Ben Gilbert

distribute your content wider.

But I keep going back to the saturation point.

It's nuts that CBS and NBC's reach was the problem with the NFL's growth targets.

So last ad on, you mentioned Netflix.

The Netflix Christmas games averaged 30 million people.

Yeah, the 18 million figure.

But the NFL completely overtook the NBA to be the Christmas tradition.

Yes.

Curiously, for a while.

And the strategy that they have with everything else is just so genius.

Oh, we don't have to do the operational cost of producing the games, which I saw an estimate that over the course of a season, a broadcaster spends over $400 million rolling out cameras, paying cameramen and production trucks and everything.

And it is funny that the NFL a little bit got into that business and built out to TV studio and had commentators.

Which is, for people who don't know, there used to be or there is a thing called ESPN Plus, which actually was basically ESPN Minus.

It's like all the ESPN stuff except the stuff you want to watch because you need to subscribe to a cable bundle for that because we make so much freaking money on the cable bundle that we're not going to give it to you direct.

And now they have like actual ESPN that you can get over the top in an app streaming.

It is a great deal.

I mean, giving a 10% ownership stake of ESPN to one sports league really does establish how important the NFL is to ESPN.

Yeah, fascinating deal.

So some other things I wanted to follow up on.

We made some pretty hefty points around Gen Z and their love for the NBA and how the NFL doesn't really hold a candle.