03:10:32 · John Coogan, Reed Duchscher, Jordi Hays
[03:10:32] S0: So It also has this weird dynamic where, and correct me if I'm wrong, but there might be a lot of money being made on Twitch, but a lot of it is driven by the Twitch Prime program, which is not actually new dollars for Amazon. Whereas, subscribers on YouTube YouTube, premium subscribers, that's just actual dollars that people are paying. [03:10:52] S9: Yeah. You're saying like net new. Or I can explain that for a second. So a couple years ago, Amazon released something where where every Amazon Twitch or sorry. Every Amazon Prime person gets a free Twitch sub. Yeah. So they can essentially use their Amazon Prime to subscribe to some person's Twitch, which which would be $5 a month Mhmm. In most cases. So what you're saying is like, no, that's no longer net new revenue. They've never released how many actual Twitch like subscribers are like actual Amazon Prime. Oh, So we have no idea. Oh, we don't. But I would guess it's a large number. [03:11:23] S0: It felt like it was like, at least in the early days, it was like 80% because it was like Yeah. My parents have have my parents have Amazon Prime. [03:11:30] S1: Did anybody try to make a stream that's just like make me a millionaire and they're just streaming and they're just trying to get people to like use their one Amazon sub? Well, I [03:11:37] S0: mean, tell some stories about Subathons.
03:11:37 · John Coogan, Reed Duchscher, Jordi Hays
[03:11:37] S0: mean, tell some stories about Subathons. [03:11:39] S9: Yeah. I mean, the Subathons became a thing couple years ago. Kai's obviously had the most notarrival one. They had MafiaThon, which led into the third version of that that we did this last year. And it was, you know, thirty one straight days, twenty four hours a day. He had he broke a million subscribers over a thirty one day period. But subathons are not a new thing. But people using Amazon Prime to subscribe to Twitch has been around for a while. Mhmm. And that and that is like the hook that a lot of people use. They'll be like, use your one Amazon Prime sub on me. Mhmm. And but the And so Twitch does, we know kinda what their advertising revenue is, but we have no idea what the makeup of like a Twitch Prime subscriber is. Yeah. But it it has been disappointing. Think from someone who sits on the creator side that, you know, whose company represents the majority of of the Twitch streamers, You know, YouTube leans so heavily or Google leans so heavily into YouTube as as a platform underneath their umbrella where Twitch does feel like this, like, kind of like band of misfit toy inside of Amazon that they don't really care about, don't really talk about. Even when they do the, you know, the the NASCAR deal and they're negotiating to get all these rights for the NBA, it doesn't even feel like Twitch is in those conversations. That that's also been frustrating for us too because for a lot of guys that are streaming on Twitch, that's their main distribution. [03:12:55] S1: Have you tried to buy Twitch?
03:12:55 · Jordi Hays, Reed Duchscher, John Coogan
[03:12:55] S1: Have you tried to buy Twitch? [03:12:56] S9: Think that we would have to [03:12:59] S1: because I know, no, and I and I I know like it sounds crazy, but there's a world where you have all of the talent, like a lot of the most important talent on the platform. There's a lot of investors out there that if they would happily probably if you're like, hey, this is being under, you know, this underappreciated Amazon and we can turn it I don't know what what wasn't it like a billion dollar acquisition? Yep. Like, damn it. Like, that that feels like worth well more than that. [03:13:25] S0: The psychology of the $99.09 $9.09 is so funny. It's like, clearly, was some weird board fight. [03:13:31] S9: I just don't know why Amazon would sell it. Like, why would they part ways with it? It would only ultimately make them look bad if someone could come in and and actually operate this. So [03:13:40] S0: I don't know. Yeah. We yeah. [03:13:42] S9: We were joking about first in line.
03:13:42 · Reed Duchscher, John Coogan, Jordi Hays, Luca Ferrari
[03:13:42] S9: We were joking about first in line. [03:13:43] S0: But We we were joking about how we were praying for Andy Jassy to to get on Twitch because, obviously, he's a very buy the book. You know, he operates AWS. He's a very quantitative executive. But if you look at, like, Mark Zuckerberg, he's on Instagram. Mhmm. He's using the platform. And it's like, of course, Apple's keynote will be streamed on Apple TVs. Of course, Google's gonna do IO on YouTube. And yet Amazon hasn't really leaned into Twitch in that way of like, hey, maybe if we bring our executives here, it's always been like, it's a little bit too crazy. Like, that's a little party [03:14:17] S1: Yeah. [03:14:17] S0: And we're like a little bit more serious [03:14:19] S1: over here. [03:14:19] S9: You'd have to think like if you're gonna pay a billion dollars for the NBA rights Yeah. That you would have to allow Twitch streamers to go stream courtside whenever they want. [03:14:28] S5: Yes. [03:14:28] S9: Yes. They get full locker room access. Yeah. Like, you'd have to open up the app It'd cool. All those creators could benefit from Amazon owning the NBA rights, which ultimately, like, just keeps people in the system that can then watch the games or watch their favorite Twitch streamer backstage or whatever that stream ends up being.
03:14:28 · Reed Duchscher, John Coogan, Jordi Hays, John Tennant
[03:14:28] S9: Yes. They get full locker room access. Yeah. Like, you'd have to open up the app It'd cool. All those creators could benefit from Amazon owning the NBA rights, which ultimately, like, just keeps people in the system that can then watch the games or watch their favorite Twitch streamer backstage or whatever that stream ends up being. [03:14:44] S0: Who who knows? Just feels like it hasn't been fully integrated in any meaningful way, whereas with with YouTube is like front and center in so many of the different parts of the ecosystem with like v o three and the generative AI stuff, it flows right back. Yeah. And so [03:14:58] S1: What what's the best and stuff. What's the best platform to be a top creator on when you think about Twitch, YouTube, Instagram, TikTok? [03:15:08] S9: It's it's to me not even I it's not even a question. It's YouTube by far. [03:15:12] S1: Mhmm. [03:15:12] S9: Like, I I think just their alt monetization, their AdSense monetization, like, if if you're at the even in the top 10,000 channels on YouTube, you're making significant income. Mhmm. And I've said this for a long time, like we we kind of value a fan of just like relative time spent with that individual and people are spending a lot more time with individuals on YouTube than they are on TikTok. Yeah. You know, you'd have to watch I don't even know how many TikToks of a single person to get up to like a seventeen minute Mr. Beast video where the average person's consuming 70 to 80% of that video. [03:15:45] S4: Yeah. Yeah.
03:15:45 · John Tennant, John Coogan, Reed Duchscher, Tyler
[03:15:45] S4: Yeah. Yeah. [03:15:45] S0: Yeah. So Do you believe in this I like this exchange rate concept. Maybe it all just boils down to watch time. But I feel like it's it's 10 times harder to get like a live viewer than a video essay viewer. It's 10 times harder to get a video viewer than a shorts viewer. Maybe there's maybe there's like a chain of exchange rates through these things. [03:16:06] S9: Yeah. But you you can parlay it now on YouTube Yeah. Which is why I said YouTube because you can use YouTube Shorts as the discoverability mechanism For your [03:16:13] S2: long which is a [03:16:14] S9: lot easier to get someone in the door Yep. To then figure out what your content is to then create long form videos Mhmm. To now they're watching a twenty minute video and they're watching mid rolls and a unskippable ad. Yeah. And so I think YouTube has done such a masterful job of just like continuing to build the platform for amazing place for creators. [03:16:31] S0: Yeah. What do you think about this this idea that like YouTube just seems to be coalescing around the old TV formats like MrBeast, it feels like he landed on like, oh, it's about a twenty two minute video which is like exactly how long Mhmm. Like an episode of The Simpsons is in a thirty minute time slot. And then there will be around eight minutes of ads because that's just the ad load that TV discovered and some of those will be in in the video and some of those will be out of the video. But effectively, it just feels like humans landed on like, yeah, like half an hour slot.