You hit the two most important themes. It's a great biz, but not necessarily a venture scale biz. The supply restriction is really important. If there are only

You hit the two most important themes. It's a great biz, but not necessarily a venture scale biz. The supply restriction is really important. If there are only a few dozen frequencies in any metro, you can capture large numbers of people, and there are few substitutes (e.g. no iPods) and the cost to broadcast on is prohibitive, you become quite a bit more valuable. Web advertising has a lot of problems, but it does have scale and plenty of sites are making great revenues. Even then, content is still a relatively tough business to get VCs excited about.