Jessica Reif Ehrlich: Spence, this one maybe for you, but — what’s your vision for the advertising contribution? You’ve said in the past that you’d like it to be 10% of revenue. But given the decline of linear, are you rethinking this so that it would be a higher percent?
Spencer Neumann: Well, I think we’ve got a long way to go from where we are today to even getting to 10%, Jessica. So I just — we don’t want to get ahead of our skis, if we will. We’ve got a lot of blocking and tackling to do. We believe it can be a meaningful part of our business. So when we say 10%, its impart because we wouldn’t spend all this effort, time and energy, resource allocation, senior management focus of Greg and Ted and others, if we didn’t think it could be at least 10% of revenue. So I would say that’s something that is a bar we’re shooting for hoping to meet or beat over time. But — and as you say, there’s a lot of branded TV ad dollars that are — that we set our sights on over time because we think we’re a great ecosystem and environment to collect that demand, but we have to prove it out over time.
So not ready to kind of increase our long-term projections from one we haven’t even really come close to getting to yet, Jessica, gives us a little time, I guess is what I would ask.
Jessica Reif Ehrlich: Sure. But maybe to follow up on what you just said, like where do you think the pool of ad dollars will come from over time? Like, why would it — given that all of the capabilities that Greg just talked about, why would it be limited to linear because you’re going to have such extraordinary capabilities, like, shouldn’t the pool be linear and digital?
Spencer Neumann: Yes. And it should be bode well, I’ll let Greg speak to it.
Greg Peters: Yeah. I think it’s fair to say that over a period of time, we anticipate pulling both linear and digital dollars. But where we are today, we’re much more targeted at that linear brand focused TV advertising. That’s the sweet spot that we can speak to right now. We’re definitely building capabilities and have an aspiration to build capabilities that over time will allow us to expand that envelope. But again, we — price number one, first is to go after that brand advertising. There’s a lot of dollars there. There’s a lot of dollars looking for great consumers to connect with and we think we can provide that solution.
Spencer Neumann: Jessica, it’s really over time to be a better than TV model. And so it starts with that, but it’s blending the two together and capturing both brand and digital dollars over time.
Jessica Reif Ehrlich: One last question on this, and then I’ll move on. But has engagement changed in the past quarter or so, are there any noticeable differences between the tiers?
Ted Sarandos: Well, there’s generally some differences across the tiers that you might expect, more qualified, more engagement generally means as a broad statement, higher tier participation, but we haven’t seen a change over time if that’s [indiscernible] what we’re getting to. So we’re seeing good engagement across all of our tiers, good engagements across our ads plan as well.
Spencer Neumann: Ted, if you — I know you all on.