Julia Alexander

What I will say is they're sowing the seeds very, very well of saying that, you know, if this is a conversation about premium video, then yes, we are the biggest.

But to your last point, what is video in the

2026.

And so they keep pointing out YouTube's advantage and Instagram's advantage.

And I think the case I keep thinking about the regulatory stuff is the most recent, you'll have to correct me if I'm wrong.

I think it was DOJ meta, right?

It wasn't FTC meta.

It's FTC meta.

It was FTC meta where meta was like, people come here not to connect with friends.

They love video, right?

Like they love watching stuff.

Now, if you're Ted Sarandos and Greg Peters, you're like,

Thank God.

Because now we can say, look, people are spending time on Facebook watching video.

They're spending time on Instagram.

Instagram is coming to TV sets.

And they can point to YouTube's growth.

If you look at a chart of Netflix versus YouTube in the United States, Netflix has a very little slope in terms of increased engagement.

And YouTube is on a huge swing upwards on TV sets.

And so I think if they can look at the precedent of what is video on all these major distribution platforms, which Facebook is now a part of,