As we talked about before, there’s more substitution, especially from digital, than ever, and you’ve got a narrowing set of customers to be able to appeal to. So the great thing about that is there’s going to be more choice for a kid, and there’s going to be a higher cycle time. The bad thing from a business perspective is that it’s really hard to establish a moat, and the kids cycle through, and they learn about things in unpredictable ways. A lot of kids are exposed to social media, even though they’re not supposed to do it at an earlier and earlier age. They watch YouTube, they watch all these kinds of influencers, and the whole notion of Saturday morning cartoons or even just watching cartoons after school on a linear network has totally flipped upside down. So I think as a toy company, you have a choice: you can either double down on that market and try finding these big entertainment moments that really punch through, or you can try finding a different market to be able to appeal to and build a more durable moat in those spaces.
01:55, 10 марта 2026Россия
SHA512 (FreeBSD-14.4-RELEASE-i386.vhd.xz) = 074d4628829da82b2b8c4462dd092e180de0d2eb9f6c434c78ac350556426f482f879b5db75cfd5a4b4552f834f8cd53977bf14c931bb28434ce5ab40bf32ee6，更多细节参见新收录的资料
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