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What do you use to measure a small amount of spirits? If your conductor is too small for the amount of electricity running through it, it could cause your insulation to burn up, melt, or even ignite. It doesn’t care which videos a user watches or likes, when and how they watch it, or really, whether they watch video at all. Due to their reach and user data, these offerings will likely succeed and as such, content owners should embrace the attendant opportunity. Who will sell ads? In doing so, these providers will build a community for those who see their "niche" content not as a passing interest, but as a core component of who they are and how they define themselves. Most obviously, feed owners will need to produce significantly more types of content than just video - including in-person events. One of the key lingering questions for those considering social distribution is whether these networks will offer a la carte plus bundled content subscriptions - a move that would formalize their role in the content ecosystem, enable content owners to capture more value from social distribution, and position the social networks as digital-era MVPDs.

Rather than just selling "slots of time" that inevitably interrupt the viewing experience, navigators offer in-house branded content studios that weave together digital entertainment and product marketing. These services will focus less on delivering video entertainment and more on packaging (or "bundling") together a variety of related multimedia experiences, including in-person events, merchandise, news, photos, podcasts, essays, and live commentaries. Similarly, customer value will be tremendously skewed towards the most engaged subscribers - those that buy brand-extension products, consume the greatest share of multimedia content, purchase live events tickets, and so on. UnREAL’s first season rights may have been less valuable, but the value of the franchise overall could have become much greater. The second value is the maximum permissible effective value between two conductors of the same voltage system, i.e. L1-L2. Our years of experience and innovation has led to our extruding conductors and building cables that are reliable, durable, and high-functioning. And as the bundle breaks apart (freeing up both consumer spend and traditional video providers), the video business will experience rapid growth in the number, size, and influence of individual identity feeds. This illuminates the clear power differential between both scale and social feeds compared today’s TV distributors.

And as one might expect, this will create a serious challenge for any content owner looking to achieve an economic profit through social feed distribution. Will it stick to a curated selection of brands a la Snapchat? The power of Facebook and Snapchat comes from the eyeballs they already own and the social utility they already provide. Success will remain too unpredictable and cost structures too high - even if Facebook or Snapchat unveils paid bundles or a la carte offerings. What really matters is whether navigators can use their social insight and reach to improve the quality and commercial potential of their content faster than (feedless) Hollywood incumbents can adapt their content and cost structures for the digital era. A number of companies, including BuzzFeed and AwesomenessTV, have been fundamentally architected for social distribution. Not only do these questions remain largely unknown today, the answers will constantly change as social-based video distribution proliferates and matures. The strongest negotiation tactic an MVPD could deploy in the Pay TV era was a channel blackout - cutting the feed, if you will.

Life as an identity feed is considerably more complex and (human) capital-intensive than either the Pay TV feed or the emerging scale and social feed alternatives. Similarly, it’s important to understand that the replication of the Pay TV MVPD model does not mean that Pay TV economics will apply. The "feed navigator" business model is also unique in that it often includes reselling the companies’ core capability - the creation of socially distributed content that taps into youth consciousness. As a result, monetization will also become less straightforward and more varied than that of a "pure" video business. It’s equally important to recognize that the rise of influencer curators will make social distribution a uniquely important aspect of finding and developing an audience. As consumers struggle to digest the ever-increasing supply of multi-media content, independent tastemakers will become instrumental in directing their (pre-dominantly social network-based) followers to individual media properties.

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