Michael Lewis

Okay, scale economies, yes.

Counter-positioning everywhere.

Okay, explain these powers.

Counter-positioning is when you do something that your competitors just cannot respond to.

Give me an example outside of the podcasting world.

Yeah, so what's a great example of this?

Right.

We're counter-positioned.

We're not volume driven.

Most podcasts sell their ads on a CPM basis, and they are incentivized to make as many episodes as possible with as many ad slots as possible.

Our business is entirely structurally different.

No, no, no, no, no, no.

No, no, no, no.

That's my nightmare is that we actually, we can't end up, if we end up at one episode a year or one episode a season, it's time to hang it up.

So the kind of shows- That's how it expresses itself, but because our business is structurally different than most others, others can't do what we're doing.

Network economies, not really, but there's some water cooler effect of people talk about acquired episodes, especially within companies.

Right.

So we release an episode, it becomes a topic of discussion.

Right.

No switching costs.