Sara Fischer

That's why I brought up CFIUS because CFIUS is ultimately controlled by the president and the lax DOJ enforcements of the line as it currently stands.

I agree with you that we're often too precious.

I talked to one big tech CEO who says this is the ultimate vulnerability.

of laissez-faire economics and capitalism and democracy and uh doesn't mean that we shouldn't be uh getting rid of our systems because as you know they tend to support our society in ways that uh have a greater impact than maybe some of the risks we take but it is a vulnerability that we all just have to acknowledge all right we'll be right back after a quick break

I agree with you.

The Pareto principle holds true here that, you know, 80% bring in 20% of the revenues.

And I've talked to experts and analysts that say both in music and podcasting, so in both forms of audio, the Pareto principle is actually much worse in terms of the 80-20.

It probably is more closely to like 95-5.

One thing to say with podcasts, though—

I always look at the numbers in terms of how do the traditional industries migrate to digital.

In the television industry, $70 billion went to linear television advertising.

And so we're constantly mapping how fast, Scott, that moves over to CTD, which is like streaming ads.

In the linear world, radio, which has both spoken word and music, that's about a $28 billion industry today.

Podcasts for advertising is about $5 billion.

And so you wonder, why hasn't it moved over fast enough that it's much more equal?

Because at this point in television, CTV and traditional advertising are actually about equal.

And there's a couple answers to that.

One, and this came from Chris Balfe, who is the CEO of a company called Red Ventures.

They do podcasts and talent management for conservative radio podcasters, mostly.

They were acquired by Fox.