Nilay Patel

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?

You saw it.

Nobody wanted it.

Suddenly it's super hot.

You obviously understood watching it with a little bit of LinkedIn validation.

Yeah, that it was going to be the hottest thing.

What's that negotiation with Netflix like?

When you say you used AI tools to make fully featured models to show them, how does that process work now?

Is it your designers went away and came back with ideas?