Barry Diller

And as they diversified, movies notched kind of somewhat down the ladder of importance to these places.

I think that has an effect on the work itself.

When the senior-most person wakes up every morning and worries about what's going to happen with the movie they're making and how it's doing and all of that, the care and feeding of it, is far different than it being number 87 in the priorities of a large, conglomerated company.

But the most profound...

took place with streaming, when technology essentially overtook the entire ecosystem of the manufacture of television and movies.

And so where these pure entertainment companies, by the way,

To some degree, it's the furthest you could ever go to say the difference between instinct and ones and zeros, or technology, which is, as we know, quite fact-based and numerical as to making any content is instinctive.

And those tech companies essentially have now taken over the old hegemony of, quote, Hollywood.

And now Netflix and Apple and Amazon.

I mean, just take one part of it if you want to know the distinction where if you make content, the test of it is how many people watch it, want it, go to a movie theater, buy a ticket, do whatever.

So you're in direct relationship with

to the reaction to that thing that you made.

If you're Amazon and your main business is subscriptions in Prime and you offer content as kind of the thing in the front of the store to get people to come in, you're so far away.

It's a different business model.

It's no longer based upon, oh,

I love that program.

I love that movie.

I pay my money.

I react to it.

And the reaction is to the people who made it.