Anthony Wood : Yes. This is Anthony. I’ll kick that off and then turn it over to Charlie. I think, again, big picture, streaming is popular. Viewers are switching to streaming. Advertisers are moving to streaming. Huge opportunity in terms of our platform, scale and engagement with 70 million active accounts and growing. Like I said before, the #1 streaming platform by our streams in the U.S., Canada and Mexico. I mean, if you look at traditional TV in Q4, hours were down 5% year-over-year, but on our platform, hours grew 23%. And I think that reflects the power of our platform, but also the fact that the industry is moving to streaming and continue moving to streaming. Still got a long ways to go, but it’s definitely in process.
Roku Channel hours alone in Q4 grew 85% year-over-year, an incredible amount. So I think if we think about the big picture in advertising, there’s macroeconomic — there’s macro issues. But we are continuing to build out a platform that’s world class platform for advertising and streaming and there’s a lot of opportunity ahead. But Charlie can probably give you a lot more color on the specifics of our ad business.
Charlie Collier : Sure, thanks. The ad market, that was pretty well reported in fourth quarter. But even still Roku outperformed overall ad and certainly traditional TV ad spending. So Roku continues to take share. Ad spend among some verticals is improving in first quarter which we are so pleased with the momentum, including restaurants, travel, CPG, health and wellness and others, as you know, remain a little muted tech financial services and certainly, M&E, which is playing out pretty publicly. But we’re creating new ad products and opportunities and building relationships, as I mentioned, to address all markets and diversify demand and as I mentioned a moment ago, with our shoppable ads both with Walmart last year and the one we announced last week, there are so many great examples of things Roku is doing that so many other platforms simply can’t. So that’s how I look at the markets right now.
Operator: And our next question is coming from Matthew Thornton of Truist.
Matthew Thornton : Maybe one and then a follow-up, if I could. On video advertising, Anthony, you guys are talking about the north of $1 billion in upfront commitments. Is that still the right number to think about as we think about 4Q ’22 through 3Q ’23? Is that still the right number? Is there any cancellation activity that we need to think about, delays that we need to think about? I guess, just any updated color there would be helpful. And then just following up on a prior question around branded TV. It sounds like the strategy there will be very similar and that’s to operate probably close to breakeven to drive customer acquisition. I guess the follow-on there is there any start-up costs that we need to think about in the margins as we start ramping them in ’23.
Anthony Wood : I’ll turn over to Charlie. But before I do that, I would just say we had a great upfront last year, and our upfronts have been growing. If you look back historically, our fronts have gotten bigger every year. And I expect that to continue because the advertising — TV advertising business is moving to streaming. There’s, I don’t know if it’s a $60 billion a year spent on TV advertising. A lot of that, most of that is still hasn’t moved the streaming, but it is improving the streaming. And that’s naturally going to transition the upfront to being a streaming-first event, and it’s going to grow our business each upfront. So that’s kind of the big picture. But Charlie, do you want to talk about our?
