Netflix was 100% of the content that Roku had in 2008. Netflix invested, I think, maybe $5 million into Roku and then also had maybe a quarter of the equity at the time. But Netflix shortly after sold their equity as to not be seen as having a conflict of interest. It was software powering the various pieces of it. How did the content landscape evolve? Maybe during the five or 10 years that came after it became a device. Were they critical to make Roku as a device actually valuable? Yeah, definitely.

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