WEBVTT
Kind: captions
Language: en

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Take<00:00:00.400><c> a</c><00:00:00.640><c> look</c><00:00:00.719><c> at</c><00:00:00.880><c> the</c><00:00:01.120><c> YouTube</c><00:00:01.439><c> channels</c><00:00:01.760><c> that</c>

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Take a look at the YouTube channels that
 

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Take a look at the YouTube channels that
you're<00:00:02.159><c> subscribed</c><00:00:02.480><c> to.</c><00:00:02.619><c> [music]</c><00:00:02.879><c> There's</c><00:00:03.120><c> a</c>

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you're subscribed to. [music] There's a
 

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you're subscribed to. [music] There's a
good<00:00:03.439><c> chance</c><00:00:03.840><c> at</c><00:00:03.919><c> least</c><00:00:04.240><c> one</c><00:00:04.480><c> of</c><00:00:04.640><c> them</c><00:00:04.880><c> was</c>

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good chance at least one of them was
 

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good chance at least one of them was
quietly<00:00:05.520><c> sold</c><00:00:05.759><c> to</c><00:00:06.000><c> private</c><00:00:06.400><c> equity.</c>

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But<00:00:10.960><c> hold</c><00:00:11.120><c> on,</c><00:00:11.440><c> how?</c><00:00:11.840><c> The</c><00:00:12.240><c> creator</c><00:00:12.559><c> is</c><00:00:12.719><c> still</c>

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But hold on, how? The creator is still
 

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But hold on, how? The creator is still
there<00:00:13.200><c> and</c><00:00:13.440><c> the</c><00:00:13.679><c> thumbnails</c><00:00:14.160><c> look</c><00:00:14.320><c> the</c><00:00:14.480><c> same,</c>

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there and the thumbnails look the same,
 

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there and the thumbnails look the same,
but<00:00:14.960><c> behind</c><00:00:15.200><c> the</c><00:00:15.360><c> scenes,</c><00:00:15.839><c> the</c><00:00:16.160><c> same</c><00:00:16.400><c> guides</c>

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but behind the scenes, the same guides
 

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but behind the scenes, the same guides
behind<00:00:17.199><c> Blackstone</c><00:00:18.000><c> are</c><00:00:18.240><c> now</c><00:00:18.480><c> calling</c><00:00:18.800><c> the</c>

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behind Blackstone are now calling the
 

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behind Blackstone are now calling the
shots<00:00:19.359><c> for</c><00:00:19.520><c> your</c><00:00:19.840><c> favorite</c><00:00:20.240><c> creator.</c><00:00:20.800><c> And</c>

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shots for your favorite creator. And
 

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shots for your favorite creator. And
unlike<00:00:21.279><c> an</c><00:00:21.439><c> Adie,</c><00:00:21.920><c> the</c><00:00:22.080><c> creator</c><00:00:22.400><c> is</c><00:00:22.560><c> under</c><00:00:22.880><c> no</c>

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unlike an Adie, the creator is under no
 

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unlike an Adie, the creator is under no
legal<00:00:23.439><c> obligation</c><00:00:23.920><c> to</c><00:00:24.160><c> tell</c><00:00:24.320><c> you</c><00:00:24.480><c> that</c><00:00:24.640><c> the</c>

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legal obligation to tell you that the
 

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legal obligation to tell you that the
channel<00:00:25.359><c> quietly</c><00:00:25.840><c> changed</c><00:00:26.080><c> hands.</c><00:00:26.640><c> So</c>

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channel quietly changed hands. So
 

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channel quietly changed hands. So
really,<00:00:27.199><c> you</c><00:00:27.519><c> actually</c><00:00:27.760><c> have</c><00:00:27.920><c> no</c><00:00:28.080><c> idea</c>

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really, you actually have no idea
 

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really, you actually have no idea
whether<00:00:28.800><c> this</c><00:00:29.119><c> channel</c><00:00:29.439><c> was</c><00:00:29.599><c> bought</c><00:00:29.920><c> out</c><00:00:30.160><c> too</c>

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whether this channel was bought out too
 

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whether this channel was bought out too
or<00:00:30.560><c> not.</c><00:00:30.785><c> [music]</c>

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It's<00:00:33.280><c> not.</c><00:00:33.680><c> It</c><00:00:33.920><c> turns</c><00:00:34.079><c> out</c><00:00:34.320><c> it's</c><00:00:34.559><c> not</c><00:00:34.719><c> slowing</c>

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It's not. It turns out it's not slowing
 

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It's not. It turns out it's not slowing
down<00:00:35.200><c> because</c><00:00:35.520><c> private</c><00:00:35.760><c> equity</c><00:00:36.079><c> firms</c><00:00:36.399><c> have</c>

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down because private equity firms have
 

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down because private equity firms have
quietly<00:00:36.960><c> spent</c><00:00:37.280><c> over</c><00:00:37.680><c> $4</c><00:00:37.920><c> billion</c><00:00:38.559><c> buying</c>

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quietly spent over $4 billion buying
 

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quietly spent over $4 billion buying
YouTube<00:00:39.280><c> channels.</c><00:00:39.760><c> But</c><00:00:39.920><c> what's</c><00:00:40.239><c> weird</c><00:00:40.559><c> is</c>

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YouTube channels. But what's weird is
 

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YouTube channels. But what's weird is
that<00:00:41.120><c> it's</c><00:00:41.440><c> not</c><00:00:41.600><c> even</c><00:00:41.840><c> really</c><00:00:42.160><c> going</c><00:00:42.399><c> that</c>

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that it's not even really going that
 

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that it's not even really going that
great.<00:00:43.040><c> Early</c><00:00:43.360><c> signs</c><00:00:43.680><c> are</c><00:00:43.920><c> seeing</c><00:00:44.079><c> the</c>

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great. Early signs are seeing the
 

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great. Early signs are seeing the
creators<00:00:44.640><c> who</c><00:00:44.879><c> built</c><00:00:45.040><c> the</c><00:00:45.280><c> channels</c><00:00:45.680><c> walking</c>

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creators who built the channels walking
 

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creators who built the channels walking
out,<00:00:46.559><c> videos</c><00:00:46.960><c> starting</c><00:00:47.280><c> to</c><00:00:47.440><c> slowly</c><00:00:47.760><c> suck,</c><00:00:48.320><c> and</c>

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out, videos starting to slowly suck, and
 

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out, videos starting to slowly suck, and
the<00:00:48.719><c> private</c><00:00:49.039><c> equity</c><00:00:49.440><c> firm</c><00:00:49.680><c> that</c><00:00:49.920><c> bought</c><00:00:50.239><c> them</c>

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the private equity firm that bought them
 

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the private equity firm that bought them
can't<00:00:50.879><c> even</c><00:00:51.200><c> milk</c><00:00:51.520><c> the</c><00:00:51.760><c> ad</c><00:00:52.000><c> dollars</c><00:00:52.320><c> that</c><00:00:52.559><c> they</c>

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can't even milk the ad dollars that they
 

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can't even milk the ad dollars that they
were<00:00:53.039><c> counting</c><00:00:53.280><c> on.</c><00:00:53.680><c> So</c><00:00:53.920><c> then</c><00:00:54.239><c> why</c><00:00:54.480><c> is</c><00:00:54.719><c> private</c>

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were counting on. So then why is private
 

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were counting on. So then why is private
equity<00:00:55.600><c> continuing</c><00:00:56.000><c> to</c><00:00:56.239><c> double</c><00:00:56.559><c> down?</c><00:00:57.280><c> Well,</c>

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equity continuing to double down? Well,
 

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equity continuing to double down? Well,
because<00:00:58.000><c> what</c><00:00:58.239><c> they're</c><00:00:58.480><c> really</c><00:00:58.719><c> paying</c><00:00:59.039><c> for</c>

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because what they're really paying for
 

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because what they're really paying for
is<00:00:59.840><c> your</c><00:01:00.079><c> trust.</c><00:01:00.640><c> Trust</c><00:01:00.960><c> that</c><00:01:01.199><c> doesn't</c><00:01:01.440><c> just</c>

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is your trust. Trust that doesn't just
 

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is your trust. Trust that doesn't just
sell<00:01:02.160><c> VPNs</c><00:01:02.719><c> and</c><00:01:02.960><c> mattresses,</c><00:01:03.600><c> but</c><00:01:03.840><c> trust</c><00:01:04.400><c> that</c>

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sell VPNs and mattresses, but trust that
 

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sell VPNs and mattresses, but trust that
can<00:01:04.879><c> help</c><00:01:05.119><c> pick</c><00:01:05.439><c> whichever</c><00:01:06.080><c> candidate</c>

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can help pick whichever candidate
 

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can help pick whichever candidate
protects<00:01:07.200><c> private</c><00:01:07.680><c> equity's</c><00:01:08.320><c> interest.</c><00:01:08.960><c> And</c>

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protects private equity's interest. And
 

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protects private equity's interest. And
not<00:01:09.280><c> only</c><00:01:09.439><c> was</c><00:01:09.680><c> 2024</c><00:01:10.400><c> proof</c><00:01:10.640><c> of</c><00:01:10.799><c> this,</c><00:01:11.200><c> it's</c>

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not only was 2024 proof of this, it's
 

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not only was 2024 proof of this, it's
just<00:01:11.760><c> the</c><00:01:12.080><c> beginning.</c><00:01:12.400><c> And</c><00:01:12.560><c> so</c><00:01:12.720><c> I</c><00:01:12.960><c> followed</c>

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just the beginning. And so I followed
 

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just the beginning. And so I followed
the<00:01:13.520><c> money</c><00:01:13.760><c> across</c><00:01:14.240><c> every</c><00:01:14.479><c> deal</c><00:01:14.720><c> that</c><00:01:14.960><c> I</c><00:01:15.119><c> could</c>

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the money across every deal that I could
 

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the money across every deal that I could
find<00:01:15.840><c> and</c><00:01:16.080><c> mapped</c><00:01:16.400><c> out</c><00:01:16.640><c> exactly</c><00:01:17.200><c> how</c><00:01:17.439><c> this</c>

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find and mapped out exactly how this
 

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find and mapped out exactly how this
works<00:01:18.000><c> and</c><00:01:18.320><c> what</c><00:01:18.640><c> will</c><00:01:18.960><c> happen</c><00:01:19.200><c> in</c><00:01:19.520><c> the</c>

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works and what will happen in the
 

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works and what will happen in the
future.<00:01:20.080><c> And</c><00:01:20.240><c> what</c><00:01:20.400><c> I</c><00:01:20.560><c> found</c><00:01:20.799><c> is</c><00:01:20.960><c> that</c><00:01:21.119><c> it's</c>

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future. And what I found is that it's
 

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future. And what I found is that it's
looking<00:01:21.680><c> increasingly</c><00:01:22.400><c> likely</c><00:01:22.799><c> that</c><00:01:23.280><c> private</c>

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looking increasingly likely that private
 

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looking increasingly likely that private
equity<00:01:24.240><c> is</c><00:01:24.560><c> about</c><00:01:24.799><c> to</c><00:01:25.040><c> take</c><00:01:25.200><c> it</c><00:01:25.439><c> all</c><00:01:25.680><c> for</c>

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equity is about to take it all for
 

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equity is about to take it all for
themselves.<00:01:26.560><c> And</c><00:01:26.720><c> if</c><00:01:26.960><c> something</c><00:01:27.439><c> doesn't</c>

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themselves. And if something doesn't
 

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themselves. And if something doesn't
change,<00:01:28.400><c> we</c><00:01:28.640><c> won't</c><00:01:28.880><c> just</c><00:01:29.119><c> lose</c><00:01:29.439><c> the</c><00:01:29.759><c> platform</c>

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change, we won't just lose the platform
 

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change, we won't just lose the platform
that<00:01:30.479><c> we</c><00:01:30.640><c> all</c><00:01:30.880><c> love,</c><00:01:31.360><c> but</c><00:01:31.600><c> the</c><00:01:31.920><c> last</c><00:01:32.400><c> bastion</c>

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that we all love, but the last bastion
 

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that we all love, but the last bastion
of<00:01:33.119><c> trust</c><00:01:33.600><c> at</c><00:01:33.840><c> a</c><00:01:34.079><c> time</c><00:01:34.240><c> when</c><00:01:34.560><c> there's</c><00:01:34.960><c> nothing</c>

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of trust at a time when there's nothing
 

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of trust at a time when there's nothing
much<00:01:35.840><c> left</c><00:01:36.159><c> to</c><00:01:36.479><c> trust.</c>

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So<00:01:40.640><c> to</c><00:01:40.960><c> understand</c><00:01:41.280><c> this</c><00:01:41.520><c> whole</c><00:01:41.680><c> thing,</c><00:01:41.840><c> I</c>

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So to understand this whole thing, I
 

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So to understand this whole thing, I
think<00:01:42.159><c> the</c><00:01:42.400><c> best</c><00:01:42.640><c> way</c><00:01:42.799><c> is</c><00:01:43.040><c> by</c><00:01:43.280><c> showing</c><00:01:43.520><c> you</c><00:01:44.079><c> how</c>

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think the best way is by showing you how
 

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think the best way is by showing you how
a<00:01:44.880><c> private</c><00:01:45.119><c> equity</c><00:01:45.439><c> firm</c><00:01:45.680><c> even</c><00:01:45.920><c> buys</c><00:01:46.240><c> a</c>

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a private equity firm even buys a
 

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a private equity firm even buys a
YouTube<00:01:46.720><c> channel.</c><00:01:47.119><c> And</c><00:01:47.280><c> I'll</c><00:01:47.520><c> show</c><00:01:47.680><c> you</c><00:01:47.920><c> by</c>

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YouTube channel. And I'll show you by
 

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YouTube channel. And I'll show you by
being<00:01:48.799><c> private</c><00:01:49.200><c> equity</c><00:01:49.600><c> in</c><00:01:49.759><c> this</c>

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being private equity in this
 

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being private equity in this
demonstration.<00:01:50.640><c> And</c><00:01:50.799><c> once</c><00:01:51.040><c> you</c><00:01:51.200><c> see</c><00:01:51.280><c> how</c><00:01:51.439><c> this</c>

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demonstration. And once you see how this
 

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demonstration. And once you see how this
actually<00:01:52.079><c> works</c><00:01:52.399><c> step</c><00:01:52.640><c> by</c><00:01:52.880><c> step,</c><00:01:53.360><c> you</c><00:01:53.600><c> will</c>

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actually works step by step, you will
 

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actually works step by step, you will
understand<00:01:54.399><c> why</c><00:01:54.799><c> so</c><00:01:55.119><c> many</c><00:01:55.280><c> YouTube</c><00:01:55.680><c> channels</c>

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understand why so many YouTube channels
 

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understand why so many YouTube channels
you<00:01:56.240><c> watch</c><00:01:56.399><c> are</c><00:01:56.640><c> quietly</c><00:01:57.040><c> changing</c><00:01:57.600><c> and</c><00:01:57.840><c> why</c>

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you watch are quietly changing and why
 

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you watch are quietly changing and why
nobody<00:01:58.799><c> had</c><00:01:59.040><c> to</c><00:01:59.211><c> [music]</c><00:01:59.280><c> tell</c><00:01:59.520><c> you</c><00:01:59.840><c> about</c><00:02:00.159><c> it.</c>

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nobody had to [music] tell you about it.
 

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nobody had to [music] tell you about it.
So<00:02:00.719><c> let's</c><00:02:00.880><c> say</c><00:02:01.040><c> I</c><00:02:01.200><c> work</c><00:02:01.360><c> at</c><00:02:01.520><c> a</c><00:02:01.680><c> private</c><00:02:02.000><c> equity</c>

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So let's say I work at a private equity
 

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So let's say I work at a private equity
fund,<00:02:02.640><c> a</c><00:02:02.960><c> a</c><00:02:03.200><c> big</c><00:02:03.439><c> fund</c><00:02:03.759><c> with</c><00:02:04.000><c> this</c><00:02:04.399><c> big</c><00:02:04.719><c> suit.</c>

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fund, a a big fund with this big suit.
 

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fund, a a big fund with this big suit.
And<00:02:05.119><c> the</c><00:02:05.280><c> fund</c><00:02:05.439><c> I</c><00:02:05.680><c> manage</c><00:02:05.920><c> is</c><00:02:06.159><c> called</c><00:02:06.416><c> [music]</c>

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And the fund I manage is called [music]
 

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And the fund I manage is called [music]
Blackstone.<00:02:07.360><c> Actually,</c><00:02:08.239><c> scratch</c><00:02:08.560><c> that</c>

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Blackstone. Actually, scratch that
 

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Blackstone. Actually, scratch that
subscriber<00:02:09.920><c> stone</c><00:02:10.319><c> capital.</c><00:02:10.720><c> And</c><00:02:10.959><c> anyways,</c><00:02:11.280><c> a</c>

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subscriber stone capital. And anyways, a
 

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subscriber stone capital. And anyways, a
bunch<00:02:11.599><c> of</c><00:02:11.680><c> wealthy</c><00:02:12.080><c> people</c><00:02:12.480><c> recently</c><00:02:12.800><c> gave</c><00:02:13.040><c> me</c>

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bunch of wealthy people recently gave me
 

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bunch of wealthy people recently gave me
a<00:02:13.360><c> lot</c><00:02:13.440><c> of</c><00:02:13.599><c> money.</c><00:02:13.840><c> And</c><00:02:14.000><c> my</c><00:02:14.239><c> job</c><00:02:14.400><c> is</c><00:02:14.560><c> to</c><00:02:14.720><c> buy</c>

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a lot of money. And my job is to buy
 

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a lot of money. And my job is to buy
businesses,<00:02:15.440><c> make</c><00:02:15.599><c> them</c><00:02:15.840><c> more</c><00:02:16.000><c> valuable,</c><00:02:16.400><c> and</c>

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businesses, make them more valuable, and
 

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businesses, make them more valuable, and
sell<00:02:16.879><c> them</c><00:02:17.040><c> in</c><00:02:17.280><c> the</c><00:02:17.440><c> next</c><00:02:17.599><c> five</c><00:02:17.760><c> to</c><00:02:18.000><c> seven</c>

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sell them in the next five to seven
 

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sell them in the next five to seven
years.<00:02:18.720><c> So</c><00:02:18.879><c> with</c><00:02:19.040><c> the</c><00:02:19.120><c> clock</c><00:02:19.360><c> already</c>

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years. So with the clock already
 

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years. So with the clock already
running,<00:02:20.000><c> the</c><00:02:20.239><c> pressure</c><00:02:20.560><c> was</c><00:02:20.800><c> already</c><00:02:21.120><c> on</c><00:02:21.360><c> to</c>

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running, the pressure was already on to
 

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running, the pressure was already on to
[music]<00:02:21.599><c> deliver.</c><00:02:22.000><c> But</c><00:02:22.160><c> the</c><00:02:22.319><c> problem</c><00:02:22.400><c> is</c><00:02:22.800><c> big</c>

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[music] deliver. But the problem is big
 

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[music] deliver. But the problem is big
returns<00:02:23.599><c> only</c><00:02:23.840><c> exist</c><00:02:24.160><c> in</c><00:02:24.400><c> places</c><00:02:24.720><c> that</c><00:02:25.120><c> nobody</c>

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returns only exist in places that nobody
 

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returns only exist in places that nobody
else<00:02:25.760><c> has</c><00:02:25.920><c> risk</c><00:02:26.239><c> going</c><00:02:26.400><c> to</c><00:02:26.560><c> before.</c><00:02:26.959><c> And</c><00:02:27.120><c> right</c>

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else has risk going to before. And right
 

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else has risk going to before. And right
now,<00:02:27.599><c> all</c><00:02:27.760><c> the</c><00:02:28.000><c> obvious</c><00:02:28.400><c> targets</c><00:02:28.800><c> are</c><00:02:28.959><c> taken.</c>

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now, all the obvious targets are taken.
 

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now, all the obvious targets are taken.
Manufacturing,<00:02:30.319><c> healthcare,</c><00:02:30.879><c> logistics,</c>

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Manufacturing, healthcare, logistics,
 

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Manufacturing, healthcare, logistics,
and<00:02:31.599><c> retail</c><00:02:32.000><c> because</c><00:02:32.160><c> there's</c><00:02:32.400><c> been</c><00:02:32.560><c> so</c><00:02:32.720><c> much</c>

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and retail because there's been so much
 

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and retail because there's been so much
private<00:02:33.200><c> equity</c><00:02:33.519><c> activity</c><00:02:33.920><c> over</c><00:02:34.080><c> the</c><00:02:34.319><c> last</c>

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private equity activity over the last
 

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private equity activity over the last
few<00:02:34.640><c> years</c><00:02:34.959><c> that</c><00:02:35.280><c> the</c><00:02:35.519><c> big</c><00:02:35.760><c> firms</c><00:02:36.160><c> have</c>

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few years that the big firms have
 

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few years that the big firms have
already<00:02:37.040><c> bought</c><00:02:37.440><c> most</c><00:02:37.599><c> of</c><00:02:37.760><c> it.</c><00:02:38.000><c> So</c><00:02:38.160><c> as</c><00:02:38.319><c> a</c><00:02:38.480><c> newer</c>

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already bought most of it. So as a newer
 

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already bought most of it. So as a newer
fund<00:02:39.040><c> manager</c><00:02:39.280><c> on</c><00:02:39.440><c> the</c><00:02:39.599><c> block,</c><00:02:40.080><c> I</c><00:02:40.319><c> had</c><00:02:40.480><c> to</c><00:02:40.640><c> find</c>

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fund manager on the block, I had to find
 

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fund manager on the block, I had to find
an<00:02:41.040><c> industry</c><00:02:41.360><c> that</c><00:02:41.599><c> the</c><00:02:41.760><c> big</c><00:02:42.000><c> guys</c><00:02:42.319><c> haven't</c>

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an industry that the big guys haven't
 

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an industry that the big guys haven't
figured<00:02:42.800><c> out</c><00:02:42.959><c> yet.</c><00:02:43.440><c> And</c><00:02:43.599><c> if</c><00:02:43.760><c> I</c><00:02:43.920><c> wanted</c><00:02:44.160><c> to</c><00:02:44.319><c> make</c>

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figured out yet. And if I wanted to make
 

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figured out yet. And if I wanted to make
a<00:02:44.560><c> name</c><00:02:44.800><c> for</c><00:02:44.959><c> myself,</c><00:02:45.519><c> I</c><00:02:45.680><c> was</c><00:02:45.920><c> going</c><00:02:46.160><c> to</c><00:02:46.400><c> have</c>

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a name for myself, I was going to have
 

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a name for myself, I was going to have
to<00:02:46.800><c> get</c><00:02:47.040><c> creative</c><00:02:47.519><c> and</c><00:02:47.760><c> lock</c><00:02:48.000><c> in.</c><00:02:48.560><c> But</c><00:02:48.959><c> where</c>

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to get creative and lock in. But where
 

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to get creative and lock in. But where
would<00:02:49.440><c> I</c><00:02:49.680><c> even</c><00:02:50.000><c> start?</c><00:02:50.560><c> And</c><00:02:50.720><c> so,</c><00:02:50.959><c> just</c><00:02:51.200><c> as</c><00:02:51.360><c> I</c>

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would I even start? And so, just as I
 

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would I even start? And so, just as I
was<00:02:51.680><c> able</c><00:02:51.840><c> to</c><00:02:51.920><c> lock</c><00:02:52.160><c> in</c><00:02:52.400><c> and,</c><00:02:52.800><c> you</c><00:02:52.879><c> know,</c><00:02:53.040><c> put</c>

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was able to lock in and, you know, put
 

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was able to lock in and, you know, put
on<00:02:53.360><c> my</c><00:02:53.519><c> favorite</c><00:02:53.840><c> playlist,</c><00:02:54.480><c> it</c><00:02:54.720><c> hit</c><00:02:54.959><c> me.</c><00:02:56.319><c> The</c>

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on my favorite playlist, it hit me. The
 

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on my favorite playlist, it hit me. The
next<00:02:56.959><c> investment</c><00:02:57.519><c> was</c><00:02:57.920><c> staring</c><00:02:58.319><c> me</c><00:02:58.560><c> right</c><00:02:58.720><c> in</c>

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next investment was staring me right in
 

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next investment was staring me right in
my<00:02:59.040><c> face,</c><00:02:59.360><c> a</c><00:02:59.680><c> platform</c><00:03:00.000><c> that</c><00:03:00.319><c> now</c><00:03:00.560><c> has</c><00:03:00.800><c> more</c><00:03:01.120><c> TV</c>

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my face, a platform that now has more TV
 

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my face, a platform that now has more TV
streaming<00:03:01.920><c> hours</c><00:03:02.239><c> than</c><00:03:02.560><c> Netflix,</c><00:03:03.280><c> a</c><00:03:03.519><c> platform</c>

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streaming hours than Netflix, a platform
 

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streaming hours than Netflix, a platform
called<00:03:04.959><c> YouTube.com.</c>

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called YouTube.com.
 

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called YouTube.com.
So,<00:03:06.879><c> over</c><00:03:07.120><c> the</c><00:03:07.280><c> next</c><00:03:07.440><c> few</c><00:03:07.599><c> days,</c><00:03:07.840><c> I</c><00:03:08.080><c> furiously</c>

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So, over the next few days, I furiously
 

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So, over the next few days, I furiously
started<00:03:08.800><c> doing</c><00:03:09.040><c> research</c><00:03:09.297><c> [music]</c><00:03:09.360><c> on</c><00:03:09.599><c> my</c>

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started doing research [music] on my
 

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started doing research [music] on my
next<00:03:10.000><c> target,</c><00:03:10.640><c> I</c><00:03:10.879><c> mean</c><00:03:11.200><c> channel.</c><00:03:11.760><c> And</c><00:03:11.920><c> after</c>

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next target, I mean channel. And after
 

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next target, I mean channel. And after
looking<00:03:12.560><c> through</c><00:03:12.879><c> every</c><00:03:13.200><c> niche</c><00:03:13.519><c> and</c><00:03:13.680><c> crevice</c>

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looking through every niche and crevice
 

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looking through every niche and crevice
of<00:03:14.239><c> this</c><00:03:14.480><c> website,</c><00:03:15.120><c> I</c><00:03:15.440><c> may</c><00:03:15.680><c> have</c><00:03:15.920><c> just</c><00:03:16.159><c> found</c>

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of this website, I may have just found
 

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of this website, I may have just found
the<00:03:16.720><c> one.</c>

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So<00:03:22.319><c> let</c><00:03:22.480><c> me</c><00:03:22.640><c> walk</c><00:03:22.800><c> you</c><00:03:22.959><c> through</c><00:03:23.200><c> how</c><00:03:23.519><c> I</c><00:03:23.840><c> as</c>

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So let me walk you through how I as
 

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So let me walk you through how I as
private<00:03:24.400><c> equity</c><00:03:25.040><c> exactly</c><00:03:25.519><c> would</c><00:03:25.840><c> identify</c>

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private equity exactly would identify
 

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private equity exactly would identify
the<00:03:26.560><c> perfect</c><00:03:26.959><c> fit.</c><00:03:27.519><c> So</c><00:03:27.760><c> thank</c><00:03:27.840><c> you</c><00:03:27.920><c> for</c>

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the perfect fit. So thank you for
 

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the perfect fit. So thank you for
joining<00:03:28.400><c> subscriber</c><00:03:28.959><c> stone</c><00:03:29.280><c> investors</c><00:03:29.840><c> for</c>

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joining subscriber stone investors for
 

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joining subscriber stone investors for
today's<00:03:30.319><c> meeting.</c><00:03:30.640><c> I</c><00:03:30.799><c> have</c><00:03:30.879><c> three</c><00:03:31.200><c> criterias</c>

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today's meeting. I have three criterias
 

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today's meeting. I have three criterias
on<00:03:32.000><c> why</c><00:03:32.239><c> we</c><00:03:32.480><c> need</c><00:03:32.640><c> to</c><00:03:32.799><c> invest</c><00:03:33.200><c> in</c><00:03:33.440><c> this</c>

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on why we need to invest in this
 

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on why we need to invest in this
channel.<00:03:34.159><c> And</c><00:03:34.239><c> the</c><00:03:34.400><c> first</c><00:03:34.480><c> and</c><00:03:34.720><c> foremost</c><00:03:35.040><c> is</c>

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channel. And the first and foremost is
 

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channel. And the first and foremost is
this<00:03:35.599><c> channel</c><00:03:35.840><c> has</c><00:03:36.080><c> a</c><00:03:36.239><c> proof</c><00:03:36.480><c> of</c><00:03:36.560><c> concept.</c>

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this channel has a proof of concept.
 

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this channel has a proof of concept.
This<00:03:37.280><c> channel</c><00:03:37.599><c> has</c><00:03:37.920><c> predictable</c><00:03:38.480><c> revenue</c>

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This channel has predictable revenue
 

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This channel has predictable revenue
every<00:03:39.120><c> single</c><00:03:39.360><c> month</c><00:03:39.519><c> from</c><00:03:39.680><c> AdSense.</c><00:03:40.159><c> in</c><00:03:40.400><c> this</c>

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every single month from AdSense. in this
 

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every single month from AdSense. in this
channel<00:03:40.959><c> probably</c><00:03:41.440><c> has</c><00:03:41.680><c> a</c><00:03:41.840><c> tiny</c><00:03:42.159><c> team.</c><00:03:42.480><c> Let's</c>

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channel probably has a tiny team. Let's
 

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channel probably has a tiny team. Let's
just<00:03:42.879><c> say</c><00:03:43.200><c> probably</c><00:03:43.519><c> around</c><00:03:43.760><c> five</c><00:03:44.000><c> to</c><00:03:44.159><c> six</c>

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just say probably around five to six
 

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just say probably around five to six
people<00:03:44.720><c> with</c><00:03:45.040><c> low</c><00:03:45.322><c> [music]</c><00:03:45.360><c> overhead.</c><00:03:45.920><c> But</c>

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people with low [music] overhead. But
 

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people with low [music] overhead. But
this<00:03:46.319><c> brings</c><00:03:46.640><c> me</c><00:03:46.879><c> exactly</c><00:03:47.280><c> to</c><00:03:47.680><c> number</c><00:03:48.000><c> two,</c>

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this brings me exactly to number two,
 

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this brings me exactly to number two,
which<00:03:48.959><c> is</c><00:03:49.280><c> potential.</c><00:03:50.000><c> So,</c><00:03:50.159><c> as</c><00:03:50.319><c> you</c><00:03:50.400><c> can</c><00:03:50.480><c> see</c>

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which is potential. So, as you can see
 

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which is potential. So, as you can see
here,<00:03:51.040><c> this</c><00:03:51.280><c> channel</c><00:03:51.680><c> has</c><00:03:52.080><c> inconsistent</c>

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here, this channel has inconsistent
 

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here, this channel has inconsistent
views,<00:03:53.280><c> but</c><00:03:53.599><c> it</c><00:03:53.920><c> has</c><00:03:54.319><c> a</c><00:03:54.560><c> loyal</c><00:03:54.959><c> audience.</c><00:03:55.680><c> So,</c>

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views, but it has a loyal audience. So,
 

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views, but it has a loyal audience. So,
as<00:03:56.319><c> long</c><00:03:56.400><c> as</c><00:03:56.560><c> we</c><00:03:56.799><c> find</c><00:03:56.959><c> the</c><00:03:57.120><c> right</c><00:03:57.280><c> topics</c><00:03:57.680><c> and</c>

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as long as we find the right topics and
 

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as long as we find the right topics and
format,<00:03:58.560><c> this</c><00:03:58.799><c> can</c><00:03:58.959><c> be</c><00:03:59.200><c> something</c><00:03:59.360><c> we</c><00:03:59.599><c> can</c>

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format, this can be something we can
 

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format, this can be something we can
grow<00:03:59.920><c> into.</c><00:04:00.560><c> Third,</c><00:04:01.680><c> running</c><00:04:02.000><c> out</c><00:04:02.159><c> of</c><00:04:02.239><c> time.</c>

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grow into. Third, running out of time.
 

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grow into. Third, running out of time.
So,<00:04:02.959><c> I'll</c><00:04:03.280><c> tell</c><00:04:03.360><c> you</c><00:04:03.519><c> about</c><00:04:03.680><c> it</c><00:04:03.840><c> later</c><00:04:04.080><c> on</c><00:04:04.319><c> in</c><00:04:04.640><c> a</c>

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So, I'll tell you about it later on in a
 

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So, I'll tell you about it later on in a
different<00:04:05.120><c> meeting.</c><00:04:05.439><c> So</c><00:04:05.599><c> anyways,</c><00:04:06.080><c> even</c>

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different meeting. So anyways, even
 

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different meeting. So anyways, even
without<00:04:06.560><c> that</c><00:04:06.720><c> third</c><00:04:06.959><c> criteria,</c><00:04:07.680><c> you</c><00:04:07.920><c> can</c>

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without that third criteria, you can
 

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without that third criteria, you can
start<00:04:08.159><c> to</c><00:04:08.239><c> see</c><00:04:08.400><c> what</c><00:04:08.640><c> private</c><00:04:08.879><c> equity</c><00:04:09.200><c> firms</c>

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start to see what private equity firms
 

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start to see what private equity firms
are<00:04:09.680><c> looking</c><00:04:09.840><c> for</c><00:04:10.080><c> when</c><00:04:10.400><c> they</c><00:04:10.640><c> decide</c><00:04:10.959><c> what</c>

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are looking for when they decide what
 

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are looking for when they decide what
channels<00:04:11.519><c> to</c><00:04:11.680><c> invest</c><00:04:11.920><c> in.</c><00:04:12.239><c> But</c><00:04:12.400><c> here's</c><00:04:12.560><c> why</c>

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channels to invest in. But here's why
 

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channels to invest in. But here's why
we've<00:04:13.040><c> only</c><00:04:13.200><c> seen</c><00:04:13.360><c> the</c><00:04:13.599><c> beginning</c><00:04:13.760><c> of</c><00:04:13.920><c> this.</c>

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we've only seen the beginning of this.
 

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we've only seen the beginning of this.
Because<00:04:14.480><c> after</c><00:04:14.720><c> crunching</c><00:04:15.040><c> the</c><00:04:15.280><c> numbers,</c>

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Because after crunching the numbers,
 

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Because after crunching the numbers,
let's<00:04:15.840><c> say</c><00:04:15.920><c> I</c><00:04:16.160><c> found</c><00:04:16.400><c> this</c><00:04:16.639><c> Gen</c><00:04:17.040><c> channel</c><00:04:17.680><c> makes</c>

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let's say I found this Gen channel makes
 

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let's say I found this Gen channel makes
say<00:04:18.320><c> a</c><00:04:18.720><c> million</c><00:04:19.040><c> dollars</c><00:04:19.280><c> a</c><00:04:19.519><c> year.</c><00:04:19.759><c> And</c><00:04:19.919><c> in</c><00:04:20.160><c> any</c>

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say a million dollars a year. And in any
 

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say a million dollars a year. And in any
other<00:04:20.560><c> industry,</c><00:04:21.040><c> a</c><00:04:21.280><c> business</c><00:04:21.600><c> doing</c><00:04:21.919><c> a</c>

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other industry, a business doing a
 

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other industry, a business doing a
million<00:04:22.400><c> a</c><00:04:22.560><c> year</c><00:04:22.800><c> with</c><00:04:23.120><c> margins</c><00:04:23.520><c> like</c><00:04:23.759><c> this</c>

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million a year with margins like this
 

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million a year with margins like this
would<00:04:24.800><c> cost</c><00:04:25.120><c> me</c><00:04:25.280><c> a</c><00:04:25.440><c> fortune</c><00:04:25.759><c> to</c><00:04:25.919><c> invest</c><00:04:26.240><c> in.</c>

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would cost me a fortune to invest in.
 

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would cost me a fortune to invest in.
But<00:04:26.639><c> with</c><00:04:26.880><c> YouTube</c><00:04:27.280><c> channels,</c><00:04:27.919><c> I</c><00:04:28.160><c> come</c><00:04:28.320><c> to</c>

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But with YouTube channels, I come to
 

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But with YouTube channels, I come to
find<00:04:28.639><c> out</c><00:04:28.800><c> that</c><00:04:28.960><c> they</c><00:04:29.199><c> sell</c><00:04:29.520><c> to</c><00:04:30.000><c> three</c><00:04:30.320><c> to</c><00:04:30.639><c> five</c>

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find out that they sell to three to five
 

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find out that they sell to three to five
times<00:04:31.199><c> their</c><00:04:31.520><c> annual</c><00:04:31.840><c> earnings.</c><00:04:32.400><c> But</c><00:04:32.560><c> what</c><00:04:32.720><c> I</c>

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times their annual earnings. But what I
 

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times their annual earnings. But what I
can<00:04:32.960><c> sell</c><00:04:33.120><c> it</c><00:04:33.280><c> for</c><00:04:33.440><c> is</c><00:04:33.600><c> a</c><00:04:33.840><c> completely</c>

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can sell it for is a completely
 

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can sell it for is a completely
different<00:04:34.720><c> number.</c><00:04:35.520><c> But</c><00:04:36.000><c> before</c><00:04:36.400><c> I</c><00:04:36.639><c> get</c><00:04:36.800><c> to</c>

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different number. But before I get to
 

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different number. But before I get to
that,<00:04:37.068><c> [music]</c><00:04:37.440><c> I</c><00:04:38.000><c> had</c><00:04:38.240><c> a</c><00:04:38.479><c> problem.</c><00:04:39.040><c> Because</c>

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that, [music] I had a problem. Because
 

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that, [music] I had a problem. Because
when<00:04:39.440><c> my</c><00:04:39.680><c> boomer</c><00:04:40.080><c> boss</c><00:04:40.400><c> has</c><00:04:40.639><c> never</c><00:04:40.800><c> even</c><00:04:41.040><c> heard</c>

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when my boomer boss has never even heard
 

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when my boomer boss has never even heard
of<00:04:41.520><c> Mr.</c><00:04:41.840><c> Beast,</c><00:04:42.400><c> he</c><00:04:42.639><c> came</c><00:04:42.800><c> from</c><00:04:43.040><c> this</c><00:04:43.199><c> world</c><00:04:43.440><c> of</c>

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of Mr. Beast, he came from this world of
 

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of Mr. Beast, he came from this world of
spending<00:04:44.160><c> $500</c><00:04:44.560><c> million</c><00:04:45.040><c> on</c><00:04:45.280><c> a</c><00:04:45.440><c> single</c>

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spending $500 million on a single
 

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spending $500 million on a single
hospital.<00:04:46.479><c> How</c><00:04:46.639><c> was</c><00:04:46.800><c> I</c><00:04:47.040><c> going</c><00:04:47.120><c> to</c><00:04:47.199><c> pitch</c><00:04:47.520><c> him</c>

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hospital. How was I going to pitch him
 

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hospital. How was I going to pitch him
this<00:04:47.919><c> opportunity?</c><00:04:48.479><c> Now,</c><00:04:48.800><c> after</c><00:04:49.040><c> some</c>

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this opportunity? Now, after some
 

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this opportunity? Now, after some
convincing,<00:04:49.759><c> he</c><00:04:50.000><c> reluctantly</c><00:04:50.560><c> agreed.</c><00:04:51.120><c> But</c>

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convincing, he reluctantly agreed. But
 

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convincing, he reluctantly agreed. But
now<00:04:51.600><c> the</c><00:04:51.919><c> pressure</c><00:04:52.320><c> was</c><00:04:52.639><c> really</c><00:04:52.960><c> on.</c><00:04:53.520><c> If</c><00:04:53.680><c> it</c>

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now the pressure was really on. If it
 

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now the pressure was really on. If it
all<00:04:54.160><c> goes</c><00:04:54.479><c> wrong,</c><00:04:55.360><c> I'm</c><00:04:55.680><c> cooked.</c><00:04:56.240><c> Now</c><00:04:56.479><c> my</c><00:04:56.720><c> job</c>

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all goes wrong, I'm cooked. Now my job
 

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all goes wrong, I'm cooked. Now my job
was<00:04:57.040><c> on</c><00:04:57.199><c> the</c><00:04:57.360><c> line,</c><00:04:57.600><c> and</c><00:04:57.919><c> I</c><00:04:58.080><c> was</c><00:04:58.240><c> stressed.</c>

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was on the line, and I was stressed.
 

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was on the line, and I was stressed.
Maybe<00:04:59.280><c> this</c><00:04:59.600><c> was</c><00:04:59.759><c> a</c><00:05:00.000><c> dumb</c><00:05:00.240><c> idea.</c><00:05:00.800><c> What</c><00:05:01.040><c> am</c><00:05:01.199><c> I</c>

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Maybe this was a dumb idea. What am I
 

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Maybe this was a dumb idea. What am I
even<00:05:01.759><c> doing?</c><00:05:02.240><c> I</c><00:05:02.400><c> should</c><00:05:02.560><c> have</c><00:05:02.720><c> just</c><00:05:02.800><c> invested</c>

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even doing? I should have just invested
 

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even doing? I should have just invested
in<00:05:03.280><c> another</c><00:05:03.600><c> hospital.</c><00:05:04.160><c> But</c><00:05:04.320><c> then</c><00:05:04.960><c> I</c><00:05:05.199><c> remember</c>

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in another hospital. But then I remember
 

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in another hospital. But then I remember
something<00:05:05.919><c> a</c><00:05:06.240><c> wise</c><00:05:06.560><c> man</c><00:05:06.800><c> once</c><00:05:07.120><c> told</c><00:05:07.360><c> me,</c>

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something a wise man once told me,
 

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something a wise man once told me,
&gt;&gt; just<00:05:10.720><c> do</c><00:05:10.960><c> it.</c><00:05:11.520><c> And</c>

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&gt;&gt; just do it. And
 

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&gt;&gt; just do it. And
&gt;&gt; that's<00:05:11.840><c> when</c><00:05:12.000><c> I</c><00:05:12.160><c> realized</c><00:05:12.639><c> I</c><00:05:12.880><c> had</c><00:05:12.960><c> to</c><00:05:13.120><c> go</c><00:05:13.280><c> all</c>

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&gt;&gt; that's when I realized I had to go all
 

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&gt;&gt; that's when I realized I had to go all
in<00:05:13.759><c> because</c><00:05:14.080><c> just</c><00:05:14.320><c> buying</c><00:05:14.639><c> one</c><00:05:14.800><c> channel</c><00:05:15.039><c> isn't</c>

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in because just buying one channel isn't
 

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in because just buying one channel isn't
the<00:05:15.520><c> play.</c><00:05:16.000><c> The</c><00:05:16.320><c> play</c><00:05:16.560><c> was</c><00:05:16.800><c> something</c><00:05:17.120><c> much</c>

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the play. The play was something much
 

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the play. The play was something much
bigger.<00:05:17.680><c> So</c><00:05:17.840><c> I</c><00:05:18.000><c> bought</c><00:05:18.240><c> nine</c><00:05:18.479><c> more</c><00:05:18.720><c> similar</c>

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bigger. So I bought nine more similar
 

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bigger. So I bought nine more similar
channels<00:05:19.360><c> for</c><00:05:19.520><c> a</c><00:05:19.680><c> similar</c><00:05:20.000><c> price.</c><00:05:20.479><c> But</c><00:05:20.639><c> here's</c>

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channels for a similar price. But here's
 

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channels for a similar price. But here's
where<00:05:21.039><c> the</c><00:05:21.199><c> math</c><00:05:21.440><c> gets</c><00:05:21.759><c> really</c><00:05:22.000><c> interesting.</c>

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where the math gets really interesting.
 

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where the math gets really interesting.
What<00:05:22.639><c> I</c><00:05:22.800><c> do</c><00:05:22.960><c> next</c><00:05:23.199><c> is</c><00:05:23.440><c> to</c><00:05:23.680><c> combine</c><00:05:24.160><c> all</c><00:05:24.400><c> 10</c>

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What I do next is to combine all 10
 

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What I do next is to combine all 10
under<00:05:25.199><c> one</c><00:05:25.520><c> company</c><00:05:25.840><c> in</c><00:05:26.080><c> what's</c><00:05:26.320><c> known</c><00:05:26.560><c> in</c><00:05:26.720><c> the</c>

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under one company in what's known in the
 

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under one company in what's known in the
private<00:05:27.120><c> equity</c><00:05:27.440><c> world</c><00:05:27.759><c> as</c><00:05:27.919><c> a</c><00:05:28.160><c> rollup.</c><00:05:28.639><c> And</c>

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private equity world as a rollup. And
 

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private equity world as a rollup. And
what<00:05:29.039><c> it</c><00:05:29.199><c> unlocks</c><00:05:29.600><c> is</c><00:05:29.840><c> a</c><00:05:30.080><c> few</c><00:05:30.240><c> things.</c><00:05:30.880><c> One</c>

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what it unlocks is a few things. One
 

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what it unlocks is a few things. One
being<00:05:31.440><c> greater</c><00:05:31.759><c> efficiencies</c><00:05:32.560><c> because</c><00:05:32.800><c> now</c>

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being greater efficiencies because now
 

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being greater efficiencies because now
the<00:05:33.199><c> same</c><00:05:33.360><c> legal</c><00:05:33.680><c> team</c><00:05:33.840><c> handles</c><00:05:34.240><c> all</c><00:05:34.400><c> the</c>

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the same legal team handles all the
 

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the same legal team handles all the
contracts.<00:05:35.199><c> Same</c><00:05:35.520><c> person</c><00:05:35.840><c> negotiates</c><00:05:36.400><c> every</c>

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contracts. Same person negotiates every
 

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contracts. Same person negotiates every
brand<00:05:36.880><c> deal</c><00:05:37.120><c> and</c><00:05:37.440><c> same</c><00:05:37.680><c> thumbnail</c><00:05:38.160><c> testing</c>

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brand deal and same thumbnail testing
 

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brand deal and same thumbnail testing
operation,<00:05:38.960><c> account</c><00:05:39.280><c> and</c><00:05:39.520><c> compliance.</c><00:05:39.919><c> It's</c>

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operation, account and compliance. It's
 

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operation, account and compliance. It's
exactly<00:05:40.400><c> what</c><00:05:40.560><c> private</c><00:05:40.880><c> equity</c><00:05:41.120><c> has</c><00:05:41.360><c> been</c>

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exactly what private equity has been
 

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exactly what private equity has been
doing<00:05:41.680><c> for</c><00:05:41.919><c> years</c><00:05:42.160><c> with</c><00:05:42.400><c> hospitals.</c><00:05:43.199><c> But</c><00:05:43.440><c> the</c>

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doing for years with hospitals. But the
 

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doing for years with hospitals. But the
biggest<00:05:44.160><c> unlock</c><00:05:44.800><c> is</c><00:05:45.039><c> what</c><00:05:45.280><c> this</c><00:05:45.520><c> now</c><00:05:45.759><c> means</c>

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biggest unlock is what this now means
 

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biggest unlock is what this now means
for<00:05:46.479><c> me</c><00:05:46.800><c> and</c><00:05:47.039><c> my</c><00:05:47.280><c> investors.</c><00:05:48.080><c> Because</c>

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for me and my investors. Because
 

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for me and my investors. Because
remember,<00:05:48.639><c> I</c><00:05:48.880><c> bought</c><00:05:49.199><c> each</c><00:05:49.440><c> channel</c><00:05:49.759><c> for</c><00:05:50.080><c> 3</c><00:05:50.320><c> to</c>

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remember, I bought each channel for 3 to
 

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remember, I bought each channel for 3 to
five<00:05:50.720><c> times</c><00:05:50.960><c> its</c><00:05:51.199><c> earnings.</c><00:05:51.759><c> But</c><00:05:51.919><c> after</c><00:05:52.160><c> this</c>

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five times its earnings. But after this
 

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five times its earnings. But after this
roll<00:05:52.560><c> up</c><00:05:52.720><c> into</c><00:05:53.039><c> my</c><00:05:53.280><c> portfolio</c><00:05:54.160><c> as</c><00:05:54.400><c> a</c><00:05:54.560><c> whole,</c>

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roll up into my portfolio as a whole,
 

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roll up into my portfolio as a whole,
this<00:05:55.199><c> now</c><00:05:55.520><c> sells</c><00:05:55.840><c> for</c><00:05:56.160><c> 12</c><00:05:56.479><c> to</c><00:05:56.880><c> 20</c><00:05:56.979><c> [music]</c>

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this now sells for 12 to 20 [music]
 

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this now sells for 12 to 20 [music]
times<00:05:57.440><c> earnings.</c><00:05:58.000><c> So</c><00:05:58.160><c> without</c><00:05:58.560><c> making</c><00:05:58.880><c> any</c><00:05:59.199><c> of</c>

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times earnings. So without making any of
 

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times earnings. So without making any of
the<00:05:59.520><c> channels</c><00:05:59.919><c> better</c><00:06:00.479><c> just</c><00:06:00.639><c> by</c><00:06:00.960><c> buying</c><00:06:01.280><c> them,</c>

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the channels better just by buying them,
 

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the channels better just by buying them,
putting<00:06:01.919><c> them</c><00:06:02.080><c> under</c><00:06:02.400><c> one</c><00:06:02.639><c> roof,</c><00:06:03.280><c> the</c>

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putting them under one roof, the
 

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putting them under one roof, the
valuation<00:06:04.080><c> is</c><00:06:04.319><c> now</c><00:06:04.720><c> 20</c><00:06:05.039><c> times</c><00:06:05.360><c> more.</c><00:06:05.840><c> It's</c>

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valuation is now 20 times more. It's
 

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valuation is now 20 times more. It's
exactly<00:06:06.479><c> how</c><00:06:06.639><c> I</c><00:06:06.960><c> make</c><00:06:07.120><c> a</c><00:06:07.600><c> ton</c><00:06:07.759><c> of</c><00:06:07.919><c> money.</c>

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exactly how I make a ton of money.
 

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exactly how I make a ton of money.
And<00:06:08.560><c> it's</c><00:06:08.800><c> the</c><00:06:09.120><c> power</c><00:06:09.440><c> of</c><00:06:09.759><c> multiple</c>

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And it's the power of multiple
 

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And it's the power of multiple
arbitrage.<00:06:11.199><c> So</c><00:06:11.360><c> a</c><00:06:11.520><c> few</c><00:06:11.680><c> years</c><00:06:11.919><c> pass</c><00:06:12.160><c> and</c><00:06:12.400><c> now</c>

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arbitrage. So a few years pass and now
 

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arbitrage. So a few years pass and now
my<00:06:12.880><c> boomer</c><00:06:13.280><c> boss</c><00:06:13.520><c> is</c><00:06:13.759><c> happy</c><00:06:14.080><c> and</c><00:06:14.240><c> he</c><00:06:14.479><c> can't</c>

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my boomer boss is happy and he can't
 

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my boomer boss is happy and he can't
stop<00:06:14.880><c> bragging</c><00:06:15.199><c> to</c><00:06:15.360><c> his</c><00:06:15.520><c> friends</c><00:06:15.680><c> about</c><00:06:15.919><c> how</c>

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stop bragging to his friends about how
 

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stop bragging to his friends about how
much<00:06:16.240><c> money</c><00:06:16.479><c> he's</c><00:06:16.720><c> making</c><00:06:16.960><c> from</c><00:06:17.120><c> this</c><00:06:17.360><c> site</c>

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much money he's making from this site
 

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much money he's making from this site
called<00:06:18.080><c> YouTube.com.</c><00:06:19.199><c> The</c><00:06:19.440><c> problem</c><00:06:19.600><c> is</c><00:06:20.160><c> I</c>

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called YouTube.com. The problem is I
 

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called YouTube.com. The problem is I
still<00:06:20.960><c> haven't</c><00:06:21.360><c> paid</c><00:06:21.680><c> back</c><00:06:21.919><c> any</c><00:06:22.160><c> of</c><00:06:22.319><c> my</c>

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still haven't paid back any of my
 

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still haven't paid back any of my
investors.<00:06:23.199><c> We're</c><00:06:23.440><c> at</c><00:06:23.600><c> year</c><00:06:23.840><c> four</c><00:06:24.160><c> now,</c><00:06:24.400><c> but</c>

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investors. We're at year four now, but
 

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investors. We're at year four now, but
remember<00:06:25.199><c> our</c><00:06:25.360><c> funds</c><00:06:25.759><c> investors</c><00:06:26.240><c> are</c>

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remember our funds investors are
 

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remember our funds investors are
expecting<00:06:26.960><c> returns</c><00:06:27.440><c> by</c><00:06:27.759><c> year</c><00:06:28.160><c> five</c><00:06:28.319><c> and</c>

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expecting returns by year five and
 

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expecting returns by year five and
seven.<00:06:29.120><c> So</c><00:06:29.280><c> the</c><00:06:29.520><c> clock</c><00:06:29.759><c> was</c><00:06:30.000><c> starting</c><00:06:30.160><c> to</c><00:06:30.319><c> run</c>

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seven. So the clock was starting to run
 

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seven. So the clock was starting to run
out.<00:06:30.800><c> So</c><00:06:30.960><c> now</c><00:06:31.120><c> it</c><00:06:31.360><c> wasn't</c><00:06:31.600><c> just</c><00:06:31.759><c> about</c><00:06:32.000><c> locking</c>

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out. So now it wasn't just about locking
 

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out. So now it wasn't just about locking
in.<00:06:32.639><c> I</c><00:06:32.800><c> I</c><00:06:33.120><c> have</c><00:06:33.199><c> to</c><00:06:33.360><c> make</c><00:06:33.520><c> money.</c><00:06:33.919><c> So</c><00:06:34.160><c> now</c><00:06:34.319><c> it's</c>

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in. I I have to make money. So now it's
 

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in. I I have to make money. So now it's
all<00:06:34.720><c> about</c><00:06:34.880><c> optimization.</c><00:06:35.680><c> That</c><00:06:35.919><c> extra</c><00:06:36.160><c> day</c>

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all about optimization. That extra day
 

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all about optimization. That extra day
that<00:06:36.560><c> we</c><00:06:36.639><c> used</c><00:06:36.800><c> to</c><00:06:36.960><c> give</c><00:06:37.120><c> to</c><00:06:37.360><c> make</c><00:06:37.520><c> the</c><00:06:37.759><c> videos</c>

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that we used to give to make the videos
 

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that we used to give to make the videos
better<00:06:38.639><c> or</c><00:06:38.880><c> cut.</c><00:06:39.360><c> No,</c><00:06:39.680><c> we</c><00:06:39.919><c> want</c><00:06:40.160><c> more</c><00:06:40.400><c> videos</c>

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better or cut. No, we want more videos
 

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better or cut. No, we want more videos
per<00:06:40.880><c> week.</c><00:06:41.440><c> Let's</c><00:06:41.759><c> also</c><00:06:42.160><c> optimize</c><00:06:42.720><c> content</c>

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per week. Let's also optimize content
 

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per week. Let's also optimize content
strategy.<00:06:43.520><c> Those</c><00:06:43.759><c> videos</c><00:06:43.919><c> that</c><00:06:44.160><c> the</c><00:06:44.319><c> creator</c>

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strategy. Those videos that the creator
 

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strategy. Those videos that the creator
thinks<00:06:44.960><c> that</c><00:06:45.199><c> is</c><00:06:45.440><c> interesting,</c><00:06:46.160><c> who</c><00:06:46.319><c> cares?</c>

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thinks that is interesting, who cares?
 

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thinks that is interesting, who cares?
Those<00:06:47.039><c> need</c><00:06:47.199><c> to</c><00:06:47.280><c> be</c><00:06:47.440><c> under</c><00:06:47.759><c> strict</c>

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Those need to be under strict
 

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Those need to be under strict
questioning<00:06:48.720><c> now.</c><00:06:49.039><c> Instead,</c><00:06:49.520><c> what</c><00:06:49.759><c> we</c><00:06:49.919><c> need</c>

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questioning now. Instead, what we need
 

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questioning now. Instead, what we need
to<00:06:50.160><c> be</c><00:06:50.319><c> doing</c><00:06:50.479><c> are</c><00:06:50.800><c> videos</c><00:06:51.039><c> that</c><00:06:51.199><c> are</c><00:06:51.360><c> proven</c>

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to be doing are videos that are proven
 

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to be doing are videos that are proven
to<00:06:51.919><c> perform.</c><00:06:52.479><c> That's</c><00:06:52.720><c> the</c><00:06:52.960><c> priority.</c><00:06:53.520><c> And</c>

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to perform. That's the priority. And
 

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to perform. That's the priority. And
just<00:06:53.840><c> like</c><00:06:54.000><c> that,</c><00:06:54.560><c> similar</c><00:06:54.960><c> videos</c><00:06:55.280><c> are</c><00:06:55.520><c> now</c>

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just like that, similar videos are now
 

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just like that, similar videos are now
starting<00:06:55.919><c> to</c><00:06:56.080><c> get</c><00:06:56.240><c> put</c><00:06:56.400><c> out</c><00:06:56.639><c> week</c><00:06:57.039><c> over</c><00:06:57.360><c> week.</c>

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starting to get put out week over week.
 

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starting to get put out week over week.
And<00:06:57.919><c> we're</c><00:06:58.080><c> pumping</c><00:06:58.400><c> them</c><00:06:58.560><c> out</c><00:06:58.800><c> like</c><00:06:58.960><c> a</c>

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And we're pumping them out like a
 

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And we're pumping them out like a
content<00:06:59.520><c> factory.</c><00:07:00.160><c> And</c><00:07:00.400><c> audiences</c><00:07:00.960><c> are</c>

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content factory. And audiences are
 

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content factory. And audiences are
slowly<00:07:01.759><c> starting</c><00:07:02.000><c> to</c><00:07:02.160><c> notice</c><00:07:02.400><c> that</c><00:07:02.639><c> something</c>

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slowly starting to notice that something
 

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slowly starting to notice that something
is<00:07:03.039><c> a</c><00:07:03.199><c> bit</c><00:07:03.360><c> off</c><00:07:03.599><c> in</c><00:07:03.759><c> the</c><00:07:03.919><c> comments.</c><00:07:04.400><c> But</c><00:07:04.639><c> who</c>

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is a bit off in the comments. But who
 

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is a bit off in the comments. But who
cares?<00:07:05.599><c> We're</c><00:07:05.919><c> here</c><00:07:06.000><c> to</c><00:07:06.240><c> make</c><00:07:06.400><c> money</c><00:07:06.639><c> now.</c><00:07:06.880><c> And</c>

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cares? We're here to make money now. And
 

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cares? We're here to make money now. And
if<00:07:07.199><c> I</c><00:07:07.360><c> want</c><00:07:07.520><c> to</c><00:07:07.680><c> maximize</c><00:07:08.160><c> profits,</c><00:07:08.800><c> I</c><00:07:09.039><c> have</c><00:07:09.199><c> to</c>

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if I want to maximize profits, I have to
 

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if I want to maximize profits, I have to
eliminate<00:07:10.080><c> these</c><00:07:10.400><c> risks.</c><00:07:11.120><c> And</c><00:07:11.280><c> the</c><00:07:11.440><c> biggest</c>

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eliminate these risks. And the biggest
 

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eliminate these risks. And the biggest
risk<00:07:12.000><c> is</c><00:07:12.319><c> staring</c><00:07:12.880><c> right</c><00:07:13.120><c> at</c><00:07:13.360><c> my</c><00:07:13.599><c> face</c><00:07:13.759><c> here.</c>

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risk is staring right at my face here.
 

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risk is staring right at my face here.
Gen<00:07:14.479><c> here</c><00:07:14.720><c> may</c><00:07:14.960><c> have</c><00:07:15.120><c> been</c><00:07:15.280><c> the</c><00:07:15.520><c> one</c><00:07:15.680><c> that</c>

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Gen here may have been the one that
 

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Gen here may have been the one that
built<00:07:16.319><c> his</c><00:07:16.560><c> channel</c><00:07:16.800><c> from</c><00:07:16.960><c> the</c><00:07:17.120><c> ground</c><00:07:17.360><c> up.</c>

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built his channel from the ground up.
 

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built his channel from the ground up.
But<00:07:17.840><c> if</c><00:07:18.080><c> the</c><00:07:18.319><c> whole</c><00:07:18.560><c> channel</c><00:07:18.880><c> depends</c><00:07:19.280><c> on</c><00:07:19.599><c> just</c>

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But if the whole channel depends on just
 

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But if the whole channel depends on just
Gen<00:07:20.560><c> and</c><00:07:20.720><c> he</c><00:07:21.039><c> burns</c><00:07:21.440><c> out</c><00:07:21.680><c> or</c><00:07:21.919><c> gets</c><00:07:22.240><c> sick</c><00:07:22.479><c> or</c>

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Gen and he burns out or gets sick or
 

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Gen and he burns out or gets sick or
decides<00:07:23.120><c> to</c><00:07:23.360><c> leave,</c><00:07:23.680><c> this</c><00:07:23.919><c> asset</c><00:07:24.400><c> stops</c>

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decides to leave, this asset stops
 

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decides to leave, this asset stops
becoming<00:07:25.280><c> worth</c><00:07:25.599><c> anything.</c><00:07:26.080><c> And</c><00:07:26.240><c> I</c><00:07:26.400><c> can't</c>

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becoming worth anything. And I can't
 

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becoming worth anything. And I can't
have<00:07:26.720><c> that</c><00:07:26.880><c> happen.</c><00:07:27.199><c> It's</c><00:07:27.440><c> what's</c><00:07:27.680><c> called</c><00:07:27.759><c> the</c>

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have that happen. It's what's called the
 

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have that happen. It's what's called the
keyman<00:07:28.560><c> risk.</c><00:07:28.960><c> And</c><00:07:29.199><c> there</c><00:07:29.440><c> is</c><00:07:29.599><c> no</c><00:07:29.840><c> way</c><00:07:30.000><c> in</c><00:07:30.160><c> hell</c>

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keyman risk. And there is no way in hell
 

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keyman risk. And there is no way in hell
I'm<00:07:30.560><c> going</c><00:07:30.639><c> to</c><00:07:30.720><c> lose</c><00:07:30.880><c> out</c><00:07:31.120><c> on</c><00:07:31.280><c> my</c><00:07:31.440><c> investment</c>

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I'm going to lose out on my investment
 

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I'm going to lose out on my investment
because<00:07:32.080><c> of</c><00:07:32.240><c> Gen.</c><00:07:32.720><c> So</c><00:07:33.120><c> I</c><00:07:33.360><c> start</c><00:07:33.680><c> hiring</c><00:07:34.080><c> new</c>

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because of Gen. So I start hiring new
 

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because of Gen. So I start hiring new
hosts<00:07:34.720><c> that</c><00:07:35.120><c> happen</c><00:07:35.360><c> to</c><00:07:35.520><c> be</c><00:07:35.840><c> slightly</c><00:07:36.240><c> more</c>

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hosts that happen to be slightly more
 

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hosts that happen to be slightly more
attractive<00:07:37.039><c> and</c><00:07:37.440><c> taller</c><00:07:37.759><c> than</c><00:07:38.000><c> Gen.</c><00:07:38.720><c> And</c><00:07:38.880><c> they</c>

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attractive and taller than Gen. And they
 

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attractive and taller than Gen. And they
slowly<00:07:39.520><c> start</c><00:07:39.759><c> getting</c><00:07:40.000><c> introduced.</c><00:07:40.639><c> And</c><00:07:40.880><c> now</c>

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slowly start getting introduced. And now
 

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slowly start getting introduced. And now
that<00:07:41.120><c> we</c><00:07:41.280><c> have</c><00:07:41.440><c> more</c><00:07:41.599><c> hosts,</c><00:07:41.919><c> we</c><00:07:42.160><c> can</c><00:07:42.319><c> start</c>

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that we have more hosts, we can start
 

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that we have more hosts, we can start
launching<00:07:42.960><c> more</c><00:07:43.280><c> channels</c><00:07:43.919><c> like</c><00:07:44.319><c> Gen</c><00:07:44.720><c> Plus.</c>

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launching more channels like Gen Plus.
 

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launching more channels like Gen Plus.
And<00:07:45.360><c> since</c><00:07:45.599><c> we're</c><00:07:45.840><c> now</c><00:07:46.080><c> pumping</c><00:07:46.400><c> out</c><00:07:46.639><c> videos</c>

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And since we're now pumping out videos
 

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And since we're now pumping out videos
every<00:07:47.280><c> day,</c><00:07:47.599><c> it's</c><00:07:47.840><c> too</c><00:07:48.080><c> expensive</c><00:07:48.479><c> to</c><00:07:48.639><c> hire</c><00:07:48.960><c> a</c>

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every day, it's too expensive to hire a
 

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every day, it's too expensive to hire a
creative<00:07:49.599><c> director.</c><00:07:50.319><c> So</c><00:07:50.639><c> scripts</c><00:07:51.039><c> start</c>

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creative director. So scripts start
 

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creative director. So scripts start
getting<00:07:51.520><c> approved</c><00:07:51.919><c> by</c><00:07:52.160><c> AI</c><00:07:52.800><c> to</c><00:07:53.039><c> make</c><00:07:53.199><c> sure</c><00:07:53.280><c> it's</c>

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getting approved by AI to make sure it's
 

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getting approved by AI to make sure it's
brand<00:07:54.000><c> friendly</c><00:07:54.639><c> and</c><00:07:54.960><c> it's</c><00:07:55.360><c> at</c><00:07:55.440><c> least</c><00:07:55.840><c> good</c>

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brand friendly and it's at least good
 

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brand friendly and it's at least good
enough<00:07:56.319><c> to</c><00:07:56.560><c> go</c><00:07:56.879><c> before</c><00:07:57.199><c> filming.</c><00:07:57.500><c> [music]</c><00:07:57.680><c> And</c>

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enough to go before filming. [music] And
 

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enough to go before filming. [music] And
weeks<00:07:58.160><c> pass</c><00:07:58.479><c> and</c><00:07:58.720><c> now</c><00:07:58.879><c> the</c><00:07:59.120><c> channel</c><00:07:59.520><c> slowly</c>

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weeks pass and now the channel slowly
 

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weeks pass and now the channel slowly
becomes<00:08:00.240><c> something</c><00:08:00.400><c> that</c><00:08:00.639><c> could</c><00:08:00.879><c> keep</c>

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becomes something that could keep
 

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becomes something that could keep
running<00:08:01.680><c> without</c><00:08:02.080><c> the</c><00:08:02.400><c> person</c><00:08:02.720><c> who</c><00:08:03.039><c> built</c><00:08:03.280><c> it.</c>

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running without the person who built it.
 

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running without the person who built it.
But<00:08:03.840><c> thing</c><00:08:04.000><c> is,</c><00:08:04.560><c> comments</c><00:08:05.039><c> now</c><00:08:05.520><c> really</c><00:08:05.840><c> start</c>

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But thing is, comments now really start
 

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But thing is, comments now really start
noticing.<00:08:06.720><c> And</c><00:08:06.879><c> some</c><00:08:07.120><c> now</c><00:08:07.360><c> even</c><00:08:07.680><c> start</c>

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noticing. And some now even start
 

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noticing. And some now even start
commenting<00:08:08.240><c> that</c><00:08:08.479><c> this</c><00:08:08.639><c> is</c><00:08:08.720><c> the</c><00:08:08.960><c> last</c><00:08:09.199><c> Gen</c>

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commenting that this is the last Gen
 

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commenting that this is the last Gen
video<00:08:09.759><c> that</c><00:08:09.919><c> they'll</c><00:08:10.240><c> watch.</c><00:08:10.639><c> But</c><00:08:10.800><c> here's</c><00:08:11.039><c> the</c>

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video that they'll watch. But here's the
 

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video that they'll watch. But here's the
part<00:08:11.360><c> that</c><00:08:11.680><c> matters</c><00:08:12.000><c> and</c><00:08:12.240><c> why</c><00:08:12.560><c> no</c><00:08:12.879><c> one</c><00:08:13.039><c> has</c>

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part that matters and why no one has
 

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part that matters and why no one has
told<00:08:13.440><c> you</c><00:08:13.599><c> about</c><00:08:13.840><c> this.</c><00:08:14.319><c> The</c><00:08:14.479><c> FTC</c><00:08:14.960><c> updated</c>

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told you about this. The FTC updated
 

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told you about this. The FTC updated
their<00:08:15.599><c> endorsement</c><00:08:16.000><c> rules</c><00:08:16.319><c> in</c><00:08:16.479><c> 2023</c><00:08:17.280><c> that</c><00:08:17.520><c> if</c>

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their endorsement rules in 2023 that if
 

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their endorsement rules in 2023 that if
a<00:08:17.919><c> creator</c><00:08:18.240><c> gets</c><00:08:18.479><c> paid</c><00:08:18.800><c> to</c><00:08:19.039><c> promote</c><00:08:19.280><c> a</c>

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a creator gets paid to promote a
 

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a creator gets paid to promote a
product,<00:08:19.840><c> they</c><00:08:20.240><c> have</c><00:08:20.400><c> to</c><00:08:20.639><c> tell</c><00:08:20.800><c> you</c><00:08:21.120><c> ex</c>

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product, they have to tell you ex
 

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product, they have to tell you ex
exactly<00:08:21.680><c> like</c><00:08:21.919><c> you</c><00:08:22.080><c> see</c><00:08:22.240><c> on</c><00:08:22.479><c> this</c><00:08:22.720><c> video.</c><00:08:23.039><c> But</c>

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exactly like you see on this video. But
 

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exactly like you see on this video. But
if<00:08:23.280><c> a</c><00:08:23.440><c> private</c><00:08:23.680><c> equity</c><00:08:24.000><c> firm</c><00:08:24.319><c> buys</c><00:08:24.639><c> that</c>

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if a private equity firm buys that
 

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if a private equity firm buys that
creator's<00:08:25.360><c> entire</c><00:08:25.680><c> channel,</c><00:08:26.240><c> even</c><00:08:26.400><c> if</c><00:08:26.639><c> every</c>

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creator's entire channel, even if every
 

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creator's entire channel, even if every
video<00:08:27.199><c> they</c><00:08:27.440><c> make</c><00:08:27.680><c> going</c><00:08:27.919><c> forward</c><00:08:28.240><c> is</c>

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video they make going forward is
 

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video they make going forward is
produced<00:08:28.879><c> inside</c><00:08:29.199><c> a</c><00:08:29.520><c> portfolio</c><00:08:30.080><c> being</c>

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produced inside a portfolio being
 

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produced inside a portfolio being
managed<00:08:30.639><c> toward</c><00:08:30.879><c> a</c><00:08:31.120><c> financial</c><00:08:31.599><c> exit,</c><00:08:32.159><c> the</c>

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managed toward a financial exit, the
 

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managed toward a financial exit, the
creator<00:08:32.800><c> doesn't</c><00:08:33.120><c> have</c><00:08:33.279><c> to</c><00:08:33.440><c> say</c><00:08:33.680><c> anything.</c>

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creator doesn't have to say anything.
 

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creator doesn't have to say anything.
And<00:08:34.240><c> that</c><00:08:34.399><c> hush</c><00:08:34.640><c> hush</c><00:08:34.959><c> is</c><00:08:35.120><c> exactly</c><00:08:35.519><c> what</c>

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And that hush hush is exactly what
 

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And that hush hush is exactly what
allows<00:08:36.399><c> any</c><00:08:36.640><c> of</c><00:08:36.880><c> this</c><00:08:37.120><c> to</c><00:08:37.360><c> even</c><00:08:37.680><c> work.</c><00:08:38.159><c> Because</c>

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allows any of this to even work. Because
 

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allows any of this to even work. Because
here<00:08:38.560><c> at</c><00:08:38.800><c> Subscriber</c><00:08:39.360><c> Sum</c><00:08:39.599><c> Capital,</c><00:08:40.159><c> what</c><00:08:40.320><c> I</c>

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here at Subscriber Sum Capital, what I
 

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here at Subscriber Sum Capital, what I
didn't<00:08:40.719><c> tell</c><00:08:40.800><c> you</c><00:08:40.959><c> is</c><00:08:41.200><c> we</c><00:08:41.440><c> do</c><00:08:41.680><c> businesses</c><00:08:42.080><c> with</c>

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didn't tell you is we do businesses with
 

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didn't tell you is we do businesses with
these<00:08:42.560><c> creators</c><00:08:42.695><c> [music]</c><00:08:42.959><c> in</c><00:08:43.200><c> two</c><00:08:43.440><c> ways.</c>

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these creators [music] in two ways.
 

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these creators [music] in two ways.
Either<00:08:44.080><c> we</c><00:08:44.240><c> own</c><00:08:44.399><c> it</c><00:08:44.560><c> outright</c><00:08:45.200><c> 100%</c><00:08:45.839><c> or</c><00:08:46.080><c> a</c>

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Either we own it outright 100% or a
 

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Either we own it outright 100% or a
majority<00:08:46.800><c> stake</c><00:08:47.200><c> acquisition</c><00:08:47.839><c> of</c><00:08:48.320><c> 50</c><00:08:48.560><c> to</c><00:08:48.800><c> 80%</c>

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majority stake acquisition of 50 to 80%
 

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majority stake acquisition of 50 to 80%
where<00:08:49.760><c> the</c><00:08:50.080><c> original</c><00:08:50.480><c> creator</c><00:08:50.880><c> remains.</c><00:08:51.440><c> And</c>

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where the original creator remains. And
 

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where the original creator remains. And
we<00:08:51.839><c> actually</c><00:08:52.080><c> prefer</c><00:08:52.399><c> those</c><00:08:52.640><c> deals</c><00:08:53.040><c> because</c>

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we actually prefer those deals because
 

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we actually prefer those deals because
now<00:08:54.000><c> the</c><00:08:54.240><c> creator</c><00:08:54.720><c> also</c><00:08:55.040><c> becomes</c><00:08:55.360><c> a</c>

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now the creator also becomes a
 

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now the creator also becomes a
shareholder<00:08:56.160><c> and</c><00:08:56.320><c> subscriber</c><00:08:56.800><c> stone</c>

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shareholder and subscriber stone
 

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shareholder and subscriber stone
capital.<00:08:57.680><c> Okay,</c><00:08:58.000><c> but</c><00:08:58.320><c> why</c><00:08:58.560><c> do</c><00:08:58.720><c> we</c><00:08:58.880><c> do</c><00:08:58.959><c> that?</c>

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capital. Okay, but why do we do that?
 

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capital. Okay, but why do we do that?
Well,

00:09:01.590 --> 00:09:01.600 align:start position:0%
Well,
 

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Well,
oh,<00:09:02.320><c> time's</c><00:09:02.640><c> up.</c><00:09:03.200><c> Sorry.</c><00:09:03.440><c> Anyways,</c><00:09:04.080><c> well,</c>

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oh, time's up. Sorry. Anyways, well,
 

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oh, time's up. Sorry. Anyways, well,
when<00:09:04.640><c> their</c><00:09:04.880><c> financial</c><00:09:05.360><c> interest</c><00:09:05.680><c> is</c><00:09:05.920><c> now</c>

00:09:06.150 --> 00:09:06.160 align:start position:0%
when their financial interest is now
 

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when their financial interest is now
aligned<00:09:06.480><c> with</c><00:09:06.640><c> mine,</c><00:09:07.040><c> he</c><00:09:07.279><c> or</c><00:09:07.440><c> she</c><00:09:07.680><c> is</c><00:09:07.839><c> going</c><00:09:07.920><c> to</c>

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aligned with mine, he or she is going to
 

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aligned with mine, he or she is going to
damn<00:09:08.480><c> well</c><00:09:08.720><c> make</c><00:09:08.959><c> sure</c><00:09:09.120><c> he's</c><00:09:09.440><c> going</c><00:09:09.519><c> to</c><00:09:09.600><c> keep</c>

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damn well make sure he's going to keep
 

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damn well make sure he's going to keep
cranking<00:09:10.240><c> out</c><00:09:10.480><c> videos.</c><00:09:11.120><c> But</c><00:09:11.279><c> more</c>

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cranking out videos. But more
 

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cranking out videos. But more
importantly,<00:09:12.320><c> he</c><00:09:12.480><c> or</c><00:09:12.720><c> she</c><00:09:12.959><c> is</c><00:09:13.120><c> going</c><00:09:13.279><c> to</c><00:09:13.519><c> damn</c>

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importantly, he or she is going to damn
 

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importantly, he or she is going to damn
well<00:09:14.080><c> make</c><00:09:14.320><c> sure</c><00:09:14.480><c> to</c><00:09:14.720><c> not</c><00:09:14.959><c> tell</c><00:09:15.200><c> you,</c><00:09:15.519><c> the</c>

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well make sure to not tell you, the
 

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well make sure to not tell you, the
audience,<00:09:16.480><c> that</c><00:09:16.720><c> he</c><00:09:16.880><c> or</c><00:09:17.120><c> she</c><00:09:17.360><c> was</c><00:09:17.600><c> owned</c><00:09:17.839><c> by</c><00:09:18.080><c> me</c>

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audience, that he or she was owned by me
 

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audience, that he or she was owned by me
all<00:09:19.120><c> along</c><00:09:19.600><c> because</c><00:09:19.839><c> we</c><00:09:20.080><c> both</c><00:09:20.320><c> know</c><00:09:20.480><c> how</c><00:09:20.720><c> that</c>

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all along because we both know how that
 

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all along because we both know how that
will<00:09:21.200><c> go,</c><00:09:21.519><c> right?</c><00:09:21.760><c> By</c><00:09:22.000><c> aligning</c><00:09:22.399><c> our</c>

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will go, right? By aligning our
 

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will go, right? By aligning our
incentives<00:09:23.040><c> and</c><00:09:23.279><c> having</c><00:09:23.600><c> stakes</c><00:09:23.920><c> in</c><00:09:24.160><c> each</c>

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incentives and having stakes in each
 

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incentives and having stakes in each
other's<00:09:24.640><c> companies,</c><00:09:25.200><c> now</c><00:09:25.519><c> the</c><00:09:25.760><c> creator</c><00:09:26.160><c> is</c>

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other's companies, now the creator is
 

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other's companies, now the creator is
handcuffed<00:09:26.880><c> because</c><00:09:27.120><c> at</c><00:09:27.360><c> the</c><00:09:27.440><c> end</c><00:09:27.519><c> of</c><00:09:27.600><c> the</c>

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handcuffed because at the end of the
 

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handcuffed because at the end of the
day,<00:09:28.080><c> we</c><00:09:28.399><c> both</c><00:09:28.640><c> want</c><00:09:28.800><c> the</c><00:09:29.040><c> exit</c><00:09:29.440><c> to</c><00:09:29.600><c> go</c><00:09:29.760><c> well,</c>

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day, we both want the exit to go well,
 

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day, we both want the exit to go well,
right?<00:09:31.200><c> So,</c><00:09:31.760><c> it</c><00:09:32.000><c> seems</c><00:09:32.240><c> like</c><00:09:32.320><c> I</c><00:09:32.560><c> was</c><00:09:32.720><c> joking.</c>

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right? So, it seems like I was joking.
 

00:09:33.120 --> 00:09:35.430 align:start position:0%
right? So, it seems like I was joking.
But<00:09:33.279><c> the</c><00:09:33.440><c> thing</c><00:09:33.600><c> is,</c><00:09:34.399><c> none</c><00:09:34.640><c> of</c><00:09:34.800><c> that</c><00:09:35.040><c> was</c><00:09:35.200><c> even</c>

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But the thing is, none of that was even
 

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But the thing is, none of that was even
a<00:09:35.600><c> bit.</c><00:09:36.160><c> Like,</c><00:09:36.480><c> yeah,</c><00:09:36.800><c> Subscriber</c><00:09:37.360><c> Stone</c>

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a bit. Like, yeah, Subscriber Stone
 

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a bit. Like, yeah, Subscriber Stone
Capital<00:09:38.080><c> is</c><00:09:38.320><c> fake</c><00:09:38.560><c> as</c><00:09:39.040><c> but</c><00:09:39.200><c> it's</c>

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Capital is fake as but it's
 

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Capital is fake as but it's
similar<00:09:39.760><c> to</c><00:09:39.920><c> what</c><00:09:40.320><c> actual</c><00:09:40.720><c> private</c><00:09:41.040><c> equity</c>

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similar to what actual private equity
 

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similar to what actual private equity
firms<00:09:41.680><c> that</c><00:09:41.920><c> bought</c><00:09:42.160><c> your</c><00:09:42.399><c> favorite</c><00:09:42.720><c> channels</c>

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firms that bought your favorite channels
 

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firms that bought your favorite channels
have<00:09:43.680><c> been</c><00:09:43.839><c> doing</c><00:09:44.080><c> for</c><00:09:44.240><c> the</c><00:09:44.399><c> last</c><00:09:44.640><c> 5</c><00:09:44.880><c> years.</c>

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have been doing for the last 5 years.
 

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have been doing for the last 5 years.
And<00:09:45.519><c> a</c><00:09:45.760><c> few</c><00:09:45.920><c> main</c><00:09:46.080><c> players</c><00:09:46.480><c> are</c><00:09:46.720><c> increasingly</c>

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And a few main players are increasingly
 

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And a few main players are increasingly
driving<00:09:47.920><c> up</c><00:09:48.160><c> all</c><00:09:48.480><c> of</c><00:09:48.560><c> the</c><00:09:48.800><c> deal</c><00:09:49.120><c> flow.</c><00:09:49.600><c> And</c>

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driving up all of the deal flow. And
 

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driving up all of the deal flow. And
it's<00:09:50.000><c> not</c><00:09:50.160><c> just</c><00:09:50.320><c> happening</c><00:09:50.640><c> to</c><00:09:50.880><c> YouTube.</c><00:09:51.360><c> The</c>

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it's not just happening to YouTube. The
 

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it's not just happening to YouTube. The
same<00:09:51.760><c> dynamic</c><00:09:52.160><c> is</c><00:09:52.399><c> playing</c><00:09:52.560><c> out</c><00:09:52.800><c> everywhere</c>

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same dynamic is playing out everywhere
 

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same dynamic is playing out everywhere
online.<00:09:53.920><c> Platforms</c><00:09:54.399><c> that</c><00:09:54.720><c> seem</c><00:09:55.040><c> free</c><00:09:55.279><c> are</c>

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online. Platforms that seem free are
 

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online. Platforms that seem free are
really<00:09:55.839><c> just</c><00:09:56.000><c> collecting</c><00:09:56.399><c> everything</c><00:09:56.720><c> about</c>

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really just collecting everything about
 

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really just collecting everything about
you<00:09:57.279><c> and</c><00:09:57.680><c> selling</c><00:09:58.000><c> it</c><00:09:58.160><c> to</c><00:09:58.320><c> whoever</c><00:09:58.720><c> will</c><00:09:58.959><c> pay</c>

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you and selling it to whoever will pay
 

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you and selling it to whoever will pay
like<00:09:59.600><c> your</c><00:10:00.000><c> inbox,</c><00:10:00.480><c> your</c><00:10:00.720><c> habits,</c><00:10:01.040><c> and</c><00:10:01.200><c> your</c>

00:10:01.350 --> 00:10:01.360 align:start position:0%
like your inbox, your habits, and your
 

00:10:01.360 --> 00:10:03.509 align:start position:0%
like your inbox, your habits, and your
behavior<00:10:01.760><c> over</c><00:10:02.000><c> time.</c><00:10:02.640><c> And</c><00:10:02.800><c> all</c><00:10:03.040><c> of</c><00:10:03.120><c> it</c><00:10:03.279><c> is</c>

00:10:03.509 --> 00:10:03.519 align:start position:0%
behavior over time. And all of it is
 

00:10:03.519 --> 00:10:05.269 align:start position:0%
behavior over time. And all of it is
becoming<00:10:03.839><c> an</c><00:10:04.080><c> ass</c><00:10:04.399><c> on</c><00:10:04.640><c> someone</c><00:10:04.880><c> else's</c>

00:10:05.269 --> 00:10:05.279 align:start position:0%
becoming an ass on someone else's
 

00:10:05.279 --> 00:10:06.630 align:start position:0%
becoming an ass on someone else's
balance<00:10:05.519><c> sheet.</c><00:10:05.920><c> That's</c><00:10:06.160><c> where</c><00:10:06.320><c> today's</c>

00:10:06.630 --> 00:10:06.640 align:start position:0%
balance sheet. That's where today's
 

00:10:06.640 --> 00:10:08.310 align:start position:0%
balance sheet. That's where today's
sponsor,<00:10:06.959><c> Proton</c><00:10:07.440><c> Mail,</c><00:10:07.680><c> comes</c><00:10:07.839><c> in.</c><00:10:08.000><c> It's</c><00:10:08.160><c> a</c>

00:10:08.310 --> 00:10:08.320 align:start position:0%
sponsor, Proton Mail, comes in. It's a
 

00:10:08.320 --> 00:10:10.310 align:start position:0%
sponsor, Proton Mail, comes in. It's a
private<00:10:08.560><c> email</c><00:10:08.959><c> service</c><00:10:09.360><c> built</c><00:10:09.600><c> on</c><00:10:09.760><c> the</c><00:10:10.000><c> idea</c>

00:10:10.310 --> 00:10:10.320 align:start position:0%
private email service built on the idea
 

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private email service built on the idea
that<00:10:10.640><c> your</c><00:10:10.880><c> data</c><00:10:11.279><c> belongs</c><00:10:11.680><c> to</c><00:10:11.839><c> you</c><00:10:12.160><c> and</c><00:10:12.480><c> nobody</c>

00:10:12.870 --> 00:10:12.880 align:start position:0%
that your data belongs to you and nobody
 

00:10:12.880 --> 00:10:14.310 align:start position:0%
that your data belongs to you and nobody
else.<00:10:13.279><c> And</c><00:10:13.519><c> recently,</c><00:10:13.760><c> they've</c><00:10:14.079><c> announced</c>

00:10:14.310 --> 00:10:14.320 align:start position:0%
else. And recently, they've announced
 

00:10:14.320 --> 00:10:16.710 align:start position:0%
else. And recently, they've announced
their<00:10:14.640><c> born</c><00:10:14.959><c> private</c><00:10:15.360><c> campaign,</c><00:10:16.079><c> which</c><00:10:16.320><c> lies</c>

00:10:16.710 --> 00:10:16.720 align:start position:0%
their born private campaign, which lies
 

00:10:16.720 --> 00:10:19.269 align:start position:0%
their born private campaign, which lies
on<00:10:16.880><c> a</c><00:10:17.200><c> simple</c><00:10:17.600><c> belief</c><00:10:17.920><c> that</c><00:10:18.320><c> digital</c><00:10:18.720><c> privacy</c>

00:10:19.269 --> 00:10:19.279 align:start position:0%
on a simple belief that digital privacy
 

00:10:19.279 --> 00:10:21.509 align:start position:0%
on a simple belief that digital privacy
should<00:10:19.600><c> be</c><00:10:19.680><c> the</c><00:10:20.000><c> default</c><00:10:20.399><c> for</c><00:10:20.720><c> everyone</c><00:10:21.200><c> and</c>

00:10:21.509 --> 00:10:21.519 align:start position:0%
should be the default for everyone and
 

00:10:21.519 --> 00:10:23.670 align:start position:0%
should be the default for everyone and
not<00:10:21.760><c> a</c><00:10:22.079><c> privilege.</c><00:10:22.640><c> Unlike</c><00:10:23.040><c> traditional</c><00:10:23.360><c> big</c>

00:10:23.670 --> 00:10:23.680 align:start position:0%
not a privilege. Unlike traditional big
 

00:10:23.680 --> 00:10:25.269 align:start position:0%
not a privilege. Unlike traditional big
tech<00:10:23.920><c> email</c><00:10:24.240><c> providers,</c><00:10:24.720><c> this</c><00:10:24.959><c> just</c><00:10:25.120><c> gives</c>

00:10:25.269 --> 00:10:25.279 align:start position:0%
tech email providers, this just gives
 

00:10:25.279 --> 00:10:27.350 align:start position:0%
tech email providers, this just gives
you<00:10:25.440><c> a</c><00:10:25.680><c> truly</c><00:10:26.079><c> clean</c><00:10:26.320><c> inbox.</c><00:10:26.959><c> There's</c><00:10:27.200><c> no</c>

00:10:27.350 --> 00:10:27.360 align:start position:0%
you a truly clean inbox. There's no
 

00:10:27.360 --> 00:10:29.430 align:start position:0%
you a truly clean inbox. There's no
tracking,<00:10:27.839><c> no</c><00:10:28.079><c> scanning,</c><00:10:28.480><c> and</c><00:10:28.720><c> no</c><00:10:28.880><c> intrusive</c>

00:10:29.430 --> 00:10:29.440 align:start position:0%
tracking, no scanning, and no intrusive
 

00:10:29.440 --> 00:10:31.190 align:start position:0%
tracking, no scanning, and no intrusive
ads<00:10:29.760><c> competing</c><00:10:30.079><c> for</c><00:10:30.240><c> your</c><00:10:30.399><c> attention.</c><00:10:31.040><c> And</c>

00:10:31.190 --> 00:10:31.200 align:start position:0%
ads competing for your attention. And
 

00:10:31.200 --> 00:10:33.350 align:start position:0%
ads competing for your attention. And
your<00:10:31.440><c> emails</c><00:10:31.839><c> aren't</c><00:10:32.160><c> monetized</c><00:10:32.720><c> or</c><00:10:32.880><c> mine</c><00:10:33.200><c> for</c>

00:10:33.350 --> 00:10:33.360 align:start position:0%
your emails aren't monetized or mine for
 

00:10:33.360 --> 00:10:35.750 align:start position:0%
your emails aren't monetized or mine for
data.<00:10:33.920><c> Everything</c><00:10:34.320><c> is</c><00:10:34.560><c> endto-end</c><00:10:35.120><c> encrypted,</c>

00:10:35.750 --> 00:10:35.760 align:start position:0%
data. Everything is endto-end encrypted,
 

00:10:35.760 --> 00:10:37.750 align:start position:0%
data. Everything is endto-end encrypted,
which<00:10:36.000><c> means</c><00:10:36.240><c> only</c><00:10:36.560><c> you</c><00:10:37.040><c> and</c><00:10:37.360><c> the</c><00:10:37.519><c> person</c>

00:10:37.750 --> 00:10:37.760 align:start position:0%
which means only you and the person
 

00:10:37.760 --> 00:10:39.910 align:start position:0%
which means only you and the person
you're<00:10:38.000><c> emailing</c><00:10:38.560><c> can</c><00:10:38.880><c> actually</c><00:10:39.360><c> read</c><00:10:39.600><c> it.</c><00:10:39.839><c> If</c>

00:10:39.910 --> 00:10:39.920 align:start position:0%
you're emailing can actually read it. If
 

00:10:39.920 --> 00:10:41.509 align:start position:0%
you're emailing can actually read it. If
you<00:10:40.000><c> want</c><00:10:40.079><c> a</c><00:10:40.240><c> safer</c><00:10:40.560><c> alternative</c><00:10:40.959><c> to</c><00:10:41.200><c> regular</c>

00:10:41.509 --> 00:10:41.519 align:start position:0%
you want a safer alternative to regular
 

00:10:41.519 --> 00:10:43.190 align:start position:0%
you want a safer alternative to regular
email<00:10:41.760><c> and</c><00:10:42.000><c> protect</c><00:10:42.240><c> your</c><00:10:42.480><c> digital</c><00:10:42.959><c> identity</c>

00:10:43.190 --> 00:10:43.200 align:start position:0%
email and protect your digital identity
 

00:10:43.200 --> 00:10:46.949 align:start position:0%
email and protect your digital identity
from<00:10:43.440><c> day</c><00:10:43.600><c> one,</c><00:10:44.000><c> go</c><00:10:44.160><c> to</c><00:10:44.320><c> proton.me/bp/gen</c>

00:10:46.949 --> 00:10:46.959 align:start position:0%
from day one, go to proton.me/bp/gen
 

00:10:46.959 --> 00:10:49.750 align:start position:0%
from day one, go to proton.me/bp/gen
to<00:10:47.120><c> try</c><00:10:47.519><c> Proton</c><00:10:48.079><c> Mail</c><00:10:48.720><c> for</c><00:10:49.040><c> free.</c><00:10:49.440><c> So,</c><00:10:49.600><c> now</c>

00:10:49.750 --> 00:10:49.760 align:start position:0%
to try Proton Mail for free. So, now
 

00:10:49.760 --> 00:10:51.110 align:start position:0%
to try Proton Mail for free. So, now
let's<00:10:50.000><c> talk</c><00:10:50.079><c> about</c><00:10:50.240><c> which</c><00:10:50.560><c> channels</c><00:10:50.880><c> have</c>

00:10:51.110 --> 00:10:51.120 align:start position:0%
let's talk about which channels have
 

00:10:51.120 --> 00:10:52.949 align:start position:0%
let's talk about which channels have
actually<00:10:51.360><c> been</c><00:10:51.519><c> bought</c><00:10:51.839><c> and</c><00:10:52.079><c> the</c><00:10:52.240><c> few</c><00:10:52.560><c> players</c>

00:10:52.949 --> 00:10:52.959 align:start position:0%
actually been bought and the few players
 

00:10:52.959 --> 00:10:54.949 align:start position:0%
actually been bought and the few players
behind<00:10:53.360><c> them</c><00:10:53.519><c> all.</c><00:10:53.839><c> And</c><00:10:54.000><c> look,</c><00:10:54.399><c> some</c><00:10:54.640><c> of</c><00:10:54.720><c> these</c>

00:10:54.949 --> 00:10:54.959 align:start position:0%
behind them all. And look, some of these
 

00:10:54.959 --> 00:10:56.630 align:start position:0%
behind them all. And look, some of these
names<00:10:55.200><c> are</c><00:10:55.440><c> going</c><00:10:55.519><c> to</c><00:10:55.600><c> surprise</c><00:10:56.000><c> you,</c><00:10:56.240><c> but</c><00:10:56.399><c> the</c>

00:10:56.630 --> 00:10:56.640 align:start position:0%
names are going to surprise you, but the
 

00:10:56.640 --> 00:10:58.310 align:start position:0%
names are going to surprise you, but the
bigger<00:10:56.880><c> surprise</c><00:10:57.279><c> might</c><00:10:57.519><c> be</c><00:10:57.760><c> where</c><00:10:58.079><c> that</c>

00:10:58.310 --> 00:10:58.320 align:start position:0%
bigger surprise might be where that
 

00:10:58.320 --> 00:11:00.389 align:start position:0%
bigger surprise might be where that
money<00:10:58.560><c> is</c><00:10:58.800><c> going</c><00:10:59.360><c> and</c><00:10:59.680><c> where</c><00:10:59.839><c> it's</c><00:11:00.160><c> coming</c>

00:11:00.389 --> 00:11:00.399 align:start position:0%
money is going and where it's coming
 

00:11:00.399 --> 00:11:04.389 align:start position:0%
money is going and where it's coming
from.

00:11:04.389 --> 00:11:04.399 align:start position:0%
 
 

00:11:04.399 --> 00:11:05.829 align:start position:0%
 
So,<00:11:04.560><c> we'll</c><00:11:04.720><c> be</c><00:11:04.880><c> looking</c><00:11:05.040><c> at</c><00:11:05.279><c> three</c><00:11:05.600><c> main</c>

00:11:05.829 --> 00:11:05.839 align:start position:0%
So, we'll be looking at three main
 

00:11:05.839 --> 00:11:07.990 align:start position:0%
So, we'll be looking at three main
players<00:11:06.240><c> and</c><00:11:06.399><c> their</c><00:11:06.640><c> portfolio,</c><00:11:07.360><c> but</c><00:11:07.519><c> why</c><00:11:07.760><c> not</c>

00:11:07.990 --> 00:11:08.000 align:start position:0%
players and their portfolio, but why not
 

00:11:08.000 --> 00:11:10.150 align:start position:0%
players and their portfolio, but why not
start<00:11:08.160><c> with</c><00:11:08.320><c> the</c><00:11:08.560><c> first</c><00:11:08.880><c> and</c><00:11:09.120><c> the</c><00:11:09.360><c> biggest,</c>

00:11:10.150 --> 00:11:10.160 align:start position:0%
start with the first and the biggest,
 

00:11:10.160 --> 00:11:12.310 align:start position:0%
start with the first and the biggest,
Electrify<00:11:10.800><c> Video</c><00:11:11.200><c> Partners.</c><00:11:11.920><c> based</c><00:11:12.160><c> in</c>

00:11:12.310 --> 00:11:12.320 align:start position:0%
Electrify Video Partners. based in
 

00:11:12.320 --> 00:11:14.949 align:start position:0%
Electrify Video Partners. based in
London<00:11:12.640><c> with</c><00:11:12.959><c> $135</c><00:11:13.680><c> million</c><00:11:14.240><c> raised</c><00:11:14.640><c> and</c>

00:11:14.949 --> 00:11:14.959 align:start position:0%
London with $135 million raised and
 

00:11:14.959 --> 00:11:16.790 align:start position:0%
London with $135 million raised and
backed<00:11:15.200><c> by</c><00:11:15.440><c> another</c><00:11:15.760><c> private</c><00:11:16.160><c> equity</c><00:11:16.480><c> firm</c>

00:11:16.790 --> 00:11:16.800 align:start position:0%
backed by another private equity firm
 

00:11:16.800 --> 00:11:18.710 align:start position:0%
backed by another private equity firm
called<00:11:17.120><c> Capital</c><00:11:17.519><c> D.</c><00:11:17.920><c> They've</c><00:11:18.240><c> been</c><00:11:18.399><c> buying</c><00:11:18.640><c> up</c>

00:11:18.710 --> 00:11:18.720 align:start position:0%
called Capital D. They've been buying up
 

00:11:18.720 --> 00:11:20.310 align:start position:0%
called Capital D. They've been buying up
a<00:11:18.959><c> bunch</c><00:11:19.040><c> of</c><00:11:19.200><c> channels</c><00:11:19.519><c> over</c><00:11:19.680><c> the</c><00:11:19.920><c> last</c><00:11:20.079><c> five</c>

00:11:20.310 --> 00:11:20.320 align:start position:0%
a bunch of channels over the last five
 

00:11:20.320 --> 00:11:21.910 align:start position:0%
a bunch of channels over the last five
years<00:11:20.800><c> and</c><00:11:20.959><c> you'll</c><00:11:21.200><c> definitely</c><00:11:21.519><c> recognize</c><00:11:21.839><c> at</c>

00:11:21.910 --> 00:11:21.920 align:start position:0%
years and you'll definitely recognize at
 

00:11:21.920 --> 00:11:23.670 align:start position:0%
years and you'll definitely recognize at
least<00:11:22.160><c> one</c><00:11:22.320><c> of</c><00:11:22.399><c> them</c><00:11:22.640><c> from</c><00:11:22.959><c> Fireship</c><00:11:23.440><c> which</c><00:11:23.600><c> is</c>

00:11:23.670 --> 00:11:23.680 align:start position:0%
least one of them from Fireship which is
 

00:11:23.680 --> 00:11:25.990 align:start position:0%
least one of them from Fireship which is
a<00:11:23.839><c> coding</c><00:11:24.240><c> education,</c><00:11:25.120><c> Simple</c><00:11:25.519><c> History,</c>

00:11:25.990 --> 00:11:26.000 align:start position:0%
a coding education, Simple History,
 

00:11:26.000 --> 00:11:27.910 align:start position:0%
a coding education, Simple History,
History<00:11:26.399><c> Animation,</c><00:11:27.040><c> Improvement</c><00:11:27.519><c> Pill,</c>

00:11:27.910 --> 00:11:27.920 align:start position:0%
History Animation, Improvement Pill,
 

00:11:27.920 --> 00:11:30.150 align:start position:0%
History Animation, Improvement Pill,
Self-improvement,<00:11:28.959><c> and</c><00:11:29.360><c> this</c><00:11:29.680><c> one</c><00:11:29.920><c> really</c>

00:11:30.150 --> 00:11:30.160 align:start position:0%
Self-improvement, and this one really
 

00:11:30.160 --> 00:11:32.710 align:start position:0%
Self-improvement, and this one really
surprised<00:11:30.560><c> me.</c><00:11:31.040><c> Fern,</c><00:11:31.760><c> that</c><00:11:32.160><c> amazing</c>

00:11:32.710 --> 00:11:32.720 align:start position:0%
surprised me. Fern, that amazing
 

00:11:32.720 --> 00:11:34.790 align:start position:0%
surprised me. Fern, that amazing
documentary<00:11:33.360><c> channel,</c><00:11:33.839><c> but</c><00:11:34.079><c> the</c><00:11:34.320><c> biggest</c><00:11:34.560><c> and</c>

00:11:34.790 --> 00:11:34.800 align:start position:0%
documentary channel, but the biggest and
 

00:11:34.800 --> 00:11:36.230 align:start position:0%
documentary channel, but the biggest and
most<00:11:35.040><c> significant</c><00:11:35.600><c> one</c><00:11:35.620><c> [music]</c><00:11:35.920><c> is</c>

00:11:36.230 --> 00:11:36.240 align:start position:0%
most significant one [music] is
 

00:11:36.240 --> 00:11:38.150 align:start position:0%
most significant one [music] is
Veritassia,<00:11:37.040><c> ran</c><00:11:37.360><c> by</c><00:11:37.440><c> Derek</c><00:11:37.760><c> Mohler.</c>

00:11:38.150 --> 00:11:38.160 align:start position:0%
Veritassia, ran by Derek Mohler.
 

00:11:38.160 --> 00:11:39.910 align:start position:0%
Veritassia, ran by Derek Mohler.
Electrified<00:11:38.800><c> became</c><00:11:39.040><c> the</c><00:11:39.200><c> majority</c><00:11:39.680><c> owner</c>

00:11:39.910 --> 00:11:39.920 align:start position:0%
Electrified became the majority owner
 

00:11:39.920 --> 00:11:41.829 align:start position:0%
Electrified became the majority owner
and<00:11:40.240><c> took</c><00:11:40.399><c> over</c><00:11:40.720><c> hiring,</c><00:11:41.120><c> logistics,</c>

00:11:41.829 --> 00:11:41.839 align:start position:0%
and took over hiring, logistics,
 

00:11:41.839 --> 00:11:43.670 align:start position:0%
and took over hiring, logistics,
compliance,<00:11:42.168><c> [music]</c><00:11:42.320><c> taxes</c><00:11:42.959><c> in</c><00:11:43.120><c> a</c><00:11:43.360><c> deal</c><00:11:43.440><c> that</c>

00:11:43.670 --> 00:11:43.680 align:start position:0%
compliance, [music] taxes in a deal that
 

00:11:43.680 --> 00:11:46.150 align:start position:0%
compliance, [music] taxes in a deal that
allowed<00:11:44.079><c> Mhler</c><00:11:44.480><c> to</c><00:11:44.560><c> stay</c><00:11:44.720><c> on</c><00:11:44.959><c> as</c><00:11:45.279><c> co-owner</c><00:11:45.920><c> on</c>

00:11:46.150 --> 00:11:46.160 align:start position:0%
allowed Mhler to stay on as co-owner on
 

00:11:46.160 --> 00:11:47.910 align:start position:0%
allowed Mhler to stay on as co-owner on
his<00:11:46.320><c> 20</c><00:11:46.560><c> million</c><00:11:46.880><c> subscriber</c><00:11:47.440><c> channel.</c>

00:11:47.910 --> 00:11:47.920 align:start position:0%
his 20 million subscriber channel.
 

00:11:47.920 --> 00:11:49.269 align:start position:0%
his 20 million subscriber channel.
&gt;&gt; They<00:11:48.160><c> would</c><00:11:48.320><c> take</c><00:11:48.480><c> care</c><00:11:48.640><c> of</c><00:11:48.800><c> things</c><00:11:48.959><c> like</c>

00:11:49.269 --> 00:11:49.279 align:start position:0%
&gt;&gt; They would take care of things like
 

00:11:49.279 --> 00:11:52.069 align:start position:0%
&gt;&gt; They would take care of things like
hiring,<00:11:49.920><c> production,</c><00:11:50.800><c> logistics.</c>

00:11:52.069 --> 00:11:52.079 align:start position:0%
hiring, production, logistics.
 

00:11:52.079 --> 00:11:53.670 align:start position:0%
hiring, production, logistics.
&gt;&gt; This<00:11:52.240><c> deal</c><00:11:52.480><c> was</c><00:11:52.720><c> actually</c><00:11:52.959><c> announced</c><00:11:53.360><c> a</c><00:11:53.519><c> few</c>

00:11:53.670 --> 00:11:53.680 align:start position:0%
&gt;&gt; This deal was actually announced a few
 

00:11:53.680 --> 00:11:56.710 align:start position:0%
&gt;&gt; This deal was actually announced a few
years<00:11:53.839><c> ago</c><00:11:54.079><c> in</c><00:11:54.399><c> April</c><00:11:54.720><c> 2023.</c><00:11:55.600><c> But</c><00:11:56.079><c> hold</c><00:11:56.240><c> on,</c>

00:11:56.710 --> 00:11:56.720 align:start position:0%
years ago in April 2023. But hold on,
 

00:11:56.720 --> 00:11:58.150 align:start position:0%
years ago in April 2023. But hold on,
take<00:11:56.880><c> a</c><00:11:57.040><c> look</c><00:11:57.120><c> at</c><00:11:57.279><c> that</c><00:11:57.440><c> date.</c><00:11:57.760><c> The</c><00:11:58.000><c> deal</c>

00:11:58.150 --> 00:11:58.160 align:start position:0%
take a look at that date. The deal
 

00:11:58.160 --> 00:12:00.710 align:start position:0%
take a look at that date. The deal
closed<00:11:58.399><c> in</c><00:11:58.640><c> 2023,</c><00:11:59.440><c> but</c><00:11:59.680><c> he</c><00:11:59.920><c> didn't</c><00:12:00.240><c> directly</c>

00:12:00.710 --> 00:12:00.720 align:start position:0%
closed in 2023, but he didn't directly
 

00:12:00.720 --> 00:12:03.110 align:start position:0%
closed in 2023, but he didn't directly
tell<00:12:00.959><c> his</c><00:12:01.200><c> audience</c><00:12:01.600><c> on</c><00:12:01.839><c> YouTube</c><00:12:02.320><c> until</c>

00:12:03.110 --> 00:12:03.120 align:start position:0%
tell his audience on YouTube until
 

00:12:03.120 --> 00:12:06.310 align:start position:0%
tell his audience on YouTube until
Christmas<00:12:03.680><c> Eve</c><00:12:04.000><c> of</c><00:12:04.240><c> 2025.</c><00:12:05.279><c> So</c><00:12:05.600><c> why</c><00:12:05.920><c> did</c><00:12:06.160><c> he</c>

00:12:06.310 --> 00:12:06.320 align:start position:0%
Christmas Eve of 2025. So why did he
 

00:12:06.320 --> 00:12:08.790 align:start position:0%
Christmas Eve of 2025. So why did he
wait?<00:12:06.720><c> Well,</c><00:12:07.040><c> I</c><00:12:07.200><c> imagine</c><00:12:07.760><c> it's</c><00:12:08.079><c> because</c><00:12:08.560><c> they</c>

00:12:08.790 --> 00:12:08.800 align:start position:0%
wait? Well, I imagine it's because they
 

00:12:08.800 --> 00:12:10.710 align:start position:0%
wait? Well, I imagine it's because they
knew<00:12:09.040><c> exactly</c><00:12:09.440><c> how</c><00:12:09.680><c> people</c><00:12:09.920><c> would</c><00:12:10.160><c> react.</c><00:12:10.560><c> Oh,</c>

00:12:10.710 --> 00:12:10.720 align:start position:0%
knew exactly how people would react. Oh,
 

00:12:10.720 --> 00:12:13.110 align:start position:0%
knew exactly how people would react. Oh,
and<00:12:10.880><c> I</c><00:12:11.040><c> say</c><00:12:11.279><c> they</c><00:12:11.680><c> because</c><00:12:12.160><c> he</c><00:12:12.399><c> also</c><00:12:12.639><c> became</c><00:12:12.959><c> a</c>

00:12:13.110 --> 00:12:13.120 align:start position:0%
and I say they because he also became a
 

00:12:13.120 --> 00:12:14.949 align:start position:0%
and I say they because he also became a
shareholder<00:12:13.600><c> in</c><00:12:13.760><c> Electrify</c><00:12:14.320><c> itself.</c>

00:12:14.949 --> 00:12:14.959 align:start position:0%
shareholder in Electrify itself.
 

00:12:14.959 --> 00:12:17.269 align:start position:0%
shareholder in Electrify itself.
&gt;&gt; I<00:12:15.120><c> signed</c><00:12:15.360><c> the</c><00:12:15.519><c> deal</c><00:12:15.680><c> in</c><00:12:16.000><c> April</c><00:12:16.399><c> 2023</c><00:12:17.040><c> and</c>

00:12:17.269 --> 00:12:17.279 align:start position:0%
&gt;&gt; I signed the deal in April 2023 and
 

00:12:17.279 --> 00:12:19.190 align:start position:0%
&gt;&gt; I signed the deal in April 2023 and
since<00:12:17.519><c> then,</c><00:12:17.760><c> Feritasium</c><00:12:18.480><c> has</c><00:12:18.720><c> been</c><00:12:18.880><c> owned</c>

00:12:19.190 --> 00:12:19.200 align:start position:0%
since then, Feritasium has been owned
 

00:12:19.200 --> 00:12:21.910 align:start position:0%
since then, Feritasium has been owned
and<00:12:19.440><c> run</c><00:12:19.760><c> by</c><00:12:20.160><c> me</c><00:12:20.639><c> and</c><00:12:20.959><c> Electrify.</c>

00:12:21.910 --> 00:12:21.920 align:start position:0%
and run by me and Electrify.
 

00:12:21.920 --> 00:12:23.990 align:start position:0%
and run by me and Electrify.
&gt;&gt; So,<00:12:22.160><c> obviously,</c><00:12:22.560><c> his</c><00:12:22.800><c> financial</c><00:12:23.279><c> interest</c><00:12:23.600><c> is</c>

00:12:23.990 --> 00:12:24.000 align:start position:0%
&gt;&gt; So, obviously, his financial interest is
 

00:12:24.000 --> 00:12:26.629 align:start position:0%
&gt;&gt; So, obviously, his financial interest is
also<00:12:24.480><c> aligned</c><00:12:24.959><c> with</c><00:12:25.279><c> the</c><00:12:25.519><c> firm's</c><00:12:26.079><c> eventual</c>

00:12:26.629 --> 00:12:26.639 align:start position:0%
also aligned with the firm's eventual
 

00:12:26.639 --> 00:12:28.710 align:start position:0%
also aligned with the firm's eventual
exit.<00:12:27.040><c> But</c><00:12:27.200><c> to</c><00:12:27.360><c> be</c><00:12:27.440><c> fair,</c><00:12:27.760><c> it</c><00:12:27.920><c> was</c><00:12:28.079><c> also</c><00:12:28.320><c> a</c>

00:12:28.710 --> 00:12:28.720 align:start position:0%
exit. But to be fair, it was also a
 

00:12:28.720 --> 00:12:30.470 align:start position:0%
exit. But to be fair, it was also a
smart<00:12:29.120><c> business</c><00:12:29.440><c> move</c><00:12:29.760><c> by</c><00:12:30.000><c> keeping</c><00:12:30.240><c> it</c>

00:12:30.470 --> 00:12:30.480 align:start position:0%
smart business move by keeping it
 

00:12:30.480 --> 00:12:32.870 align:start position:0%
smart business move by keeping it
low-key<00:12:30.959><c> and</c><00:12:31.120><c> in</c><00:12:31.519><c> going</c><00:12:31.760><c> on</c><00:12:32.000><c> to</c><00:12:32.240><c> create</c><00:12:32.639><c> three</c>

00:12:32.870 --> 00:12:32.880 align:start position:0%
low-key and in going on to create three
 

00:12:32.880 --> 00:12:34.470 align:start position:0%
low-key and in going on to create three
of<00:12:33.040><c> the</c><00:12:33.200><c> channel's</c><00:12:33.600><c> most</c><00:12:33.839><c> watched</c><00:12:34.160><c> videos</c>

00:12:34.470 --> 00:12:34.480 align:start position:0%
of the channel's most watched videos
 

00:12:34.480 --> 00:12:36.310 align:start position:0%
of the channel's most watched videos
ever<00:12:34.880><c> and</c><00:12:35.223><c> [music]</c><00:12:35.440><c> subscriber</c><00:12:35.920><c> counts</c>

00:12:36.310 --> 00:12:36.320 align:start position:0%
ever and [music] subscriber counts
 

00:12:36.320 --> 00:12:38.790 align:start position:0%
ever and [music] subscriber counts
continue<00:12:36.560><c> to</c><00:12:36.720><c> grow</c><00:12:36.959><c> by</c><00:12:37.120><c> 50%.</c><00:12:37.920><c> By</c><00:12:38.160><c> showing</c><00:12:38.480><c> that</c>

00:12:38.790 --> 00:12:38.800 align:start position:0%
continue to grow by 50%. By showing that
 

00:12:38.800 --> 00:12:40.710 align:start position:0%
continue to grow by 50%. By showing that
nothing<00:12:39.200><c> has</c><00:12:39.440><c> changed</c><00:12:39.839><c> and</c><00:12:40.079><c> then</c><00:12:40.320><c> announcing</c>

00:12:40.710 --> 00:12:40.720 align:start position:0%
nothing has changed and then announcing
 

00:12:40.720 --> 00:12:42.310 align:start position:0%
nothing has changed and then announcing
it,<00:12:41.040><c> there's</c><00:12:41.279><c> not</c><00:12:41.519><c> much</c><00:12:41.680><c> things</c><00:12:41.920><c> that</c><00:12:42.160><c> an</c>

00:12:42.310 --> 00:12:42.320 align:start position:0%
it, there's not much things that an
 

00:12:42.320 --> 00:12:43.829 align:start position:0%
it, there's not much things that an
audience<00:12:42.639><c> could</c><00:12:42.800><c> say.</c><00:12:43.040><c> And</c><00:12:43.279><c> especially</c><00:12:43.600><c> if</c>

00:12:43.829 --> 00:12:43.839 align:start position:0%
audience could say. And especially if
 

00:12:43.839 --> 00:12:45.750 align:start position:0%
audience could say. And especially if
Mhler<00:12:44.320><c> is</c><00:12:44.480><c> still</c><00:12:44.639><c> there</c><00:12:44.800><c> and</c><00:12:45.040><c> the</c><00:12:45.279><c> videos</c><00:12:45.600><c> are</c>

00:12:45.750 --> 00:12:45.760 align:start position:0%
Mhler is still there and the videos are
 

00:12:45.760 --> 00:12:47.590 align:start position:0%
Mhler is still there and the videos are
still<00:12:46.000><c> quality,</c><00:12:46.480><c> if</c><00:12:46.639><c> we</c><00:12:46.800><c> look</c><00:12:46.959><c> at</c><00:12:47.120><c> just</c><00:12:47.360><c> the</c>

00:12:47.590 --> 00:12:47.600 align:start position:0%
still quality, if we look at just the
 

00:12:47.600 --> 00:12:49.990 align:start position:0%
still quality, if we look at just the
numbers,<00:12:48.160><c> Electrify</c><00:12:48.800><c> did</c><00:12:48.959><c> make</c><00:12:49.200><c> Veritassium</c>

00:12:49.990 --> 00:12:50.000 align:start position:0%
numbers, Electrify did make Veritassium
 

00:12:50.000 --> 00:12:51.509 align:start position:0%
numbers, Electrify did make Veritassium
better.<00:12:50.320><c> So,</c><00:12:50.480><c> the</c><00:12:50.639><c> important</c><00:12:50.880><c> nuance</c><00:12:51.200><c> here</c><00:12:51.360><c> is</c>

00:12:51.509 --> 00:12:51.519 align:start position:0%
better. So, the important nuance here is
 

00:12:51.519 --> 00:12:53.190 align:start position:0%
better. So, the important nuance here is
that<00:12:51.760><c> private</c><00:12:52.079><c> equity</c><00:12:52.480><c> takeover</c><00:12:52.800><c> of</c><00:12:52.959><c> a</c>

00:12:53.190 --> 00:12:53.200 align:start position:0%
that private equity takeover of a
 

00:12:53.200 --> 00:12:55.590 align:start position:0%
that private equity takeover of a
channel<00:12:53.440><c> doesn't</c><00:12:53.839><c> automatically</c><00:12:54.639><c> equal</c><00:12:55.040><c> bad.</c>

00:12:55.590 --> 00:12:55.600 align:start position:0%
channel doesn't automatically equal bad.
 

00:12:55.600 --> 00:12:57.190 align:start position:0%
channel doesn't automatically equal bad.
But<00:12:55.760><c> you</c><00:12:55.920><c> know</c><00:12:56.079><c> by</c><00:12:56.240><c> now</c><00:12:56.320><c> that</c><00:12:56.480><c> if</c><00:12:56.720><c> every</c><00:12:56.959><c> deal</c>

00:12:57.190 --> 00:12:57.200 align:start position:0%
But you know by now that if every deal
 

00:12:57.200 --> 00:12:58.790 align:start position:0%
But you know by now that if every deal
looked<00:12:57.440><c> like</c><00:12:57.600><c> this</c><00:12:58.079><c> there</c><00:12:58.160><c> there'd</c><00:12:58.399><c> be</c><00:12:58.560><c> no</c>

00:12:58.790 --> 00:12:58.800 align:start position:0%
looked like this there there'd be no
 

00:12:58.800 --> 00:13:00.629 align:start position:0%
looked like this there there'd be no
video<00:12:59.279><c> because</c><00:12:59.760><c> remember</c><00:13:00.079><c> what</c><00:13:00.240><c> I</c><00:13:00.480><c> said</c>

00:13:00.629 --> 00:13:00.639 align:start position:0%
video because remember what I said
 

00:13:00.639 --> 00:13:02.629 align:start position:0%
video because remember what I said
earlier<00:13:00.959><c> about</c><00:13:01.279><c> Keyman</c><00:13:01.839><c> Risk</c><00:13:02.160><c> which</c><00:13:02.399><c> is</c><00:13:02.480><c> a</c>

00:13:02.629 --> 00:13:02.639 align:start position:0%
earlier about Keyman Risk which is a
 

00:13:02.639 --> 00:13:04.310 align:start position:0%
earlier about Keyman Risk which is a
perfect<00:13:02.880><c> transition</c><00:13:03.279><c> to</c><00:13:03.440><c> our</c><00:13:03.680><c> second</c><00:13:03.920><c> player</c>

00:13:04.310 --> 00:13:04.320 align:start position:0%
perfect transition to our second player
 

00:13:04.320 --> 00:13:06.550 align:start position:0%
perfect transition to our second player
Lunar<00:13:04.800><c> X</c><00:13:05.200><c> which</c><00:13:05.440><c> was</c><00:13:05.600><c> specifically</c><00:13:06.240><c> launched</c>

00:13:06.550 --> 00:13:06.560 align:start position:0%
Lunar X which was specifically launched
 

00:13:06.560 --> 00:13:09.269 align:start position:0%
Lunar X which was specifically launched
by<00:13:06.720><c> former</c><00:13:07.279><c> KKR</c><00:13:07.920><c> executives</c><00:13:08.480><c> to</c><00:13:08.639><c> invest</c><00:13:08.959><c> in</c>

00:13:09.269 --> 00:13:09.279 align:start position:0%
by former KKR executives to invest in
 

00:13:09.279 --> 00:13:11.350 align:start position:0%
by former KKR executives to invest in
digital<00:13:09.680><c> first</c><00:13:10.000><c> media</c><00:13:10.399><c> brands.</c><00:13:10.959><c> And</c><00:13:11.120><c> they</c>

00:13:11.350 --> 00:13:11.360 align:start position:0%
digital first media brands. And they
 

00:13:11.360 --> 00:13:14.310 align:start position:0%
digital first media brands. And they
made<00:13:11.519><c> a</c><00:13:11.839><c> splash</c><00:13:12.160><c> onto</c><00:13:12.480><c> this</c><00:13:12.639><c> scene</c><00:13:12.959><c> in</c><00:13:13.120><c> 2022</c><00:13:13.839><c> by</c>

00:13:14.310 --> 00:13:14.320 align:start position:0%
made a splash onto this scene in 2022 by
 

00:13:14.320 --> 00:13:16.870 align:start position:0%
made a splash onto this scene in 2022 by
acquiring<00:13:14.880><c> the</c><00:13:15.200><c> game</c><00:13:15.519><c> theorist</c><00:13:16.000><c> with</c><00:13:16.560><c> 40</c>

00:13:16.870 --> 00:13:16.880 align:start position:0%
acquiring the game theorist with 40
 

00:13:16.880 --> 00:13:18.790 align:start position:0%
acquiring the game theorist with 40
million<00:13:17.200><c> plus</c><00:13:17.519><c> combined</c><00:13:17.920><c> subscribers</c><00:13:18.480><c> across</c>

00:13:18.790 --> 00:13:18.800 align:start position:0%
million plus combined subscribers across
 

00:13:18.800 --> 00:13:20.550 align:start position:0%
million plus combined subscribers across
their<00:13:19.040><c> five</c><00:13:19.279><c> channels.</c><00:13:19.839><c> And</c><00:13:20.079><c> similar</c><00:13:20.399><c> to</c>

00:13:20.550 --> 00:13:20.560 align:start position:0%
their five channels. And similar to
 

00:13:20.560 --> 00:13:22.949 align:start position:0%
their five channels. And similar to
Veritassium's<00:13:21.440><c> Derek,</c><00:13:21.839><c> the</c><00:13:22.079><c> sale</c><00:13:22.399><c> was</c><00:13:22.639><c> framed</c>

00:13:22.949 --> 00:13:22.959 align:start position:0%
Veritassium's Derek, the sale was framed
 

00:13:22.959 --> 00:13:25.190 align:start position:0%
Veritassium's Derek, the sale was framed
as<00:13:23.200><c> this</c><00:13:23.440><c> thing</c><00:13:23.680><c> that</c><00:13:23.920><c> would</c><00:13:24.160><c> let</c><00:13:24.480><c> MattPat,</c>

00:13:25.190 --> 00:13:25.200 align:start position:0%
as this thing that would let MattPat,
 

00:13:25.200 --> 00:13:27.190 align:start position:0%
as this thing that would let MattPat,
the<00:13:25.360><c> guy</c><00:13:25.440><c> who</c><00:13:25.680><c> built</c><00:13:25.839><c> it,</c><00:13:26.399><c> to</c><00:13:26.639><c> finally</c><00:13:26.959><c> be</c><00:13:27.120><c> able</c>

00:13:27.190 --> 00:13:27.200 align:start position:0%
the guy who built it, to finally be able
 

00:13:27.200 --> 00:13:27.990 align:start position:0%
the guy who built it, to finally be able
to<00:13:27.360><c> step</c><00:13:27.600><c> back.</c>

00:13:27.990 --> 00:13:28.000 align:start position:0%
to step back.
 

00:13:28.000 --> 00:13:30.550 align:start position:0%
to step back.
&gt;&gt; On<00:13:28.240><c> March</c><00:13:28.639><c> 9th,</c><00:13:29.120><c> I'll</c><00:13:29.360><c> be</c><00:13:29.519><c> hosting</c><00:13:29.920><c> my</c><00:13:30.240><c> last</c>

00:13:30.550 --> 00:13:30.560 align:start position:0%
&gt;&gt; On March 9th, I'll be hosting my last
 

00:13:30.560 --> 00:13:31.829 align:start position:0%
&gt;&gt; On March 9th, I'll be hosting my last
theory<00:13:31.120><c> episode.</c>

00:13:31.829 --> 00:13:31.839 align:start position:0%
theory episode.
 

00:13:31.839 --> 00:13:33.750 align:start position:0%
theory episode.
&gt;&gt; The<00:13:32.000><c> deal</c><00:13:32.240><c> was</c><00:13:32.399><c> that</c><00:13:32.720><c> Matt</c><00:13:33.120><c> Pat</c><00:13:33.360><c> would</c><00:13:33.519><c> handle</c>

00:13:33.750 --> 00:13:33.760 align:start position:0%
&gt;&gt; The deal was that Matt Pat would handle
 

00:13:33.760 --> 00:13:35.430 align:start position:0%
&gt;&gt; The deal was that Matt Pat would handle
the<00:13:34.000><c> creative</c><00:13:34.320><c> direction</c><00:13:34.720><c> behind</c><00:13:34.959><c> the</c><00:13:35.120><c> scenes</c>

00:13:35.430 --> 00:13:35.440 align:start position:0%
the creative direction behind the scenes
 

00:13:35.440 --> 00:13:37.670 align:start position:0%
the creative direction behind the scenes
and<00:13:35.760><c> Lunar</c><00:13:36.160><c> X</c><00:13:36.399><c> would</c><00:13:36.560><c> handle</c><00:13:36.880><c> all</c><00:13:37.040><c> the</c><00:13:37.279><c> boring</c>

00:13:37.670 --> 00:13:37.680 align:start position:0%
and Lunar X would handle all the boring
 

00:13:37.680 --> 00:13:39.750 align:start position:0%
and Lunar X would handle all the boring
business<00:13:38.000><c> stuff.</c><00:13:38.480><c> And</c><00:13:38.639><c> since</c><00:13:39.040><c> MattPat</c><00:13:39.600><c> has</c>

00:13:39.750 --> 00:13:39.760 align:start position:0%
business stuff. And since MattPat has
 

00:13:39.760 --> 00:13:41.590 align:start position:0%
business stuff. And since MattPat has
officially<00:13:40.160><c> stepped</c><00:13:40.399><c> away</c><00:13:40.639><c> from</c><00:13:40.800><c> the</c><00:13:40.959><c> camera,</c>

00:13:41.590 --> 00:13:41.600 align:start position:0%
officially stepped away from the camera,
 

00:13:41.600 --> 00:13:43.750 align:start position:0%
officially stepped away from the camera,
on<00:13:41.839><c> the</c><00:13:42.000><c> surface,</c><00:13:42.399><c> it</c><00:13:42.880><c> actually</c><00:13:43.120><c> seems</c><00:13:43.360><c> like</c><00:13:43.519><c> a</c>

00:13:43.750 --> 00:13:43.760 align:start position:0%
on the surface, it actually seems like a
 

00:13:43.760 --> 00:13:45.509 align:start position:0%
on the surface, it actually seems like a
success.<00:13:44.320><c> They</c><00:13:44.560><c> gained</c><00:13:44.800><c> a</c><00:13:44.959><c> million</c><00:13:45.279><c> new</c>

00:13:45.509 --> 00:13:45.519 align:start position:0%
success. They gained a million new
 

00:13:45.519 --> 00:13:47.509 align:start position:0%
success. They gained a million new
subscribers<00:13:46.000><c> across</c><00:13:46.399><c> all</c><00:13:46.560><c> five</c><00:13:46.880><c> channels,</c>

00:13:47.509 --> 00:13:47.519 align:start position:0%
subscribers across all five channels,
 

00:13:47.519 --> 00:13:50.790 align:start position:0%
subscribers across all five channels,
but<00:13:48.399><c> the</c><00:13:48.959><c> revenue</c><00:13:49.440><c> tells</c><00:13:49.760><c> a</c><00:13:49.920><c> different</c><00:13:50.240><c> story.</c>

00:13:50.790 --> 00:13:50.800 align:start position:0%
but the revenue tells a different story.
 

00:13:50.800 --> 00:13:52.629 align:start position:0%
but the revenue tells a different story.
Estimated<00:13:51.360><c> monthly</c><00:13:51.760><c> earnings</c><00:13:52.079><c> has</c><00:13:52.320><c> dropped</c>

00:13:52.629 --> 00:13:52.639 align:start position:0%
Estimated monthly earnings has dropped
 

00:13:52.639 --> 00:13:56.310 align:start position:0%
Estimated monthly earnings has dropped
70%<00:13:53.200><c> from</c><00:13:53.440><c> roughly</c><00:13:53.839><c> 52,000</c><00:13:54.720><c> in</c><00:13:54.880><c> March</c><00:13:55.200><c> 2024</c><00:13:56.000><c> to</c>

00:13:56.310 --> 00:13:56.320 align:start position:0%
70% from roughly 52,000 in March 2024 to
 

00:13:56.320 --> 00:13:59.509 align:start position:0%
70% from roughly 52,000 in March 2024 to
around<00:13:56.800><c> 13,000</c><00:13:57.519><c> to</c><00:13:57.920><c> 17,000</c><00:13:58.639><c> by</c><00:13:58.959><c> February</c>

00:13:59.509 --> 00:13:59.519 align:start position:0%
around 13,000 to 17,000 by February
 

00:13:59.519 --> 00:14:01.590 align:start position:0%
around 13,000 to 17,000 by February
2026.<00:14:00.480><c> So,</c><00:14:00.639><c> what</c><00:14:00.800><c> this</c><00:14:00.959><c> tells</c><00:14:01.120><c> you</c><00:14:01.279><c> is</c><00:14:01.440><c> that</c>

00:14:01.590 --> 00:14:01.600 align:start position:0%
2026. So, what this tells you is that
 

00:14:01.600 --> 00:14:03.670 align:start position:0%
2026. So, what this tells you is that
once<00:14:01.920><c> the</c><00:14:02.079><c> keyman</c><00:14:02.480><c> has</c><00:14:02.720><c> removed</c><00:14:03.040><c> himself</c><00:14:03.440><c> from</c>

00:14:03.670 --> 00:14:03.680 align:start position:0%
once the keyman has removed himself from
 

00:14:03.680 --> 00:14:05.670 align:start position:0%
once the keyman has removed himself from
camera,<00:14:04.160><c> the</c><00:14:04.399><c> loyal</c><00:14:04.800><c> audience</c><00:14:05.199><c> also</c><00:14:05.519><c> went</c>

00:14:05.670 --> 00:14:05.680 align:start position:0%
camera, the loyal audience also went
 

00:14:05.680 --> 00:14:07.509 align:start position:0%
camera, the loyal audience also went
away<00:14:05.920><c> with</c><00:14:06.160><c> it.</c><00:14:06.480><c> Now,</c><00:14:06.639><c> it</c><00:14:06.880><c> remains</c><00:14:07.120><c> to</c><00:14:07.199><c> be</c><00:14:07.360><c> seen</c>

00:14:07.509 --> 00:14:07.519 align:start position:0%
away with it. Now, it remains to be seen
 

00:14:07.519 --> 00:14:09.430 align:start position:0%
away with it. Now, it remains to be seen
if<00:14:07.760><c> they</c><00:14:07.920><c> will</c><00:14:08.079><c> recover,</c><00:14:08.480><c> but</c><00:14:08.720><c> for</c><00:14:08.880><c> some,</c><00:14:09.199><c> they</c>

00:14:09.430 --> 00:14:09.440 align:start position:0%
if they will recover, but for some, they
 

00:14:09.440 --> 00:14:11.030 align:start position:0%
if they will recover, but for some, they
didn't<00:14:09.680><c> even</c><00:14:09.839><c> get</c><00:14:10.000><c> that</c><00:14:10.160><c> luxury.</c><00:14:10.639><c> Which</c><00:14:10.880><c> leads</c>

00:14:11.030 --> 00:14:11.040 align:start position:0%
didn't even get that luxury. Which leads
 

00:14:11.040 --> 00:14:12.949 align:start position:0%
didn't even get that luxury. Which leads
us<00:14:11.199><c> to</c><00:14:11.279><c> our</c><00:14:11.519><c> third</c><00:14:11.680><c> and</c><00:14:11.920><c> final</c><00:14:12.160><c> player,</c>

00:14:12.949 --> 00:14:12.959 align:start position:0%
us to our third and final player,
 

00:14:12.959 --> 00:14:15.110 align:start position:0%
us to our third and final player,
Recurrent<00:14:13.600><c> Ventures.</c><00:14:14.240><c> Oh,</c><00:14:14.480><c> and</c><00:14:14.800><c> they've</c>

00:14:15.110 --> 00:14:15.120 align:start position:0%
Recurrent Ventures. Oh, and they've
 

00:14:15.120 --> 00:14:16.949 align:start position:0%
Recurrent Ventures. Oh, and they've
raised<00:14:15.519><c> $300</c><00:14:15.839><c> million</c><00:14:16.320><c> from</c><00:14:16.560><c> our</c><00:14:16.720><c> favorite</c>

00:14:16.949 --> 00:14:16.959 align:start position:0%
raised $300 million from our favorite
 

00:14:16.959 --> 00:14:18.710 align:start position:0%
raised $300 million from our favorite
private<00:14:17.279><c> equity</c><00:14:17.600><c> firm,</c><00:14:17.839><c> Blackstone.</c><00:14:18.560><c> Their</c>

00:14:18.710 --> 00:14:18.720 align:start position:0%
private equity firm, Blackstone. Their
 

00:14:18.720 --> 00:14:21.030 align:start position:0%
private equity firm, Blackstone. Their
portfolio<00:14:19.199><c> is</c><00:14:19.440><c> huge,</c><00:14:19.839><c> from</c><00:14:20.240><c> Task</c><00:14:20.639><c> and</c><00:14:20.800><c> Purpose</c>

00:14:21.030 --> 00:14:21.040 align:start position:0%
portfolio is huge, from Task and Purpose
 

00:14:21.040 --> 00:14:23.430 align:start position:0%
portfolio is huge, from Task and Purpose
to<00:14:21.360><c> even</c><00:14:21.680><c> Popular</c><00:14:22.079><c> Science.</c><00:14:22.800><c> But</c><00:14:22.959><c> their</c><00:14:23.199><c> most</c>

00:14:23.430 --> 00:14:23.440 align:start position:0%
to even Popular Science. But their most
 

00:14:23.440 --> 00:14:25.590 align:start position:0%
to even Popular Science. But their most
important<00:14:23.839><c> acquisition</c><00:14:24.399><c> is</c><00:14:24.639><c> Donut</c><00:14:25.040><c> Media.</c>

00:14:25.590 --> 00:14:25.600 align:start position:0%
important acquisition is Donut Media.
 

00:14:25.600 --> 00:14:28.150 align:start position:0%
important acquisition is Donut Media.
Found<00:14:25.920><c> in</c><00:14:26.079><c> 2015,</c><00:14:26.720><c> these</c><00:14:27.040><c> four</c><00:14:27.279><c> guys</c><00:14:27.600><c> built</c><00:14:27.839><c> a</c>

00:14:28.150 --> 00:14:28.160 align:start position:0%
Found in 2015, these four guys built a
 

00:14:28.160 --> 00:14:30.389 align:start position:0%
Found in 2015, these four guys built a
cult<00:14:28.560><c> following</c><00:14:29.040><c> around</c><00:14:29.440><c> automotive</c><00:14:30.079><c> content</c>

00:14:30.389 --> 00:14:30.399 align:start position:0%
cult following around automotive content
 

00:14:30.399 --> 00:14:32.470 align:start position:0%
cult following around automotive content
with<00:14:30.639><c> their</c><00:14:30.959><c> 5.8</c><00:14:31.680><c> million</c><00:14:32.000><c> subscriber</c>

00:14:32.470 --> 00:14:32.480 align:start position:0%
with their 5.8 million subscriber
 

00:14:32.480 --> 00:14:33.910 align:start position:0%
with their 5.8 million subscriber
channel.<00:14:32.959><c> So,</c><00:14:33.120><c> it's</c><00:14:33.279><c> no</c><00:14:33.440><c> surprise</c><00:14:33.680><c> that</c>

00:14:33.910 --> 00:14:33.920 align:start position:0%
channel. So, it's no surprise that
 

00:14:33.920 --> 00:14:35.910 align:start position:0%
channel. So, it's no surprise that
Recurrent<00:14:34.480><c> Ventures</c><00:14:34.880><c> was</c><00:14:35.040><c> all</c><00:14:35.279><c> over</c><00:14:35.440><c> this</c><00:14:35.680><c> to</c>

00:14:35.910 --> 00:14:35.920 align:start position:0%
Recurrent Ventures was all over this to
 

00:14:35.920 --> 00:14:37.750 align:start position:0%
Recurrent Ventures was all over this to
acquire<00:14:36.399><c> Donut,</c><00:14:36.800><c> and</c><00:14:36.959><c> they</c><00:14:37.120><c> successfully</c><00:14:37.519><c> did</c>

00:14:37.750 --> 00:14:37.760 align:start position:0%
acquire Donut, and they successfully did
 

00:14:37.760 --> 00:14:39.990 align:start position:0%
acquire Donut, and they successfully did
so<00:14:37.920><c> in</c><00:14:38.240><c> November</c><00:14:38.639><c> 2021.</c><00:14:39.279><c> And</c><00:14:39.440><c> the</c><00:14:39.600><c> big</c><00:14:39.760><c> promise</c>

00:14:39.990 --> 00:14:40.000 align:start position:0%
so in November 2021. And the big promise
 

00:14:40.000 --> 00:14:41.590 align:start position:0%
so in November 2021. And the big promise
that<00:14:40.240><c> they</c><00:14:40.399><c> made</c><00:14:40.560><c> here</c><00:14:40.800><c> was</c><00:14:40.959><c> that</c><00:14:41.279><c> all</c>

00:14:41.590 --> 00:14:41.600 align:start position:0%
that they made here was that all
 

00:14:41.600 --> 00:14:44.790 align:start position:0%
that they made here was that all
founding<00:14:42.160><c> staff</c><00:14:42.560><c> would</c><00:14:42.959><c> remain.</c><00:14:43.519><c> But</c><00:14:44.480><c> that</c>

00:14:44.790 --> 00:14:44.800 align:start position:0%
founding staff would remain. But that
 

00:14:44.800 --> 00:14:47.269 align:start position:0%
founding staff would remain. But that
soon<00:14:45.040><c> changed.</c><00:14:45.600><c> After</c><00:14:46.000><c> securing</c><00:14:46.399><c> that</c><00:14:46.639><c> sweet</c>

00:14:47.269 --> 00:14:47.279 align:start position:0%
soon changed. After securing that sweet
 

00:14:47.279 --> 00:14:49.829 align:start position:0%
soon changed. After securing that sweet
$300<00:14:47.760><c> million</c><00:14:48.560><c> funding</c><00:14:48.880><c> from</c><00:14:49.120><c> Blackstoneone,</c>

00:14:49.829 --> 00:14:49.839 align:start position:0%
$300 million funding from Blackstoneone,
 

00:14:49.839 --> 00:14:51.430 align:start position:0%
$300 million funding from Blackstoneone,
Recurrent<00:14:50.320><c> started</c><00:14:50.560><c> moving</c><00:14:50.880><c> different.</c><00:14:51.279><c> They</c>

00:14:51.430 --> 00:14:51.440 align:start position:0%
Recurrent started moving different. They
 

00:14:51.440 --> 00:14:52.949 align:start position:0%
Recurrent started moving different. They
overhired<00:14:51.920><c> across</c><00:14:52.160><c> the</c><00:14:52.399><c> portfolio,</c>

00:14:52.949 --> 00:14:52.959 align:start position:0%
overhired across the portfolio,
 

00:14:52.959 --> 00:14:54.470 align:start position:0%
overhired across the portfolio,
attempted<00:14:53.360><c> to</c><00:14:53.519><c> squeeze</c><00:14:53.760><c> more</c><00:14:53.920><c> revenue</c><00:14:54.240><c> from</c>

00:14:54.470 --> 00:14:54.480 align:start position:0%
attempted to squeeze more revenue from
 

00:14:54.480 --> 00:14:56.069 align:start position:0%
attempted to squeeze more revenue from
product<00:14:54.720><c> reviews,</c><00:14:55.120><c> and</c><00:14:55.279><c> when</c><00:14:55.360><c> the</c><00:14:55.600><c> economics</c>

00:14:56.069 --> 00:14:56.079 align:start position:0%
product reviews, and when the economics
 

00:14:56.079 --> 00:14:58.870 align:start position:0%
product reviews, and when the economics
deteriorated,<00:14:57.199><c> they</c><00:14:57.600><c> started</c><00:14:57.839><c> to</c><00:14:58.079><c> cut</c><00:14:58.320><c> costs.</c>

00:14:58.870 --> 00:14:58.880 align:start position:0%
deteriorated, they started to cut costs.
 

00:14:58.880 --> 00:15:00.629 align:start position:0%
deteriorated, they started to cut costs.
And<00:14:59.040><c> even</c><00:14:59.279><c> though</c><00:14:59.519><c> raw</c><00:14:59.760><c> subscriber</c><00:15:00.240><c> count</c>

00:15:00.629 --> 00:15:00.639 align:start position:0%
And even though raw subscriber count
 

00:15:00.639 --> 00:15:03.990 align:start position:0%
And even though raw subscriber count
continued<00:15:01.040><c> to</c><00:15:01.199><c> grow</c><00:15:01.920><c> 8</c><00:15:02.160><c> million</c><00:15:02.560><c> by</c><00:15:02.880><c> 2024,</c>

00:15:03.990 --> 00:15:04.000 align:start position:0%
continued to grow 8 million by 2024,
 

00:15:04.000 --> 00:15:05.829 align:start position:0%
continued to grow 8 million by 2024,
what<00:15:04.240><c> didn't,</c><00:15:04.639><c> and</c><00:15:05.120><c> sounds</c><00:15:05.360><c> a</c><00:15:05.519><c> little</c><00:15:05.680><c> bit</c>

00:15:05.829 --> 00:15:05.839 align:start position:0%
what didn't, and sounds a little bit
 

00:15:05.839 --> 00:15:08.230 align:start position:0%
what didn't, and sounds a little bit
corny,<00:15:06.320><c> was</c><00:15:06.560><c> that</c><00:15:06.959><c> magic</c><00:15:07.519><c> that</c><00:15:07.760><c> made</c><00:15:08.000><c> them</c>

00:15:08.230 --> 00:15:08.240 align:start position:0%
corny, was that magic that made them
 

00:15:08.240 --> 00:15:09.750 align:start position:0%
corny, was that magic that made them
great.<00:15:08.639><c> Less</c><00:15:08.880><c> than</c><00:15:09.040><c> three</c><00:15:09.279><c> years</c><00:15:09.440><c> after</c>

00:15:09.750 --> 00:15:09.760 align:start position:0%
great. Less than three years after
 

00:15:09.760 --> 00:15:12.230 align:start position:0%
great. Less than three years after
acquisition,<00:15:10.639><c> three</c><00:15:10.959><c> of</c><00:15:11.040><c> the</c><00:15:11.279><c> four</c><00:15:11.519><c> guys</c><00:15:11.920><c> all</c>

00:15:12.230 --> 00:15:12.240 align:start position:0%
acquisition, three of the four guys all
 

00:15:12.240 --> 00:15:14.550 align:start position:0%
acquisition, three of the four guys all
departed<00:15:12.720><c> within</c><00:15:13.040><c> weeks</c><00:15:13.279><c> of</c><00:15:13.440><c> each</c><00:15:13.600><c> other</c><00:15:14.079><c> and</c>

00:15:14.550 --> 00:15:14.560 align:start position:0%
departed within weeks of each other and
 

00:15:14.560 --> 00:15:16.710 align:start position:0%
departed within weeks of each other and
so<00:15:14.880><c> did</c><00:15:15.120><c> the</c><00:15:15.360><c> audience</c><00:15:16.000><c> because</c><00:15:16.320><c> two</c><00:15:16.480><c> of</c><00:15:16.560><c> the</c>

00:15:16.710 --> 00:15:16.720 align:start position:0%
so did the audience because two of the
 

00:15:16.720 --> 00:15:18.629 align:start position:0%
so did the audience because two of the
hosts<00:15:17.120><c> launched</c><00:15:17.440><c> their</c><00:15:17.680><c> own</c><00:15:18.000><c> independent</c>

00:15:18.629 --> 00:15:18.639 align:start position:0%
hosts launched their own independent
 

00:15:18.639 --> 00:15:20.870 align:start position:0%
hosts launched their own independent
channels<00:15:19.199><c> big</c><00:15:19.440><c> time</c><00:15:19.680><c> in</c><00:15:19.920><c> speed</c><00:15:20.320><c> and</c><00:15:20.639><c> just</c>

00:15:20.870 --> 00:15:20.880 align:start position:0%
channels big time in speed and just
 

00:15:20.880 --> 00:15:23.590 align:start position:0%
channels big time in speed and just
within<00:15:21.199><c> a</c><00:15:21.360><c> matter</c><00:15:21.600><c> of</c><00:15:21.760><c> weeks</c><00:15:22.240><c> crossed</c><00:15:22.800><c> 1.6</c>

00:15:23.590 --> 00:15:23.600 align:start position:0%
within a matter of weeks crossed 1.6
 

00:15:23.600 --> 00:15:25.670 align:start position:0%
within a matter of weeks crossed 1.6
million<00:15:23.920><c> combined</c><00:15:24.480><c> subscribers.</c><00:15:25.360><c> So</c><00:15:25.519><c> with</c>

00:15:25.670 --> 00:15:25.680 align:start position:0%
million combined subscribers. So with
 

00:15:25.680 --> 00:15:27.269 align:start position:0%
million combined subscribers. So with
all<00:15:25.839><c> these</c><00:15:26.079><c> different</c><00:15:26.320><c> outcomes</c><00:15:26.800><c> and</c><00:15:27.040><c> right</c>

00:15:27.269 --> 00:15:27.279 align:start position:0%
all these different outcomes and right
 

00:15:27.279 --> 00:15:29.269 align:start position:0%
all these different outcomes and right
now<00:15:27.519><c> it's</c><00:15:27.839><c> showing</c><00:15:28.240><c> more</c><00:15:28.560><c> bad</c><00:15:28.800><c> than</c><00:15:29.040><c> good</c>

00:15:29.269 --> 00:15:29.279 align:start position:0%
now it's showing more bad than good
 

00:15:29.279 --> 00:15:30.870 align:start position:0%
now it's showing more bad than good
ones.<00:15:29.839><c> What's</c><00:15:30.079><c> interesting</c><00:15:30.320><c> to</c><00:15:30.480><c> see</c><00:15:30.720><c> though</c>

00:15:30.870 --> 00:15:30.880 align:start position:0%
ones. What's interesting to see though
 

00:15:30.880 --> 00:15:33.110 align:start position:0%
ones. What's interesting to see though
is<00:15:31.040><c> that</c><00:15:31.279><c> private</c><00:15:31.680><c> equity</c><00:15:32.160><c> money</c><00:15:32.639><c> keeps</c>

00:15:33.110 --> 00:15:33.120 align:start position:0%
is that private equity money keeps
 

00:15:33.120 --> 00:15:35.350 align:start position:0%
is that private equity money keeps
flowing<00:15:34.000><c> and</c><00:15:34.320><c> flowing.</c><00:15:34.800><c> And</c><00:15:34.959><c> when</c><00:15:35.120><c> you</c><00:15:35.279><c> look</c>

00:15:35.350 --> 00:15:35.360 align:start position:0%
flowing and flowing. And when you look
 

00:15:35.360 --> 00:15:36.710 align:start position:0%
flowing and flowing. And when you look
at<00:15:35.440><c> the</c><00:15:35.600><c> channels</c><00:15:35.839><c> that</c><00:15:36.000><c> they're</c><00:15:36.240><c> targeting,</c>

00:15:36.710 --> 00:15:36.720 align:start position:0%
at the channels that they're targeting,
 

00:15:36.720 --> 00:15:38.230 align:start position:0%
at the channels that they're targeting,
it<00:15:37.040><c> starts</c><00:15:37.279><c> to</c><00:15:37.315><c> [music]</c><00:15:37.440><c> kind</c><00:15:37.600><c> of</c><00:15:37.680><c> make</c><00:15:37.839><c> sense.</c>

00:15:38.230 --> 00:15:38.240 align:start position:0%
it starts to [music] kind of make sense.
 

00:15:38.240 --> 00:15:39.509 align:start position:0%
it starts to [music] kind of make sense.
Take<00:15:38.399><c> a</c><00:15:38.480><c> look</c><00:15:38.560><c> at</c><00:15:38.639><c> that</c><00:15:38.880><c> acquisition</c><00:15:39.360><c> map</c>

00:15:39.509 --> 00:15:39.519 align:start position:0%
Take a look at that acquisition map
 

00:15:39.519 --> 00:15:41.829 align:start position:0%
Take a look at that acquisition map
again.<00:15:39.839><c> Veritassium,</c><00:15:40.639><c> Fireship,</c><00:15:41.279><c> Economics</c>

00:15:41.829 --> 00:15:41.839 align:start position:0%
again. Veritassium, Fireship, Economics
 

00:15:41.839 --> 00:15:43.910 align:start position:0%
again. Veritassium, Fireship, Economics
Explained,<00:15:42.399><c> these</c><00:15:42.639><c> are</c><00:15:42.800><c> all</c><00:15:43.120><c> channels</c><00:15:43.519><c> aimed</c>

00:15:43.910 --> 00:15:43.920 align:start position:0%
Explained, these are all channels aimed
 

00:15:43.920 --> 00:15:46.949 align:start position:0%
Explained, these are all channels aimed
at<00:15:44.320><c> educated</c><00:15:44.880><c> adults</c><00:15:45.279><c> in</c><00:15:45.839><c> high</c><00:15:46.160><c> value</c><00:15:46.480><c> niches</c>

00:15:46.949 --> 00:15:46.959 align:start position:0%
at educated adults in high value niches
 

00:15:46.959 --> 00:15:49.749 align:start position:0%
at educated adults in high value niches
like<00:15:47.279><c> finance,</c><00:15:47.920><c> education,</c><00:15:48.800><c> and</c><00:15:49.199><c> science.</c>

00:15:49.749 --> 00:15:49.759 align:start position:0%
like finance, education, and science.
 

00:15:49.759 --> 00:15:51.350 align:start position:0%
like finance, education, and science.
And<00:15:49.920><c> this</c><00:15:50.079><c> matters</c><00:15:50.320><c> a</c><00:15:50.480><c> lot</c><00:15:50.639><c> because</c><00:15:50.800><c> a</c><00:15:51.040><c> regular</c>

00:15:51.350 --> 00:15:51.360 align:start position:0%
And this matters a lot because a regular
 

00:15:51.360 --> 00:15:53.670 align:start position:0%
And this matters a lot because a regular
TV<00:15:51.680><c> ad</c><00:15:52.000><c> around</c><00:15:52.240><c> these</c><00:15:52.480><c> niches</c><00:15:52.959><c> costs</c><00:15:53.279><c> around</c>

00:15:53.670 --> 00:15:53.680 align:start position:0%
TV ad around these niches costs around
 

00:15:53.680 --> 00:15:56.310 align:start position:0%
TV ad around these niches costs around
$10<00:15:53.839><c> to</c><00:15:54.000><c> $15</c><00:15:54.560><c> to</c><00:15:54.800><c> reach</c><00:15:55.040><c> a,000</c><00:15:55.600><c> people.</c><00:15:56.160><c> But</c>

00:15:56.310 --> 00:15:56.320 align:start position:0%
$10 to $15 to reach a,000 people. But
 

00:15:56.320 --> 00:15:58.710 align:start position:0%
$10 to $15 to reach a,000 people. But
with<00:15:56.480><c> YouTube,</c><00:15:57.199><c> in</c><00:15:57.519><c> one</c><00:15:57.680><c> of</c><00:15:57.759><c> these</c><00:15:58.000><c> niches,</c><00:15:58.480><c> it</c>

00:15:58.710 --> 00:15:58.720 align:start position:0%
with YouTube, in one of these niches, it
 

00:15:58.720 --> 00:16:01.030 align:start position:0%
with YouTube, in one of these niches, it
can<00:15:58.880><c> cost</c><00:15:58.931><c> [music]</c><00:15:59.360><c> $50</c><00:16:00.079><c> per</c><00:16:00.320><c> thousand.</c><00:16:00.880><c> And</c>

00:16:01.030 --> 00:16:01.040 align:start position:0%
can cost [music] $50 per thousand. And
 

00:16:01.040 --> 00:16:02.949 align:start position:0%
can cost [music] $50 per thousand. And
again,<00:16:01.279><c> it</c><00:16:01.440><c> goes</c><00:16:01.600><c> back</c><00:16:01.759><c> to</c><00:16:02.000><c> advertisers</c><00:16:02.720><c> not</c>

00:16:02.949 --> 00:16:02.959 align:start position:0%
again, it goes back to advertisers not
 

00:16:02.959 --> 00:16:04.710 align:start position:0%
again, it goes back to advertisers not
just<00:16:03.120><c> paying</c><00:16:03.360><c> for</c><00:16:03.519><c> impressions,</c><00:16:04.160><c> but</c><00:16:04.399><c> they're</c>

00:16:04.710 --> 00:16:04.720 align:start position:0%
just paying for impressions, but they're
 

00:16:04.720 --> 00:16:06.870 align:start position:0%
just paying for impressions, but they're
paying<00:16:05.040><c> for</c><00:16:05.279><c> that</c><00:16:05.600><c> trust.</c><00:16:06.079><c> It's</c><00:16:06.320><c> the</c><00:16:06.639><c> same</c>

00:16:06.870 --> 00:16:06.880 align:start position:0%
paying for that trust. It's the same
 

00:16:06.880 --> 00:16:08.710 align:start position:0%
paying for that trust. It's the same
reason<00:16:07.199><c> that</c><00:16:07.519><c> subscriber</c><00:16:08.079><c> stone</c><00:16:08.399><c> capital</c>

00:16:08.710 --> 00:16:08.720 align:start position:0%
reason that subscriber stone capital
 

00:16:08.720 --> 00:16:10.790 align:start position:0%
reason that subscriber stone capital
would<00:16:08.959><c> go</c><00:16:09.040><c> after</c><00:16:09.279><c> a</c><00:16:09.519><c> channel</c><00:16:09.759><c> like</c><00:16:10.480><c> because</c><00:16:10.639><c> if</c>

00:16:10.790 --> 00:16:10.800 align:start position:0%
would go after a channel like because if
 

00:16:10.800 --> 00:16:13.110 align:start position:0%
would go after a channel like because if
I<00:16:10.959><c> had</c><00:16:11.120><c> to</c><00:16:11.279><c> guess,</c><00:16:11.839><c> you</c><00:16:12.160><c> watching</c><00:16:12.720><c> probably</c>

00:16:13.110 --> 00:16:13.120 align:start position:0%
I had to guess, you watching probably
 

00:16:13.120 --> 00:16:15.509 align:start position:0%
I had to guess, you watching probably
have<00:16:13.360><c> more</c><00:16:13.600><c> disposable</c><00:16:14.160><c> income</c><00:16:14.560><c> than</c><00:16:15.199><c> someone</c>

00:16:15.509 --> 00:16:15.519 align:start position:0%
have more disposable income than someone
 

00:16:15.519 --> 00:16:17.269 align:start position:0%
have more disposable income than someone
regularly<00:16:16.000><c> watching</c><00:16:16.399><c> slop</c><00:16:16.800><c> tamement</c><00:16:17.271><c> [music]</c>

00:16:17.269 --> 00:16:17.279 align:start position:0%
regularly watching slop tamement [music]
 

00:16:17.279 --> 00:16:20.949 align:start position:0%
regularly watching slop tamement [music]
or<00:16:17.839><c> kid</c><00:16:18.160><c> channels.</c><00:16:18.800><c> But</c><00:16:19.600><c> turns</c><00:16:19.920><c> out</c><00:16:20.399><c> even</c><00:16:20.639><c> that</c>

00:16:20.949 --> 00:16:20.959 align:start position:0%
or kid channels. But turns out even that
 

00:16:20.959 --> 00:16:22.310 align:start position:0%
or kid channels. But turns out even that
is<00:16:21.120><c> changing</c><00:16:21.519><c> because</c><00:16:21.759><c> one</c><00:16:21.920><c> of</c><00:16:22.000><c> the</c><00:16:22.160><c> biggest</c>

00:16:22.310 --> 00:16:22.320 align:start position:0%
is changing because one of the biggest
 

00:16:22.320 --> 00:16:23.829 align:start position:0%
is changing because one of the biggest
deals<00:16:22.639><c> in</c><00:16:22.800><c> this</c><00:16:22.959><c> entire</c><00:16:23.279><c> space</c><00:16:23.519><c> that</c><00:16:23.680><c> I</c>

00:16:23.829 --> 00:16:23.839 align:start position:0%
deals in this entire space that I
 

00:16:23.839 --> 00:16:25.350 align:start position:0%
deals in this entire space that I
haven't<00:16:24.000><c> even</c><00:16:24.240><c> talked</c><00:16:24.399><c> about</c><00:16:24.639><c> yet</c><00:16:25.040><c> has</c>

00:16:25.350 --> 00:16:25.360 align:start position:0%
haven't even talked about yet has
 

00:16:25.360 --> 00:16:27.509 align:start position:0%
haven't even talked about yet has
nothing<00:16:25.600><c> to</c><00:16:25.839><c> do</c><00:16:25.920><c> with</c><00:16:26.160><c> educated</c><00:16:26.639><c> adults.</c><00:16:27.279><c> It</c>

00:16:27.509 --> 00:16:27.519 align:start position:0%
nothing to do with educated adults. It
 

00:16:27.519 --> 00:16:30.949 align:start position:0%
nothing to do with educated adults. It
has<00:16:27.839><c> everything</c><00:16:28.240><c> to</c><00:16:28.480><c> do</c><00:16:28.720><c> with</c><00:16:29.680><c> toddlers.</c><00:16:30.720><c> If</c>

00:16:30.949 --> 00:16:30.959 align:start position:0%
has everything to do with toddlers. If
 

00:16:30.959 --> 00:16:33.269 align:start position:0%
has everything to do with toddlers. If
you<00:16:31.040><c> have</c><00:16:31.279><c> kids</c><00:16:31.519><c> or</c><00:16:32.000><c> for</c><00:16:32.320><c> some</c><00:16:32.639><c> reason</c><00:16:33.040><c> watch</c>

00:16:33.269 --> 00:16:33.279 align:start position:0%
you have kids or for some reason watch
 

00:16:33.279 --> 00:16:34.870 align:start position:0%
you have kids or for some reason watch
this<00:16:33.600><c> show,</c><00:16:33.920><c> which</c><00:16:34.160><c> is</c><00:16:34.320><c> which</c><00:16:34.480><c> is</c><00:16:34.639><c> kind</c><00:16:34.800><c> of</c>

00:16:34.870 --> 00:16:34.880 align:start position:0%
this show, which is which is kind of
 

00:16:34.880 --> 00:16:36.949 align:start position:0%
this show, which is which is kind of
weird,<00:16:35.360><c> you</c><00:16:35.600><c> know</c><00:16:35.759><c> exactly</c><00:16:36.160><c> what</c><00:16:36.320><c> this</c><00:16:36.560><c> is.</c>

00:16:36.949 --> 00:16:36.959 align:start position:0%
weird, you know exactly what this is.
 

00:16:36.959 --> 00:16:38.389 align:start position:0%
weird, you know exactly what this is.
But<00:16:37.120><c> also,</c><00:16:37.360><c> it's</c><00:16:37.600><c> probably</c><00:16:37.759><c> more</c><00:16:38.000><c> weird</c><00:16:38.240><c> that</c>

00:16:38.389 --> 00:16:38.399 align:start position:0%
But also, it's probably more weird that
 

00:16:38.399 --> 00:16:39.829 align:start position:0%
But also, it's probably more weird that
you've<00:16:38.639><c> never</c><00:16:38.800><c> heard</c><00:16:39.040><c> of</c><00:16:39.199><c> them,</c><00:16:39.440><c> considering</c>

00:16:39.829 --> 00:16:39.839 align:start position:0%
you've never heard of them, considering
 

00:16:39.839 --> 00:16:41.430 align:start position:0%
you've never heard of them, considering
that<00:16:40.000><c> they're</c><00:16:40.320><c> the</c><00:16:40.480><c> second</c><00:16:40.720><c> most</c><00:16:40.959><c> subscribed</c>

00:16:41.430 --> 00:16:41.440 align:start position:0%
that they're the second most subscribed
 

00:16:41.440 --> 00:16:43.189 align:start position:0%
that they're the second most subscribed
YouTube<00:16:41.759><c> channel</c><00:16:42.000><c> on</c><00:16:42.160><c> Earth</c><00:16:42.180><c> [music]</c><00:16:42.399><c> with</c>

00:16:43.189 --> 00:16:43.199 align:start position:0%
YouTube channel on Earth [music] with
 

00:16:43.199 --> 00:16:45.189 align:start position:0%
YouTube channel on Earth [music] with
120<00:16:43.519><c> million</c><00:16:43.839><c> subscribers.</c><00:16:44.480><c> But</c><00:16:44.639><c> in</c><00:16:44.800><c> November</c>

00:16:45.189 --> 00:16:45.199 align:start position:0%
120 million subscribers. But in November
 

00:16:45.199 --> 00:16:48.310 align:start position:0%
120 million subscribers. But in November
2021,<00:16:46.160><c> Candle</c><00:16:46.639><c> Media,</c><00:16:47.120><c> run</c><00:16:47.360><c> by</c><00:16:47.600><c> former</c><00:16:48.000><c> Disney</c>

00:16:48.310 --> 00:16:48.320 align:start position:0%
2021, Candle Media, run by former Disney
 

00:16:48.320 --> 00:16:50.150 align:start position:0%
2021, Candle Media, run by former Disney
executives<00:16:48.959><c> and</c><00:16:49.199><c> backed</c><00:16:49.600><c> again</c><00:16:49.839><c> by</c>

00:16:50.150 --> 00:16:50.160 align:start position:0%
executives and backed again by
 

00:16:50.160 --> 00:16:52.790 align:start position:0%
executives and backed again by
Blackstone,<00:16:51.040><c> acquired</c><00:16:51.600><c> Coco</c><00:16:52.000><c> Melon's</c><00:16:52.480><c> parent</c>

00:16:52.790 --> 00:16:52.800 align:start position:0%
Blackstone, acquired Coco Melon's parent
 

00:16:52.800 --> 00:16:55.269 align:start position:0%
Blackstone, acquired Coco Melon's parent
company<00:16:53.120><c> for</c><00:16:53.519><c> $3</c><00:16:53.759><c> billion.</c><00:16:54.800><c> And</c><00:16:54.959><c> what</c><00:16:55.120><c> they</c>

00:16:55.269 --> 00:16:55.279 align:start position:0%
company for $3 billion. And what they
 

00:16:55.279 --> 00:16:56.949 align:start position:0%
company for $3 billion. And what they
built<00:16:55.440><c> with</c><00:16:55.600><c> that</c><00:16:55.759><c> money</c><00:16:55.920><c> is</c><00:16:56.079><c> a</c><00:16:56.320><c> system</c><00:16:56.560><c> that</c>

00:16:56.949 --> 00:16:56.959 align:start position:0%
built with that money is a system that
 

00:16:56.959 --> 00:16:59.590 align:start position:0%
built with that money is a system that
literally<00:16:57.519><c> tracks</c><00:16:58.000><c> second</c><00:16:58.399><c> by</c><00:16:58.720><c> second</c><00:16:59.120><c> when</c><00:16:59.360><c> a</c>

00:16:59.590 --> 00:16:59.600 align:start position:0%
literally tracks second by second when a
 

00:16:59.600 --> 00:17:01.350 align:start position:0%
literally tracks second by second when a
toddler<00:17:00.079><c> stops</c><00:17:00.399><c> paying</c><00:17:00.639><c> attention</c><00:17:00.880><c> to</c><00:17:01.120><c> their</c>

00:17:01.350 --> 00:17:01.360 align:start position:0%
toddler stops paying attention to their
 

00:17:01.360 --> 00:17:05.829 align:start position:0%
toddler stops paying attention to their
videos.

00:17:05.829 --> 00:17:05.839 align:start position:0%
 
 

00:17:05.839 --> 00:17:07.750 align:start position:0%
 
&gt;&gt; And<00:17:06.000><c> by</c><00:17:06.240><c> figuring</c><00:17:06.480><c> out</c><00:17:06.720><c> the</c><00:17:06.959><c> exact</c><00:17:07.280><c> moment</c><00:17:07.520><c> a</c>

00:17:07.750 --> 00:17:07.760 align:start position:0%
&gt;&gt; And by figuring out the exact moment a
 

00:17:07.760 --> 00:17:10.390 align:start position:0%
&gt;&gt; And by figuring out the exact moment a
2-year-old<00:17:08.319><c> looks</c><00:17:08.640><c> away,</c><00:17:09.120><c> they</c><00:17:09.439><c> can</c><00:17:09.679><c> engineer</c>

00:17:10.390 --> 00:17:10.400 align:start position:0%
2-year-old looks away, they can engineer
 

00:17:10.400 --> 00:17:12.710 align:start position:0%
2-year-old looks away, they can engineer
every<00:17:10.720><c> video</c><00:17:11.199><c> onwards</c><00:17:11.760><c> to</c><00:17:12.079><c> make</c><00:17:12.240><c> sure</c><00:17:12.400><c> that</c>

00:17:12.710 --> 00:17:12.720 align:start position:0%
every video onwards to make sure that
 

00:17:12.720 --> 00:17:14.789 align:start position:0%
every video onwards to make sure that
never<00:17:13.120><c> happens</c><00:17:13.520><c> again.</c><00:17:13.919><c> So</c><00:17:14.160><c> point</c><00:17:14.319><c> is,</c><00:17:14.559><c> it's</c>

00:17:14.789 --> 00:17:14.799 align:start position:0%
never happens again. So point is, it's
 

00:17:14.799 --> 00:17:16.789 align:start position:0%
never happens again. So point is, it's
not<00:17:14.959><c> just</c><00:17:15.120><c> channels</c><00:17:15.520><c> for</c><00:17:15.679><c> adults.</c><00:17:16.400><c> Private</c>

00:17:16.789 --> 00:17:16.799 align:start position:0%
not just channels for adults. Private
 

00:17:16.799 --> 00:17:18.630 align:start position:0%
not just channels for adults. Private
equity<00:17:17.199><c> is</c><00:17:17.439><c> increasingly</c><00:17:18.079><c> reaching</c><00:17:18.400><c> the</c>

00:17:18.630 --> 00:17:18.640 align:start position:0%
equity is increasingly reaching the
 

00:17:18.640 --> 00:17:21.029 align:start position:0%
equity is increasingly reaching the
youngest<00:17:19.120><c> audiences</c><00:17:20.000><c> who</c><00:17:20.319><c> know</c><00:17:20.559><c> nothing</c>

00:17:21.029 --> 00:17:21.039 align:start position:0%
youngest audiences who know nothing
 

00:17:21.039 --> 00:17:23.110 align:start position:0%
youngest audiences who know nothing
other<00:17:21.280><c> than</c><00:17:21.520><c> to</c><00:17:21.839><c> press</c><00:17:22.160><c> play</c><00:17:22.400><c> on</c><00:17:22.640><c> their</c><00:17:22.799><c> damn</c>

00:17:23.110 --> 00:17:23.120 align:start position:0%
other than to press play on their damn
 

00:17:23.120 --> 00:17:25.189 align:start position:0%
other than to press play on their damn
iPad.<00:17:23.679><c> Because</c><00:17:23.919><c> as</c><00:17:24.160><c> long</c><00:17:24.240><c> as</c><00:17:24.400><c> those</c><00:17:24.640><c> kids</c><00:17:24.959><c> keep</c>

00:17:25.189 --> 00:17:25.199 align:start position:0%
iPad. Because as long as those kids keep
 

00:17:25.199 --> 00:17:26.789 align:start position:0%
iPad. Because as long as those kids keep
watching<00:17:25.600><c> and</c><00:17:25.839><c> begging</c><00:17:26.160><c> their</c><00:17:26.319><c> parents</c><00:17:26.640><c> to</c>

00:17:26.789 --> 00:17:26.799 align:start position:0%
watching and begging their parents to
 

00:17:26.799 --> 00:17:29.029 align:start position:0%
watching and begging their parents to
buy<00:17:26.959><c> the</c><00:17:27.199><c> latest</c><00:17:27.520><c> merch</c><00:17:27.839><c> or</c><00:17:28.000><c> game,</c><00:17:28.559><c> that's</c><00:17:28.799><c> all</c>

00:17:29.029 --> 00:17:29.039 align:start position:0%
buy the latest merch or game, that's all
 

00:17:29.039 --> 00:17:31.510 align:start position:0%
buy the latest merch or game, that's all
the<00:17:29.280><c> return</c><00:17:29.520><c> on</c><00:17:29.760><c> investment</c><00:17:30.320><c> anyone</c><00:17:30.799><c> needs.</c>

00:17:31.510 --> 00:17:31.520 align:start position:0%
the return on investment anyone needs.
 

00:17:31.520 --> 00:17:32.950 align:start position:0%
the return on investment anyone needs.
The<00:17:31.760><c> thing</c><00:17:31.840><c> is,</c><00:17:32.160><c> every</c><00:17:32.400><c> deal</c><00:17:32.640><c> that</c><00:17:32.799><c> I've</c>

00:17:32.950 --> 00:17:32.960 align:start position:0%
The thing is, every deal that I've
 

00:17:32.960 --> 00:17:35.110 align:start position:0%
The thing is, every deal that I've
showed<00:17:33.120><c> you</c><00:17:33.360><c> so</c><00:17:33.600><c> far</c><00:17:33.840><c> are</c><00:17:34.240><c> only</c><00:17:34.559><c> the</c><00:17:34.799><c> ones</c><00:17:34.960><c> that</c>

00:17:35.110 --> 00:17:35.120 align:start position:0%
showed you so far are only the ones that
 

00:17:35.120 --> 00:17:36.789 align:start position:0%
showed you so far are only the ones that
we<00:17:35.360><c> know</c><00:17:35.520><c> about.</c><00:17:35.919><c> And</c><00:17:36.080><c> when</c><00:17:36.320><c> collective</c>

00:17:36.789 --> 00:17:36.799 align:start position:0%
we know about. And when collective
 

00:17:36.799 --> 00:17:38.549 align:start position:0%
we know about. And when collective
investment<00:17:37.280><c> into</c><00:17:37.600><c> YouTube</c><00:17:38.000><c> channels</c><00:17:38.320><c> have</c>

00:17:38.549 --> 00:17:38.559 align:start position:0%
investment into YouTube channels have
 

00:17:38.559 --> 00:17:41.110 align:start position:0%
investment into YouTube channels have
now<00:17:38.799><c> reached</c><00:17:39.200><c> $4</c><00:17:39.440><c> million,</c><00:17:40.400><c> there's</c><00:17:40.720><c> probably</c>

00:17:41.110 --> 00:17:41.120 align:start position:0%
now reached $4 million, there's probably
 

00:17:41.120 --> 00:17:42.870 align:start position:0%
now reached $4 million, there's probably
a<00:17:41.360><c> lot</c><00:17:41.520><c> more</c><00:17:41.760><c> that</c><00:17:42.000><c> we</c><00:17:42.160><c> don't.</c><00:17:42.422><c> [music]</c><00:17:42.640><c> Like</c>

00:17:42.870 --> 00:17:42.880 align:start position:0%
a lot more that we don't. [music] Like
 

00:17:42.880 --> 00:17:45.750 align:start position:0%
a lot more that we don't. [music] Like
again,<00:17:43.440><c> maybe</c><00:17:43.760><c> this</c><00:17:44.000><c> channel.</c><00:17:45.120><c> But</c><00:17:45.280><c> before</c><00:17:45.520><c> I</c>

00:17:45.750 --> 00:17:45.760 align:start position:0%
again, maybe this channel. But before I
 

00:17:45.760 --> 00:17:47.750 align:start position:0%
again, maybe this channel. But before I
reveal<00:17:46.000><c> that</c><00:17:46.240><c> truth,</c><00:17:46.640><c> we</c><00:17:46.960><c> have</c><00:17:47.120><c> to</c><00:17:47.360><c> talk</c><00:17:47.520><c> about</c>

00:17:47.750 --> 00:17:47.760 align:start position:0%
reveal that truth, we have to talk about
 

00:17:47.760 --> 00:17:49.669 align:start position:0%
reveal that truth, we have to talk about
what<00:17:48.080><c> all</c><00:17:48.400><c> this</c><00:17:48.640><c> actually</c><00:17:48.960><c> means.</c><00:17:49.440><c> Because</c>

00:17:49.669 --> 00:17:49.679 align:start position:0%
what all this actually means. Because
 

00:17:49.679 --> 00:17:51.350 align:start position:0%
what all this actually means. Because
everything<00:17:49.919><c> I've</c><00:17:50.160><c> talked</c><00:17:50.400><c> about</c><00:17:50.720><c> isn't</c><00:17:51.120><c> just</c>

00:17:51.350 --> 00:17:51.360 align:start position:0%
everything I've talked about isn't just
 

00:17:51.360 --> 00:17:53.029 align:start position:0%
everything I've talked about isn't just
about<00:17:51.760><c> entertainment</c><00:17:52.400><c> getting</c><00:17:52.640><c> worse</c><00:17:52.880><c> or</c>

00:17:53.029 --> 00:17:53.039 align:start position:0%
about entertainment getting worse or
 

00:17:53.039 --> 00:17:54.789 align:start position:0%
about entertainment getting worse or
bought<00:17:53.280><c> out.</c><00:17:53.600><c> Matter</c><00:17:53.840><c> of</c><00:17:53.919><c> fact,</c><00:17:54.320><c> all</c><00:17:54.559><c> this</c>

00:17:54.789 --> 00:17:54.799 align:start position:0%
bought out. Matter of fact, all this
 

00:17:54.799 --> 00:17:56.630 align:start position:0%
bought out. Matter of fact, all this
even<00:17:55.039><c> goes</c><00:17:55.360><c> beyond</c><00:17:55.679><c> money.</c><00:17:56.160><c> This</c><00:17:56.320><c> means</c>

00:17:56.630 --> 00:17:56.640 align:start position:0%
even goes beyond money. This means
 

00:17:56.640 --> 00:17:58.230 align:start position:0%
even goes beyond money. This means
controlling<00:17:57.039><c> what</c><00:17:57.280><c> the</c><00:17:57.440><c> next</c><00:17:57.679><c> generation</c>

00:17:58.230 --> 00:17:58.240 align:start position:0%
controlling what the next generation
 

00:17:58.240 --> 00:18:00.310 align:start position:0%
controlling what the next generation
believes<00:17:58.799><c> and</c><00:17:59.039><c> how</c><00:17:59.200><c> our</c><00:17:59.520><c> future</c><00:17:59.840><c> is</c><00:18:00.000><c> already</c>

00:18:00.310 --> 00:18:00.320 align:start position:0%
believes and how our future is already
 

00:18:00.320 --> 00:18:04.710 align:start position:0%
believes and how our future is already
getting<00:18:00.559><c> manipulated.</c>

00:18:04.710 --> 00:18:04.720 align:start position:0%
 
 

00:18:04.720 --> 00:18:06.310 align:start position:0%
 
And<00:18:04.880><c> if</c><00:18:05.039><c> you</c><00:18:05.120><c> think</c><00:18:05.200><c> that's</c><00:18:05.440><c> hyperbolic,</c>

00:18:06.310 --> 00:18:06.320 align:start position:0%
And if you think that's hyperbolic,
 

00:18:06.320 --> 00:18:07.909 align:start position:0%
And if you think that's hyperbolic,
think<00:18:06.559><c> again,</c><00:18:06.880><c> because</c><00:18:07.120><c> we</c><00:18:07.280><c> already</c><00:18:07.520><c> saw</c><00:18:07.760><c> what</c>

00:18:07.909 --> 00:18:07.919 align:start position:0%
think again, because we already saw what
 

00:18:07.919 --> 00:18:09.750 align:start position:0%
think again, because we already saw what
creator<00:18:08.320><c> trust</c><00:18:08.640><c> can</c><00:18:08.799><c> do</c><00:18:08.960><c> when</c><00:18:09.200><c> it's</c><00:18:09.440><c> pointed</c>

00:18:09.750 --> 00:18:09.760 align:start position:0%
creator trust can do when it's pointed
 

00:18:09.760 --> 00:18:12.310 align:start position:0%
creator trust can do when it's pointed
at<00:18:10.000><c> politics.</c><00:18:10.640><c> During</c><00:18:10.880><c> the</c><00:18:11.039><c> 2024</c><00:18:11.679><c> election,</c>

00:18:12.310 --> 00:18:12.320 align:start position:0%
at politics. During the 2024 election,
 

00:18:12.320 --> 00:18:14.390 align:start position:0%
at politics. During the 2024 election,
Trump<00:18:12.640><c> sat</c><00:18:12.880><c> down</c><00:18:13.120><c> with</c><00:18:13.280><c> Joe</c><00:18:13.600><c> Rogan,</c><00:18:14.080><c> Aiden</c>

00:18:14.390 --> 00:18:14.400 align:start position:0%
Trump sat down with Joe Rogan, Aiden
 

00:18:14.400 --> 00:18:16.549 align:start position:0%
Trump sat down with Joe Rogan, Aiden
Ross,<00:18:14.799><c> the</c><00:18:14.960><c> Nelk</c><00:18:15.280><c> Boys,</c><00:18:15.600><c> Theo</c><00:18:15.919><c> Von,</c><00:18:16.320><c> and</c>

00:18:16.549 --> 00:18:16.559 align:start position:0%
Ross, the Nelk Boys, Theo Von, and
 

00:18:16.559 --> 00:18:18.789 align:start position:0%
Ross, the Nelk Boys, Theo Von, and
dozens<00:18:16.880><c> of</c><00:18:17.039><c> creators,</c><00:18:17.520><c> most</c><00:18:17.919><c> boomers</c><00:18:18.400><c> and</c><00:18:18.640><c> big</c>

00:18:18.789 --> 00:18:18.799 align:start position:0%
dozens of creators, most boomers and big
 

00:18:18.799 --> 00:18:20.870 align:start position:0%
dozens of creators, most boomers and big
heads<00:18:19.039><c> that</c><00:18:19.280><c> traditional</c><00:18:19.760><c> media</c><00:18:20.240><c> has</c><00:18:20.559><c> never</c>

00:18:20.870 --> 00:18:20.880 align:start position:0%
heads that traditional media has never
 

00:18:20.880 --> 00:18:21.669 align:start position:0%
heads that traditional media has never
heard<00:18:21.120><c> about.</c>

00:18:21.669 --> 00:18:21.679 align:start position:0%
heard about.
 

00:18:21.679 --> 00:18:23.510 align:start position:0%
heard about.
&gt;&gt; President<00:18:22.080><c> Trump</c><00:18:22.480><c> back</c><00:18:22.640><c> on</c><00:18:22.799><c> the</c><00:18:22.960><c> podcast.</c>

00:18:23.510 --> 00:18:23.520 align:start position:0%
&gt;&gt; President Trump back on the podcast.
 

00:18:23.520 --> 00:18:23.909 align:start position:0%
&gt;&gt; President Trump back on the podcast.
&gt;&gt; We're<00:18:23.679><c> back.</c>

00:18:23.909 --> 00:18:23.919 align:start position:0%
&gt;&gt; We're back.
 

00:18:23.919 --> 00:18:25.350 align:start position:0%
&gt;&gt; We're back.
&gt;&gt; I'll<00:18:24.080><c> say</c><00:18:24.240><c> that</c><00:18:24.400><c> to</c><00:18:24.559><c> the</c><00:18:24.720><c> Nek</c><00:18:25.039><c> Boys.</c>

00:18:25.350 --> 00:18:25.360 align:start position:0%
&gt;&gt; I'll say that to the Nek Boys.
 

00:18:25.360 --> 00:18:26.230 align:start position:0%
&gt;&gt; I'll say that to the Nek Boys.
&gt;&gt; Our<00:18:25.520><c> last</c><00:18:25.760><c> chance.</c>

00:18:26.230 --> 00:18:26.240 align:start position:0%
&gt;&gt; Our last chance.
 

00:18:26.240 --> 00:18:29.110 align:start position:0%
&gt;&gt; Our last chance.
&gt;&gt; If<00:18:26.480><c> she</c><00:18:26.720><c> wins,</c><00:18:27.760><c> the</c><00:18:28.000><c> country</c><00:18:28.240><c> is</c><00:18:28.480><c> finished.</c>

00:18:29.110 --> 00:18:29.120 align:start position:0%
&gt;&gt; If she wins, the country is finished.
 

00:18:29.120 --> 00:18:31.350 align:start position:0%
&gt;&gt; If she wins, the country is finished.
&gt;&gt; His<00:18:29.360><c> appearance</c><00:18:29.679><c> on</c><00:18:29.919><c> Rogan</c><00:18:30.400><c> alone</c><00:18:30.960><c> pulled</c>

00:18:31.350 --> 00:18:31.360 align:start position:0%
&gt;&gt; His appearance on Rogan alone pulled
 

00:18:31.360 --> 00:18:33.590 align:start position:0%
&gt;&gt; His appearance on Rogan alone pulled
nearly<00:18:31.840><c> 38</c><00:18:32.320><c> million</c><00:18:32.640><c> YouTube</c><00:18:33.039><c> views</c><00:18:33.280><c> within</c>

00:18:33.590 --> 00:18:33.600 align:start position:0%
nearly 38 million YouTube views within
 

00:18:33.600 --> 00:18:35.750 align:start position:0%
nearly 38 million YouTube views within
hours.<00:18:34.080><c> And</c><00:18:34.320><c> during</c><00:18:34.559><c> his</c><00:18:34.799><c> victory</c><00:18:35.280><c> speech,</c>

00:18:35.750 --> 00:18:35.760 align:start position:0%
hours. And during his victory speech,
 

00:18:35.760 --> 00:18:37.909 align:start position:0%
hours. And during his victory speech,
Dana<00:18:36.240><c> White</c><00:18:36.559><c> got</c><00:18:36.720><c> on</c><00:18:36.960><c> stage</c><00:18:37.280><c> and</c><00:18:37.600><c> thank</c>

00:18:37.909 --> 00:18:37.919 align:start position:0%
Dana White got on stage and thank
 

00:18:37.919 --> 00:18:39.750 align:start position:0%
Dana White got on stage and thank
content<00:18:38.320><c> creators</c><00:18:38.720><c> by</c><00:18:38.960><c> name.</c><00:18:39.360><c> I</c><00:18:39.600><c> want</c><00:18:39.679><c> to</c>

00:18:39.750 --> 00:18:39.760 align:start position:0%
content creators by name. I want to
 

00:18:39.760 --> 00:18:42.070 align:start position:0%
content creators by name. I want to
thank<00:18:39.919><c> the</c><00:18:40.080><c> Nel</c><00:18:40.480><c> Boys,</c><00:18:40.799><c> Aiden</c><00:18:41.120><c> Ross,</c><00:18:41.760><c> Theo</c>

00:18:42.070 --> 00:18:42.080 align:start position:0%
thank the Nel Boys, Aiden Ross, Theo
 

00:18:42.080 --> 00:18:44.150 align:start position:0%
thank the Nel Boys, Aiden Ross, Theo
Vaughn,<00:18:42.559><c> AND</c><00:18:42.799><c> LAST</c><00:18:43.039><c> BUT</c><00:18:43.360><c> NOT</c><00:18:43.520><c> LEAST,</c><00:18:43.919><c> THE</c>

00:18:44.150 --> 00:18:44.160 align:start position:0%
Vaughn, AND LAST BUT NOT LEAST, THE
 

00:18:44.160 --> 00:18:45.909 align:start position:0%
Vaughn, AND LAST BUT NOT LEAST, THE
MIGHTY<00:18:44.400><c> AND</c><00:18:44.640><c> POWERFUL</c><00:18:45.039><c> Joe</c><00:18:45.360><c> Rogan.</c>

00:18:45.909 --> 00:18:45.919 align:start position:0%
MIGHTY AND POWERFUL Joe Rogan.
 

00:18:45.919 --> 00:18:47.830 align:start position:0%
MIGHTY AND POWERFUL Joe Rogan.
&gt;&gt; Among<00:18:46.240><c> the</c><00:18:46.400><c> listeners</c><00:18:46.799><c> who</c><00:18:47.039><c> said</c><00:18:47.280><c> podcast</c>

00:18:47.830 --> 00:18:47.840 align:start position:0%
&gt;&gt; Among the listeners who said podcast
 

00:18:47.840 --> 00:18:50.470 align:start position:0%
&gt;&gt; Among the listeners who said podcast
influenced<00:18:48.240><c> their</c><00:18:48.480><c> vote,</c><00:18:49.120><c> 54%</c><00:18:50.000><c> went</c><00:18:50.240><c> for</c>

00:18:50.470 --> 00:18:50.480 align:start position:0%
influenced their vote, 54% went for
 

00:18:50.480 --> 00:18:52.470 align:start position:0%
influenced their vote, 54% went for
Trump.<00:18:50.799><c> But</c><00:18:50.960><c> where</c><00:18:51.120><c> I'm</c><00:18:51.280><c> going</c><00:18:51.440><c> with</c><00:18:51.600><c> this</c><00:18:51.919><c> is</c>

00:18:52.470 --> 00:18:52.480 align:start position:0%
Trump. But where I'm going with this is
 

00:18:52.480 --> 00:18:54.070 align:start position:0%
Trump. But where I'm going with this is
here's<00:18:52.880><c> where</c><00:18:53.039><c> it</c><00:18:53.200><c> gets</c><00:18:53.440><c> uncomfortable.</c>

00:18:54.070 --> 00:18:54.080 align:start position:0%
here's where it gets uncomfortable.
 

00:18:54.080 --> 00:18:56.470 align:start position:0%
here's where it gets uncomfortable.
Private<00:18:54.400><c> equity</c><00:18:54.960><c> acquired</c><00:18:55.440><c> channels</c><00:18:56.000><c> already</c>

00:18:56.470 --> 00:18:56.480 align:start position:0%
Private equity acquired channels already
 

00:18:56.480 --> 00:18:58.150 align:start position:0%
Private equity acquired channels already
are<00:18:56.640><c> being</c><00:18:56.799><c> told</c><00:18:57.039><c> to</c><00:18:57.200><c> change</c><00:18:57.520><c> content</c><00:18:57.840><c> to</c><00:18:58.080><c> be</c>

00:18:58.150 --> 00:18:58.160 align:start position:0%
are being told to change content to be
 

00:18:58.160 --> 00:19:00.789 align:start position:0%
are being told to change content to be
safer<00:18:58.720><c> because</c><00:18:59.440><c> controversy</c><00:19:00.160><c> scares</c><00:19:00.559><c> the</c>

00:19:00.789 --> 00:19:00.799 align:start position:0%
safer because controversy scares the
 

00:19:00.799 --> 00:19:02.789 align:start position:0%
safer because controversy scares the
advertisers<00:19:01.679><c> and</c><00:19:01.919><c> their</c><00:19:02.240><c> portfolio</c>

00:19:02.789 --> 00:19:02.799 align:start position:0%
advertisers and their portfolio
 

00:19:02.799 --> 00:19:04.470 align:start position:0%
advertisers and their portfolio
managers.<00:19:03.520><c> So,</c><00:19:03.679><c> if</c><00:19:03.919><c> that's</c><00:19:04.160><c> already</c>

00:19:04.470 --> 00:19:04.480 align:start position:0%
managers. So, if that's already
 

00:19:04.480 --> 00:19:06.470 align:start position:0%
managers. So, if that's already
happening,<00:19:05.039><c> what's</c><00:19:05.440><c> stopping</c><00:19:05.840><c> a</c><00:19:06.160><c> private</c>

00:19:06.470 --> 00:19:06.480 align:start position:0%
happening, what's stopping a private
 

00:19:06.480 --> 00:19:08.470 align:start position:0%
happening, what's stopping a private
equity<00:19:06.799><c> firm</c><00:19:07.120><c> from</c><00:19:07.360><c> acquiring</c><00:19:08.000><c> political</c>

00:19:08.470 --> 00:19:08.480 align:start position:0%
equity firm from acquiring political
 

00:19:08.480 --> 00:19:10.549 align:start position:0%
equity firm from acquiring political
commentary<00:19:09.039><c> channels</c><00:19:09.679><c> and</c><00:19:09.919><c> steering</c><00:19:10.320><c> their</c>

00:19:10.549 --> 00:19:10.559 align:start position:0%
commentary channels and steering their
 

00:19:10.559 --> 00:19:12.789 align:start position:0%
commentary channels and steering their
editorial<00:19:11.280><c> direction</c><00:19:11.679><c> towards</c><00:19:12.160><c> candidates</c>

00:19:12.789 --> 00:19:12.799 align:start position:0%
editorial direction towards candidates
 

00:19:12.799 --> 00:19:14.789 align:start position:0%
editorial direction towards candidates
who<00:19:13.039><c> would</c><00:19:13.280><c> pass</c><00:19:13.600><c> laws</c><00:19:13.919><c> that</c><00:19:14.160><c> benefit</c><00:19:14.559><c> the</c>

00:19:14.789 --> 00:19:14.799 align:start position:0%
who would pass laws that benefit the
 

00:19:14.799 --> 00:19:17.029 align:start position:0%
who would pass laws that benefit the
firm's<00:19:15.200><c> other</c><00:19:15.440><c> investments.</c><00:19:16.480><c> Because</c><00:19:16.799><c> the</c>

00:19:17.029 --> 00:19:17.039 align:start position:0%
firm's other investments. Because the
 

00:19:17.039 --> 00:19:18.710 align:start position:0%
firm's other investments. Because the
thing<00:19:17.200><c> is,</c><00:19:17.520><c> there's</c><00:19:17.840><c> currently</c><00:19:18.160><c> no</c><00:19:18.400><c> rules</c>

00:19:18.710 --> 00:19:18.720 align:start position:0%
thing is, there's currently no rules
 

00:19:18.720 --> 00:19:20.390 align:start position:0%
thing is, there's currently no rules
against<00:19:19.039><c> it.</c><00:19:19.360><c> And</c><00:19:19.520><c> right</c><00:19:19.760><c> now,</c><00:19:19.919><c> when</c><00:19:20.160><c> an</c>

00:19:20.390 --> 00:19:20.400 align:start position:0%
against it. And right now, when an
 

00:19:20.400 --> 00:19:22.390 align:start position:0%
against it. And right now, when an
influencer<00:19:20.960><c> is</c><00:19:21.200><c> cheaper</c><00:19:21.600><c> to</c><00:19:21.760><c> acquire</c><00:19:22.160><c> than</c>

00:19:22.390 --> 00:19:22.400 align:start position:0%
influencer is cheaper to acquire than
 

00:19:22.400 --> 00:19:24.630 align:start position:0%
influencer is cheaper to acquire than
some<00:19:22.720><c> mainstream</c><00:19:23.280><c> news</c><00:19:23.679><c> network,</c><00:19:24.080><c> plus</c><00:19:24.400><c> the</c>

00:19:24.630 --> 00:19:24.640 align:start position:0%
some mainstream news network, plus the
 

00:19:24.640 --> 00:19:26.789 align:start position:0%
some mainstream news network, plus the
audience<00:19:24.960><c> trusts</c><00:19:25.280><c> them</c><00:19:25.520><c> more.</c><00:19:26.000><c> And</c><00:19:26.320><c> like</c><00:19:26.480><c> we</c>

00:19:26.789 --> 00:19:26.799 align:start position:0%
audience trusts them more. And like we
 

00:19:26.799 --> 00:19:28.950 align:start position:0%
audience trusts them more. And like we
established,<00:19:27.440><c> when</c><00:19:27.600><c> a</c><00:19:27.840><c> creator</c><00:19:28.400><c> doesn't</c><00:19:28.799><c> have</c>

00:19:28.950 --> 00:19:28.960 align:start position:0%
established, when a creator doesn't have
 

00:19:28.960 --> 00:19:31.190 align:start position:0%
established, when a creator doesn't have
to<00:19:29.120><c> disclose</c><00:19:29.600><c> what</c><00:19:30.000><c> private</c><00:19:30.400><c> equity</c><00:19:30.880><c> firm</c>

00:19:31.190 --> 00:19:31.200 align:start position:0%
to disclose what private equity firm
 

00:19:31.200 --> 00:19:33.590 align:start position:0%
to disclose what private equity firm
they're<00:19:31.520><c> owned</c><00:19:31.760><c> by,</c><00:19:32.240><c> it</c><00:19:32.559><c> really</c><00:19:32.960><c> becomes</c><00:19:33.360><c> a</c>

00:19:33.590 --> 00:19:33.600 align:start position:0%
they're owned by, it really becomes a
 

00:19:33.600 --> 00:19:36.230 align:start position:0%
they're owned by, it really becomes a
no-brainer<00:19:34.320><c> on</c><00:19:34.640><c> both</c><00:19:34.960><c> sides.</c><00:19:35.840><c> And</c><00:19:36.000><c> so,</c>

00:19:36.230 --> 00:19:36.240 align:start position:0%
no-brainer on both sides. And so,
 

00:19:36.240 --> 00:19:38.150 align:start position:0%
no-brainer on both sides. And so,
remember<00:19:36.559><c> that</c><00:19:36.880><c> third</c><00:19:37.200><c> criteria</c><00:19:37.679><c> I</c><00:19:37.919><c> mentioned</c>

00:19:38.150 --> 00:19:38.160 align:start position:0%
remember that third criteria I mentioned
 

00:19:38.160 --> 00:19:40.230 align:start position:0%
remember that third criteria I mentioned
in<00:19:38.400><c> the</c><00:19:38.799><c> subscriber</c><00:19:39.360><c> stone</c><00:19:39.760><c> investor</c>

00:19:40.230 --> 00:19:40.240 align:start position:0%
in the subscriber stone investor
 

00:19:40.240 --> 00:19:42.230 align:start position:0%
in the subscriber stone investor
meeting?<00:19:40.720><c> That</c><00:19:40.960><c> third</c><00:19:41.280><c> criteria</c><00:19:41.840><c> I'm</c><00:19:42.080><c> sure</c>

00:19:42.230 --> 00:19:42.240 align:start position:0%
meeting? That third criteria I'm sure
 

00:19:42.240 --> 00:19:44.390 align:start position:0%
meeting? That third criteria I'm sure
private<00:19:42.559><c> equity</c><00:19:42.880><c> firms</c><00:19:43.280><c> consider</c><00:19:43.840><c> is</c><00:19:44.160><c> how</c>

00:19:44.390 --> 00:19:44.400 align:start position:0%
private equity firms consider is how
 

00:19:44.400 --> 00:19:46.230 align:start position:0%
private equity firms consider is how
much<00:19:44.640><c> the</c><00:19:44.960><c> channel</c><00:19:45.360><c> values</c><00:19:45.840><c> money</c><00:19:46.218><c> [music]</c>

00:19:46.230 --> 00:19:46.240 align:start position:0%
much the channel values money [music]
 

00:19:46.240 --> 00:19:48.230 align:start position:0%
much the channel values money [music]
over<00:19:46.640><c> principles.</c><00:19:47.440><c> Because</c><00:19:47.600><c> I</c><00:19:47.840><c> can</c><00:19:47.919><c> tell</c><00:19:48.000><c> you</c>

00:19:48.230 --> 00:19:48.240 align:start position:0%
over principles. Because I can tell you
 

00:19:48.240 --> 00:19:50.310 align:start position:0%
over principles. Because I can tell you
from<00:19:48.480><c> experience,</c><00:19:49.200><c> I've</c><00:19:49.440><c> gotten</c><00:19:49.840><c> offers</c><00:19:50.160><c> for</c>

00:19:50.310 --> 00:19:50.320 align:start position:0%
from experience, I've gotten offers for
 

00:19:50.320 --> 00:19:51.990 align:start position:0%
from experience, I've gotten offers for
this<00:19:50.480><c> channel</c><00:19:50.799><c> that</c><00:19:51.200><c> I</c><00:19:51.520><c> can't</c><00:19:51.679><c> fully</c>

00:19:51.990 --> 00:19:52.000 align:start position:0%
this channel that I can't fully
 

00:19:52.000 --> 00:19:53.909 align:start position:0%
this channel that I can't fully
disclose.<00:19:52.640><c> But</c><00:19:52.799><c> what</c><00:19:53.039><c> I</c><00:19:53.200><c> can</c><00:19:53.360><c> tell</c><00:19:53.520><c> you</c><00:19:53.679><c> is</c>

00:19:53.909 --> 00:19:53.919 align:start position:0%
disclose. But what I can tell you is
 

00:19:53.919 --> 00:19:56.070 align:start position:0%
disclose. But what I can tell you is
that<00:19:54.080><c> when</c><00:19:54.400><c> those</c><00:19:54.720><c> conversations</c><00:19:55.360><c> happen,</c>

00:19:56.070 --> 00:19:56.080 align:start position:0%
that when those conversations happen,
 

00:19:56.080 --> 00:19:57.909 align:start position:0%
that when those conversations happen,
the<00:19:56.320><c> first</c><00:19:56.480><c> thing</c><00:19:56.640><c> that</c><00:19:56.880><c> gets</c><00:19:57.120><c> discussed</c><00:19:57.679><c> is</c>

00:19:57.909 --> 00:19:57.919 align:start position:0%
the first thing that gets discussed is
 

00:19:57.919 --> 00:20:00.150 align:start position:0%
the first thing that gets discussed is
the<00:19:58.160><c> sort</c><00:19:58.559><c> and</c><00:19:58.799><c> list</c><00:19:59.039><c> of</c><00:19:59.280><c> topics</c><00:19:59.600><c> that</c><00:19:59.919><c> you're</c>

00:20:00.150 --> 00:20:00.160 align:start position:0%
the sort and list of topics that you're
 

00:20:00.160 --> 00:20:02.710 align:start position:0%
the sort and list of topics that you're
not<00:20:00.480><c> allowed</c><00:20:00.799><c> to</c><00:20:01.039><c> touch</c><00:20:01.280><c> anymore.</c><00:20:02.000><c> So</c><00:20:02.320><c> really</c>

00:20:02.710 --> 00:20:02.720 align:start position:0%
not allowed to touch anymore. So really
 

00:20:02.720 --> 00:20:04.310 align:start position:0%
not allowed to touch anymore. So really
think<00:20:02.880><c> about</c><00:20:03.120><c> where</c><00:20:03.360><c> all</c><00:20:03.600><c> this</c><00:20:03.760><c> is</c><00:20:03.919><c> heading.</c>

00:20:04.310 --> 00:20:04.320 align:start position:0%
think about where all this is heading.
 

00:20:04.320 --> 00:20:05.750 align:start position:0%
think about where all this is heading.
We<00:20:04.559><c> stopped</c><00:20:04.799><c> trusting</c><00:20:05.039><c> the</c><00:20:05.200><c> banks</c><00:20:05.520><c> after</c>

00:20:05.750 --> 00:20:05.760 align:start position:0%
We stopped trusting the banks after
 

00:20:05.760 --> 00:20:07.990 align:start position:0%
We stopped trusting the banks after
2008.<00:20:06.559><c> We</c><00:20:06.799><c> stopped</c><00:20:07.120><c> trusting</c><00:20:07.440><c> the</c><00:20:07.600><c> government</c>

00:20:07.990 --> 00:20:08.000 align:start position:0%
2008. We stopped trusting the government
 

00:20:08.000 --> 00:20:10.310 align:start position:0%
2008. We stopped trusting the government
a<00:20:08.240><c> long</c><00:20:08.480><c> time</c><00:20:08.640><c> ago</c><00:20:09.200><c> hopefully</c><00:20:09.760><c> and</c><00:20:10.000><c> you</c>

00:20:10.310 --> 00:20:10.320 align:start position:0%
a long time ago hopefully and you
 

00:20:10.320 --> 00:20:12.230 align:start position:0%
a long time ago hopefully and you
stopped<00:20:10.640><c> trusting</c><00:20:11.120><c> mainstream</c><00:20:11.600><c> media.</c><00:20:12.080><c> And</c>

00:20:12.230 --> 00:20:12.240 align:start position:0%
stopped trusting mainstream media. And
 

00:20:12.240 --> 00:20:14.150 align:start position:0%
stopped trusting mainstream media. And
now<00:20:12.480><c> it's</c><00:20:12.720><c> pretty</c><00:20:12.960><c> undeniable</c><00:20:13.600><c> that</c><00:20:13.840><c> that</c>

00:20:14.150 --> 00:20:14.160 align:start position:0%
now it's pretty undeniable that that
 

00:20:14.160 --> 00:20:15.990 align:start position:0%
now it's pretty undeniable that that
trust<00:20:14.383><c> [music]</c><00:20:14.720><c> has</c><00:20:15.039><c> been</c><00:20:15.280><c> transferred</c><00:20:15.760><c> to</c>

00:20:15.990 --> 00:20:16.000 align:start position:0%
trust [music] has been transferred to
 

00:20:16.000 --> 00:20:18.870 align:start position:0%
trust [music] has been transferred to
your<00:20:16.320><c> favorite</c><00:20:16.720><c> YouTuber</c><00:20:17.520><c> like</c><00:20:17.760><c> myself.</c><00:20:18.640><c> But</c>

00:20:18.870 --> 00:20:18.880 align:start position:0%
your favorite YouTuber like myself. But
 

00:20:18.880 --> 00:20:21.270 align:start position:0%
your favorite YouTuber like myself. But
at<00:20:19.039><c> the</c><00:20:19.120><c> same</c><00:20:19.280><c> time,</c><00:20:19.600><c> when</c><00:20:19.919><c> 80%</c><00:20:20.640><c> say</c><00:20:20.799><c> that</c><00:20:20.960><c> the</c>

00:20:21.270 --> 00:20:21.280 align:start position:0%
at the same time, when 80% say that the
 

00:20:21.280 --> 00:20:23.350 align:start position:0%
at the same time, when 80% say that the
biggest<00:20:21.520><c> trust</c><00:20:21.840><c> killer</c><00:20:22.240><c> is</c><00:20:22.480><c> when</c><00:20:22.720><c> influencers</c>

00:20:23.350 --> 00:20:23.360 align:start position:0%
biggest trust killer is when influencers
 

00:20:23.360 --> 00:20:25.270 align:start position:0%
biggest trust killer is when influencers
reveal<00:20:23.760><c> themselves</c><00:20:24.160><c> as</c><00:20:24.400><c> not</c><00:20:24.640><c> genuine</c><00:20:25.039><c> or</c>

00:20:25.270 --> 00:20:25.280 align:start position:0%
reveal themselves as not genuine or
 

00:20:25.280 --> 00:20:26.870 align:start position:0%
reveal themselves as not genuine or
transparent,<00:20:26.080><c> unlike</c><00:20:26.400><c> the</c><00:20:26.640><c> other</c>

00:20:26.870 --> 00:20:26.880 align:start position:0%
transparent, unlike the other
 

00:20:26.880 --> 00:20:29.110 align:start position:0%
transparent, unlike the other
institutions<00:20:27.520><c> we</c><00:20:27.760><c> name</c><00:20:28.080><c> that</c><00:20:28.320><c> lost</c><00:20:28.720><c> trust</c>

00:20:29.110 --> 00:20:29.120 align:start position:0%
institutions we name that lost trust
 

00:20:29.120 --> 00:20:31.430 align:start position:0%
institutions we name that lost trust
slowly<00:20:29.600><c> over</c><00:20:29.840><c> decades,</c><00:20:30.559><c> this</c><00:20:30.799><c> relationship</c>

00:20:31.430 --> 00:20:31.440 align:start position:0%
slowly over decades, this relationship
 

00:20:31.440 --> 00:20:33.190 align:start position:0%
slowly over decades, this relationship
is<00:20:31.679><c> something</c><00:20:31.919><c> that</c><00:20:32.159><c> can</c><00:20:32.320><c> break</c><00:20:32.640><c> overnight.</c>

00:20:33.190 --> 00:20:33.200 align:start position:0%
is something that can break overnight.
 

00:20:33.200 --> 00:20:34.710 align:start position:0%
is something that can break overnight.
And<00:20:33.360><c> what</c><00:20:33.520><c> we're</c><00:20:33.760><c> now</c><00:20:34.000><c> beginning</c><00:20:34.240><c> to</c><00:20:34.400><c> see</c><00:20:34.559><c> is</c>

00:20:34.710 --> 00:20:34.720 align:start position:0%
And what we're now beginning to see is
 

00:20:34.720 --> 00:20:36.630 align:start position:0%
And what we're now beginning to see is
that<00:20:34.880><c> it's</c><00:20:35.120><c> not</c><00:20:35.280><c> just</c><00:20:35.520><c> private</c><00:20:35.840><c> equity,</c><00:20:36.400><c> but</c>

00:20:36.630 --> 00:20:36.640 align:start position:0%
that it's not just private equity, but
 

00:20:36.640 --> 00:20:38.870 align:start position:0%
that it's not just private equity, but
the<00:20:36.880><c> largest</c><00:20:37.280><c> companies</c><00:20:38.000><c> is</c><00:20:38.320><c> making</c><00:20:38.559><c> their</c>

00:20:38.870 --> 00:20:38.880 align:start position:0%
the largest companies is making their
 

00:20:38.880 --> 00:20:41.029 align:start position:0%
the largest companies is making their
way<00:20:39.120><c> into</c><00:20:39.520><c> one</c><00:20:39.760><c> of</c><00:20:39.840><c> the</c><00:20:40.000><c> last</c><00:20:40.320><c> institutions</c>

00:20:41.029 --> 00:20:41.039 align:start position:0%
way into one of the last institutions
 

00:20:41.039 --> 00:20:43.830 align:start position:0%
way into one of the last institutions
that<00:20:41.440><c> people</c><00:20:41.894><c> [music]</c><00:20:42.320><c> sort</c><00:20:42.559><c> of</c><00:20:42.799><c> trust.</c><00:20:43.360><c> As</c><00:20:43.600><c> I</c>

00:20:43.830 --> 00:20:43.840 align:start position:0%
that people [music] sort of trust. As I
 

00:20:43.840 --> 00:20:46.230 align:start position:0%
that people [music] sort of trust. As I
was<00:20:44.000><c> finishing</c><00:20:44.320><c> this</c><00:20:44.559><c> video,</c><00:20:45.200><c> Open</c><00:20:45.600><c> AAI</c><00:20:46.000><c> just</c>

00:20:46.230 --> 00:20:46.240 align:start position:0%
was finishing this video, Open AAI just
 

00:20:46.240 --> 00:20:48.870 align:start position:0%
was finishing this video, Open AAI just
bought<00:20:46.640><c> TBPN,</c><00:20:47.600><c> a</c><00:20:47.840><c> live</c><00:20:48.080><c> stream</c><00:20:48.320><c> talk</c><00:20:48.640><c> show</c>

00:20:48.870 --> 00:20:48.880 align:start position:0%
bought TBPN, a live stream talk show
 

00:20:48.880 --> 00:20:50.710 align:start position:0%
bought TBPN, a live stream talk show
that's<00:20:49.120><c> like</c><00:20:49.360><c> the</c><00:20:49.600><c> sports</c><00:20:50.000><c> center</c><00:20:50.320><c> of</c><00:20:50.480><c> the</c>

00:20:50.710 --> 00:20:50.720 align:start position:0%
that's like the sports center of the
 

00:20:50.720 --> 00:20:51.750 align:start position:0%
that's like the sports center of the
tech<00:20:50.960><c> industry.</c>

00:20:51.750 --> 00:20:51.760 align:start position:0%
tech industry.
 

00:20:51.760 --> 00:20:53.990 align:start position:0%
tech industry.
&gt;&gt; A<00:20:51.919><c> core</c><00:20:52.240><c> part</c><00:20:52.559><c> of</c><00:20:52.799><c> this</c><00:20:53.039><c> is</c><00:20:53.280><c> editorial</c>

00:20:53.990 --> 00:20:54.000 align:start position:0%
&gt;&gt; A core part of this is editorial
 

00:20:54.000 --> 00:20:55.909 align:start position:0%
&gt;&gt; A core part of this is editorial
independence.<00:20:54.720><c> We</c><00:20:54.880><c> can</c><00:20:55.039><c> say</c><00:20:55.360><c> whatever</c><00:20:55.679><c> we</c>

00:20:55.909 --> 00:20:55.919 align:start position:0%
independence. We can say whatever we
 

00:20:55.919 --> 00:20:57.669 align:start position:0%
independence. We can say whatever we
want<00:20:56.159><c> because</c><00:20:56.559><c> we're</c><00:20:56.799><c> live</c><00:20:57.120><c> and</c><00:20:57.360><c> we</c><00:20:57.600><c> don't</c>

00:20:57.669 --> 00:20:57.679 align:start position:0%
want because we're live and we don't
 

00:20:57.679 --> 00:20:59.270 align:start position:0%
want because we're live and we don't
need<00:20:57.840><c> to</c><00:20:57.919><c> run</c><00:20:58.159><c> anything</c><00:20:58.400><c> through</c><00:20:58.640><c> anyone.</c>

00:20:59.270 --> 00:20:59.280 align:start position:0%
need to run anything through anyone.
 

00:20:59.280 --> 00:21:01.270 align:start position:0%
need to run anything through anyone.
&gt;&gt; Well,<00:20:59.919><c> we'll</c><00:21:00.159><c> see</c><00:21:00.320><c> about</c><00:21:00.559><c> that.</c><00:21:00.960><c> But</c><00:21:01.039><c> when</c>

00:21:01.270 --> 00:21:01.280 align:start position:0%
&gt;&gt; Well, we'll see about that. But when
 

00:21:01.280 --> 00:21:02.789 align:start position:0%
&gt;&gt; Well, we'll see about that. But when
reports<00:21:01.600><c> are</c><00:21:01.760><c> saying</c><00:21:01.919><c> that</c><00:21:02.080><c> the</c><00:21:02.320><c> deal</c><00:21:02.559><c> was</c>

00:21:02.789 --> 00:21:02.799 align:start position:0%
reports are saying that the deal was
 

00:21:02.799 --> 00:21:05.510 align:start position:0%
reports are saying that the deal was
somewhere<00:21:03.200><c> near</c><00:21:03.679><c> $100</c><00:21:04.080><c> million,</c><00:21:05.120><c> we'll</c><00:21:05.360><c> see</c>

00:21:05.510 --> 00:21:05.520 align:start position:0%
somewhere near $100 million, we'll see
 

00:21:05.520 --> 00:21:07.750 align:start position:0%
somewhere near $100 million, we'll see
how<00:21:05.679><c> much</c><00:21:05.919><c> independence</c><00:21:06.559><c> that</c><00:21:06.799><c> truly</c><00:21:07.200><c> means.</c>

00:21:07.750 --> 00:21:07.760 align:start position:0%
how much independence that truly means.
 

00:21:07.760 --> 00:21:09.510 align:start position:0%
how much independence that truly means.
So<00:21:07.919><c> whether</c><00:21:08.240><c> this</c><00:21:08.400><c> is</c><00:21:08.559><c> the</c><00:21:08.880><c> beginning</c><00:21:09.120><c> of</c><00:21:09.360><c> the</c>

00:21:09.510 --> 00:21:09.520 align:start position:0%
So whether this is the beginning of the
 

00:21:09.520 --> 00:21:11.990 align:start position:0%
So whether this is the beginning of the
end,<00:21:10.320><c> one</c><00:21:10.559><c> thing</c><00:21:10.720><c> is</c><00:21:10.880><c> for</c><00:21:11.120><c> certain.</c><00:21:11.679><c> within</c>

00:21:11.990 --> 00:21:12.000 align:start position:0%
end, one thing is for certain. within
 

00:21:12.000 --> 00:21:14.070 align:start position:0%
end, one thing is for certain. within
the<00:21:12.159><c> next</c><00:21:12.320><c> 10</c><00:21:12.559><c> to</c><00:21:12.799><c> 15</c><00:21:13.120><c> years,</c><00:21:13.520><c> a</c><00:21:13.679><c> major</c>

00:21:14.070 --> 00:21:14.080 align:start position:0%
the next 10 to 15 years, a major
 

00:21:14.080 --> 00:21:16.390 align:start position:0%
the next 10 to 15 years, a major
influencer<00:21:14.880><c> is</c><00:21:15.200><c> going</c><00:21:15.360><c> to</c><00:21:15.520><c> run</c><00:21:15.760><c> for</c><00:21:16.000><c> president</c>

00:21:16.390 --> 00:21:16.400 align:start position:0%
influencer is going to run for president
 

00:21:16.400 --> 00:21:18.390 align:start position:0%
influencer is going to run for president
and<00:21:16.640><c> he</c><00:21:16.880><c> or</c><00:21:17.039><c> she</c><00:21:17.280><c> is</c><00:21:17.520><c> going</c><00:21:17.600><c> to</c><00:21:17.760><c> win.</c><00:21:18.080><c> And</c><00:21:18.240><c> when</c>

00:21:18.390 --> 00:21:18.400 align:start position:0%
and he or she is going to win. And when
 

00:21:18.400 --> 00:21:20.310 align:start position:0%
and he or she is going to win. And when
that<00:21:18.640><c> happens,</c><00:21:19.280><c> the</c><00:21:19.520><c> question</c><00:21:19.840><c> won't</c><00:21:20.080><c> be</c>

00:21:20.310 --> 00:21:20.320 align:start position:0%
that happens, the question won't be
 

00:21:20.320 --> 00:21:22.230 align:start position:0%
that happens, the question won't be
whether<00:21:20.640><c> they're</c><00:21:20.960><c> qualified.</c><00:21:21.760><c> The</c><00:21:22.000><c> question</c>

00:21:22.230 --> 00:21:22.240 align:start position:0%
whether they're qualified. The question
 

00:21:22.240 --> 00:21:24.470 align:start position:0%
whether they're qualified. The question
you<00:21:22.559><c> need</c><00:21:22.640><c> to</c><00:21:22.880><c> think</c><00:21:23.039><c> about</c><00:21:23.360><c> is</c><00:21:23.760><c> who</c><00:21:24.080><c> owns</c>

00:21:24.470 --> 00:21:24.480 align:start position:0%
you need to think about is who owns
 

00:21:24.480 --> 00:21:26.390 align:start position:0%
you need to think about is who owns
them.<00:21:24.880><c> And</c><00:21:24.960><c> so,</c><00:21:25.120><c> I'll</c><00:21:25.360><c> be</c><00:21:25.520><c> going</c><00:21:25.679><c> even</c><00:21:26.000><c> deeper</c>

00:21:26.390 --> 00:21:26.400 align:start position:0%
them. And so, I'll be going even deeper
 

00:21:26.400 --> 00:21:28.470 align:start position:0%
them. And so, I'll be going even deeper
into<00:21:26.559><c> this</c><00:21:26.799><c> issue</c><00:21:27.120><c> next</c><00:21:27.440><c> week</c><00:21:27.760><c> on</c><00:21:28.000><c> my</c><00:21:28.240><c> free</c>

00:21:28.470 --> 00:21:28.480 align:start position:0%
into this issue next week on my free
 

00:21:28.480 --> 00:21:30.310 align:start position:0%
into this issue next week on my free
newsletter<00:21:28.960><c> in</c><00:21:29.200><c> the</c><00:21:29.360><c> video</c><00:21:29.600><c> description.</c><00:21:30.159><c> But</c>

00:21:30.310 --> 00:21:30.320 align:start position:0%
newsletter in the video description. But
 

00:21:30.320 --> 00:21:31.590 align:start position:0%
newsletter in the video description. But
if<00:21:30.480><c> you</c><00:21:30.559><c> don't</c><00:21:30.640><c> want</c><00:21:30.799><c> to</c><00:21:30.880><c> join</c><00:21:31.039><c> the</c><00:21:31.280><c> special</c>

00:21:31.590 --> 00:21:31.600 align:start position:0%
if you don't want to join the special
 

00:21:31.600 --> 00:21:33.909 align:start position:0%
if you don't want to join the special
2,800<00:21:32.240><c> of</c><00:21:32.480><c> you</c><00:21:32.640><c> and</c><00:21:32.880><c> would</c><00:21:33.120><c> rather</c><00:21:33.440><c> watch</c><00:21:33.679><c> how</c>

00:21:33.909 --> 00:21:33.919 align:start position:0%
2,800 of you and would rather watch how
 

00:21:33.919 --> 00:21:35.669 align:start position:0%
2,800 of you and would rather watch how
private<00:21:34.240><c> equity</c><00:21:34.640><c> isn't</c><00:21:34.960><c> just</c><00:21:35.200><c> breaking</c><00:21:35.520><c> your</c>

00:21:35.669 --> 00:21:35.679 align:start position:0%
private equity isn't just breaking your
 

00:21:35.679 --> 00:21:37.029 align:start position:0%
private equity isn't just breaking your
favorite<00:21:36.000><c> YouTube</c><00:21:36.400><c> channel,</c><00:21:36.799><c> but</c>

00:21:37.029 --> 00:21:37.039 align:start position:0%
favorite YouTube channel, but
 

00:21:37.039 --> 00:21:39.029 align:start position:0%
favorite YouTube channel, but
potentially<00:21:37.520><c> the</c><00:21:37.679><c> global</c><00:21:38.080><c> economy,</c><00:21:38.640><c> go</c><00:21:38.799><c> and</c>

00:21:39.029 --> 00:21:39.039 align:start position:0%
potentially the global economy, go and
 

00:21:39.039 --> 00:21:41.590 align:start position:0%
potentially the global economy, go and
watch<00:21:39.360><c> this</c><00:21:39.679><c> video</c><00:21:40.159><c> on</c><00:21:40.400><c> how</c><00:21:40.640><c> private</c><00:21:41.039><c> equity</c>

00:21:41.590 --> 00:21:41.600 align:start position:0%
watch this video on how private equity
 

00:21:41.600 --> 00:21:44.720 align:start position:0%
watch this video on how private equity
will<00:21:41.840><c> break</c><00:21:42.159><c> America.</c><00:21:42.559><c> Yeah.</c>