迪士尼 (DIS) 2024 Q4 法說會逐字稿

Good day, everybody and welcome to the Walt Disney Company fourth quarter and full year 2024 financial results conference call.

大家好，歡迎參加華特迪士尼公司 2024 年第四季和全年財務業績電話會議。

All participants will be in listen-only mode.

所有參與者將處於僅聽模式。

Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero.

您需要協助嗎？請按星號鍵，然後按零，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your telephone keypad to withdraw your question. Please press star. Then two.

今天的演講結束後，將有機會提問。您可以按電話鍵盤上的星號然後再按一個來撤回您的問題。請按星號。然後是兩個。

Please note today's event is being recorded.

請注意今天的活動正在錄製中。

I would now like to turn the conference over to Carlos Gomez, Executive Vice President, treasurer and head of Investor Relations. Please go ahead.

我現在將會議交給執行副總裁、財務主管兼投資者關係主管 Carlos Gomez。請繼續。

Good morning. It's my pleasure to welcome everyone to the Walt Disney Company's fourth quarter, 2024 earnings call our press release form 10-K and management's posted prepared remarks were issued earlier this morning and are available on our website at www dot Disney dotcom slash investors.

早安.我很高興歡迎大家參加華特迪士尼公司2024 年第四季度財報電話會議，我們的新聞稿表格10-K 和管理層已於今天上午早些時候發布的準備好的評論，可在我們的網站www . Disney dotcomlash Investor 查閱。

Today's call is being webcast and a replay and transcript as well as the fourth quarter earnings presentation will all be made available on our website after the call before we begin. Please take a note of our cautionary statements regarding forward-looking statements on our investor relations website.

今天的電話會議正在網路直播，重播和文字記錄以及第四季度收益演示將在電話會議結束後在我們開始之前在我們的網站上提供。請注意我們投資者關係網站上有關前瞻性聲明的警告聲明。

Certain statements on this call including financial estimates or statements about our plans, guidance or expectations and drivers such as future revenues, profitability, earnings, subscribers demand investment content offerings and acceptance, cash position cost structure and capital allocation and other statements that are not historical in nature may constitute forward-looking statements under securities law.

本次電話會議的某些聲明，包括財務估計或有關我們的計劃、指導或預期和驅動因素的聲明，例如未來收入、盈利能力、收益、訂戶需求投資內容的提供和接受、現金頭寸成本結構和資本分配以及其他非歷史聲明本質上可能構成證券法規定的前瞻性陳述。

We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them and we do not undertake any obligation to update these statements.

我們根據做出這些聲明時對未來事件和業務績效的看法和假設做出這些聲明，並且我們不承擔更新這些聲明的任何義務。

Forward-looking statements are subject to a variety of risks and uncertainties and actual results may differ materially from the results expressed or implied in light of a variety of factors. These factors include among others, economic or industry conditions, competition execution risks including in connection with our business plan, potential strategic transactions and our content cost savings, the market for advertising our future financial performance and legal and regulatory development.

前瞻性陳述受到各種風險和不確定性的影響，實際結果可能因各種因素而與明示或暗示的結果有重大差異。這些因素包括經濟或行業狀況、競爭執行風險（包括與我們的業務計劃相關的競爭執行風險）、潛在的策略交易和我們的內容成本節約、我們未來財務表現的廣告市場以及法律和監管發展。

For more information about key risk factors, please refer to our investor relations website, the press release issued today and the risks and uncertainties described in our form 10-K form 10-Q and other filings with the Securities and Exchange commission.

有關關鍵風險因素的更多信息，請參閱我們的投資者關係網站、今天發布的新聞稿以及我們向美國證券交易委員會提交的10-K 表格、10-Q 表格和其他文件中描述的風險和不確定性。

Also note that when discussing our results and outlook, we will refer to non-GAAP measures, a reconciliation of non-GAAP measures that are referred to on this call to the most comparable GAAP measures can be found on our investor relations website.

另請注意，在討論我們的績效和前景時，我們將參考非公認會計準則衡量標準，本次電話會議中提到的非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的調節可以在我們的投資者關係網站上找到。

Joining me this morning are Bob Iger Disney's Chief Executive Officer and Hugh Johnston, senior Executive Vice President and Chief Financial Officer following introductory remarks from Bob. We will be happy to take your questions.

今天早上與我一起出席的有迪士尼執行長鮑勃·艾格(Bob Iger) 以及高級執行副總裁兼首席財務官休·約翰斯頓(Hugh Johnston)，後者在鮑勃做了介紹性發言後。我們很樂意回答您的問題。

So with that, I will now turn the call over to Bob.

因此，我現在將把電話轉給鮑伯。

Good morning. As I reflect on the two years since I returned to the company. I'm incredibly proud of how much progress we've made.

早安.回想自己回到公司這兩年的時間。我對我們所取得的進步感到無比自豪。

We've emerged from a period of considerable challenges and disruption and we're well positioned for growth.

我們已經擺脫了一段充滿挑戰和顛覆的時期，並且已經做好了實現成長的準備。

We put in place specific strategies to generate growth across our businesses and our solid results. This quarter are a clear indication they've been successful.

我們制定了具體的策略，以促進我們的業務成長和取得紮實的成果。本季度清楚地表明他們已經取得了成功。

Given the momentum we see, we believe we can continue to drive healthy growth beyond this year including our expectation of high single digit adjusted EPS growth in fiscal 2025 accelerating to double digit adjusted EPS growth in fiscal 2026 and 27.

鑑於我們看到的勢頭，我們相信今年以後我們可以繼續推動健康增長，包括我們對2025 財年調整後每股收益高個位數增長的預期，並在2026 財年和27 財年加速至兩位數調整後每股收益成長。

I'm especially grateful to my leadership team and everyone at Disney who has played a role in setting us on this path for a new era of growth on the creative front. Our renewed strength is a result of the extensive work we began two years ago to restore creativity to the center of the company in television. Our branded series and general entertainment programming are performing exceptionally well, drawing new audiences and winning an unprecedented number of accolades including a record breaking 60 Emmy awards in film. We're extremely proud of our performance at the summer box office fueled by the top two movies of the year-to-date inside out Two and Deadpool and Wolverine. We're excited to close out the year with two other highly anticipated titles, Moana Two and Mufasa, The Lion King.

我特別感謝我的領導團隊和迪士尼的每個人，他們為我們走上創意領域新增長時代的道路發揮了作用。我們的新實力源自於兩年前開始的大量工作，旨在恢復公司電視領域的創造力。我們的品牌劇集和綜合娛樂節目表現異常出色，吸引了新觀眾並贏得了空前數量的榮譽，其中包括創紀錄的 60 項艾美獎電影獎。我們對夏季票房表現感到非常自豪，這得益於今年迄今排名前兩的電影《腦筋急轉彎 2》和《死侍》和《金鋼狼》。我們很高興能以另外兩款備受期待的遊戲《莫阿娜二號》和《木法沙，獅子王》來結束這一年。

Looking to 2025. We've been extremely promising content slate including Captain America, Brave, New World, Lilo, and Stitch, The fantastic first steps, Zootopia Two and Avatar Fire and Ash Worth noting that a successful Disney movie today drives more value than it ever has in the past. With our increased number of consumer touch points, extending the reach and impact of our world class storytelling from streaming to parks and resorts, cruise ships, consumer products and games.

展望2025 年。我們一直非常看好內容，包括《美國隊長》、《勇敢傳說》、《新世界》、《星際寶貝》、《奇妙的第一步》、《瘋狂動物城2》以及《阿凡達：火與灰》。隨著消費者接觸點數量的增加，我們世界級故事敘述的範圍和影響力從串流媒體擴展到公園和度假村、遊輪、消費品和遊戲。

This multiplier effect means that the system economics of our movie business has never been stronger.

這種乘數效應意味著我們電影事業的系統經濟性從未如此強大。

Disney's experiences segment continues to be the gold standard for the industry and we have an investment strategy that is highly targeted in terms of projects, locations and IP and is designed to drive operating income growth and attractive returns.

迪士尼的體驗業務仍然是該行業的黃金標準，我們的投資策略在專案、地點和智慧財產權方面具有高度針對性，旨在推動營業收入成長和有吸引力的回報。

This all comes at a time when the footprint of our parks and experiences is growing with six locations that attract guests from across the world. We have multiple exciting expansions currently in the works after we unveil the Disney Treasure. Next week, Disney cruise lines fleet will grow to a total of six ships with seven additional ships currently in development Plus, our collaboration with Epic Games will allow us to integrate our popular brands and franchises in a transformational new games and entertainment universe.

這一切發生之際，我們的公園和體驗的足跡不斷擴大，共有六個地點吸引著來自世界各地的遊客。在推出迪士尼寶藏之後，我們目前正在進行多項令人興奮的擴展。下週，迪士尼郵輪公司的船隊數量將增加至六艘，另外七艘目前正在開發中。的新遊戲和娛樂世界中。

Meanwhile, we ended the quarter with 174 million Disney Plus core and Hulu subscriptions.

同時，本季結束時，我們的 Disney+ 核心和 Hulu 訂閱量為 1.74 億。

And in five short years, we've built Disney Plus into a streaming destination, unlike any other with more than 120 million core subscribers.

在短短五年內，我們已將 Disney Plus 打造成一個串流目的地，與其他擁有超過 1.2 億核心訂戶的網站不同。

And with the addition of Hulu on Disney Plus is the ultimate collection of high quality content for every member of the household. From an extensive library of branded and general entertainment titles to news and live events.

隨著 Hulu 在 Disney+ 上的加入，為每個家庭成員提供了高品質內容的終極集合。從廣泛的品牌和一般娛樂標題庫到新聞和現場活動。

We've invested to make our already profitable streaming business a significant growth driver for the company and we're strengthening that streaming offering even more on December 4th. With the introduction of an ESPN tile on Disney Plus, this is the beginning of an exciting new era for ESPN. We have secured rights to many of the most popular sports for years to come at a time when the value of live sports is undeniable, contributing to an industry leading portfolio of sports programming for Disney.

我們進行了投資，使我們已經盈利的串流媒體業務成為公司的重要成長動力，並且我們將在 12 月 4 日進一步加強串流媒體服務。隨著 Disney Plus 上 ESPN 板塊的推出，ESPN 令人興奮的新時代正式開始。在體育賽事直播的價值無可否認的時代，我們已在未來幾年獲得了許多最受歡迎體育賽事的轉播權，為迪士尼打造行業領先的體育節目組合做出了貢獻。

And this integrated streaming experience moves us one step closer to bringing a full sports offering to Disney Plus in the US as a repair for the launch of ESPN'S flagship DTC offering in early fall of 2025 taken as a whole. We have a lot to be proud of both from a creative and a financial standpoint. And as we look to fiscal '25 and beyond, we are confident in our continued ability to drive sustained growth and create shareholder value through our world class portfolio of assets.

這種整合的串流體驗使我們更接近為美國的 Disney Plus 提供完整的體育節目，作為對 2025 年秋初推出的 ESPN 旗艦 DTC 節目整體的修復。從創意和財務角度來看，我們都有很多值得自豪的地方。展望 25 財年及以後，我們對透過世界級的資產組合推動持續成長和創造股東價值的持續能力充滿信心。

And now we'll be happy to take your question.

現在我們很樂意回答您的問題。

Thanks Bob. As we transition to Q&A, we ask that you, please try to limit yourselves to one question in order to help get us through as many questions as possible today. And with that operator, we're ready to take the first question.

謝謝鮑勃。當我們過渡到問答階段時，我們要求您盡量將自己限制在一個問題上，以便幫助我們今天解決盡可能多的問題。有了這個操作員，我們就準備好回答第一個問題了。

Thank you, sir. And as a reminder, it is star than one to join the question queue. Today's first question comes from Ben Swinburne with Morgan Stanley. Please go ahead.

謝謝您，先生。提醒一下，加入問題隊列比明星還重要。今天的第一個問題來自摩根士丹利的 Ben Swinburne。請繼續。

Good morning and thank you for all the detailed disclosure in the documents this morning and for filing the K along with earnings, appreciate it. Bob, I feel like the, the ESPN flagship launch is in many ways sort of the, the last big strategic pivot of your content asset, excuse me to streaming.

早安，感謝您今天早上在文件中詳細披露的信息，以及提交 K 和收益的信息，非常感謝。鮑勃，我覺得 ESPN 旗艦產品的發佈在很多方面都是您內容資產的最後一個重大戰略支點，請原諒我流媒體。

You know, after you've already accomplished that on the entertainment side, I thought it was interesting. You guys are guiding to sports O I growth in 26 which will be the 1st year of that product. You also have the NBA cost to absorb.

你知道，當你在娛樂方面完成了這一點之後，我認為這很有趣。你們正在指導 Sports O I 在 26 年成長，這將是該產品的第一年。你還需要吸收 NBA 的成本。

You talked a little bit about it in the, in the prepared release this morning. But can you give us a sense for what you think that product is going to do for sports? Fans for ESPN fans and you know how it sort of moves the ball forward are for the bad pun in terms of customer experience and ultimately drives that segment as you look out beyond, you know, 25 because obviously the, the linear challenges are well known on the ESPN side and I don't know if I could just get you to give us some color on the acceleration and experiences. O I he's expecting in 25 from what we're seeing right now. That would be certainly helpful. Thanks a lot.

您在今天早上準備的新聞稿中談到了這一點。但您能否告訴我們您認為該產品將為運動帶來什麼作用？ ESPN 球迷的球迷，你知道它是如何推動球前進的，這在客戶體驗方面是一個糟糕的雙關語，並最終推動了這一細分市場，因為你知道，25 之外，因為顯然，線性挑戰是眾所周知的ESPN 方面，我不知道是否可以請您給我們一些有關加速和體驗的信息。哦，從我們現在看到的情況來看，他預計 25 歲。這肯定會有幫助。多謝。

Thanks, Ben. I'll address the ESPN question that you, that you asked. I think as you look at flagship, you have to consider that it is ESPN like it has never appeared before for the consumer, meaning it will have not only basically the basic ESPN services which is coverage of live sports and studio shows and commentary, but it'll have many, many other features like betting fully integrated. But I think one of the things that is hasn't been appreciated yet is that when you apply technology to the presentation of sports, almost anything is possible. So imagine a I driven personalized Sports center as a feature, for instance, imagine essentially being able to tailor your sports experience, not just watching sportscenter, but in a thoroughly personalized way, I think essentially it will be designed to serve the consumer in the most compelling way ESPN has ever served the consumer. The other thing I think you have to look at just in terms of being optimistic about the migration is that live, is extremely, extremely attractive to advertisers today and live sports in particular. So if you look at what's going on today, not just with ratings, but with interest from advertisers, and then you look at the ad technology that we've already built and that we're continuing to improve and you consider what that can do in a, in an app based world, not just in a linear world, the value we can deliver, not just to our our viewers or customers, but also to our advertisers is will be very compelling, so highly customized, highly mobile, fully integrated with all kinds of features. And, and very, and in my opinion, the best product the consumer has ever seen in sports.

謝謝，本。我將回答你提出的 ESPN 問題。我認為，當你看到旗艦產品時，你必須考慮到它是ESPN，就像它以前從未出現在消費者面前一樣，這意味著它不僅基本上具有基本的ESPN 服務，即體育直播和演播室節目和評論的報導，而且它將具有許多其他功能，例如完全整合的投注。但我認為尚未受到重視的一件事是，當你將技術應用於體育賽事的呈現時，幾乎一切皆有可能。因此，想像一下我驅動的個人化體育中心作為一項功能，例如，想像一下本質上能夠定制您的體育體驗，而不僅僅是觀看體育中心，而是以完全個性化的方式，我認為本質上它將被設計為服務消費者ESPN 為消費者提供的最引人注目的方式。我認為，就對遷移持樂觀態度而言，您必須考慮的另一件事是，直播對當今的廣告商，尤其是體育直播，極具吸引力。因此，如果你看看今天發生的事情，不僅僅是收視率，還有廣告商的興趣，然後你看看我們已經建立的廣告技術，我們正在繼續改進，你會考慮它可以做什麼在基於應用程式的世界中，而不僅僅是在線性世界中，我們不僅可以向我們的觀眾或客戶，而且可以向我們的廣告商提供的價值將非常引人注目，因此高度客製化、高度移動、完全整合了各種功能。而且，在我看來，這是消費者在運動中見過的最好的產品。

Yeah. Hey bon, you obviously for experiences of why we guided the 6 to 8 for the year, 21 will be negatively impacted, of course, by the combination of the, the two hurricanes as well as the pre launch cost for the for the treasure. So Q1 will be negative as we move through the course of the year, we'll we'll move to positive in Q2 and then see further strengthening over the course of the year. The drivers on that are number one, obviously, the treasure is coming in and we'll see continued strengthening from that. Number two. Are we overlap our Q4 labor costs in Disneyland Resort. So that that will be a positive from a lapse perspective. And then number three, we do expect the consumer to gradually strengthen through the course of the year. We also know that the bookings that we have in the back half of the year are positive right now. So we're optimistic about how bookings are looking as, as we get into the back half of next year. So hopefully that's helpful.

是的。嘿，bon，你顯然已經了解了為什麼我們今年引導 6 到 8 個項目，21 個項目將受到負面影響，當然，這兩個颶風的結合以及寶藏的預發射成本。因此，隨著全年的發展，第一季將是負面的，我們將在第二季轉向正值，然後在一年中看到進一步的加強。顯然，這方面的驅動力是第一位的，寶藏即將到來，我們將看到它的持續增強。第二。我們是否與迪士尼樂園度假區第四季的勞動成本重疊？因此，從失誤的角度來看，這將是正面的。第三，我們確實預期消費者將在這一年中逐漸增強。我們也知道，今年下半年的預訂量目前是正面的。因此，隨著明年下半年的到來，我們對預訂情況感到樂觀。希望這對您有所幫助。

Thanks, Ben Operator. Next question, please.

謝謝，本接線生。請下一個問題。

Yes, sir. And our next question comes from Jessica Reef Eli with B A securities. Please go ahead.

是的，先生。我們的下一個問題來自 B A 證券公司的 Jessica Reef Eli。請繼續。

Thank you. Can you pro provide an outlook on consolidated adg advertising growth in coming years? You have so many tools in your tool chest like air capabilities, as you mentioned, Bob. But on one hand, you have the linear challenge and on the complete opposite end, you have the growth of entertainment and sports and streaming. And then secondly, could you give me some color on CapEx next year because it looks like will be modestly down.

謝謝。您能否對未來幾年的綜合廣告成長做出展望？正如你所提到的，鮑勃，你的工具箱裡有很多工具，像是空中能力。但一方面，你面臨線性挑戰，而在完全相反的一端，你面臨著娛樂、體育和串流媒體的成長。其次，您能否給我一些有關明年資本支出的信息，因為看起來會略有下降。

I I spoke with Rita Farrell who runs global ad sales for the company yesterday just to get some up to the minute flavor or color on what's going on in the market. One of the things that she said by the way is that linear is very strong right now, one of the reasons for that way is live and also because it provides linear provides a differentiated audience than, than streaming. And the way we integrate those businesses, not just from a programming perspective or a technology perspective, but from an advertising perspective, gives us some interesting leverage in the business and enables us to offer advertisers a much broader even deeper offering in terms of avails. So it's basically the combination of both is working for us. We're also programming them in an integrated way. So if you look at the fact that ESPN uses ABC to program at the NFL on Monday nights in a simulcast way, significant amount of college football, you'll note when the season opens, NBA will continue to have a great presence on ABC. So you're not only offering the customer, the advertiser, a differentiated audience and live, but you're also offering the consumer that meaning the, the ability to watch sports on multiple platforms bottom line, it's working, you, you're on youtube.

昨天，我與負責該公司全球廣告銷售的麗塔法雷爾進行了交談，只是為了了解市場上正在發生的事情的最新情況。她順便說的一件事是，線性現在非常強大，這種方式的原因之一是直播，而且還因為它提供了與串流媒體不同的觀眾。我們整合這些業務的方式，不僅從程式設計角度或技術角度，而且從廣告角度，為我們提供了一些有趣的業務槓桿，使我們能夠為廣告商提供更廣泛、更深入的服務。所以基本上兩者的結合對我們來說是有效的。我們還以整合的方式對它們進行編程。因此，如果您了解 ESPN 使用 ABC 在周一晚上以聯播方式對 NFL 進行節目的事實，即大量的大學橄欖球比賽，您會注意到，當賽季開始時，NBA 將繼續在 ABC 上佔有重要地位。因此，您不僅為客戶、廣告商、差異化的觀眾和直播提供服務，而且還為消費者提供了在多個平台上觀看體育比賽的能力。

Sorry. So yeah, just, I'll add to that as well as, you know, in, in 2024 advertising 3% we expect to be at or stronger than that as we as we enter 2025. As Bob mentioned, in particular, the, the ad tech stack that we put together our ability to deliver the right ads more effectively to consumers, particularly in the streaming business is a competitive advantage that we've built and it's owned and it's proprietary to Disney. So we certainly feel optimistic about our ability to gain share in advertising based on that.

對不起。所以，是的，我會補充一點，你知道，在 2024 年，當我們進入 2025 年時，我們預計廣告收入將達到或超過 3%。更有效地向消費者提供正確的廣告，特別是在串流媒體業務中，這是我們建立的競爭優勢，它是迪士尼擁有和專有的。因此，我們當然對基於此獲得廣告份額的能力感到樂觀。

By the way, one thing, one thing I don't think is appreciated is that we're also working well selling inventory with Google and youtube basically offering advertisers to buy those platforms, a differentiated audience through a trade desk mechanism. And our ad tech obviously enables us to do that.

順便說一句，一件事，我認為不被重視的一件事是，我們還與Google 和YouTube 合作良好地銷售庫存，基本上為廣告商提供購買這些平台的機會，透過交易台機制提供差異化的受眾。我們的廣告技術顯然使我們能夠做到這一點。

Thanks, Jessica Operate our next question, please.

謝謝，傑西卡，請回答我們的下一個問題。

Yes, sir. And our next question today comes from Robert Fishman with Moffett Nathanson. Please go ahead.

是的，先生。今天我們的下一個問題來自羅伯特·菲什曼和莫菲特·內桑森。請繼續。

Great. Thank you. Bob. Since hiring Adam Smith from youtube, anything you can share about his priorities and how that can impact the future of Disney Plus or the other streaming products.

偉大的。謝謝。鮑伯.自從從 YouTube 聘用亞當史密斯以來，您可以分享有關他的優先事項的任何信息，以及這將如何影響迪士尼+或其他串流媒體產品的未來。

And then Hugh, can you maybe just share your confidence in achieving the strong double digit margins beyond 10% in DPC and fiscal 26? And because that guidance doesn't include Hulu Live, maybe just help us think about the future of that product, please. Thank you.

Hugh，您能否分享一下您在 DPC 和 26 財年實現超過 10% 的強勁兩位數利潤率的信心？因為指南不包括 Hulu Live，所以也許只是幫助我們思考產品的未來。謝謝。

Thanks for the question. Adam is already hard at work and making progress in improving the technology across all of our streaming businesses. And he's got a number of priorities. One obviously is flagship, another is and we noted in our comments earlier that we're launching an ESPN tile on Disney Plus on December 4th. So he's working on that. In addition to that personalization customization designed initially to improve engagement, just basically by adding stronger recommendation engine capabilities on the home page. We're already seeing increased engagement in a very short period of time. He's going after password sharing, we launched in Latam just this week. And we now are we have password sharing or anti password sharing initiatives. I think in over approximately 130 countries. So that's also on his list where you notifying tech stacks, including media serving and our entire ad stack across Disney Plus and Hulu. And basically a lot more obviously, what we're doing here is designed not only to create a better customer experience, but to increase engagement and reduce churn.

謝謝你的提問。 Adam 已經在努力工作，並在改善我們所有串流媒體業務的技術方面取得了進展。他有很多優先事項。一個顯然​​是旗艦產品，另一個是旗艦產品，我們之前在評論中指出，我們將於 12 月 4 日在 Disney Plus 上推出 ESPN 板塊。所以他正在努力。除了最初旨在提高參與度的個人化自訂之外，基本上只需在主頁上添加更強大的推薦引擎功能即可。我們已經看到在很短的時間內參與度增加。他正在追求密碼共享，我們本週剛在拉丁美洲推出了這項服務。現在我們有密碼共享或反密碼共享措施。我想大約有 130 多個國家。因此，這也在他的清單中，您可以在其中通知技術堆棧，包括媒體服務以及我們在 Disney Plus 和 Hulu 上的整個廣告堆疊。基本上更明顯的是，我們在這裡所做的不僅是為了創造更好的客戶體驗，而且是為了提高參與度並減少客戶流失。

Yeah. And Robert, in terms of your answer on confidence around achieving the double digit margins, it's probably best to just sort of go back to the building blocks as to how we get there. Number one, we're looking to continue to grow subscribers as we have and the thing I'd remind you of in that regard, given the point that we're at many ways that the DDTC business shares a lot of the characteristics of a software business where an incremental subscriber has very, very high margins attached to them because it's relatively low incremental cost. So continuing to grow subscribers. Number one, number two, we'd certainly look to continue to increase pricing in line with the value that we're providing to consumers. And a lot of the growth that we're seeing right now is because of the exceptional content that's coming out of both the movie and the TV studios that are, that's obviously our proprietary content. So that that will certainly enable us to increase pricing over time. Number three, as Bob mentioned, a lot of Adam's priorities around product updates and features that will increase engagement and reduce churn including improving the recommendation engine is certainly going to be a benefit to our growth, increasing our ad monetization as I was just discussing with the ad tech that we built and then of course, international is continues to be a significant opportunity. So add all of that together, we we wouldn't have given any of the guidance that we did if we didn't have confidence in delivering it.

是的。羅伯特，就您對實現兩位數利潤率的信心的回答而言，最好還是回到我們如何實現這一目標的基礎上。第一，我們希望繼續增加我們現有的訂戶數量，在這方面我要提醒您注意的是，我們在很多方面都認為 DDTC 業務具有許多與 DDTC 業務相同的特徵。的利潤非常非常高，因為增量成本相對較低。因此訂閱者不斷成長。第一，第二，我們當然希望繼續提高價格，以符合我們為消費者提供的價值。我們現在看到的成長很大程度上是因為電影和電視工作室都提供了出色的內容，這顯然是我們的專有內容。因此，隨著時間的推移，這肯定會讓我們提高定價。第三，正如鮑伯所提到的，亞當圍繞產品更新和功能的許多優先事項將提高參與度並減少客戶流失，包括改進推薦引擎，這無疑將有利於我們的成長，提高我們的廣告貨幣化，正如我剛才討論的那樣我們建立的廣告技術，當然，國際化仍然是一個重要的機會。因此，將所有這些加在一起，如果我們沒有信心交付它，我們就不會提供任何指導。

Thanks Robert Operator. Next question, please. Yes.

謝謝羅伯特接線生。請下一個問題。是的。

Sir. Our next question comes from Steven Cahall with Wells Fargo. Please go ahead.

先生。我們的下一個問題來自富國銀行的史蒂文·卡霍爾。請繼續。

Thank you. So, you know, a multi year guide is, is really impressive and it's helpful since there's so many moving pieces of the segments. You know, over the last five years or so. I think Disney investor experience with guidance has at times been mixed under, under prior management. So just wondering how we should think about the ideological approach here to to guidance as it relates to some of the conservatism that you've you've baked in. And in broad terms is the acceleration in EPS growth from fiscal '25 to fiscal '26. Is that, is that basically just comping the flagship launches and the hurricanes and, and that sort of thing And then just, just on flagship, just how do we think about maybe what the year one launch costs are, what the arpu of that product could be. And when you think you might be able to, to get to break even on that product? Thank you.

謝謝。所以，你知道，多年期指南確實令人印象深刻，而且很有幫助，因為其中有很多移動的部分。你知道，在過去五年左右的時間裡。我認為迪士尼投資者在指導方面的經驗有時會在先前的管理下混雜在一起。因此，我想知道我們應該如何考慮指導的意識形態方法，因為它與您所接受的一些保守主義有關。增長26.是的，基本上只是比較旗艦產品的發布和颶風，以及諸如此類的事情然後，就旗艦產品而言，我們如何考慮第一年的發布成本是多少，該產品的 ARPU 是多少可能是。當您認為您可能能夠在該產品上達到收支平衡時？謝謝。

So why, why don't I handle the guide in, in terms of the way that we're thinking about it, it's really driven by a couple of things. Number one is obviously the significant improvement in DTC where we've invested a considerable amount of money in building that product. And number two, it's in light of the significant investments that we've made and are going to continue to make in parks and cruise ships and in even in consumer products. So as we thought about those investments, we've obviously talked about the results that we've seen and we feel very, very positively about those results, but we thought it would also very fair to give to investors, not just operational results, but an expectation as to what we expect these investments to return. Hence the guidance rather than just focus it on the narrow pieces. Although we've given you, I think good segment detail. We, we thought it was also important to give you a picture of, of the overall company. So philosophically because we've invested, we do feel like it's appropriate for us to give you a multi year look because these investments are obviously multi year in nature in terms of our, our confidence in delivering it. Obviously, we, we've got confidence in it otherwise we wouldn't do it. We, we know it's important to deliver the guidance that we give and that, that's why we, we've given it. So, as, as relates to Flagship, I think it's a bit early to be talking about RPO on Flagship. We do think that product will be additive to us in, in 2026. And yeah, there'll be an investment then that's, that's part of the, the 2025 guide. But that investment, we're looking to pay back relatively quickly in 26.

那麼，為什麼我不以我們思考的方式來處理該指南，它實際上是由幾件事驅動的。第一個顯然是 DTC 的顯著改進，我們投入了大量資金來建立該產品。第二，這是考慮到我們已經並將繼續在公園和遊輪甚至消費品領域進行的重大投資。因此，當我們考慮這些投資時，我們顯然已經討論了我們所看到的結果，我們對這些結果感到非常非常積極，但我們認為向投資者提供的結果也非常公平，而不僅僅是營運結果，而是我們對這些投資回報的預期。因此，指導不應只關注狹窄的部分。雖然我們已經給了你，但我認為部分細節很好。我們認為向您提供整個公司的概況也很重要。因此，從哲學上講，因為我們已經進行了投資，所以我們確實覺得給您多年期的展望是合適的，因為就我們交付投資的信心而言，這些投資顯然是多年期的。顯然，我們對此有信心，否則我們不會這樣做。我們知道提供我們提供的指導非常重要，這就是我們提供指導的原因。因此，就旗艦而言，我認為現在談論旗艦上的 RPO 還為時過早。我們確實認為該產品將在 2026 年為我們帶來附加價值。但我們希望在 26 年內相對快速地收回投資。

To add to that. We have, we have considerable visibility on our content pipeline as well. And one of the things that we've seen lately that is heartening is that when we have success in a feature film or even when there is expected success, the consumption of basically prior films of movies that have been made prior to the one that's coming out goes up spikes significantly on the platform. So if you were to look at the numbers for inside out one as inside out two's trailer hit or what's happening with the first Moana film or what's happening with a number of marvel properties since Deadpool and Wolverine came out and I could go on and on. It's quite interesting for us in terms of raising consumption. So as we look ahead, I noticed some of the films in 25 which is going to end with Zootopia and Avatar. And then you look at 26 and you consider that we've got a Star Wars film, Mandalorian and Avengers film, a liveaction version of Moana and on and on. You know, we feel that one, we're confident in our ability to execute those films in a way that will service well, both qualitatively and commercially. And two, we have a strong sense that they're going to enable us to strengthen our streaming, our streaming performance significantly as well as we're currently seeing with the films that we're putting out.

補充一下。我們對我們的內容管道也有相當大的了解。我們最近看到的一件令人振奮的事情是，當我們在一部長片中取得成功，甚至當我們預期會取得成功時，基本上會消費在即將上映的電影之前製作的電影平台上的輸出大幅上升。因此，如果你看看《腦筋急轉彎一號》和《腦筋急轉彎》的預告片銷量，或是第一部《莫阿娜》電影的情況，或是自《死侍》和《金鋼狼》上映以來許多漫威電影的情況，我可以繼續說下去。在提高消費方面，我們非常感興趣。因此，當我們展望未來時，我注意到《25》中的一些電影將以《瘋狂動物城》和《阿凡達》結尾。然後你看看 26，你會認為我們有一部星際大戰電影、曼達洛人和復仇者聯盟電影、真人版的莫阿娜等等。你知道，我們認為，我們有信心以一種無論是品質上還是商業上都良好的方式來拍攝這些電影。第二，我們有一種強烈的感覺，它們將使我們能夠顯著加強我們的串流媒體、我們的串流媒體表現以及我們目前正在上映的電影。

Thanks, Steve Operate our next question, please.

謝謝，史蒂夫，請回答我們的下一個問題。

Thank you. And our next question today comes from John Hli with U Bs. Please go ahead.

謝謝。今天我們的下一個問題來自UBs 的John Hli。請繼續。

Great. Thanks too if I could. First of all, Bob, it looks like Comcast is going to move ahead with a spin off of the cable networks. And, and I know you guys have looked at something similar in the past, maybe with on the linear entertainment side. Is that something that you guys could revisit either as part of sort of this sort of more industry move. And then to be more broadly, does the change in the administration, does that change your view in terms of opportunities with regard to M&A and then secondly, maybe for you and I know you guys get this question every quarter, but just give us an update on sort of your view on the impact that the the launch of the Epic Universe is going to have. It looks like that that's going to hit early summer. Sort of just as you're expecting an acceleration in the parks business, just just how you expect that to impact the sort of mid year and that acceleration and experience.

偉大的。如果可以的話我也謝謝你。首先，鮑勃，看來康卡斯特將繼續推動有線電視網絡的分拆。而且，我知道你們過去也看過類似的東西，也許是在線性娛樂方面。作為這種更多產業舉措的一部分，你們可以重新審視這一點嗎？然後更廣泛地說，政府的變化是否會改變您對併購機會的看法，其次，也許對您來說，我知道您每個季度都會遇到這個問題，但請給我們一個答案更新您對史詩宇宙的推出將產生的影響的看法。看來初夏就要來臨了。就像您期望公園業務的加速一樣，就像您期望這將如何影響年中以及加速和體驗一樣。

John you and I will both take the question as it relates to divestitures or consolidation. I'll start on the consolidation front, you know, in, in 2007, late 2017, when we announced initially that we were acquiring assets from 20th century Fox, we specifically mentioned that we were doing so through the lens of streaming, we saw a world where streaming was going to proliferate and we knew we needed not only more content with but more distribution and with that came just a tremendous amount of content. We've talked about it when we talk, when you talk about 60 Emmys, so much of that came from that acquisition or when we talk about Avatar as a for instance, that came from that acquisition, I could go on and on. In addition to that, people forget that came with control of Hulu and ultimately ownership of Hulu that distribution packaged well integrated well with Disney Plus has enabled us to achieve the numbers we've achieved, which is approximately 100 74 million global subscribers and an ability to really see into the future of streaming with through a very optimistic lens. So in a way we've already consolidated and while I think we'll always look opportunistically at opportunities as we've proven in the past, we certainly aren't, you know, don't shy away from those. We know in many respects have already consolidated. We don't really need more assets right now, either from a distribution or from a content perspective to thrive in basically a disruptive media world.

約翰，你和我都會回答這個與資產剝離或合併有關的問題。我將從整合方面開始，你知道，在 2007 年，2017 年底，當我們最初宣布我們將從 20 世紀福克斯收購資產時，我們特別提到我們是透過串流媒體的鏡頭這樣做的，我們看到在在這個世界裡，串流媒體將會激增，我們知道我們不僅需要更多的內容，還需要更多的分發，隨之而來的是大量的內容。當我們談論時，當你談論 60 個艾美獎時，很多都來自於那次收購，或者當我們談論《阿凡達》時，例如，來自那次收購，我可以繼續說下去。除此之外，人們忘記了，隨著對 Hulu 的控制以及對 Hulu 的最終所有權，發行版與 Disney+ 的完美結合使我們能夠實現我們所取得的數字，即大約 100 7400 萬全球訂戶和能力通過非常樂觀的視角真正看到串流媒體的未來。因此，在某種程度上，我們已經進行了整合，雖然我認為我們將始終機會主義地尋找機會，正如我們過去所證明的那樣，但我們當然不會，你知道，不要迴避這些機會。我們知道在很多方面已經得到鞏固。無論是從發行或內容的角度來看，我們現在確實不需要更多的資產來在基本上顛覆性的媒體世界中蓬勃發展。

And John, I'll, I'll answer the divestiture piece as well as your question on, on Epic regarding divestitures. One of the first things I did when I came in as, as CFO of Pepsico was to take a look at whether there was an opportunity here to create value through divestiture and candidly, I just didn't see one and I spent a considerable amount of time. It first from a financial perspective and you know, it's always easy to sort of play with spreadsheets and, and sort of make the map look like there's value creation. But at the end of the day, there's two things to consider. Number one is what, what are the prices you would get? And then number two, what's the frictional cost operationally of, of separating those assets? And as I went through the math on both, it was pretty clear to me that there wasn't a value creating opportunity for Disney. I can't speak to other companies and what opportunities they have with the assets they have. But I actually did not see that for Disney regarding Epic, we did model that into our expectations for the experiences outlook. As I mentioned earlier, the the early bookings that we have next summer are actually positive. So that's certainly a positive indicator. We also looked at the history of other attractions opening up and other parks opening up in Florida and it's generally been beneficial to us. So that is all very much captured in the in the guide that we provided.

約翰，我將回答剝離問題以及您在 Epic 上有關剝離的問題。當我擔任百事可樂財務長時，我做的第一件事就是看看這裡是否有機會透過剝離創造價值，坦白說，我只是沒有看到一個機會，而且我花了相當多的錢的時間。首先從財務角度來看，你知道，使用電子表格總是很容易，並且可以讓地圖看起來有價值創造。但歸根究底，有兩件事需要考慮。第一個問題是什麼，你會得到什麼價格？第二，分離這些資金的營運摩擦成本是多少？當我對兩者進行計算時，我很清楚迪士尼沒有創造價值的機會。我無法與其他公司談論他們擁有的資產有哪些機會。但我實際上並沒有看到迪士尼對 Epic 的態度，我們確實將其模型化為我們對體驗前景的期望。正如我之前提到的，我們明年夏天的提前預訂實際上是積極的。所以這當然是一個正面的指標。我們還研究了佛羅裡達州其他景點開放和其他公園開放的歷史，這通常對我們有利。我們提供的指南中充分體現了這一點。

Thanks John.

謝謝約翰。

Operate our next question, please.

請操作我們的下一個問題。

Thank you. And our next question comes from Michael Morris at Guggenheim. Please go ahead.

謝謝。我們的下一個問題來自古根漢的麥可莫里斯。請繼續。

Thank you. Good morning guys. A couple questions first with respect to content production that you've been focused on quality over quantity. If you've been, you know, as you've been strengthening the core of the business, how are you thinking about growth in spend into that pipeline going forward both in 25 and, and maybe just sort of the pace of, of of content growth beyond that? And then secondly, appreciate the listing of, of the new projects that you have on the experiences side, you have a number of footprint expansions, especially in the US. So when you think about the longer term return on these investments, how much of that is driven by really expanding capacity and accommodating more guests maybe versus driving, you know, the pricing power at the parks because you have these, these great new attractions. Thank you.

謝謝。早安，夥計們。首先有幾個關於內容製作的問題，您一直專注於品質而不是數量。如果您一直在加強業務的核心，那麼您如何考慮 25 年內該管道支出的成長，也許只是某種速度，內容成長不止於此？其次，欣賞您在體驗方面擁有的新項目的列表，您有許多足跡擴張，特別是在美國。因此，當你考慮這些投資的長期回報時，其中有多少是由真正擴大容量和容納更多客人驅動的，而不是駕駛，你知道，公園的定價能力，因為你擁有這些，這些偉大的新景點。謝謝。

I'll take the the content production side, you know, we feel we have a great hand. But as we look to grow our streaming business, we believe there will be opportunities and even a need for us to do some selective investing outside the United States, notably in AA and in a PAC, we've slowed down our investment in those markets. And in fact, we're, we're, we're being careful about our overall investment until we get the technology, right, until we improve the technology. Because clearly, if we can use technology to reduce churn, which we're already doing, then in reality, what we're doing is we're increasing return our investment in content. And we don't, so we don't want to spend on the content side until we're confident that we can get the necessary returns on those investments. But we know as we look to grow our streaming business that prioritizing markets outside the United States with specific content in those markets will be part of that strategy. I don't, I don't think you should consider those investments to be enormous in nature by any stretch of the imagination because we know that we're making content that has global application. If you look at just the movies that I mentioned as a for instance, that work not in all markets but in most markets that we don't have to spend as much as some of our competitors and as those movies, that's not just the franchise value as we become more successful Obviously they drive more value as well.

我將負責內容製作方面，你知道，我們覺得我們有很大的優勢。但當我們希望發展我們的串流媒體業務時，我們相信我們將有機會甚至需要在美國以外進行一些選擇性投資，特別是在 AA 和 PAC 中，我們已經放慢了對這些市場的投資。事實上，我們正​​在謹慎對待我們的整體投資，直到我們獲得技術，直到我們改進技術。因為顯然，如果我們能夠利用技術來減少客戶流失（我們已經在這樣做），那麼實際上，我們正​​在做的就是增加內容投資的回報。我們沒有，所以我們不想在內容方面花錢，直到我們確信我們能夠從這些投資中獲得必要的回報。但我們知道，當我們尋求發展串流媒體業務時，優先考慮美國以外的市場並在這些市場中提供特定內容將成為該策略的一部分。我不，我認為你不應該認為這些投資在本質上是巨大的，因為我們知道我們正在製作具有全球應用的內容。如果你只看我提到的那些電影，它們並不適用於所有市場，但在大多數市場中，我們不必像我們的一些競爭對手和這些電影那樣花費那麼多，這不僅僅是特許經營權隨著我們變得更加成功，我們的價值也隨之增加顯然，它們也帶來了更多的價值。

Yeah, my and, and just add to Bob's comments on that, we, we have bottled in some incremental growth in content spend not enough to be significantly disruptive to, to the overall cash flow or algorithm for the company. But we have absolutely modeled that in because we do view international as, as a terrific opportunity regarding your question on experiences and particularly the parks pricing versus versus attendance. What we projected in is a balance of both. So I don't want to get into the specific numbers on it, but, but we're not assuming it's going to be just price or it's just going to be attendance there, there'll be a balance of both and frankly, we'll have the ability to flex that as, as we learn our way into it. But I think we've got it modeled reasonably conservatively.

是的，我的，只是補充一下鮑勃的評論，我們，我們已經限制了內容支出的一些增量增長，但不足以對公司的整體現金流或演算法產生重大破壞。但我們絕對對此進行了建模，因為我們確實將國際視為一個絕佳的機會，關於您關於體驗的問題，特別是公園定價與入場人數的問題。我們的預測是兩者的平衡。所以我不想透露具體數字，但是，我們不會假設這只是價格或出席人數，兩者之間會保持平衡，坦白說，我們當我們學習如何進入它時，我們將有能力靈活運用它。但我認為我們已經對其進行了相當保守的建模。

Thanks Mike. Next question, please.

謝謝邁克。請下一個問題。

Absolutely. And our next question today comes from David Karnovsky with JP Morgan. Please go ahead.

絕對地。今天我們的下一個問題來自摩根大通的大衛卡諾夫斯基。請繼續。

Hey, thank you for the question and forward commentary. You know, one area that understandably received less focus in the outlook was linear network. Interested to understand better how you built the multi year forecast, how you thought about managing that business over the next several years. And then just relatedly, the first call post the Direct TV Agreement. Can you speak to any important impacts to Disney, how we should think of that deal structure as a template going forward versus some other deals you've done in the recent past, like Charter. Thanks.

嘿，謝謝您的提問和轉發評論。您知道，線性網路是展望中較少受到關注的一個領域，這是可以理解的。有興趣更深入了解您如何建立多年預測，以及您如何考慮在未來幾年管理該業務。與此相關的是，第一次通話發布了直播電視協議。您能談談對迪士尼的任何重要影響嗎？謝謝。

I'll handle that one. David. Regarding winter, we, we, we modeled that it would continue to decline. You know, the the beauty of, of the position we find ourselves in right now with roughly 175 million streaming consumers is we have a bit of a natural hedge in the way that our portfolio operates. So to the degree that people leave linear and, and choose to go the streaming route, generally speaking, they're going to be coming our way and we have obviously terrific ways to monetize those. So as that evolves based on consumer choice, I think we're well positioned if they decide to stay in linear for longer, I think we're well positioned if they decide to move over to the streaming side and frankly with, with what we've put on the service and what the plans that we have to put more things on the service. I think in many ways, we're, we're sort of a must have platform inside of most households regarding direct TV. Like all of these deals, they're basically uniquely crafted to the situation of that particular partner. So I wouldn't try to read through any of that into, into any other deals. I think it's a good deal for us. I think it's a good deal for them and we both feel good about where we've gone. But I think these things are generally going to be somewhat bespoke.

我會處理那個的。大衛.關於冬天，我們，我們，我們預測它會繼續下降。你知道，我們現在擁有大約 1.75 億串流媒體消費者，其美妙之處在於我們的投資組合運作方式有一定的自然對沖。因此，就人們離開線性並選擇串流媒體路線的程度而言，一般來說，他們將會朝著我們的方向發展，而我們顯然有很棒的方法來將這些貨幣化。因此，隨著這種情況的發展是基於消費者的選擇，我認為如果他們決定更長時間地保持線性，我們就處於有利的位置，我認為如果他們決定轉向串流媒體方面，坦率地說，我們就處於有利的位置我們已經在服務上投入了一些東西，並且計劃我們必須在服務上投入更多的東西。我認為從很多方面來說，我們是大多數家庭在直播電視方面必須擁有的平台。與所有這些交易一樣，它們基本上是根據特定合作夥伴的情況專門設計的。所以我不會嘗試將其中的任何內容解讀到任何其他交易中。我認為這對我們來說是一筆好交易。我認為這對他們來說是一筆划算的交易，我們都對我們所取得的成就感到滿意。但我認為這些東西通常都是客製化的。

Thanks David Operator. Next question.

謝謝大衛接線生。下一個問題。

Please. Yes, sir. Our next question today comes from Laurent. You with Bernstein. Please go ahead.

請。是的，先生。今天我們的下一個問題來自勞倫特。你和伯恩斯坦。請繼續。

Thank you for taking the question. It's great to see continuing momentum in streaming and the margin expansion story is certainly very promising. You're building on your comments around the building block of, of that growth. Could you provide some color on how much of that growth is subscriber growth versus pricing in the foreseeable future? And of course, the 2025 fiscal year 2025 in particular and on a related question, local language content seems paramount to a very important to increase engagement in the local market. And we see our competitors expanding local content perhaps more than what we see on these new platforms. So do you have plans to be more aggressive international expansion with more locally tailored content? Thank you.

感謝您提出問題。很高興看到串流媒體的持續發展勢頭，而且利潤率擴張的故事肯定非常有前途。您正在圍繞這種增長的基石發表評論。您能否提供一些說明，說明在可預見的未來，用戶成長與定價的成長佔多少比例？當然，特別是在 2025 財年以及相關議題上，本地語言內容對於增加本地市場的參與度似乎至關重要。我們看到我們的競爭對手擴展本地內容的程度可能比我們在這些新平台上看到的還要多。那麼您是否計劃透過更多本地客製化內容來更積極地進行國際擴張？謝謝。

We're happy to address those regarding streaming, we, we expect our growth to come from a balance of pricing as well as a growth. It may tilt slightly towards pricing, I think. And again, we're, we're going to read the market and, and we can react to it as, as it plays out. But our expectation right now is it will be both subs and, and pricing a little bit more tilted towards pricing regarding local content. I'm not sure I have much more to add to what Bob had already mentioned, which is we do see it as valuable. We actually do a reasonable amount of that already, particularly in APAC with some of the Korean dramas that we do. And we also do some in Latin America. But as Bob mentioned, we don't want to invest too heavily there until we feel like we're comfortable with the products such that we'll have the churn operating at right level. So that's my expectation.

我們很高興解決有關串流媒體的問題，我們預計我們的成長將來自定價和成長的平衡。我認為，它可能會稍微向定價傾斜。再說一遍，我們將閱讀市場，並且我們可以根據情況做出反應。但我們現在的預期是，它將同時是訂閱者和定價更傾向於本地內容的定價。我不確定對於鮑勃已經提到的內容我還有更多要補充的，我們確實認為它很有價值。事實上，我們已經做了相當多的事情，特別是在亞太地區，我們製作了一些韓劇。我們也在拉丁美洲做了一些事。但正如鮑伯所提到的，我們不想在那裡投入太多，直到我們覺得我們對這些產品感到滿意，這樣我們的客戶流失率才能保持在適當的水平。這就是我的期望。

I'll, I'll add to that, you know, we had $2 billion movies so far this year. Actually, the only two in the industry, the box office that those movies garnered came from all over the world. So those movies resonate in those markets. And if you look at some of our competitors who don't have, you know, movies of basically that quality or you know, that level of success, they have to spend more in local content because they don't have that. The other thing I would just want to say about pricing is it's not just about raising pricing, it's about moving consumers to the advertiser supported side of the streaming platform. So right now in the United States, about 60% of all new subs are going to are buying our streaming services, advertising support or AVOD, I think right now, I think it's 37% of total subs in the US are AVOD subs and 30 37% in the US and 30% globally. So the pricing that we recently put into place, which is increased pricing was actually designed to move more people in the avod direction because we know that the Arpu and interest in it from advertisers and streaming has grown.

我要補充一點，你知道，今年到目前為止我們的電影票房已達 20 億美元。事實上，業界僅有的兩部電影，這些電影獲得的票房來自世界各地。所以這些電影在這些市場上引起了共鳴。如果你看看我們的一些競爭對手，他們基本上沒有那種品質的電影，或者你知道，那種成功水平，他們必須在本地內容上花費更多，因為他們沒有這些。關於定價我想說的另一件事是，這不僅僅是提高定價，而是將消費者轉移到串流平台的廣告商支援的一面。所以現在在美國，大約 60% 的新訂閱者將購買我們的串流媒體服務、廣告支援或 AVOD，我認為現在，我認為美國訂閱者總數的 37% 是 AVOD 訂閱者，30%美國為37%，全球為30%。因此，我們最近制定的定價（即提高定價）實際上是為了讓更多的人轉向避免購買的方向，因為我們知道廣告商和串流媒體的 Arpu 和興趣已經增長。

Thanks, Laurent operator. Next question, please.

謝謝，勞倫特操作員。請下一個問題。

Thank you. And our next question today comes from Tim Nolan with mccorry. Please go.

謝謝。今天我們的下一個問題來自蒂姆·諾蘭和麥科里。請走吧。

Ahead.

前方。

Hi, thanks very much. Could you please address the topic of divestitures in India? I think you mentioned in the guidance, a few lines that incorporate those. I just wonder if there's anything more to add to adjustments we should make for the sale of the assets in India. And then relatedly, what are the, what is the business going to look like for you in India? I think you're going to retain a stake with reliance. Just talk a little bit about your presence in India, post the divestiture or the, or the partial sale, please.

你好，非常感謝。能談談印度資產剝離的話題嗎？我認為您在指南中提到了包含這些內容的幾行內容。我只是想知道我們在印度出售資產時是否還應該做出更多調整。與此相關的是，您在印度的業務會是什麼樣子？我認為你會信賴地保留股份。請簡單談談您在印度的業務，請發布剝離或部分出售的資訊。

Yeah, happy to address that. We're, we're very, very excited about, about the deal with reliance. Obviously they're, they're a terrific company and have huge presence in India. Going forward, we will have a percentage ownership and we.

是的，很高興解決這個問題。我們對這筆與信賴的交易感到非常非常興奮。顯然，他們是一家很棒的公司，在印度擁有巨大的影響力。展望未來，我們將擁有一定比例的所有權。

Were supposed to disclose those avod numbers.

應該披露這些 avod 號碼。

We'll, we'll have a, we'll have a percentage ownership in the, in the high 30s. And obviously that the reliance people with, with their share of ownership will be managing the business in terms of the specific implications on Disney's financials. We did anticipate closing. We've got it included in, in the guidance to the degree that you have more detailed questions around that. I'm sure that the investor relations team can help you model that out.

我們將擁有30%以上的所有權百分比。顯然，人們對其所有權份額的依賴將根據對迪士尼財務的具體影響來管理業務。我們確實預計會關閉。我們已將其包含在指南中，以便您對此有更詳細的問題。我相信投資者關係團隊可以幫助您解決這個問題。

Thanks Tim Operator. We have time for one last question.

謝謝蒂姆接線生。我們還有時間回答最後一個問題。

Thank you. And today's final question will come from Bryan Kraft with Deutsche Bank. Please go ahead.

謝謝。今天的最後一個問題將由德意志銀行的 Bryan Kraft 提出。請繼續。

Thank you. Good morning. I wanted to ask just one on parks and one on Disney Plus. So on parks is the softness and domestic behind you. At this point. It seems like performance, there was better than you expected when you reported back in August. And on the international side, it seems like there was some new softness that showed up in in four Q in the International Park. So in light of that just wanted to ask how we should think about international growth going forward. And then my question on Disney Plus really has to do with the sub growth in the quarter which was strong in international core subs. Was there anything chunky in the quarter like a wholesale relationship coming online or is this seasonality? I know there was a similar jump in four Q23 or was it some other factor? Thank you.

謝謝。早安.我只想問一個關於公園的問題和一個關於迪士尼+的問題。所以在公園裡，你身後就是柔軟溫馨。在此刻。看起來表現比你八月報告時預期的要好。在國際比賽方面，國際公園的四場比賽似乎出現了一些新的疲軟跡象。因此，有鑑於此，我們只是想問一下，我們應該如何看待未來的國際成長。然後，我關於迪士尼+的問題實際上與本季的子市場成長有關，國際核心子市場的成長強勁。本季是否有類似批發關係之類的大事，或者這是季節性的嗎？我知道第 23 季的四個季度也有類似的跳躍，還是有其他因素？謝謝。

You're happy to take those Brian, you're right in, in domestic. We certainly feel like the the consumer is strengthening as as I mentioned earlier. We, we obviously saw growth in, in domestic parts and certainly feel very positively about that. So and that that's our expectation going forward is is a gradual strengthening in, in the in the consumer regarding international two factors. Number one, the Olympics in Paris that whenever there is an Olympics in the city that we have a park, we typically see an attendance and that's exactly what we saw and we saw that coming, which is why we indicated that to you back on the Q3 call in terms of our expectations. In addition to that, we saw some consumer softness in Shanghai. Can we expect that to be temporary? And we expect that to bounce back as well. But it was nothing, nothing that that should be concerning for the long term regarding the parks regarding international subs. No, nothing chunky. This was this was good, good solid addition to the subscriber base in international. So we, we came off of Q3 and, and obviously had had considerable success in adding subs in Q4.

你很高興帶那些布萊恩，你就在國內。正如我之前提到的，我們當然感覺到消費者正在增強。我們顯然看到了國內零件的成長，並且對此感到非常積極。因此，我們對未來的期望是消費者對國際兩個因素的逐漸加強。第一，巴黎奧運會，每當在我們有公園的城市舉辦奧運會時，我們通常都會看到有人參加，這正是我們所看到的，我們也看到了這一點，這就是為什麼我們在第三季度的業績符合我們的預期。除此之外，我們也看到上海的消費者疲軟。我們能期望這只是暫時的嗎？我們預計這也會反彈。但從長遠來看，對於國際潛艦來說，這沒什麼好擔心的。不，沒什麼厚重的。這是對國際訂戶群的良好補充。所以我們，我們從第三季度開始，並且顯然在第四季度添加替補方面取得了相當大的成功。

Thanks Brian and thanks everyone for your questions. We want to thank you again for joining us and wish everyone a good rest of the day.

謝謝布萊恩，也謝謝大家提出的問題。我們再次感謝您加入我們，並祝福大家有個愉快的一天。

Thank you. This includes today's conference call and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。這包括今天的電話會議，我們感謝大家參加今天的演示。您現在可以斷開線路並度過美好的一天。