Jens Grede

So that audience someone has built, maybe spent 10 years building that size of that following, but now they're actually unable to communicate with that following.

They're not getting through.

If you have 400 million followers and you say something, 400 million people is not going to see it.

Only a fraction.

I have no opinion if that's good or if it's bad.

It's clearly good.

Otherwise, we wouldn't have moved away from it.

It is what it is.

And I'm sufficiently entertained.

I'm a very happy customer of Instagram.

It's a fantastic product.

I'm excited about it.

Having said that, of course, it creates this opportunity for

to build these networks where you have your own captive audience and then can monetize that audience.

I don't have all the answers.

This is a tricky question because I believe that news organizations have an incredibly important role within society.

I think it's a shame.

Some of it they did to themselves, partly because of what we're talking about.

They had to create journalism that was clickbait.

That's saying, show me the incentive and I'll show you the result.