Only if the margins are negative. Yes, the cost to serve is most likely higher than Google's SRP, but I think the ads can be even better targeted and potentiall

Only if the margins are negative. Yes, the cost to serve is most likely higher than Google's SRP, but I think the ads can be even better targeted and potentially have a higher CPM than Goog's. What I'm saying is that I believe their ARPU could be higher than Google's, while what I think you're saying is that their cost will also be higher. I agree with that, but where we differ is that I think that while the margin will be lower, there is still potential to make a ton of money there.