In this report, we revisit our “Long Tail” thesis on the entertainment industry. As we
wrote last year, digital technology and economics are loosening the barriers to entry
in the video production business. In our view, this augurs a significant increase in
supply of video content from many sources, which could lead to slowing growth for
incumbents and a shift in value from content creators to aggregators/packagers of
content in the middle of the supply chain that can best connect users’ individual
tastes with theoretically infinite choice. This report delves further into this theme and
addresses key questions we have received from investors and industry contacts on
this topic.

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