“Distributing through any feed you don’t own, means modularizing your content, releasing control over the viewer experience, and giving up ownership of the audience. As a result, anyone pursuing the first two options will need to accept that revenues will be low, cannibalization significant, and payback long. While this strategy should be straightforward (the plan is to make the ‘real money’ elsewhere, after all) – most media companies will struggle with the commoditization of their ‘premium content’, the mismatch of high production costs with low CPMs, and the urge to quick-win license any IP that starts to get traction.”