Mark Mahaney

industry consolidation, and then their profit ramps. They both have shown this really nice improvement in margins.

industry consolidation, and then their profit ramps. They both have shown this really nice improvement in margins.

industry consolidation, and then their profit ramps. They both have shown this really nice improvement in margins.

Well, Ed, what's implied in your question is a really useful and helpful warning, which is that You know, these are deep consensus longs. Netflix is. And, you know, everybody's cyclical at some point or another. Right. So I'm sure if we had a severe recession, I'm sure that Netflix would be impacted. It does seem like entertainment spending holds up relatively well.

Well, Ed, what's implied in your question is a really useful and helpful warning, which is that You know, these are deep consensus longs. Netflix is. And, you know, everybody's cyclical at some point or another. Right. So I'm sure if we had a severe recession, I'm sure that Netflix would be impacted. It does seem like entertainment spending holds up relatively well.

Well, Ed, what's implied in your question is a really useful and helpful warning, which is that You know, these are deep consensus longs. Netflix is. And, you know, everybody's cyclical at some point or another. Right. So I'm sure if we had a severe recession, I'm sure that Netflix would be impacted. It does seem like entertainment spending holds up relatively well.

I think it's true that, you know. Filmed entertainment spend actually rose nicely during the Great Depression. I've always heard that. Maybe I saw that on the internet somewhere, so it must be true. But anyway, Netflix has been tested. I mean, it's gone through economic cycles. This one, unlike Spotify, has been public for 25 years. So we've seen what's happened to it.

I think it's true that, you know. Filmed entertainment spend actually rose nicely during the Great Depression. I've always heard that. Maybe I saw that on the internet somewhere, so it must be true. But anyway, Netflix has been tested. I mean, it's gone through economic cycles. This one, unlike Spotify, has been public for 25 years. So we've seen what's happened to it.

I think it's true that, you know. Filmed entertainment spend actually rose nicely during the Great Depression. I've always heard that. Maybe I saw that on the internet somewhere, so it must be true. But anyway, Netflix has been tested. I mean, it's gone through economic cycles. This one, unlike Spotify, has been public for 25 years. So we've seen what's happened to it.

Now it's much more mature now, much bigger than it was in the past. And so the one scenario that you mentioned, which is what I would watch out for, which is, are you going to see people stick with Netflix but trade down I think that's a real I think that's a very plausible outcome. I do I do think it's deep consensus thinking. So that could be dangerous that it's recessionary resistant.

Now it's much more mature now, much bigger than it was in the past. And so the one scenario that you mentioned, which is what I would watch out for, which is, are you going to see people stick with Netflix but trade down I think that's a real I think that's a very plausible outcome. I do I do think it's deep consensus thinking. So that could be dangerous that it's recessionary resistant.

Now it's much more mature now, much bigger than it was in the past. And so the one scenario that you mentioned, which is what I would watch out for, which is, are you going to see people stick with Netflix but trade down I think that's a real I think that's a very plausible outcome. I do I do think it's deep consensus thinking. So that could be dangerous that it's recessionary resistant.

My biggest concern on Reddit is, I think they've got this great growth, but at the end of the day, you know, the revenue comes, maybe they haven't rolled out any sort of subscription revenue yet. I think, I mean, I would want to watch that. But it's a mid-tier ad platform. And I've never really seen a mid-tier ad platform break through, whether it was Snap, Pinterest, Twitter.

My biggest concern on Reddit is, I think they've got this great growth, but at the end of the day, you know, the revenue comes, maybe they haven't rolled out any sort of subscription revenue yet. I think, I mean, I would want to watch that. But it's a mid-tier ad platform. And I've never really seen a mid-tier ad platform break through, whether it was Snap, Pinterest, Twitter.

My biggest concern on Reddit is, I think they've got this great growth, but at the end of the day, you know, the revenue comes, maybe they haven't rolled out any sort of subscription revenue yet. I think, I mean, I would want to watch that. But it's a mid-tier ad platform. And I've never really seen a mid-tier ad platform break through, whether it was Snap, Pinterest, Twitter.

None of them have ever done it because at the end of the day, you got to go to marketers and you got to say, yeah, spend some of your money. shift some bucks away from linear or break it away from meta or Google and spend it on my platform. And the marketer's going to say, because your targeting is better or your reach is better, your frequency is better. Why?

None of them have ever done it because at the end of the day, you got to go to marketers and you got to say, yeah, spend some of your money. shift some bucks away from linear or break it away from meta or Google and spend it on my platform. And the marketer's going to say, because your targeting is better or your reach is better, your frequency is better. Why?

None of them have ever done it because at the end of the day, you got to go to marketers and you got to say, yeah, spend some of your money. shift some bucks away from linear or break it away from meta or Google and spend it on my platform. And the marketer's going to say, because your targeting is better or your reach is better, your frequency is better. Why?

Other than just simple diversification. And I don't think that a mid-tier ad platform has ever really been able to effectively answer that question. And that's why, unless you're something really out of the blue like TikTok, I just haven't seen anybody really break through and generate $10 billion of ad revenue. I hope I'm surprised one day, but that would be my biggest concern with Reddit.

Other than just simple diversification. And I don't think that a mid-tier ad platform has ever really been able to effectively answer that question. And that's why, unless you're something really out of the blue like TikTok, I just haven't seen anybody really break through and generate $10 billion of ad revenue. I hope I'm surprised one day, but that would be my biggest concern with Reddit.