Back when I first started covering the internet, the idea of broadcasting yourself for hours on end seemed like a pipe dream for weirdos. Now it's how some people make a living.Twitch more or less created live-streaming in the U.S., which is why Amazon bought it for about $1 billion back in 2014. But now there are plenty of places to watch, and create, live streams. How does Twitch fend off competitors? How does it convince its most popular streamers to keep streaming? And how will Amazon eventually make real money from the operation, which is was still in the red a few years ago?Those are all questions I asked Twitch CEO Dan Clancy, at a live taping at South by Southwest. Clancy also got to hear firsthand from Twitch's users and partners in a Q&A session at the end of our chat. Thanks to everyone who came out, and thanks to the folks at the Vox Media podcast network for putting it all together. Learn more about your ad choices. Visit podcastchoices.com/adchoices

We had to stop recording this one for a minute, because Matt Belloni got a text. More on that below.Big picture: Matt is a longtime Hollywood reporter - and lawyer before that - who now has the industry's ear via his writing at Puck and his The Town podcast. I asked him to talk about what lies ahead for the Oscars, the out-of-step TV production that still has big audiences and prestige; and the current state of Hollywood, the business. Also discussed here: Awards party catering, and the most popular movie executive who isn't Bob Iger.For the record: When we started recording this podcast, the audience for Sunday's Oscar awards had declined yet again. By the end of it, new numbers meant it was the most popular show in the last five years. Obviously we would have preferred to know that in advance. Learn more about your ad choices. Visit podcastchoices.com/adchoices

David Enrich, business investigations editor at the New York Times and author of "Murder the Truth," dives deep into the ongoing threats to press freedom. He highlights the landmark Supreme Court case, New York Times v. Sullivan, and its critical role in protecting journalists from defamation suits. Enrich discusses the rising legal challenges faced by media, fueled by powerful figures and a politically charged environment. He emphasizes the emotional toll and financial risks for journalists fighting for truth in a changing legal landscape.

Matthew Ball, an investor and analyst specializing in the video game industry, dives into the surprising downturn currently plaguing gaming, dispelling myths of relentless growth. He discusses how changing consumer habits, especially the popularity of short-form content, have led to decreased engagement in traditional gaming. The conversation also highlights obstacles in mobile gaming post-Apple’s privacy shifts and the complexities of augmented reality's role in the future of entertainment—raising questions about compelling use cases needed for AR adoption.

Jonah Peretti, CEO and founder of BuzzFeed, shares insights on his vision for a new social media platform aiming to foster positivity online. He discusses the concept of SNARF—emotion-driven viral content—and its impact on user experience. The conversation dives into the sensationalism in media, tracing its historical roots and questioning AI's role in content quality. Peretti reveals plans for 'Island', a community-centric platform designed to counter negativity. He also reflects on BuzzFeed's evolution into a creator-driven platform amidst strategic shifts.

Michael Lewis, renowned author of bestsellers like "Moneyball" and "The Big Short," dives into the controversial sports betting boom and its rapid evolution in America. He discusses how sports fans are increasingly becoming gamblers and the cultural shifts that accompany this change. Lewis raises crucial questions about addiction and the role of technology in gambling, emphasizing the urgent need for regulation. He also reflects on the chaotic governance during Donald Trump's administration and how it informs public perception today.

Jessica Lessin, a veteran technology reporter and founder of The Information, dives into Silicon Valley's current dynamics. She discusses how tech leaders are navigating their complex relationship with Donald Trump, revealing strategies behind public alignment. The impact of DeepSeek on the AI landscape creates anxiety and turbulence, leading to fluctuating stock markets. Lessin also highlights the challenges of journalism in addressing these intertwined political and technological shifts while maintaining objectivity amidst societal debates.

In this discussion, Adam Faze, Co-founder and CEO of Gymnasium, shares insights on navigating TikTok's unpredictable landscape. He explains how his studio creates engaging shows like 'Boy Room' and 'Keep the Meter Running', while managing brand partnerships. Adam highlights TikTok's unique algorithm that differs from platforms like Instagram, emphasizing monetization strategies in the evolving digital content scene. He also addresses the cultural impact of TikTok amid looming bans and its potential future in the U.S.

Michael Nathanson, a veteran media and tech analyst at MoffettNathanson, dives into Wall Street's complex relationship with the tech industry. He questions why Meta's stock remained stable despite Zuckerberg's pro-MAGA shift and why media giants are eager to part with cable but cling to broadcast. The discussion also tackles the implications of Google's antitrust case and the political influence on tech regulations, revealing how these dynamics are shaping the future of media consumption and investments in AI.

Katie Notopoulos, a Senior Correspondent at Business Insider, navigates the wild world of internet culture with humor and insight. She shares why her love for the internet endures despite its flaws. Parenting in the digital age brings challenges, especially managing kids' online access. Notopoulos discusses the quirky nature of workplace communication on Slack and dives into the controversial realm of children's entertainment, tackling issues of content ethics and the impact of social media on kids. Lively and engaging, her perspective is a refreshing take on today's digital frontier.