1. investment cycles in things like this are multiple years, even if on someone else's platform. 2. Apple is a competitor to Netflix for the next decade of spo

1. investment cycles in things like this are multiple years, even if on someone else's platform. 2. Apple is a competitor to Netflix for the next decade of sports rights for things like the NBA, streaming deals, etc. Fan and movie viewer experience will matter. 3. AR/MR/VR is a green field right now and a lot of the best experiences in it from emerge from tinkering around, even if the current scale is zero. The next decade of streaming will not be determined by the same things as the last decade. Netflix was a leader to developing a digital-native approach to entertainment but that's just not going to be enough.