of regular people producing content. That's true. And we already have great outlets for that with YouTube, Vimeo, Amazon Video, etc. But when it comes to Hollywood produced content, I don't think the cost of production is decreasing.

I have cable for sports. My subscription helps subsidize the cost of my provider carrying HGTV. Someone else might have cable for HGTV and their subscription helps subsidize the cost of the provider carrying ESPN. Without bundle subsidization, it would be cost prohibitive for the providers. In an a la carte model, not enough people would subscribe to HGTV to make it worth it to carry HGTV. We're already seeing this play out with Netflix. Netflix is losing content in droves as everyone in Hollywood rushes to create their own streaming services. As a result, Netflix's subscription numbers were well off their projections for the most recent quarter.