Scott Galloway

The way you increase enterprise value and increase the multiple on your EBITDA is one, by right now adding subscription revenue, which we're doing on Substack, and two, having alternative distribution and differentiating your media mix or your revenue mix.

So what starts small, I think we'll do 100 or 300 grand in revenue from Roku or advertising on Roku by serving all of our odds on Roku.

But what you want is, if you ultimately are thinking about enterprise value, it's a multiple of your profits and your growth.

But what increases the multiple is how enduring that revenue is, i.e.

as much subscription revenue as possible, and also a diversified set of revenue streams.

So my attitude is, while it's been an effort to reformat our content and put it on Roku,

it's absolutely worth it because what you wanna say to a potential investor or acquirer is look at all these different points of distribution and types of revenue mix that create a more enduring company.

But just to get back to Roku, 4.7 billion in total net revenue, up 15% year over year.

Platform revenue of 4.1 billion, that's up 18%.

Gross profit of 2 billion, up 15%.

Last year was their first GAAP profitable year.

The company reported net income of 80 million in Q4 alone, so it's hit that tipping point.

Again, over 100 million households have Roku at the end of 2025, and device hardware still runs at negative gross margin, but they sell hardware at a loss to capture platform users.

I would argue that Roku is arguably

the most important media company that people have never heard of.

I think the most significant thing here is that we've never seen such engineered manufactured scarcity.

There was tens of billions of dollars of demand for this IPO that has never existed for an IPO before.

And then you combine it with the fact that unlike other IPOs that went public on the NASDAQ, it didn't have to float more than 10%.

It only floated 5%.

So you've just created manufacturer scarcity.