That’s mostly due to the limited price adjustments we mentioned over the past year in our big revenue markets in advance of rolling out paid sharing. There’s also some at play here, some movement in plan and country mix shift over time. Most of our member growth over the past year has been outside of UCAN, so in lower ARM countries. So that plays into the ARM trends. But importantly, over time and over the medium to longer term, we expect ARM will benefit from price adjustments. I mean we haven’t changed our long-term pricing philosophy and it will benefit from ads and the extra members that you mentioned. It’s just that both of those are early. We’re still only a small percentage of our members are on the ads tier even with the moves we just mentioned, nice growth in the ads tier but still off a small base.
And we’re really early in terms of paid sharing impacts, including extra member for the reasons that Greg mentioned, that’s going to build up over multiple quarters. And as they do, we’ll see all of that demonstrating itself in growth in ARM over time we would expect.
Jessica Reif Ehrlich: Moving on to advertising. Could you give some color on some of the innovative or non-traditional offerings that you have? I mean one of the things you talked about in the upfront was like offering advertisers the ability to go into the top 10, which is — provides an incredible reach a guaranteed reach really every — all the time. Just talk through some of the ways because you’re thinking in ways that are very different from traditional media.
Greg Peters: Yeah. I think stepping back, it’s useful to start with. We’ve got a lot of work to grow this business. And the first priority that we’re focused on is scale. We know that reach is one of the predominant consideration — the dominant considerations that advertisers have when they think about where to go to spend their dollars. We want to be in that top list. We grew ads planned membership almost 100% quarter-to-quarter. So that’s good growth. That’s a good trajectory, as Spence mentioned. We want to continue that. So that’s job number one. Job number two is, we’ve got a really solid list of advertiser facing features that are not in that innovation category that are really more following a well-trodden path. We’re rolling those out.
These are things like verification, their measurement, their targeting. I’d actually include in that bucket building out our go-to-market and sales capabilities in every country so that we can serve more advertisers and serve them more effectively. So there’s a bunch of very straightforward work. These following this well-established path. We just need to do the work. We know we can do it, so it’s heads down and execute. And then we get to a little bit what you’re talking about, which is an opportunity over time to really think about our offering, both in terms of unique capabilities that we can deliver that blend TV with properties of digital advertising and also work at the interface of the user experience and the ads experiencing. And that really leverages the core capabilities that we’ve used for a long, long period of time of UX testing, iterative development, data-driven personalization to establish over time, a leadership position in defining what is the premium ads experience on CTV.
You can see glimpses of that right now. You mentioned top 10. I think that, that is a creative way to think about how we give advertisers a different way to have essentially a guaranteed participation in the most popular shows, most popular films at any given moment on Netflix, so that’s exciting. But there’s just tons of work ahead of us, tons of opportunity, and we’re really focused on continual improvement. And we’re also confident that all the fundamentals are there and that we can build over those several years, a material ads business.
