Dan Whateley

And now the most popular thing, I think, and correct me if I'm wrong, Sydney, is Instagram Reels.

People are mostly watching videos on Instagram.

We also see similar trends happening on YouTube.

YouTube Shorts, I believe, gets 200 billion views a day.

And so the rise of short form video really, I think, is the sort of pivot point in terms of these types of stars growing.

these kind of megastars disappearing.

And it's not that TikTok wasn't making megastars.

It's just that there are so many people now making videos that it's way easier to create the sort of personalized feeds for users.

No.

Yeah, we are seeing the top 1% stay the top 1%.

The top 10 most subscribed to YouTubers this year are the same as that list last year.

And on TikTok, we're also seeing not a lot of mobility in terms of the top folks who are followed on that app.

And so yeah, if you made it big early, like you're set.

And a lot of those creators are acting more like traditional celebrities now.

They're launching brands.

They're like starting in TV shows.

They're basically celebrities in the same way that a Hollywood talent would be considered a celebrity.

So, yeah, they're set.

I think the ultimate goal is to keep us watching videos.

And if the videos feel personalized or they're directly tied to what we care about, we're going to stay on the app longer.