From KCRW, I'm Kim Masters, and this is the business.

This week on the show, Ted Sarandos, the co-CEO and chief content officer of the streaming giant that has everyone else playing catch-up.

I didn't grow up in this business. I didn't grow up in Hollywood. I'm not a second, third, or fourth generation in this business.

I didn't even grow up in this town.

So I just think that there's a lot of deeply ingrained cronyism that happens that we never have been a part of.

Sarandos may see Netflix as the ultimate outsider, but the streamer just landed 35 Oscar nominations.

Sarandos shares the results of a recent Netflix diversity study and talks streaming wars, the future of theaters, talent relations, data drama, and more.

But first on the news banter, awards shows. Must they go on? Stick around. It's the business from

KCRW. I am joined by my buddy and banter, Matt Bellany. Hi, Matt.

Hello there. So the Grammys. I know you enjoyed the Grammys because I follow you on Twitter.

I actually somehow forgot to watch, which goes to what is going on. The Grammys put on a pretty

good show by all accounts, and they dropped more than 50% in terms of ratings from last year.

This follows the Golden Globes, much less effective awards presentation. And of course,

I will just mention briefly that the Hollywood Foreign Press Association is engulfed in controversy over its failure to have diversity and other

practices, but they pulled off a not very good telecast, and they saw a 63% decline in ratings.

So now we have the Oscars coming, and, you know, this is really scary. Is this because it's a

strange year with the pandemic and people are somehow detaching from these things? Are people so

now connected to their streaming services? As our guest today would be very happy about,

if it lasts, is linear TV collapsing? It's got to be unnerving for the Academy of Motion

Picture Arts and Sciences because we have a year where all the blockbusters were held back.

And they've been working to include them by expanding categories like Best Picture to get more

audience engagement and get more celebrities in the room. And now they're going to have to

...