Is There a Spin Down?

There has to be capitulation, which we don't see yet, right? Everyone thinks they have the right strategy of bleeding linear and investing in streaming. At some point, we think in the next 12 months, 24 months, there will be capitulation. Companies will realize that they have the wrong strategy. They're undersized. And maybe there'll be some M&A, but that's not our working thesis right now,. You have four or five large players in streaming with much better positions. The people who are lagging have to have to get out, and I'm much further ready to do that right now.