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Tag: AVOD

  • Mipcom 2025: Glance to crack the code on what audiences actually want

    Mipcom 2025: Glance to crack the code on what audiences actually want

    PARIS: In a media landscape where Netflix and YouTube hoover up nearly half of all US streaming hours, knowing what audiences want isn’t just useful—it’s survival.

    Glance, the TV and video market intelligence outfit, will lay bare the winning formulas at Mipcom Cannes 2025 next month, drawing on audience data from more than 120 territories to answer the industry’s most vexing question: who’s watching what, how and why?

    Frédéric Vaulpré, senior vice-president, and Maryam Ramassamy, international research director, will lead the session on 13  October, tackling how content creators can stand out as linear TV withers and streaming platforms multiply like rabbits.

    The presentation will dissect BVoD strategies including TF1+’s digital ad revenue surge, and explore the curious phenomenon of “co-petition”—traditional broadcasters cosying up to the very streaming giants eating their lunch. With advertisers fixated on the golden 25-49 demographic and revenues under pressure, the old rules no longer apply.

    Glance will showcase how hyper distribution—flinging content across AVoD, Fast, SVoD and linear channels simultaneously—often trumps exclusivity. The session will also examine how content is tapping into geopolitical anxiety, evolving gender norms and early-2000s nostalgia, whilst high-concept formats embrace AI and other shiny new tech.

    “The media landscape is more fragmented than ever, yet the need for precise audience intelligence has never been greater,” said Vaulpré.

    Ramassamy added: “Our industry is trying to cope with a fundamental change in how audiences consume TV, in both substance and form. The storytelling needs to be closer to audiences’ current state of mind.”

    Glance, part of Médiamétrie, delivers official ratings for more than 7,000 channels and works with over 100 data providers and 230 major broadcasters, streaming services and production studios worldwide. The Paris-based firm employs over 700 people and notched  a turnover of €103.5m in 2024.

    The session takes place at 9 am on 13 October in the Grand Auditorium at the Palais des Festivals.

  • Streaming strikes gold as India’s entertainment industry hits new highs

    Streaming strikes gold as India’s entertainment industry hits new highs

    MUMBAI: If content is king, India’s entertainment industry is the kingdom where multiple rulers are emerging. At Content India 2025, industry stalwarts dissected the evolving media landscape in The State of the Indian Entertainment Nation panel discussion. From the meteoric rise of streaming to the power of regional narratives, the session brought to light the shifting dynamics of how Indians consume entertainment today.

    India’s over-the-top (OTT) landscape is on an unstoppable growth trajectory, with over 500 million digital viewers making it one of the largest streaming markets globally. The paid subscription ecosystem grew 10 per cent in 2023, bringing in Rs 9,900 crore (1.2 billion dollars) in revenue, while the advertising-based video-on-demand (AVOD) model jumped 40 per cent to Rs 6,800 crore (850 million dollars).

    Prime Video India director & head of SVOD business Shilangi Mukherji captured the moment by saying, “Streaming has democratised content. It’s no longer about big cities versus small towns. Today, the same audience that enjoys an international thriller can also binge-watch a hyperlocal drama from a remote region. The lines have blurred.”

    Streambox Media founder and CEO Anuj Gandhi agreed, noting that AI-driven hyper-personalisation is further shaping the streaming experience. “The biggest challenge for any OTT platform is making sure that users find what they want before they get frustrated. AI is now solving that problem, ensuring people spend less time searching and more time watching.”

    Despite streaming’s dominance, the theatrical experience refuses to fade into the background. While the OTT boom has led to a dip in mid-budget theatrical releases, big-ticket films continue to dominate. “Theatres aren’t dying, they’re just evolving,” said Applause Entertainment MD Sameer Nair. “The magic of a collective viewing experience is irreplaceable. Streaming has changed consumption habits, but cinema will always be a cultural event in India.”

    The merger of PVR and INOX has strengthened multiplex chains, making them more resilient against digital competition. However, the industry has become more cautious with high-budget originals. Many OTT platforms are now focusing on regional acquisitions and dubbing successful content instead of creating big-budget originals from scratch.

     If there’s one undeniable trend, it’s the explosion of regional content. Data shows that 48 per cent of all content produced in India in 2024 was in regional languages. Streaming platforms are doubling down on dubbed and subtitled content to bridge linguistic barriers and tap into non-Hindi-speaking markets. The industry is no longer bound by language, hyperlocal content is travelling far beyond its native state.  

    Hungama Digital Media CEO Siddhartha Roy noted, “We are witnessing a content explosion beyond Hindi. Regional is the new national. A Telugu film dubbed in Hindi or a Malayalam film finding audiences in Tamil Nadu, this cross-pollination of audiences is proof that language is no longer a barrier.”

    Phantom Films CEOSrishti Behl added, “The best content is not necessarily being created in Mumbai. It’s coming from smaller production hubs in Chennai, Hyderabad, and even remote pockets of India. The industry is decentralising, and that’s exciting.”

    Artificial intelligence (AI) is emerging as a game-changer for both content creation and consumption. AI-driven personalisation ensures that platforms serve users exactly what they want, while interactive content formats are gaining traction from AI-powered interactive storytelling to immersive live-streaming experiences.

    Aniruddha Roy Chowdhury, an acclaimed director, shared his perspective on AI’s role in the creative process. “AI is not here to replace filmmakers, but to assist them. Whether it’s de-aging actors, enhancing visual effects, or even predicting audience preferences, AI is making storytelling smarter.”

    The future of Indian entertainment is a melting pot of theatrical spectacles, streaming supremacy, regional dominance, and AI-driven innovations. As India’s internet penetration deepens and smartphone usage skyrockets, the next chapter in the industry’s evolution is being written in real-time.

    “We’re in the business of storytelling,” said Shilangi Mukherji. “And in India, stories never run out. They only get better.”

  • Streaming’s next blockbuster AI regional content and interactive boom

    Streaming’s next blockbuster AI regional content and interactive boom

    MUMBAI: India’s digital entertainment landscape is witnessing a blockbuster transformation, with over 500 million viewers tuning into over-the-top (OTT) platforms, making it one of the largest streaming audiences in the world. At Content India 2025 Allied Global Marketing MD, APAC Jamie Crick presented a deep dive into India’s surging OTT market, revealing a sector in overdrive. As data prices drop and internet speeds surge, India’s appetite for on-demand content is growing faster than a viral meme.

    The numbers tell a compelling story. In 2023, India recorded 96 million paid OTT subscriptions, driving a 10 per cent rise in revenue to Rs 9,900 crore (1.2 billion dollars). Meanwhile, advertising-based video-on-demand (AVOD) proved to be a major money-spinner, contributing Rs 6,800 crore (850 million dollars), a staggering 40 per cent increase from the previous year. Clearly, whether audiences are paying for subscriptions or watching ads in exchange for free content, the demand for digital entertainment is skyrocketing.

    With over 80 streaming platforms vying for attention, the content buffet is expanding rapidly. While Hindi continues to dominate, regional content is emerging as the true scene-stealer, now accounting for 50 per cent of total OTT consumption. As more platforms invest in Tamil, Telugu, Bengali, Marathi, and Malayalam productions, the industry is witnessing a significant democratisation of content, bringing hyper-local stories to the national mainstream. Projections indicate that over 60 per cent of future content investments will go towards non-Hindi programming, underlining the massive shift in viewer preferences.

    Technology is playing a lead role in shaping the industry’s future. With AI-driven hyper-personalisation, viewers now spend less time searching and more time watching, thanks to smart recommendations tailored to their interests. Interactive content and live streaming, from gaming to sports to reality-based formats are becoming mainstream, turning passive viewing into an immersive experience. The rise of short-form content is further redefining audience engagement, especially among younger viewers who prefer snackable entertainment over traditional long-form storytelling.

    Interestingly, affordability isn’t deterring audiences. With 62 per cent of Indian households now paying for digital entertainment, the willingness to invest in quality content is evident. The emergence of new monetisation models, including microtransactions, premium ad tiers, and brand collaborations, signals a shift in how platforms generate revenue while keeping content accessible.

    As international giants battle homegrown platforms, the race for eyeballs is heating up. With 5G rollout accelerating, smartphone penetration soaring, and AI making content discovery seamless, the OTT revolution in India is far from reaching its season finale, it’s just getting started.

  • Horror havoc terror films aligns with Panic TV

    Horror havoc terror films aligns with Panic TV

    MUMBAI: Terror Films Releasing (TFR) has forged a strategic alliance with Cape May Studios’ newly launched horror channel, Panic TV, it was announced today. TFR has initiated this partnership by licensing a substantial collection of horror and thriller films from its catalogue to Panic TV, with plans to expand the content offering as the channel grows.

    “Terror Films continues to be trusted by filmmakers and fans alike with some of the best and most diverse indie horror content in the streaming space. Our job is to continue to secure new platform relationships in order to bring these films to a wider audience and this new partnership is what it’s all about,” stated TFR CEO Joe Dain.

    Based in New Jersey, Cape May Studios is developing a global network of FAST and AVOD channels, catering to niche audiences with strong, passionate fandoms whose content preferences are currently underserved. Their inaugural brand, Panic TV, offers a unique content proposition, addressing the demand for ‘recreational fear’ entertainment, with the brand promise ‘Fear Comes Home’.

    Panic TV will provide viewers with access to award-winning and genre-bending movies and TV content from contemporary storytellers, seamlessly blending genres such as action, thriller, mystery, crime, paranormal, science fiction, horror, and creature features.

    Targeting young millennials and Gen Z (18-40 years old), Panic TV aims to deliver authentic, thought-provoking content that resonates with their hyper-digital world.

    Panic TV is launching globally in English, Spanish, and Hindi over the coming weeks, with further language localisations planned for international markets.

    Cape May Studios founder & CEO Sachin Gokhale said, “We are beyond thrilled to partner with Terror Films, whose catalog of gripping horror and thriller titles aligns perfectly with our audience’s appetite for high-quality, innovative, adrenaline-fueled content. This agreement strengthens our content library and enhances our ability to provide a compelling and immersive ‘Fear’ centric viewing experience to our consumers.”

  • Cape May Studios inks deal with Indie Rights for global streaming venture

    Cape May Studios inks deal with Indie Rights for global streaming venture

    MUMBAI:  Independent film distributor Indie Rights has struck a landmark content licensing agreement with Cape May Studios, the fledgling streaming venture founded by former Zee Entertainment executive Sachin Gokhale.

    The partnership will see a curated selection of critically acclaimed indie films appear on Cape May’s upcoming free ad-supported streaming television (Fast) and advertising-based video-on-demand (AVOD) channels, set to launch next month.

    Gokhale, who established Cape May Studios in August 2024 after serving as executive vice president and territory head for the Americas at Zee Entertainment, is building a network of genre-focused channels targeting global “fandom” audiences.

    “This collaboration is a key milestone as we prepare to launch our channels,” said Cape May Studios. founder & CEO Gokhale. “With access to Indie Rights’ compelling films, we’re excited to deliver content that challenges, inspires, and resonates with a global audience.”

    The content deal focuses heavily on horror, thriller, sci-fi and mystery genres – with titles including I Survived a Zombie Apocalypse and Shadows of Bigfoot set to terrify viewers in English, Hindi and Spanish initially, with plans for further language expansions.

    Indie Rights chief executive Linda Nelson noted: “This is an exciting moment as we expand our global reach with Cape May Studios. Their innovative streaming platforms will provide our filmmakers with new opportunities to connect with audiences who crave original, meaningful stories.”

    The agreement represents Cape May’s first major content acquisition since Gokhale launched the venture after an extensive career spanning major media companies including Viacom18, where he spent over 12 years in senior leadership roles across multiple territories.

    Industry observers note the partnership shrewdly targets millennial and Gen Z viewers between 18-40 years old, a demographic increasingly abandoning traditional subscription services in favour of free, ad-supported alternatives.

    As one streaming analyst quipped: “In the bloodbath of global streaming wars, this horror-focused partnership might just give audiences something to actually scream about – in a good way.”

  • Amazon MX Player unveils over 100 new shows at StreamNext event

    Amazon MX Player unveils over 100 new shows at StreamNext event

    MUMBAI: It was meant to amaze and Amazon MX Player’s first edition of StreamNext event did so – more than expected. It showcased  the advertising video on demand platform’s ambitious plans for 2025, featuring over 100 new show announcements and interactive ad innovations. Attendees included global marketing leaders such as Martin Sorrell and Benedict Evans, alongside entertainment figures like Bobby Deol, Suniel Shetty, Jackie Shroff, and Malaika Arora.

    Amazon MX Player head Karan Bedi highlighted the platform’s extensive reach with 1.4 billion app downloads and over 250 million unique monthly users across mobile and connected TVs. “Amazon MX Player is driving the shift from linear TV to digital streaming, offering unmatched free content across genres,” said Bedi. “The key thing about this growth is that it is not just restricted to a single demographic but is happening across the board — across ages, genders, and income groups. The main driver of this shift is that audiences are moving from TV to digital as India’s premier mass consumption medium. But more than just reach, streaming also provides a higher quality of engagement. In many countries, especially India, a higher proportion of users engage with ads while streaming when compared to TV.

    “Going beyond engagement, to actual ROI in terms of recall or consideration, streaming wins over every other medium. While it scores well on immediate impact, the difference is even more pronounced from a long-term impact perspective, where the gap widens. This is because video streaming is an active consumption medium, and TV is passive,” added Bedi. 

    Amazon MX Player content head Amogh Dusad unveiled 40 new Hindi originals and returning favourites like Aashram, Hunter, Hip Hop India, and Playground. New series include Bhay – The Gaurav Tiwari Story, starring Karan Tacker and Kalki Koechlin; The Titan Story, chronicling the rise of the Indian brand Titan; and First Copy, a crime drama set in 1990s Mumbai.

    MX Player ads

    Reality show Rise and Fall, featuring Ashneer Grover and produced by Banijay Asia, follows contestants divided into “Rulers” and “Workers” competing in an iconic skyscraper setting. The platform also announced Petty Cash, a thriller about a botched bank robbery in Purulia, starring Tanya Maniktala and Sahil Mehta.

    Bedi emphasised the platform’s role in transforming advertising by leveraging Amazon’s data insights. New ad formats, including in-stream shoppable ads, were introduced, boasting viewer interaction rates six to seven times higher than industry standards.

    “Our audiences are highly engaged viewers and we have a strong understanding of their shopping patterns, an advantage that only Amazon MX Player can provide. Even brands that don’t sell products or services on Amazon can connect to customers through this premium world of content and by leveraging our first-party shopping signals, to enhance their campaign effectiveness”, said Amazon MX Player director Aruna Daryanani.

    Amazon Ads India head Girish Prabhu described Amazon MX Player  as a “full-funnel advertising solution” allowing brands to directly measure campaign outcomes and reach highly engaged audiences.

    It was followed by an evening get together of the entertainment industry at a scale not witnessed for a long time now, probably since the Covid lockdowns. Most industry veterans appreciated the no-expenses-spared approach by the Amazon team with Saleem-Suleiman performing some of their favourite hits, and getting both the advertising and marketing professionals and  entertainment  executives and stars on the dance floor swaying to their beats.

    A host of stars including producers like Sameer Nair, Deepak Dhar, Lalit sharma, JD, Sudhir Sharma, Lalit Sharma, Sameer Gogate, All3Media’s Sabrina Douquet, Rishi Negi, Neil Bhatt, Mishaal Wanvari, Khalid Khan, Prerna Wanvari, Jennifer Winget, Rajiv and Raghu Laxman, Saurabh Tiwari, Namit Sharma, Ratna Sinha, Manish Singhal, Atul Agrawal Rithwilk Dhanjani, Tejkiran Bajaj, Zakir Khan, Arjun Bajalani, Simple Kaul, Juhi,  Manav Gohil, Varun Badola, Rajeshwari Sachdeva, Natalie de Lucio, amazon’s Nikhil Madhok – spent the evening catching up with each other. 

  • MPA Report: APAC video market to hit $165B by 2029; streaming set to dominate

    MPA Report: APAC video market to hit $165B by 2029; streaming set to dominate

    MUMBAI: To use a cricket analogy, television is going to go  even  more on the backfoot while online video shall come charging down the pitch to hit revenues out of the park. 

    That’s the latest prediction of Singapore-based  Media Partners’ Asia (MPA) in its  2025 report, outlining transformative trends in the Asia-Pacific (APAC) video and broadband industry.

    Among its key findings and predictions are:

    Industry growth & transition
    * Market Expansion: APAC video revenue is projected to grow by $16.2 billion, reaching over $165 billion by 2029 (CAGR: 2.2 per cent).
    * Online video explodes: Online video revenues projected to climb from $64 billion in 2024 to $89 billion by 2029, marking a 40 per cent increase. Gap with the US (at $140 billion in 2029) will have narrowed. 
    * Traditional TV contracts:  In contrast, traditional TV revenues are expected to shrink by $8 billion during the same period.
    * Streaming overtakes TV: Streaming revenues will surpass traditional TV by 2027, with their industry share rising from 44 per cent in 2024 to 54 per cent  by 2029, led by India and China.
    * Subscription video on demand (SVOD) services are expected to grow their share of the Asia-Pacific (APAC) video industry’s revenue from 44 per cent in 2024 to over 54 per cent by 2029.

    Revenue drivers & contributions
    * Key markets: India, China, and Japan will drive 64  per cent of the growth, with India alone accounting for 26 per cent.
    * Content growth: User-generated content (UGC) and social video platforms will lead, contributing $10.7 billion in new revenue. SVOD ($8.4 billion) and premium AVOD ($5.0 billion) follow closely.
    * Advertising leadership: Advertising will account for 65 per cent  of online video revenue growth, increasing its share of total video revenue from 52 per cent in 2024 to 54 per cent by 2029. Premium ad-supported video on  demand platforms driving growth.

    Shifting dynamics
    * SVOD boom: Subscriptions are set to rise from 644 million in 2024 to 870 million by 2029, driven by sports, Asian entertainment, and US content.
    * Connected TV surge: Penetration will exceed 85 per cent  in developed markets like Australia, Korea, and Japan by 2029, with notable growth in India, Indonesia, and Thailand.
    * Local players gaining ground: Global giants like YouTube, Netflix, and TikTok, which held 67 per cent market share in 2024, will see this decline to 62 per cent by 2029 as regional platforms strengthen.

    Vivek Couto, Executive Director at MPA, stated, “The APAC video market is undergoing rapid transformation, with streaming driving deeper engagement and improved monetisation. However, the decline of traditional TV and challenges in local streaming profitability are pushing the industry toward consolidation, particularly in markets like India, Japan, and Southeast Asia

  • CES 2025: Disney reveals global AVOD streaming MAUs are at 157 million

    CES 2025: Disney reveals global AVOD streaming MAUs are at 157 million

    MUMBAI:  Guess what’s the  latest AVOD universe that Walt Disney Co’s  Disney+, Hulu, and ESPN+ operate in? 

    Well, you don’t have to guess. 

    The numbers and the methodology behind them were shared by  its division Disney Advertising president of global advertising Rita Ferro at the fifth  annual Tech and Data Showcase during the Consumer Electronics Show (CES) 2025 on 8 January in Las Vegas. 

    Ferro  revealed that Disney’s ad-supported streaming portfolio has reached an estimated 157 million global monthly active users (MAUs), including 112 million domestic MAUs (US and Canada), based on an average over the past six months.

    “Disney sits at the intersection of world-class sports and entertainment content, with the most high-value audiences in ad-supported global streaming at scale,” said Ferro. “We wanted to be the first to offer our industry greater transparency into the methodology used to estimate our engaged global ad-supported monthly active users.”

    She explained that in a landscape where no industry-standard methodology exists for measuring global streaming advertising audiences, Disney Advertising has taken a pioneering step by defining a globally consistent approach. Highlights of the methodology include:
    * Audience Definition: Ad-supported MAU  numbers are calculated from active accounts within Disney’s streaming ecosystem (Disney+, Hulu, ESPN+) that have engaged with ad-supported content for more than 10 seconds.
    * User Multiplication Factor: Each account is multiplied by the estimated number of users per account, with a global average of 2.6 users, adjusted regionally and by platform.
    * Survey Data: Estimates are based on first-party survey data representing over 13,000 individuals aged 18–64 in regions offering advertising tiers.

    Ferro emphasised Disney’s leadership in leveraging data to drive impactful results for brands. “This step underscores Disney’s commitment to intentional transparency and delivering meaningful outcomes for advertisers,” she added.
     

  • Amazon merges MX Player with miniTV to expand ad supported streaming offering

    Amazon merges MX Player with miniTV to expand ad supported streaming offering

    MUMBAI:  Amazon on Monday announced that it had closed the acquisition of select assets of MX Player, including the MX Player app, to merge with its ad-supported video-on-demand (AVoD) service, Amazon miniTV. It was in June that several media outlets had reported that Amazon was close to acquiring the once Times group owned app.

    Post-acquisition, the app has been renamed as Amazon MX Player. It will continue to provide its library of shows for which it was known to more than 250 million users in India. Among these: Aashram, Dharavi Bank, Campus Diaries, Physicswallah, and Yeh Meri Family. The streamer had also built a fan following for its popular Korean, Mandarin, and Turkish shows dubbed in Hindi, Tamil, and Telugu. Viewers will be able to  access the service through apps on mobile, Amazon.in, Prime Video, Fire TV, and connected TVs.

    “Today we are bringing together the vast reach of MX Player, with the advertising tech that leverages Amazon’s billions of customer signals,” said Amazon India head of advertising Girish Prabhu. “It’s about enabling all brands, not just the ones selling on Amazon, to reach and deliver relevant advertising to a very large and engaged base across India. It’s about directly measuring outcomes from the very top of the funnel to the very bottom.”

    “Amazon and MX Player obsess over customer experience and are both believers in the future of free entertainment,” added Amazon MX Player head Karan Bedi. “Being part of Amazon will let us continue to delight millions of viewers across the country. We will offer high-quality entertainment and streaming experiences faster than we could have done independently, while continuing to keep the service free. This merger will mean great things for our viewers, advertisers and content partners, and will let us bring MX Player to even more people in India.”

  • ZEE5’s 2024 roadmap: ILT20 S2, quality content, and AVOD expansion: Abhirup Datta

    ZEE5’s 2024 roadmap: ILT20 S2, quality content, and AVOD expansion: Abhirup Datta

    Mumbai: The OTT sector at large has grown in India with a remarkable appetite originating from the smaller markets. On the AVOD front, the demand has grown significantly as better quality and variety is made available free of cost. This growth is propelled by multiple factors like localization of content, affordable smartphones, cheap internet facilities, cross-device compatibility to cite a few.  General entertainment content (GECs) and live streaming of sporting tournaments have also significantly contributed to the increased adoption of AVOD. Furthermore, this expansion has resulted in onboarding of digital marketers from diverse geographical locations.

    In 2023, we expanded our content offerings on the platform across languages, genres, and formats. We ventured into cricket and esports with the streaming of ILT20 S1 and IESF Big Bang Asia alongside releasing exclusive films based on social atrocities like ‘Ardh’ with Rajpal Yadav, ‘Am I Next’ with Anushka Sen, Anshuman Jha’s ‘Lakadbaggha’, and Priyamani’s ‘Sarvam Shakti Mayam’, amongst others. Titles like ‘Ardh’ and ‘Lakkadbaggha’ are based on social vices with compelling narratives. Investing in these unique stories not only fostered social awareness but also attracted diverse audience cohorts.

    We also released premium international titles dubbed in local languages through our properties like ZEE5 World Hits and ZEE5 Spark. Popular Korean series owing to its popularity amongst the young audience was dubbed in Hindi and released on the platform. During the festive season, multiple campaigns and content offerings were launched which were received positively by the audience, and also made additions to our AVOD slate with live devotional content, family entertainers, and old classics. This led to a massive ~15 BN total streaming minutes on AVOD in the last 6 months.

    Going forward, our focus will remain in strengthening our presence in the smaller markets with good quality localized content and better in-app experience.

    On the anticipated forecasts or predictions for the year 2024

    The AVOD sector is set to expand a lot more, not only in India but on a global scale as well. The key drivers for growth will continue to be quality storytelling, premium titles, a surge in demand for regional content, and the enduring popularity of sports. The rising demand for enhanced viewing experiences, coupled with the growth of connected devices and smart TVs, is anticipated to give rise to AVOD consumption in smaller markets. Achieving a seamless in-app experience coupled with creative avenues like gamification and play-ons are set to captivate audiences more effectively. This will further diversify advertising opportunities on OTT. With precise targeting, data-driven insights, and the ability to customize messages for viewers, OTT advertising will continue to be a great tool for brand building, generate awareness, engagement, and conversions.

    For ZEE5, the upcoming year looks promising as we begin 2024 by streaming ILT20 S2 and move on to other prominent projects for the rest of the year. The strategy will remain insights-driven, navigating the dynamic entertainment sector through constant trend mapping and identifying consumer demands. Offering comfort and convenience in content consumption, looking ahead, our priority remains on creating engaging properties, investing in exclusive content, and exploring new formats to provide unique and compelling experiences for our viewers.