You all underwent rounds of layoffs earlier this year similar to those that hit the entire gaming industry in 2024. But Microsoft recently had new ones, you all have taken “Concord” offline, and you had additional cuts at Bungie. What is the current outlook for PlayStation and expectations of studios and games being shut down moving forward?
Hulst: I will say a few things on that. It’s our duty to look at our our resource planning, and make sure that we run a sustainable business. That’s part of being CEO. We never take that lightly, because we know these people personally, and it’s very close to our hearts and the teams and good working atmospheres. But yes, we’ve had some layoffs. But it’s also important to realize that on the content side, PlayStation Studios is now a much bigger organization than when it started. It’s grown tremendously. And that is organic growth that our existing teams, I think, hired quite aggressively, as well as through M&A. So the organization, the employment is much greater now than it was, let’s say, for example, five years ago.