Scott Galloway

It commands about 11% or 12% of video listenership.

And Netflix is at eight.

And YouTube is big, really big in podcasting.

It's kind of the biggest...

It's the biggest distribution platform for what we're doing now.

In addition, Netflix, their strategy and how they won is through an arbitrage.

In this instance, it was a geographic arbitrage where they said, we're not going to produce stuff

We're going to spend more money than anyone else, but for spending X, we're going to get 1.2X because we're going to produce Squid Games in Seoul, Korea, and we're going to produce Money Heist in Madrid.

The next arbitrage that you're going to see is effectively podcasts are television with a lower cost means of production.

Well, if you look at what's happened, and the guy that sort of pioneered this for me, the first thing I did when I arrived in London, literally when I moved here three and a half years ago, is I got off the plane and I went to Shoreditch.

And I was on this podcast that was supposed to be this up-and-coming kid named Stephen Bartlett, who I think is the next Joe Rogan.

And he's this super attractive, really great interviewer, 31, 32.

And I walked into his podcast studio, and there were 12 people in like a six-camera shoot.

He said, this is TV.

This is...

and he gets millions of views on, and Chris Williams has a good TV game.

Basically, the people churning in and out of podcasts is primarily the fulcrum of that churn right now, is your video game.

Now, what is the problem with streaming media and what is the problem with cable news?

Their audiences on cable news are declining and streaming media, it's a capital war.

All roads lead to the same place and that is they need a way to create content for a lower cost.