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This is Recode Media with Peter Kafka.

That is me.

Today we are going to talk about the streaming wars. Yes, it's 2022. We are still talking about the streaming wars. They're important. And in fact, we haven't talked about them for a bit. We're going to get a refresher today. But before we get to that, I'd like to promote. That's the correct verb. Two things I think you may be interested in consuming since you're listening to this podcast. The first is a brief interview I did with outgoing Warner Media CEO Jason Kyler that went up on

Tuesday. That's available on Fox.com.

That's a brief conversation.

He does not explain what he's going to do next, nor does he explain how angry he is at David

Zaslov or how he feels slighted by the Hollywood.

But it's a pretty good

and brief interview. And also, since you're listening to this on Thursday, you can go and find

my new media column, which debuted at Vox.com on Wednesday. It's going to have a name someday. I don't

know what the name is now, but it's Peter Kafka's Media column. This one's about the about the New York Times and their attempt to diversify the audience and why they spent $600 million to do that by buying the athletic. For now, you can get it for free at vox.com. It's always going to be free. Eventually, you'll be able to click a button and have it delivered to you via email. We're working on that technology. We're going to figure out how to get it done fairly soon. It's not a substack. It's not a newsletter. It'll just be delivered to your inbox. We can call it an email. Sound good? Okay, good. It's free. I think you'll like it if you listen to this podcast. Okay, I'm done promoting my own content. Oh, I'm not done promoting my own content. I'm going to tell you what's happening right now. I'm talking to Michael Nathanson, the excellent analyst who frequently comes to our code media conferences. We often cite his work in these podcasts, in my stories. He's going to tell us about the state of TV viewing and NY Wall Street, which was telling all the streamers to go stream, stream, stream is now saying, hey, wait a minute, you should actually have profits too.

And the buying that has put them in. And then I talked to Don Schimoleski, my old colleague from Recote, who is now at Reuters, has written a book about the streaming wars, and Julia Alexander, who used to work at the Verge covering streaming and now works for parrot analytics where she gets to see the data that we were always guessing about in terms of what people actually want to consume and why they subscribe for services. Three interesting people, two interesting conversations. I think you're going to like them. Here's me and Michael Nathanson. I'm here with Michael Nathanson, one of the best analysts I get to talk to on a regular basis. I'm going to say the best analyst I get to talk to on a regular basis. Welcome, Michael. That's how kind of you. Well, I got to butter you up, but it's also accurate. I like you so much that we have you speak at our Code Media conferences often. We haven't had one in a while. We hope to have one again in the nearish future. But in the meantime, we'll settle for a podcast conversation. I want to talk to you about some of the

research you've done on the state of TV viewing and how Wall Street is thinking about the streaming

business right now. I want to start by talking about an annual report you put out. It's called the

...