Shashir Mehrotra

I mean, I think there are multiple business models out there.

What you described as bits to Adams, I think is one way to look at it.

I mean, I think the reason why YouTube creators end up with those other opportunities is not because

I mean, I'm sure some of them feel like the ad revenue from YouTube is not enough.

It's because there's an opportunity, right?

Why would you not take an opportunity?

I think have to is one way to describe it.

Get to is a different way to describe it.

The other thing I'd say is I don't really think it's quite accurate to say bits versus atoms.

I think it's much more advertising versus subscriptions versus purchases.

And I don't think the spread on that is really about the bit or atom piece.

It's about the connection piece.

There's a set of platforms that are built off eyeballs.

And what I built at YouTube was primarily built off eyeballs.

And there is, you know, over all of history, the amount of advertising spend has always been some percentage of GDP.

It's hovered between 2% and 4% of GDP forever.

And that gets divided up amongst all these eyeballs.

And that is one business model.

And yes, the number of creators fighting for that has dramatically fragmented over the last couple of decades in every platform.

And so what can come from that is smaller.