 When I look at the future of digital media, it's going to be global, it's going to be cross-platform, it's going to be multiple revenue sources, diversified revenue, and all of those different businesses will work together as opposed to being at odds with each other. We look at our business as reaching consumers at unprecedented scale on social mobile platforms and then using that scale and that reach and that deep connection with our audience to expand into a bunch of businesses that are reinforced, that reinforce each other and build on each other. A key to BuzzFeed success over the years has always been adapting and changing. The market has changed so much, the platforms changed so much. At first there was an explosion of different new platforms. Now the issue is more that there's a few big platforms but they change quickly and they make policy decisions and product decisions that have a big impact on content creators. The platforms don't understand how content is made because they don't make it and that's limiting for them. So news content for example is more expensive to reduce because you actually need to call someone up or do reporting or have a meeting. You can't just have someone sit at a desk and make up the news but the platforms treat news content generally the same way they treat any other content and so that leads to people sitting in a room making up news which is really bad for the world and bad for democracy because there's not an economic model that says hey this content costs more and it's important to get it right and we need to spend more. I think the place where there are bigger challenges in the industry are companies that have really invested a lot in a cost structure that's made for print or for tv and then the economics of digital are very different. You have to be able to make more content at a lower cost that reaches a much larger audience in order to build a strong business. The worst example probably is local newspapers, local reporting is really important and it's very no one has really cracked that model for digital. It costs the same amount of money to make a piece of content that has an addressable audience of a couple million people instead of billions of people. There's a lot of smart people trying different things but it is a hard problem because the internet really favors content that has global appeal. There is a trend towards subscription particularly for news and part of the reason is the economics of the platforms isn't supporting good journalism. Companies that value journalism are turning to their audience and saying hey can you fund this journalism? I think one of the challenges of that is that the majority of people are still going to get their news from Facebook and Twitter and YouTube and these big free platforms and so all of the best journalism moves behind paywalls it's a problem for democracy and a problem for the world. So I think that there needs to be high quality journalism that is freely available to the public. We need companies to care about informing the public and putting content into the world that is beneficial to a diverse informed public.