The Divergence of Media Formats and Media Channels

The whole kind of democratization of media formats, media channels has allowed new voices to come in and really open up the whole landscape. The likes of outside bundled because they saw that all these individual outdoor sports or the publications were actually unprofitable. And so they're like, okay, so outdoors people are actually like multiple sports and we should probably bundle it all together. They like reading things, but they also like watching things. Let's put that all in one subscription package. It's a confusing complexity, I'd say, that place to be. But it's really interesting that there's lots of different business models.