Nilay Patel

One, I think just the demographics you outlined are true.

And it's really interesting.

You know, I have a seven-month-old.

And it's just interesting to see what toy brands exist now that didn't exist for our seven-year-old, right?

So even in that space of time, just seven years, you see some brands have just left this market behind and there's some new brands that exist now.

And then, you know, there's things like Cocomelon, which when my seven-year-old was a baby was pretty nascent and is now this juggernaut.

And I'm curious if you see the dynamics there changing.

You talked about digital experiences.

Do you see more, like at Hasbro classically when I was a kid in the 80s, it would advertise toys during Saturday morning cartoons.

And this is where you would like find the customer.

And now it's like a bunch of weird YouTube slop.

Is that the space where the new toy brands are going to come from and you're just not willing to play there quite as much?

Or is the dynamic of the industry changing more aggressively than that?

Can I ask you about K-pop Demon Hunters?

For a variety of reasons.

One, I'm personally curious.

Two, my daughter will kill me if I don't ask you about K-pop Demon Hunters.

It's the IP that runs our house.

Is it true that K-pop Demon Hunters was a surprise to the industry and you weren't ready for Christmas this year?

Take me inside that negotiation, right?