My evidence that we're onto something is we've seen a handful of content deals, and the company that has gotten the best deal by far is Reddit. We know from their public filings that last year they got close to $140 million a year from Google and OpenAI.
Hmm.
If you compare that with a similar deal that was done for The New York Times, they got about $20 million. So Reddit got seven times more than The New York Times. Why? Well, maybe it's crazy …
I think I know where you're going, and I'm gonna agree with you, but [$140 million compared to $20 million is] a wildly different number.
Yeah. But 20 minutes ago we both, I think, agreed that we're nostalgic for the quirky internet ...
Oh, I love Reddit.
… and there's nothing that represents that more than Reddit. The New York Times is amazing, but if you have data from The New York Times, The Wall Street Journal, The Washington Post, The Boston Globe, like how much real difference is there? Basically the facts stay the same between those, whereas Reddit is this unique content, and so we already have some evidence that the business model of the AI-driven web is going to be one that rewards the Reddits of the world more.
All right. I gotta figure out what hole in the Swiss cheese I'm gonna fill.
You know, the scariest meeting I’ve had in the last little bit was coffee with Anna Wintour. My wife was like, “You have to wear a suit.” And I’m like, “I don’t have anything.”
Wait. This is really important. What did you wear, Matthew?
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