00:00 Speaker A
When investors are trying to decide where, if anywhere within media, uh, to put their money, you had a really interesting note recently, where you, um, framed it sort of differently than, sort of, streamers versus legacy, or what have you. You framed it as open versus closed, right? Sort of a gatekeeper-led company like a Netflix versus something like YouTube, which is creator-led. And how do you think that’s going to play out? And is that indeed the better place for investors to be on those sort of more open systems?
00:46 Speaker B
Yeah, it’s, it’s really strange because, you know, the internet has been around for what? 30 years? Smartphones have been around for 15. And suddenly in the last 18 months, we’ve just seen, no matter what rock we we turn over, just real signal that consumers have a strong preference for open platforms over closed. So it is YouTube versus Netflix, um, is one example. But it’s also happening in the video game space. It’s happening in the publishing space. I think that’s, that’s where you want to go. Why is it happening right now? I think there’s a couple of vectors. I think AI is allowing the right content to be surfaced in these open platforms, uh, more successfully. That’s capturing consumers’ attention. Consumers’ attention spans, I think, are shortening. And a lot of these short-form, uh, types of content are more, uh, amenable to open platforms relative to a one-hour TV show or a two, two-hour movie. Um, and so, those are two powerful vectors that I, that I just don’t see changing. So I think open is preferred over closed. And the, and the real question, you know, frankly, is are we going to see companies change their strategy? That, that’s what we haven’t yet seen. I mean, we still have legacy media companies in a closed ecosystem battling it out to try and get viewership or ratings points or ad dollars. Um, but there’s a whole parallel ecosystem happening where there seems to be a natural tailwind. And yet we haven’t seen any traditional media company really lean into these open platforms that don’t have a gatekeeper.
