life for all your work content, how do we help you bring machine intelligence to that. That’s very early innings, and that’s — these are like universal problems that are still unsolved. And so it’s really — I’m really excited about the evolution in front of us from organizing just your files to organizing all your cloud content. A lot of the road that we’re on is reminiscent to me of Netflix 10, 20 years ago, right? They started out with a vision of like you should just be able to play — just help me press play on anything I want to watch, that value profit stayed the same, but the way they deliver the service obviously changed a lot.
I mean, initially, they were mailing you DVDs, but then as they went to streaming and the world as broadband penetration and everything else became kind of ready for that, all the way they delivered the service changed massively. But the value prop did and that whole DVD-mailing base eventually — or they helped bootstrap the streaming business and made the seamless transition throughout. And so I think there are a lot of parallels in that for us. I mean, I think one difference is DVDs kind of did go away. Files are not going away, so it’s more thinking about working back from what is that kind of idealized content experience. And building towards that in addition to optimizing the FSS business in addition to building Dash. But we think there’s an exciting overlap in convergence there.
And that transition wasn’t easy for Netflix either. I mean it’s easy to forget now, but their stock went down like 75% during that transition and then increased after that from probably like 50x or more from those lows. So hopefully, we haven’t had that kind of volatility. But I think there’s — I think there’s a lot of precedent for what we’re trying to do. And again, I just work back from like what do our customers need and there’s — and I’m really excited for a lot of the investments we’ve been making to make their way out to the world.
Luv Sodha: Got it. And just a quick follow-up on the — HelloSign security incident. Could you just talk about like what steps you’ve taken to address that? And then how are you how you’re preventing additional churn? Have you seen customers churn so far? And what steps are you taking to prevent additional churn there?
Andrew Houston: Yes. So first, we think the impact is relatively isolated. We believe the Internet was isolated to the Dropbox Sign infrastructure, didn’t impact other Dropbox products. We believe is isolated to the Meta data, not the actual customers like content or documents things like that. And then the response from customers has been about in line with what we expected. I mean, obviously, it’s not an event you want to have. And — but the customers have appreciated that we were proactive. We’ve done — for most customers, they don’t need to do very much. We rotate keys passwords — that kind of thing for you or make it pretty easy to understand what to do next. And then — there’s a number of other technical remediations and other things that are ongoing.
But so far, we expect it to be — for the impact to be relatively isolated and Sign is a very small percentage of our revenue to begin with. But it’s something that we’re monitoring closely and taking all the steps we can to prevent in the future.
Operator: And there are no more questions in queue. Turning back to Peter.
Peter Stabler: Thanks very much, everyone, for joining us today, and we look forward to speaking with you next quarter. Have a great day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
