Speaker unverified: belief

Transcript context

…People talk a lot about distribution dynamics in this space. The fact that you guys, now that you're soon passing a billion MAUs, there are a lot of advantages you have where you can promote the Discover content in the existing app that first became popular with messaging, but also your competitors can do that with your functionality where you invent functionality, and they can distribute it to their user bases. I'm just curious how the… You're on both sides of that. You have your own distribution, but you also compete with others who have even more distribution. Just how is the distribution battle playing out at the moment? Perhaps the most important thing in all of this is distribution is getting more and more and more important in this day and age. I think as it becomes easier to build companies, to build software, to innovate using AI tools, I do think there's a real premium on distribution. I think people are going to reallocate more resources away from things like software engineering, for example, to distribution in order to grow faster. I think distribution is at a real premium. It's hard as a brand today to get visibility, to get traction. Places like Snapchat, I think, are a really important part of growing any business. That's only becoming more valuable at this moment in time. You end up having distribution defensibility, especially as other things get easier?…

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