Scott Galloway

Yeah.

Is it a bubble or are these companies going to go up because of the incredible TAM?

I think the answer is yes.

Question number two.

Thanks for the question.

I get this question a lot.

So

I think a lot of it is words.

I think that they should change the name of the degree to marketing or customer acquisition or, I don't know, something that feels a little bit more new age.

Because advertising, when people hear advertising, they think of a 60-second spot telling you you have opioid-induced constipation ads in the middle of CBS News.

The broadcast advertising business is just in structural decline.

It just is.

And probably the, I would argue, the kind of pivot moment that illuminated it was that Steve Jobs decided to take $6 billion out of broadcast advertising

and go further down the stack and open 550 temples to the brand, and that was Apple Store.

So he invested in distribution as opposed to pre-purchase branding.

Effectively, the way you build brands from kind of 1945 to 1995 was Americans were sitting in front of a TV five hours a day and watching one or three channels.

So you could literally reach the entire public with two or three nights of advertising.

That has obviously fragmented.

There are now hundreds of channels and hundreds of other options where vying for your attention.

In addition, the cost to advertise on the Academy Awards has gone up fivefold despite the fact the audience has declined by two-thirds.