Henry Ellenbogen
speaker
1,069 appearances
1 recordings
1 series
first heard Dec 2025
last heard 16 Dec
Henry Ellenbogen’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Dec 2025 with 1.
Appearances
So they were compounders.
And that's how you had all these entrepreneurs that had become billionaires.
And that's how you had media companies that really fought over a balance of content and distribution so they could all get their fair share of these economics.
And then when you went and you looked at a bunch of the other industry, it was like an average ROA business.
And that was what the whole industry was.
But the whole thing, if you really thought about it at a systematic level, was predicated on a closed system, which is so obvious today.
What the closed system was predicated on, I'm only going to show you the product or the TV show that you most want to watch when I can make the most money, when you want to consume it.
Even in a world of linear TV, even though the most people watched TV on Sunday night, the worst shows showed up on Sunday night.
Because people had spent their money on the weekend and they were going back to work and they weren't going to go shopping and go out.
And the best shows showed up on Thursday night.
Friends, The Cosby Show.
And in the movie business, obviously, there was windowing.
I was like, okay, so the best business is cable networks.
That's why we have this fight over content distribution.
And then it's all predicated on this closed system.
What I believed at the time, which obviously proved to be true, was that this TMT bubble
that had burned so many investors and no one wanted to think anything good could come out of at the time, had laid the seeds of the end of the durability of that industry.
Because even though people lost so much money on telecom infrastructure and laying the seeds of broadband, what broadband was enabling eventually was things like YouTube and Netflix, which would break down this whole comp.
this closed system that was run like an oligopoly.
That's what my memo summarized was the riskiest thing is to own the durable asset.
Showing 681–700 of 1,069 · page 35 of 54
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