David Samson

And Sirius, which then merged with XM, the view was that we will get our money back because people will follow him.

And they were right.

Are people going to follow to Netflix where it's all about new subs?

It's not even about retaining old subs, because what you talk about with Wall Street analysts, how many new subs do we have in this quarter?

Well, I want to see Simmons.

I can't do it on YouTube.

Therefore, I'm gonna get a Netflix subscription.

Do I believe that that will happen?

And the answer is no.

I think the model that Netflix has is we want more content choices, like we want Kevin Hart and Adam Sandler, and we want podcasts.

All of that is part of the...

opportunity when you are a netflix subscriber and what you're going to come to expect but again dan i don't think anyone signed up for netflix because they wanted to see an adam sandler movie or a kevin hart movie i think it's just part of what they get when they're already a subscriber but i believe that youtube is what the people view as their their atmosphere of content

is youtube they get the opportunity to see things that are pushed to them that they may not otherwise see that they may not otherwise have heard of they get the opportunity to participate in ways that netflix showing video does not offer an audience

Well, they had that right, but you're asking a question of what Bill Simmons wanted, and I can't speak to his frame of mind when the Netflix deal was done, only to his frame of mind when the Spotify deal was done, because that's a deal ago.

And it's the same thing when MetalArk Media does a deal with DraftKings.

I can know your state of mind, but what DraftKings then does with your show, that really, in theory, we don't have to talk about that specific deal, but you do not necessarily have control over that.

Bill Simmons would not have control over how that show is being monetized so Spotify can get a return on its investment in Simmons and in his other shows.

And so when you sell, you are giving up control definitionally.

Think about when you sell your little studio, the movie studio, to one of the big giants.

You are giving up control in order to take money off the table, in order to diversify your holdings, not have your net worth just in your media company.