The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Benjamin Soff - Deutsche Bank - Analyst
: I wanted to dig into the strength in digital ad revenue this quarter. So were there any areas in particular where you saw a pickup in
activity? And then could you give us an update on what you've been seeing in that business since the tariff announcements?
Question: Thomas Yeh - Morgan Stanley - Analyst
: I wanted to ask about the news-only subscriber base, which I think saw the least attrition this quarter that we've seen since the
bundle strategy really took off. Have we reached a greater level of stability on that cohort? And how much opportunity is there still
to drive conversion of those legacy new subscribers into the bundle? And then in a similar vein, can you maybe just revisit your
appetite for stand-alone product price increases and whether an uncertain economic environment changes that calculus at all?
Question: David Karnovsky - JPMorgan - Analyst
: Well, maybe just following up on some of the subscriber dynamics just on bundle and multiproduct ARPU. The number was lower
quarter-over-quarter. I know there's a lot there under the surface. Maybe you could just unpack a bit the drivers in terms of promo
net adds versus kind of the subs you're graduating. And then just a separate topic, Meredith, you talked a bit more recently, I think,
about the importance of video on the platform.
I don't know if you could dig in a bit on where you're seeing the most engagement and kind of what innovation is still available to
you there?
Question: Jason Bazinet - Citi - Analyst
: Thanks so much. You guys have done incredibly well with your digital subscription strategy. I just had a question in terms of your
tactics that you employ when someone comes off of the promo price. What happens then? Like how do you manage it?
Because it's a big step up to the full price, which sort of belies the -- catch all the area under the demand curve. But at another level,
maybe I missed it, but I just haven't heard you guys talk about how you sort of -- the tactics to graduate someone up to full price
from promo price?
Question: Douglas Arthur - Huber Research Partners - Analyst
: Yes, two questions. Meredith, if you take the athletic digital ad revenues out, it looks like underlying was up 5.5%, if I have that right.
Question: Douglas Arthur - Huber Research Partners - Analyst
: Okay. And just -- yes. The -- I think this is already asked, I'm not sure it was answered, but the single product sequential growth was
slightly up. Was that a surprise? Or is that a seasonal thing with gifting around Christmas?
Any comment on that?
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