00:00On that AI point, it feels like there's a debate about kind of how it will impact the media industry
00:05on the one hand.
00:06You could say it'll be bad because it'll commoditize content.
00:10On the other hand, if everyone loses their jobs, they'll have a lot more time to, you know, watch TV
00:14and consume content.
00:16Christina, I mean, is there an M&A angle on the AI discussion for media?
00:20Well, certainly from my perspective, there's always an M&A angle.
00:24For everything.
00:26But no, I think that the AI, frankly, reinforces the value of quality IP, some of the existing IP.
00:35It actually has put a premium around some of the libraries of the major studios and even some of the
00:43smaller studios that exist.
00:45So AI has been very good for the intellectual property side of the business, and we think it will continue
00:51to be so.
00:52And would you agree with that?
00:53I do. And I think over the last few years in particular, we've gone from AI might take over the
01:00world into AI is more of a tool.
01:02So a couple of examples that come to mind is even in the music industry, I think there was a
01:06lot of thought around AI was going to develop and be successful and we are not going to need artists
01:10anymore.
01:11That hasn't proved to be true.
01:13They've had created single hits, but they haven't created like a durable AI machine.
01:18And so I think people are understanding that AI can be a really enhancing tool, but there is something really
01:24human about authenticity or originality.
01:27And I have a young kid and I'm a dad.
01:28I make corny jokes, but I kind of say, you know, like, AI might be able to autocomplete your sentence,
01:33but it's not going to autocomplete your soul.
01:35Oh, wow.
01:35It could probably generate some corny jokes, though, I have to say.
01:38It could probably do well with that.
01:40I mean, Christina, okay, so AI makes IP more attractive, but as AI gets better and it does better things
01:46than just, you know, completing sentences, is there a world where it is really transformational?
01:51That deals do look different just because it gets advanced and it reaches the level which it can replace, you
01:56know, original content in IP?
01:59Certainly there's a possibility that AI-generated content could, in certain circumstances, compete with some of the existing long-form
02:09content.
02:10Certainly you see it in short-form content at this point now.
02:16I think the jury's still out as to whether or not it actually creates real long-form content that is
02:23welcomed and embraced by audiences and whether that actually becomes more competitive over time.
02:29Certainly there's a market.
02:30The one thing I think we can guarantee, having done this for a long time, is there's a market for
02:33almost everything.
02:34The question is, where's the premium market?
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