Gunnar Wiedenfels: Okay. Well, let me start maybe and then pass to JB. As I laid out a minute ago, I do think that advertising for our D2C platform is a massive opportunity. I mean you see that we’re growing advertising 25% in the quarter on the platform and that is in a challenging market environment. And in fairness, we haven’t really started prioritizing this. And as I laid out, for the first time ever, advertisers are going to have access to some of the best shows in the entire landscape. And we’re opening that up. We’ve got the technology in place and it’s definitely going to be a growth priority, especially since we know that, in many cases, we can generate higher ARPUs on the ad-light platform or offering then on the subscribers [ph].
Jean-Briac Perrette: Yes. I mean I think that — to add to Gunnar’s comments, I think we look at it as multiple levers as we go into 2024 is the add — just picking up to where Gunnar left off, the ad opportunity. We’re just starting in the upfront. It was a huge driver of our success in the upfront and so that will start to kick in further. We just started in February, as you know, with putting advertising units in our most highly valued most premium content in terms of HBO and some of the legacy HBO library series. And so that’s — we see advertising as a driver. We see ARPU as a driver. We’ve risen — we’ve pumped prices up internationally and in the U.S. over the course of the last 9 months in almost every market. We launched the ultimate tier which we’ve seen very healthy pickup here in the U.S. which is also incremental ARPU for us.
And so that’s an opportunity. I think engagement, as David mentioned in his prepared remarks, we’ve seen very positive initial trends on greater engagement which is a precursor and a leading indicator to future churn which is obviously something that is probably number one in our bull’s eye of things we’re trying to attack and lower which will help us. And then obviously, on the net adds side, as we roll out internationally and as we get the platform rolled out and as we lend to even more content offerings, as David alluded to, potentially in the live space, we think there’s incremental opportunity to drive subscribers and, more importantly, revenue growth.
Operator: Your next question comes from the line of John Hodulik with UBS.
John Hodulik: Great. Recent press reports suggest that ESPN is going to go direct in 2025. I think it’s sort of the first time we have a potential sort of date for that. I mean, David, do you see that as a sort of meaningful change in the TV landscape? And then as it relates to your own sports portfolio, you talked about TNT in Europe. I mean any update on the timing of adding sports and news to your streaming offering? Whether it’s the timing or the sort of method of what you do, I mean, do you foresee it just being folded in with the Max offering? Or could you potentially see a sort of a separate offering that could be bundled with the current Max offering?
David Zaslav: Thanks, John. First, when it comes to our sports rights domestically and globally, taken as a whole, we’re money good. So we have good deals with — here in the U.S. and around the world that are — that provide real value to us. One of the elements of those deals is that we own the digital rights to our sports. So we have the ability for no incremental cost to put that content on our platforms. And we’re doing it in Europe. We’re doing it in different ways. In some cases, we’re doing it as an incremental tier. And in some cases, we’re putting it on the entire platform. And we’ve been at it now for about 1.5 years or 2 years and it’s pretty compelling. I’ve talked about news and sports as our artillery and a real opportunity for us.
So we’ll be coming to you guys soon. We’ve been working this summer very hard. Number one, we wanted to get this platform right. We wanted to do no harm. Let’s get a transition. There was a fair amount of overlap. And we’ve got the transition; the platform is working exceptionally well. Consumers are very happy. Engagement is up. One of our thesis of having how well this overall mix of content will work. Directionally, it’s very — it looks like it’s working. More than 20% of the viewership is going to some of the more diverse content in different time periods. We still have a lot of work to do. We’re early on. But news and sports are important, they’re differentiators, they’re compelling and they make these platforms come alive. And that’s — if you’re on an SVOD platform and something that’s going on in the world and you could see it, it has that platform — makes that platform really alive.
So you will hear from us on that soon.
