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but the non-TV part of the internet is, on its own, probably more valuable than TV ever was

Web is practically dead . Social media a net loss. Messaging has some value . VC has some value . But we should compare apples to apples

IP video consumption experience is lower quality and requires 100x the resources .

Imagine having the Internet, and all you want it for is TV.

That’s what the audience wants

time spent is converging on social video and streaming video

Full circle