Ted Sarandos

And I don't think we compete with them directly for that type of content or that kind of engagement, but definitely for that time spent.

And I think the beauty of every advancement of entertainment is it keeps ratcheting the bar up.

And everyone's got to compete for the next thing.

So if people are interested in this, you got to get good at that.

And you have to keep doing that.

I think if you think about how back when broadcast television, it was just broadcast television.

And then there's cable channels.

And then there's cable originals.

And then there's premium paid channels.

And there's premium originals.

And they keep kind of ratcheting up on each other.

By the time we got into it, the likeliness that a streamer was going to produce an HBO-caliber show like House of Cards was pretty unthought of.

But I think this is kind of the same thing.

Will people...

uh, step into YouTube because it's a very easy entry point, uh, to develop their storytelling skills, and will they find that the monetization there is not quite what they want it to be if they've got bigger ambitions, and will they go out and look for other things?

Netflix, perhaps, or another streamer, another network.

All those things will happen, and it's all just part of the landscape of how people are watching.

And it's not... I'm frankly fascinated by watching... Like, for me, if I watch Saturday Night Live on Sunday morning on YouTube,

Am I watching NBC?

Am I watching YouTube?