Barry Diller

Well, I think the most dramatic change is that the entertainment business, let's say the motion picture business, was kind of encased in its own world during its greatest years of development.

That was what these companies did.

They just made movies, the great movies of the 30s, 40s, 50s, 60s, 70s, 80s, and some in the 90s.

And there's still some good movies made.

I'm not saying that.

But they were worlds unto themselves.

They were important worlds because those movies were exported to the world and became the export of American culture to the world in movies is probably the most extraordinary movement dominating almost every country in the world from the inception of the motion picture business.

And

As time went on, they started doing television, and then they owned cable networks and television networks, et cetera.

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