Speaker unverified: belief

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…To my mind, one of the most genius things about Miyamoto is that he came up with two to three really good stories. They tell that story over and over and over. Every Mario game is the same story. Every Zelda game is the same story. Absolutely. They're fine because as the graphics get better, as their ability to tell that story improves, and is richer and deeper, then you can go back and explore that story again. It has a hero's journey quality to it, where you don't feel like you're seeing the same story again. It feels new and old at the same time. I think Grand Theft Auto is probably one of the best examples of it. I think Grand Theft Auto 5 was probably released eight or nine years ago. It still is a tough game on Steam. Everyone still plays it, which is amazing. But when they do an update, it's to the new generations. It really blows your mind, but very similar play pattern, very similar story overall. To your point about the platform-based publishing, I think that's really been more of the way that the online distributors have created competitive advantage against their packaged goods rivals and how they built very similar businesses to a lot of the businesses that we've seen emerge and disrupt incumbent industries across the internet space. Uber and the taxi industry or Airbnb and the hotel industry, where you aggregate demand on an online platform, and then you utilize that demand to leverage the supply side of whatever industry that you're entering. I think if you look at Steam, Steam shares many of those attributes. I think that move was essentially perfected by Tencent, with QQ and the things that they did leveraging their messaging platform in the games business. That's been the kill shot for platform-based publishing in the industry. Essentially, it's more about how you use the internet in a jiu jitsu-like way to massively disrupt the packaged goods industry, which was up until that point, up until maybe 2003 or 2004. Absolutely dominant. In fact, to your surprise, Blake, when we were discussing some of the games in the early 2000s, you were like, oh, my God, that game was actually on a disk. It was surprising to him to remember that some of these games that he grew up with as downloads originated as packaged goods. The craziest thing is Steam was on a disk.…

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