Matt Belloni

It keeps going up.

If the problems were really significant, they would have to disclose them to their shareholders.

So it's not like there's some ticking time bomb there that they're just not telling us about.

But, you know, they're doing this for a reason.

And if it's not just purely defensive and it is offensive, there may be some kind of stress point where they say, okay, we've tried to make movies for 10 years now and we can't get much traction on our movies.

Is that because you need to have IP access

in your library to make movies that people care about.

They see the numbers on the movies that they license from other studios.

If you go on Netflix most nights, the top movies are from other studios.

It's Shrek.

It's Minions.

It's the Warner Brothers movies like Superman that they just license over on Netflix.

And they're seeing that.

So they have the data.

And they're probably saying, if we owned all that,

it would be so much easier and so much more of a growth generator for engagement than having to license them out and get raked over the coals every few years on these licensing deals.

Maybe that's what they're thinking.

It's doing OK on Netflix for that kind of movie.

But that's a movie they bought at Sundance and they paid like 20 million.

And I believe it was 10 million for that movie at Sundance.