> "There is zero reason to think that a tech company can create content better than anyone else — which is the only way anyone knows of to capture any future ad growth. They have zero advantage over Disney."<p>I was following but til this point. Unfortunately, it is false assumption, fatally false.<p>I'm going to over-simplify a bit but...The tech companies know what you watched, how much you watched, at what point you stopped, what you shared (or didn't), etc. If Spotify can guess / predict what you might want to hear, the same can be done for other content.<p>Furthermore, the traditional media companies spent a fair amount on marketing hoping to get the message out to the appropriate target markets. FB and Google already know who is where, when, why, etc.<p>Correct me, but didn't Netflix use viewing data / analysis to understand which film's and even scenes "worked" and which did not in order to grow their own content.