The UK is an interesting market. Just explain the basics. Why and what's going to happen. So we've been getting incredible traction in the US. We just gave them. Yeah. We're the most-watched free TV service in the US now, and what we're finding is that audiences, particularly cord cutters and cord nevers, they want to watch content for free. They don't mind watching ads in return, and they want a large collection with the second time. Sorry, cord cutter and cord nevers have not heard that. Oh, I think it's almost like jeopardizing. Yeah. Of audiences that just it's not that they originally were subscribing to cable and stopped is that they're just they never did to begin with. Sorry. And what we're finding is that TV has this incredible formula for free for consumers. We have the world's largest collection of movies and TV shows, and it's resonating with audiences.

And we believe we can bring that same value proposition to UK audiences. We've done the same in Canada. We're doing the same in Latin America. Really, it's a global opportunity, and that's what we're looking to pursue. Does the content therefore evolve because do you therefore have originals made by the UK in the UK for the UK audience, or are they very much a global demand stream? So, TV has been able to successfully do a couple of different things. One, we license and acquire content from really everyone, so we have this very vast selection of opportunities and shows. We also have invested in originals. We have hundreds of originals. Nearly one in four viewers in the US watches an original. And so, we will absolutely look to have What is one of your originals to be original? A To be original. And what's really interesting about the originals is they don't tend to be these big-budget originals that you

might see on other streamers. What we often do is we will listen to what is resonating on our platform, what our fans love, and then we'll go and look to acquire or produce content that really reflects something that they can't find anywhere else. We should probably talk about the Fox element of this. A lot of people are surprised by that. I think we were partly how does that work? And I'm assuming that underpinning all of that is that if it's free for the consumer, it's advertising that you've got to make some money, right? Yeah. So we only make money through advertising, which we think really aligns incentives because we only make money if our viewers are engaged, if they're actually watching content to be owned by Fox that was acquired several years ago, but it's actually started in Silicon Valley over ten years ago. And really interesting to we started as an ad tech startup and then pivoted over

time to be a consumer streaming service. And what that means is our DNA is very, very rich in using technology and data to personalize and offer a delightful experience. It's something I've been really impressed by, and I think it's a big differentiator right now because the audience is also they they don't want barriers, they don't want friction. They want TV to feel fun again. So you raise a really good point on the technology in our household, at least I have a Roku TV and I have a Samsung Smart TV on the Roku TV. It's app-based system. On the Smart TV. I can search for a specific show that I want to watch, and it might tell me that the only place I can find it is TV. That, my goodness, have I got options? And and I'll be honest, you know, my wife said to me the other day, you know, I didn't know we had TV and I said,

Maybe did I? And that you must recognize that a little bit. Absolutely. I think there is a paradox of choice, and I think we in the streaming ecosystem haven't yet really made it as easy for viewers as we need to to these approaches to be ubiquitous. So we are present and available and accessible to consumers across over 30 devices, every surface and screen that we can be on. And to your point, having that really large library means that we're often discoverable because we're the place you can watch that content you're looking for, for free. And I think you're just going to see us continue to do more and more to just remove barriers and make that experience easier and better. So your market share keeps on going up. I mean, you might not be aware or using it, but 1.8% of the market is yours. You are only just behind Peacock and Hulu. When are you going to eclipse them?

Honestly, you know, we are very focused on playing one game on one game only, and that is being free, frictionless entertainment for consumers. But what I will say is we are doubling down on the strategy. We believe it's working. We think the tailwinds in our favor, and it's on us to continue to deliver. Where does live sports fit into your strategy? We are not investing in premium live sports rights. That is, that's very expensive. And our belief is that's not going to really work on a free ad-supported model the way it does on other models. But you will see us do is partner with Fox Sports in particular to really tell stories in and around the culture of sports. An example is this week we announced a talk show with Deion Sanders, Coach Prime, right. You'll also see us do a purple carpet sort of pre-game show before the Super Bowl this year. That kind of talks about fashion and celebrity culture around the game.

And we'll continue to experiment there. But what we see, particularly among younger viewers, Gen Z, is that they're very interested in stories and culture around sports almost as much as the live game itself. Yeah. Very briefly, do you want an Oscar? Do you want to, like, have an original, make a big bang? I want to produce content that delights our viewers. And I would say we care a lot more about that engagement as our currency. Probably above awards or anything else.

Tubi's Free Model Attracts Success

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