“The scale feeds of tomorrow will be far more powerful than the dominant video feed owners of today. Not only will they be bigger and more influential, they’ll also be more rare – which means life as a content producer will inevitably become less profitable and stable than it is today. Without feed ownership, independent content companies are relegated to an input – and a highly modularized one at that. Knockout television series (such as Game of Thrones) will remain extremely valuable, of course, but virtually all other content will become a commodity.”