Matt Strauss

There's no question that the cable business is a good business. It continues to be a good business. I think to answer the question, you almost need to look at it through the lens of the consumer. What I've learned is there really are different cohorts of how people consume video, how they subscribe to video. So for example, The cable customer tends to watch a lot of TV.

There's no question that the cable business is a good business. It continues to be a good business. I think to answer the question, you almost need to look at it through the lens of the consumer. What I've learned is there really are different cohorts of how people consume video, how they subscribe to video. So for example, The cable customer tends to watch a lot of TV.

The average consumer watches about five hours a day. If you subscribe to cable, you typically watch that much, if not more. And there's a lot of benefit of having cable because, as I mentioned, if you have the X1 platform, there's a simplicity of just having all the choices in one place. It works with like 99.99% reliability. And in many cases, people are also subscribing to the bundle.

The average consumer watches about five hours a day. If you subscribe to cable, you typically watch that much, if not more. And there's a lot of benefit of having cable because, as I mentioned, if you have the X1 platform, there's a simplicity of just having all the choices in one place. It works with like 99.99% reliability. And in many cases, people are also subscribing to the bundle.

The average consumer watches about five hours a day. If you subscribe to cable, you typically watch that much, if not more. And there's a lot of benefit of having cable because, as I mentioned, if you have the X1 platform, there's a simplicity of just having all the choices in one place. It works with like 99.99% reliability. And in many cases, people are also subscribing to the bundle.

So they're getting video, but then they're also getting internet. And in some cases, they're getting their wireless. And the bundling, even though people tend to say they like a la carte, bundling has a lot of virtue because the more you take, the better the price. And so people who subscribe to cable and satellite today, it's not that they're not aware of other choices.

So they're getting video, but then they're also getting internet. And in some cases, they're getting their wireless. And the bundling, even though people tend to say they like a la carte, bundling has a lot of virtue because the more you take, the better the price. And so people who subscribe to cable and satellite today, it's not that they're not aware of other choices.

So they're getting video, but then they're also getting internet. And in some cases, they're getting their wireless. And the bundling, even though people tend to say they like a la carte, bundling has a lot of virtue because the more you take, the better the price. And so people who subscribe to cable and satellite today, it's not that they're not aware of other choices.

they're paying in some cases for that convenience and that reliability. They also tend to over-index in subscribing to streaming services. And so it's not one or the other. In many cases, you're seeing that customer buying both. And so that's one part of the market. You have another part of the market which might be more price sensitive, maybe does not consume as much video.

they're paying in some cases for that convenience and that reliability. They also tend to over-index in subscribing to streaming services. And so it's not one or the other. In many cases, you're seeing that customer buying both. And so that's one part of the market. You have another part of the market which might be more price sensitive, maybe does not consume as much video.

they're paying in some cases for that convenience and that reliability. They also tend to over-index in subscribing to streaming services. And so it's not one or the other. In many cases, you're seeing that customer buying both. And so that's one part of the market. You have another part of the market which might be more price sensitive, maybe does not consume as much video.

In some cases, they might watch video, but they might be spending more time on social media or video gaming or how else they're occupying their time. And they like the flexibility of being able to subscribe to a subset of services. And in many ways, that's what direct-to-consumer is offering.

In some cases, they might watch video, but they might be spending more time on social media or video gaming or how else they're occupying their time. And they like the flexibility of being able to subscribe to a subset of services. And in many ways, that's what direct-to-consumer is offering.

In some cases, they might watch video, but they might be spending more time on social media or video gaming or how else they're occupying their time. And they like the flexibility of being able to subscribe to a subset of services. And in many ways, that's what direct-to-consumer is offering.

And so there is a Venn diagram, though, here, where, you know, as a media company, you want to cast a broad enough net where you're providing a value proposition for one segment, which is like the content carnivore, but at the same time offering the optionality, and in some cases with direct-to-consumer. But in many cases, there's an overlap between the two.

And so there is a Venn diagram, though, here, where, you know, as a media company, you want to cast a broad enough net where you're providing a value proposition for one segment, which is like the content carnivore, but at the same time offering the optionality, and in some cases with direct-to-consumer. But in many cases, there's an overlap between the two.

And so there is a Venn diagram, though, here, where, you know, as a media company, you want to cast a broad enough net where you're providing a value proposition for one segment, which is like the content carnivore, but at the same time offering the optionality, and in some cases with direct-to-consumer. But in many cases, there's an overlap between the two.

And so when you look at it as a portfolio, which is really how we manage the business in MVC, It's not direct-to-consumer sits outside of the broadcast and the cable networks. It's actually all one group. And we manage it as a portfolio. And there's examples where that comes to life, like the Olympics.

And so when you look at it as a portfolio, which is really how we manage the business in MVC, It's not direct-to-consumer sits outside of the broadcast and the cable networks. It's actually all one group. And we manage it as a portfolio. And there's examples where that comes to life, like the Olympics.

And so when you look at it as a portfolio, which is really how we manage the business in MVC, It's not direct-to-consumer sits outside of the broadcast and the cable networks. It's actually all one group. And we manage it as a portfolio. And there's examples where that comes to life, like the Olympics.