Julia Alexander

It's what's encouraging Adam Mosseri to say let's be on TV sets and it's also what's concerning the Netflixes and the Paramounts and the WBDs of the world because if they can't rely on that guaranteed

collection of revenue going to their services because now you've got these big disruptors coming in.

And they have to find out ways to either lean into the lower quality content that people seem to want.

And that's not to diss many YouTubers.

I'm saying it's just on average how they think of it.

Or go the other way and be super high premium content.

So kind of going back to what we started this conversation on, why does Netflix want WBD at the same time they want podcasts?

They don't know the answer.

They don't know.

They don't know if the idea is to go $50 a month in 10 years and have the best quality stuff in the world, and that's the differentiator in a world of AI slop, or if they should have more podcasts and more UGC videos in order to kind of glean onto that audience.

And so I think

We used to talk about attention across all these different formats as something completely different.

But the reality is, is that all those little slivers of attention that they once thought they could have are completely melded into each other.

Now all that's left is crumbs.

They're fighting for crumbs.

And so the fighting just means that it went from being, you know, maybe we'll bid on a Martin Scorsese movie or we'll bid on the UFC to now we're actually going to spend $83 billion in order to kind of protect our future.

It's the most expensive defensive bet in entertainment in a very long time.

Netflix is super ready.

They had an earnings call a couple weeks ago.

They seem to feel pretty confident, although how much of that is just public posturing, we never know.