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What happened in India could happen in the US. When TikTok was banned there in 2020, many users went to Snapchat. In the US, however, there’s more overlap between Instagram users and TikTok users than between Snapchat users and TikTok users, by our estimates, and Snapchat’s short-video features aren’t nearly as popular.

That’s being fueled by the resumption of international travel, in addition to consumers in China and emerging hotspots like the Middle East and India. The number of luxury consumers worldwide will grow from 400 million in 2022 to 500 million in 2030, and consumers in China will remain a key driver of global growth, according to a January 2023 Bain & Company report.

Paul, let's turn our attention to the other streaming part of Disney's business, Disney+, Disney added 7 million new subscribers to Disney+ and Hotstar, which is what's called in India, in Q3, bringing its total to over 150 million. 1-5-0 million. It has 112 million Disney+ subscribers, 150 million Disney+ and Hotstar people combined.

That's why it might feel like we're further behind it in the US, the UK, than we should be is because if you look at this chart here, you can see that over 90% of folks in China, Thailand, Colombia, India, a lot of countries have bought something via social commerce. That's compared to just 53% of people in America and about similar share in the UK as well. It's from 2024 research from VML.

And I think that also came up when Disney bid on the IPL originally and they had the deal with Hot Star in India. So huge audience and a lot of subscribers in India, but the revenue per subscriber was a lot less obviously than in the US.

Actually, a Boston Consulting Group survey found that India was the largest user of ChatGPT, followed by Morocco and then the United Arab Emirates. Marcus Johnson (03:52):. Give me that number of people using it at work, did you say, or at companies. Jacob Bourne (03:55):. Yeah. McKinsey did a survey and found that 91% of the respondents employees using it said they use it for work.