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- Neal, Kim, welcome Neal to you first,

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how has streaming disrupted
media advertising?

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- Oh, that's... in some ways
we're sort of coming back

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to advertising is disrupting streaming.

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It's been that long in some ways.

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So, you know, the quick story as you know

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is we all watch television
and we watch cable.

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Then all of a sudden Netflix came out.

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Netflix is selling you a
sub, you're watching this.

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There are no ads.

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Everyone's like, this is so great.

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I'm just watching TV.

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Of course, I'm paying
10, 12, 15 bucks a month.

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Then I get a couple other services.

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Soon enough I'm spending a
couple hundred bucks a month back

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to the way I used to with cable

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after I cut the cord.
All of a sudden I wake

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up as a consumer and I say, "Oh my God

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I got like a hangover from
how much I'm spending."

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All of a sudden I'm like, you know what?

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Those advertisements
weren't so bad after all.

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And so consumers have
gone back, then Pluto

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and Tubi came around and
then every streaming service

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every single streaming service now has

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an ad-supported tier.

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So in some ways it hasn't disrupted.

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In fact, what's happened is
as consumers have cut the cord

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they've all sort of now gone back

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to watching ad-supported television

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and the advertisers are thankful

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'cause now they can reach
consumers with their messages.

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- Kim, how are you thinking
about on-demand advertising?

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- I think Neal did a
great job of summarizing.

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I would add that I do think
it's actually a bit more complex

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for advertisers, however, though

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because people are watching
when they want, where they want

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how they want, that's the new premiere.

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It's not Sunday night at nine o'clock

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where you can anticipate 2 million people

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to tune in at the same
time, hit your reach

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and frequency goals with two
units and be done with it.

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You've done your marketing campaign,

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you've pushed it out
to the scale you need.

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Now you're talking about dozens

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if not hundreds of units
over a longer time period.

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Or if you do have a tight window

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like theatrical release
or something like that,

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you have to place potentially
thousands of units

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across multiple services
to get the same number

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of people at the same time.

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So I do think it's gotten
a little bit harder

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for the advertiser and I think that

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everyone's earning their
paychecks these days.

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- Yeah.

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In terms of live content, with streaming

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how are you thinking about that?

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- So live is a really,
I feel like it hasn't

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it hasn't kind of, the
wave has not crested yet.

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I feel like, you look at...

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so we have live through our own services.

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The viewership is not actually
what we anticipated candidly.

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We also have our fast channels

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on our services and the viewership there.

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The streaming or live,

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I'd actually kind of put
both, meaning real time.

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When I say streaming, a
linear feed of content.

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So continuous programming
with a guide, this is on

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at this time and it's going to keep going

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whether you tune in or
not, versus on demand.

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I think when people are coming to services

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they've been trained by
the Netflix of the world.

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I'm watching this when I want now

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which is very different than live.

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You're catching mid show.

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It's appointment television
is something that

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I don't think has broken through yet.

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Do I think live will break through?

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I do, certainly with news and sports

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and once they make the
the leap over the hill,

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I feel like the viewership will follow.

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So there's opportunity on that frontier

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which will help with the
problem I described earlier

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around reach and frequency
goals in a realtime moment.

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So I'm bullish on live in that format.

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But where do you see this heading?

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What are the indications, the trends

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the things we should be looking out for?

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Where's the future headed?

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- Not to oversimplify it,

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but I would say quality
content always wins.

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I still believe content is
king and I think viewers

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and consumers are smart.

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I think that they are going
to find what they want.

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I think they're willing
to put their wallet

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where their eyes want to be.

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And I think if you stay committed to that,

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you're going to be just fine.

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I think that being everything to everyone

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is a very expensive,
time-consuming proposition

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that not many have been successful with.

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So we're going to stay our course

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and we think it's a winning model.

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- That's a lesson for life, Kim.

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Neal?

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- Yeah, look, I, even
though I'm not a sports guy

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I'll use a baseball analogy, we're sort of

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I think in the fourth inning or so,

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maybe when we're in the
top of the fifth inning,

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so maybe we're halfway done.

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We got a number of innings to get through

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to figure out how this
industry is going to play out.

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And we don't yet know exactly
where it's going to go.

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Even in Cannes, you see it reported often

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that there's rumors of
some of the majors again

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being brought together.

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Whether that happens because
of regulatory concerns,

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I don't know.

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But more consolidation's going
to happen, but it's early on.

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- Neal, Kim, thank you so much.

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- Thank you.

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- Thanks very much.