Fifteen years ago, nobody thought that content would ever work as a business. It was impossible to raise any money, initial investments were $10,000, seldom $100,000. It is only over the last two or three years that we have started to see very large amounts of capital coming into the digital industry. That has created a lot more competition.

The first reaction is, get defensive. Second reaction is, what are we going to do about it?

[T]here's a difference between confident leadership and empty-headed delusion or cheerleading. And this is a difference that many CEOs miss.

Before the internet, a journalist would write an article about a company that the company felt was unfair and missed a point. All they could do was write a letter to the editor and wait, and maybe a week later it would be printed, or not. Now, they can go to medium.com and immediately publish a long rebuttal, saying the journalist forgot this and did not consider that, the analyst is wrong here. Everybody pulls that immediately into the debate. So it is a much more democratic field for ideas.

There's too much bad. The worst is mediocre. Bad is easy. There's high quality, there's pornography, and then there's bad.

Almost any show that has reviewers behind it, Rotten Tomatoes behind it, will find a way to survive.

In the new world of digital, there are no must-read publications any more.