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Is This The Beginning Of The End For QVC And Home Shopping TV? | Fast Five Shorts · Omni Talk Retail

• 0:00
  QVC
• 0:00
  Group
• 0:00
  has
• 0:01
  disclosed
• 0:02
  that
• 0:02
  it
• 0:02
  anticipates
• 0:03
  issuing
• 0:04
  a
• 0:04
  going
• 0:04
  concern
• 0:05
  warning
• 0:05
  in
• 0:05
  its
• 0:06
  delayed
• 0:06
  annual
• 0:06
  report,
• 0:07
  citing
• 0:08
  $6.6
• 0:09
  billion
• 0:10
  in
• 0:10
  debt.
• 0:11
  Wow.
• 0:11
  And
• 0:11
  ongoing
• 0:12
  negotiations
• 0:13
  with
• 0:13
  lenders.
• 0:14
  According
• 0:15
  to
• 0:15
  Retail
• 0:15
  Dive,
• 0:16
  QVC
• 0:16
  Group
• 0:17
  disclosed
• 0:17
  it
• 0:17
  cannot
• 0:18
  submit
• 0:18
  its
• 0:18
  10k
• 0:19
  within
• 0:19
  the
• 0:20
  prescribed
• 0:20
  time
• 0:20
  period
• 0:21
  without
• 0:21
  unreasonable
• 0:22
  effort
• 0:22
  or
• 0:23
  expense,
• 0:24
  citing
• 0:24
  ongoing
• 0:25
  lender
• 0:25
  negotiations.
• 0:26
  The
• 0:26
  company
• 0:27
  carries
• 0:27
  approximately
• 0:28
  $6.6
• 0:29
  billion
• 0:30
  in
• 0:30
  total
• 0:31
  consolidated
• 0:31
  debt,
• 0:32
  including
• 0:33
  a
• 0:33
  critical
• 0:33
  $2.9
• 0:34
  billion
• 0:35
  credit
• 0:35
  facility
• 0:36
  maturing
• 0:36
  in
• 0:37
  October
• 0:37
  of
• 0:37
  this
• 0:37
  year,
• 0:38
  making
• 0:38
  near
• 0:39
  term
• 0:39
  refinancing
• 0:40
  the
• 0:40
  single
• 0:40
  most
• 0:40
  urgent
• 0:41
  priority
• 0:41
  for
• 0:41
  the
• 0:41
  business.
• 0:42
  The
• 0:43
  decline
• 0:43
  in
• 0:43
  QVC's
• 0:44
  core
• 0:44
  business
• 0:44
  has
• 0:45
  been
• 0:45
  stark.
• 0:46
  QVC
• 0:47
  and
• 0:47
  HSN
• 0:48
  Home
• 0:48
  Shopping
• 0:48
  Network
• 0:49
  once
• 0:49
  reached
• 0:50
  over
• 0:50
  90
• 0:50
  million
• 0:51
  American
• 0:51
  homes
• 0:52
  at
• 0:52
  the
• 0:52
  company's
• 0:53
  peak.
• 0:53
  By
• 0:53
  last
• 0:54
  September,
• 0:54
  the
• 0:54
  active
• 0:55
  consumer
• 0:55
  base
• 0:56
  had
• 0:56
  shrunk
• 0:56
  to
• 0:57
  7
• 0:57
  million
• 0:58
  people
• 0:58
  from
• 0:59
  11.6
• 1:00
  million
• 1:00
  as
• 1:00
  recently
• 1:01
  as
• 1:01
  2020.
• 1:02
  Chris?
• 1:03
  QVC
• 1:04
  has
• 1:04
  just
• 1:04
  issued
• 1:04
  a
• 1:05
  going
• 1:05
  concern
• 1:05
  warning.
• 1:06
  Is
• 1:07
  this
• 1:07
  the
• 1:07
  beginning
• 1:07
  of
• 1:07
  the
• 1:08
  end
• 1:08
  for
• 1:08
  Home
• 1:08
  shopping
• 1:09
  Television,
• 1:09
  or
• 1:10
  is
• 1:10
  there
• 1:10
  still
• 1:10
  a
• 1:10
  version
• 1:11
  of
• 1:11
  this
• 1:11
  business
• 1:11
  that
• 1:11
  can
• 1:12
  survive
• 1:12
  in
• 1:13
  the
• 1:13
  streaming
• 1:13
  and
• 1:13
  social
• 1:14
  commerce
• 1:14
  era?
• 1:15
  Oh,
• 1:16
  wow.
• 1:18
  I
• 1:18
  think
• 1:19
  there's
• 1:19
  probably
• 1:19
  still
• 1:19
  a
• 1:19
  version
• 1:20
  of
• 1:20
  it
• 1:20
  that
• 1:20
  survives,
• 1:20
  but
• 1:20
  it's
• 1:21
  not
• 1:21
  qvc.
• 1:21
  I
• 1:22
  think
• 1:22
  it's,
• 1:22
  it's
• 1:22
  the
• 1:22
  end
• 1:22
  of
• 1:22
  qvc.
• 1:23
  I
• 1:23
  mean,
• 1:24
  I
• 1:24
  mean,
• 1:24
  it's
• 1:24
  going
• 1:24
  to.
• 1:24
  The
• 1:25
  version
• 1:25
  of
• 1:25
  it
• 1:25
  that
• 1:25
  survives
• 1:26
  is
• 1:26
  called
• 1:26
  TikTok,
• 1:27
  Instagram
• 1:27
  and
• 1:27
  YouTube.
• 1:29
  Let's
• 1:29
  just
• 1:29
  call
• 1:30
  it
• 1:30
  like
• 1:30
  it
• 1:30
  is,
• 1:31
  you
• 1:31
  know,
• 1:31
  and
• 1:32
  I,
• 1:32
  I
• 1:32
  said
• 1:32
  this
• 1:33
  back
• 1:33
  in
• 1:33
  the
• 1:33
  day
• 1:33
  because
• 1:33
  qvc,
• 1:34
  I
• 1:34
  think
• 1:34
  it
• 1:34
  was
• 1:35
  last
• 1:35
  year,
• 1:35
  even
• 1:35
  the
• 1:35
  year
• 1:36
  before,
• 1:36
  they
• 1:36
  said
• 1:36
  they're
• 1:36
  overtly
• 1:37
  pivoting
• 1:37
  towards
• 1:38
  social
• 1:38
  media.
• 1:39
  And
• 1:39
  I
• 1:40
  said
• 1:40
  at
• 1:40
  the
• 1:40
  time
• 1:40
  that
• 1:40
  it
• 1:41
  was
• 1:41
  game
• 1:41
  over
• 1:41
  then,
• 1:42
  like,
• 1:42
  that
• 1:42
  was
• 1:42
  the
• 1:42
  side
• 1:42
  to
• 1:43
  me
• 1:43
  that
• 1:43
  was
• 1:43
  game
• 1:43
  over.
• 1:43
  And,
• 1:44
  and
• 1:44
  now
• 1:44
  it
• 1:44
  really
• 1:44
  is.
• 1:44
  I
• 1:45
  mean,
• 1:45
  sales,
• 1:45
  like
• 1:45
  you
• 1:45
  said,
• 1:45
  sales
• 1:46
  have
• 1:46
  gone
• 1:46
  from
• 1:46
  $15
• 1:47
  billion
• 1:48
  in
• 1:48
  2020
• 1:49
  to,
• 1:49
  to
• 1:49
  $10
• 1:50
  billion.
• 1:51
  Somehow
• 1:51
  the
• 1:51
  debt
• 1:52
  got
• 1:52
  out
• 1:52
  of
• 1:52
  control,
• 1:53
  you
• 1:53
  know,
• 1:54
  as
• 1:55
  well,
• 1:55
  which
• 1:56
  I
• 1:56
  mean,
• 1:56
  and
• 1:56
  it
• 1:56
  may
• 1:57
  still
• 1:57
  be
• 1:57
  tempting
• 1:57
  because
• 1:57
  I
• 1:58
  think
• 1:58
  there's
• 1:58
  probably
• 1:58
  some
• 1:58
  people
• 1:58
  out
• 1:59
  there
• 1:59
  that
• 1:59
  are,
• 1:59
  they're
• 2:00
  still
• 2:00
  tempted
• 2:00
  to
• 2:00
  say,
• 2:01
  oh,
• 2:01
  yeah,
• 2:01
  but
• 2:01
  they're
• 2:01
  still
• 2:01
  doing
• 2:02
  $10
• 2:02
  billion,
• 2:03
  Laura.
• 2:03
  Like
• 2:03
  $10
• 2:03
  billion
• 2:04
  is
• 2:04
  a
• 2:04
  lot
• 2:04
  of
• 2:04
  volume.
• 2:05
  Yeah,
• 2:06
  but
• 2:07
  it's
• 2:07
  $10
• 2:07
  billion
• 2:08
  of
• 2:08
  typewriters.
• 2:09
  Because
• 2:09
  the
• 2:09
  brands
• 2:10
  and
• 2:10
  the
• 2:10
  influencers,
• 2:11
  they
• 2:11
  no
• 2:11
  longer
• 2:12
  need
• 2:12
  the
• 2:12
  services
• 2:12
  that
• 2:13
  QVC
• 2:13
  once
• 2:14
  provided.
• 2:14
  They
• 2:14
  can
• 2:14
  do
• 2:15
  that
• 2:15
  themselves.
• 2:15
  The
• 2:16
  business
• 2:16
  model
• 2:17
  just
• 2:17
  is
• 2:17
  no
• 2:17
  longer
• 2:18
  valid,
• 2:18
  in
• 2:18
  my
• 2:18
  opinion.
• 2:19
  So
• 2:19
  that
• 2:19
  $10
• 2:19
  billion
• 2:20
  is
• 2:20
  just
• 2:20
  going
• 2:20
  to
• 2:20
  continue
• 2:21
  to
• 2:21
  shrink
• 2:21
  and
• 2:21
  shrink
• 2:22
  and
• 2:22
  shrink.
• 2:22
  And
• 2:23
  there's
• 2:23
  no
• 2:23
  amount
• 2:23
  of
• 2:24
  refinancing
• 2:25
  or
• 2:26
  remodeling.
• 2:26
  The
• 2:27
  business
• 2:27
  strategy
• 2:27
  that
• 2:27
  I
• 2:28
  think
• 2:28
  is
• 2:28
  going
• 2:28
  to
• 2:28
  save
• 2:28
  it
• 2:28
  in
• 2:29
  the
• 2:29
  long
• 2:29
  run,
• 2:29
  you
• 2:29
  might
• 2:29
  be
• 2:30
  able
• 2:30
  to
• 2:30
  still
• 2:30
  squeeze
• 2:30
  some
• 2:31
  juice
• 2:31
  out
• 2:31
  of
• 2:31
  that
• 2:31
  Lemon,
• 2:32
  but
• 2:32
  that
• 2:32
  $10
• 2:32
  billion
• 2:33
  is
• 2:33
  going
• 2:33
  to
• 2:33
  ultimately
• 2:34
  end
• 2:34
  up
• 2:34
  being
• 2:34
  zero
• 2:36
  to
• 2:36
  me.
• 2:37
  Yeah,
• 2:37
  yeah.
• 2:38
  I
• 2:38
  mean
• 2:38
  it's,
• 2:39
  it's
• 2:39
  just
• 2:39
  a
• 2:39
  real
• 2:39
  bummer.
• 2:40
  I
• 2:40
  mean,
• 2:40
  that
• 2:40
  50
• 2:40
  billion
• 2:41
  in
• 2:41
  2020,
• 2:42
  I
• 2:43
  do
• 2:43
  we
• 2:43
  assume
• 2:43
  that
• 2:43
  is
• 2:44
  like
• 2:44
  a
• 2:44
  little
• 2:44
  goose
• 2:45
  by
• 2:45
  everybody
• 2:45
  sitting
• 2:46
  in
• 2:46
  front
• 2:46
  of
• 2:46
  their
• 2:46
  TVs,
• 2:47
  like,
• 2:47
  I
• 2:47
  guess
• 2:48
  that's
• 2:48
  the
• 2:48
  other
• 2:48
  thing.
• 2:48
  We're
• 2:49
  even
• 2:49
  talking
• 2:49
  about
• 2:49
  a
• 2:49
  number
• 2:50
  that
• 2:50
  might
• 2:50
  not
• 2:50
  even
• 2:51
  be
• 2:51
  have
• 2:51
  been
• 2:51
  real,
• 2:52
  quote
• 2:52
  unquote.
• 2:53
  But
• 2:53
  yeah,
• 2:53
  I
• 2:54
  really
• 2:54
  kind
• 2:54
  of
• 2:54
  pre.
• 2:54
  TikTok
• 2:55
  explosion
• 2:56
  too,
• 2:56
  in
• 2:56
  the
• 2:56
  U.S.
• 2:56
  yeah,
• 2:56
  TikTok
• 2:57
  exploded
• 2:58
  after
• 2:58
  that.
• 2:59
  You're
• 2:59
  right.
• 2:59
  You're
• 3:00
  right.
• 3:00
  And
• 3:00
  that
• 3:00
  has
• 3:00
  become
• 3:01
  our
• 3:01
  shopping
• 3:01
  platform.
• 3:02
  Yeah,
• 3:02
  I
• 3:03
  mean,
• 3:03
  it's
• 3:04
  a
• 3:04
  shame.
• 3:04
  I
• 3:04
  think
• 3:05
  it
• 3:05
  set
• 3:06
  the
• 3:06
  tone
• 3:06
  and
• 3:06
  the
• 3:06
  standard
• 3:07
  for
• 3:07
  what
• 3:07
  we
• 3:07
  see
• 3:08
  in
• 3:08
  social
• 3:08
  video
• 3:08
  shopping.
• 3:09
  But,
• 3:10
  you
• 3:10
  know,
• 3:11
  nobody
• 3:11
  has
• 3:11
  cable
• 3:12
  TV
• 3:12
  anymore.
• 3:13
  It's
• 3:13
  your
• 3:13
  first
• 3:13
  nail
• 3:14
  on
• 3:14
  the
• 3:14
  coffin.
• 3:14
  Like,
• 3:15
  of
• 3:16
  course
• 3:16
  the
• 3:16
  customer
• 3:16
  base
• 3:17
  shrunk.
• 3:18
  You
• 3:18
  know,
• 3:18
  the
• 3:19
  Oscars
• 3:19
  are
• 3:19
  going
• 3:19
  to
• 3:19
  be
• 3:20
  on
• 3:20
  YouTube.
• 3:20
  Like
• 3:21
  they're
• 3:21
  just
• 3:21
  everything
• 3:22
  in
• 3:22
  the,
• 3:22
  the
• 3:23
  base
• 3:23
  of
• 3:23
  the
• 3:23
  world
• 3:24
  that
• 3:24
  produce
• 3:24
  QVC
• 3:25
  is
• 3:25
  just
• 3:26
  gone.
• 3:27
  It
• 3:28
  does
• 3:28
  highlight
• 3:28
  for
• 3:29
  me
• 3:29
  the
• 3:29
  fact
• 3:29
  that
• 3:30
  livestream
• 3:31
  shopping,
• 3:31
  you
• 3:32
  know,
• 3:32
  as
• 3:32
  we
• 3:32
  were
• 3:32
  talking
• 3:32
  about
• 3:33
  five
• 3:33
  years
• 3:33
  ago,
• 3:33
  or
• 3:34
  even
• 3:34
  at
• 3:34
  the
• 3:34
  shop
• 3:34
  talk
• 3:34
  where
• 3:35
  you
• 3:35
  and
• 3:35
  I
• 3:35
  were,
• 3:35
  we
• 3:35
  were
• 3:36
  still
• 3:36
  talking
• 3:36
  about,
• 3:37
  never
• 3:38
  came
• 3:38
  to
• 3:38
  the
• 3:38
  US
• 3:39
  in
• 3:39
  the
• 3:39
  same
• 3:39
  way
• 3:39
  that
• 3:40
  it,
• 3:40
  it
• 3:40
  has,
• 3:41
  you
• 3:41
  know,
• 3:41
  really
• 3:41
  lived
• 3:42
  and
• 3:42
  thrived
• 3:43
  in
• 3:43
  Asian
• 3:43
  countries,
• 3:44
  as,
• 3:44
  you
• 3:45
  know,
• 3:45
  generalizing
• 3:46
  there.
• 3:46
  But
• 3:47
  it
• 3:47
  does
• 3:47
  succeed
• 3:48
  in
• 3:48
  very
• 3:48
  narrow
• 3:49
  worlds,
• 3:49
  like,
• 3:49
  you
• 3:50
  know,
• 3:50
  whatnot
• 3:50
  is
• 3:51
  in
• 3:51
  collectibles.
• 3:52
  I
• 3:52
  think
• 3:52
  there's
• 3:53
  some
• 3:53
  sneaker
• 3:54
  platforms
• 3:54
  and
• 3:54
  stuff.
• 3:56
  So
• 3:56
  it
• 3:56
  does,
• 3:56
  you
• 3:57
  know,
• 3:57
  if
• 3:57
  we're
• 3:57
  thinking
• 3:58
  in
• 3:58
  a
• 3:58
  productive
• 3:59
  way
• 3:59
  about
• 3:59
  qvc,
• 4:00
  not
• 4:00
  that
• 4:00
  it
• 4:00
  would
• 4:00
  survive.
• 4:01
  But
• 4:02
  it
• 4:02
  does
• 4:02
  bring
• 4:03
  me
• 4:03
  back
• 4:03
  to
• 4:03
  my
• 4:03
  questions
• 4:04
  about
• 4:04
  assortment.
• 4:04
  Like
• 4:04
  there's
• 4:05
  just
• 4:05
  the
• 4:05
  model
• 4:06
  of
• 4:06
  just
• 4:06
  sort
• 4:06
  of
• 4:06
  having
• 4:07
  anything
• 4:07
  and
• 4:07
  everything
• 4:08
  and
• 4:08
  not
• 4:09
  having
• 4:10
  a
• 4:10
  platform.
• 4:10
  Like
• 4:11
  we'll
• 4:11
  get
• 4:11
  again
• 4:12
  mentioned
• 4:12
  tjx,
• 4:13
  like
• 4:13
  a
• 4:13
  TJ
• 4:13
  Maxx
• 4:13
  store,
• 4:14
  you
• 4:14
  know,
• 4:14
  that
• 4:14
  people
• 4:15
  want
• 4:15
  to
• 4:15
  visit.
• 4:17
  If
• 4:17
  it
• 4:17
  doesn't
• 4:18
  seem,
• 4:18
  it
• 4:18
  doesn't
• 4:18
  work.
• 4:19
  And
• 4:19
  so
• 4:20
  if
• 4:20
  you
• 4:20
  don't
• 4:20
  have
• 4:20
  a
• 4:20
  clear
• 4:20
  value
• 4:21
  proposition
• 4:22
  with
• 4:22
  a
• 4:22
  specific
• 4:23
  assortment,
• 4:23
  then
• 4:24
  you
• 4:24
  know,
• 4:24
  you're
• 4:24
  out.
• 4:25
  So,
• 4:26
  you
• 4:26
  know,
• 4:27
  this
• 4:27
  one's
• 4:27
  just
• 4:27
  kind
• 4:27
  of
• 4:27
  a
• 4:28
  bummer.
• 4:29
  Yeah,
• 4:29
  I
• 4:29
  think,
• 4:29
  I
• 4:29
  think.
• 4:29
  But
• 4:30
  I
• 4:30
  think
• 4:30
  it's
• 4:30
  important
• 4:30
  what
• 4:30
  you're
• 4:31
  bringing
• 4:31
  up
• 4:31
  because
• 4:31
  I
• 4:31
  think
• 4:31
  the
• 4:31
  way
• 4:31
  I
• 4:32
  think
• 4:32
  about
• 4:32
  what
• 4:32
  you
• 4:32
  just
• 4:32
  said
• 4:33
  is
• 4:34
  QVC
• 4:34
  wasn't
• 4:35
  successful
• 4:35
  because
• 4:35
  of
• 4:36
  the
• 4:36
  live
• 4:36
  aspect
• 4:37
  of
• 4:37
  what
• 4:37
  was
• 4:38
  the
• 4:38
  programming.
• 4:38
  QVC
• 4:39
  was
• 4:39
  successful
• 4:40
  in
• 4:40
  retrospect
• 4:41
  because
• 4:42
  it
• 4:42
  was
• 4:43
  the
• 4:43
  closest
• 4:43
  approximation
• 4:44
  we
• 4:44
  could
• 4:44
  get
• 4:45
  to
• 4:45
  Doom
• 4:45
  scrolling
• 4:46
  for
• 4:46
  product
• 4:46
  inspiration
• 4:47
  that
• 4:47
  you
• 4:48
  wanted
• 4:48
  to
• 4:48
  buy
• 4:49
  because
• 4:49
  that
• 4:49
  was
• 4:49
  the
• 4:49
  only
• 4:49
  outlet
• 4:50
  you
• 4:50
  had
• 4:50
  to
• 4:50
  go
• 4:50
  and
• 4:51
  occupy
• 4:51
  your
• 4:51
  time.
• 4:52
  But
• 4:52
  now
• 4:52
  it's
• 4:52
  like
• 4:52
  Carter
• 4:53
  Jensen
• 4:53
  always
• 4:53
  talks
• 4:53
  about
• 4:54
  who's
• 4:54
  on
• 4:54
  the
• 4:54
  show.
• 4:54
  A
• 4:54
  couple
• 4:54
  weeks
• 4:54
  ago,
• 4:55
  it's
• 4:55
  all
• 4:55
  about
• 4:55
  where
• 4:56
  do
• 4:56
  you
• 4:56
  spend
• 4:56
  your
• 4:56
  time?
• 4:57
  And
• 4:57
  now
• 4:57
  people
• 4:57
  are
• 4:57
  spending
• 4:58
  their
• 4:58
  time
• 4:58
  on
• 4:59
  what
• 4:59
  is
• 4:59
  a
• 4:59
  better
• 5:00
  experience
• 5:01
  in
• 5:01
  terms
• 5:01
  of
• 5:02
  how
• 5:02
  you
• 5:02
  can
• 5:02
  doom
• 5:03
  scroll
• 5:03
  in
• 5:03
  real
• 5:04
  time,
• 5:04
  whether
• 5:04
  it's
• 5:04
  a
• 5:05
  live
• 5:05
  event
• 5:05
  or
• 5:06
  not.
• 5:06
  You
• 5:06
  have
• 5:06
  the
• 5:06
  option
• 5:07
  deciding
• 5:07
  that.
• 5:07
  And
• 5:08
  that,
• 5:08
  that's
• 5:08
  really.
• 5:09
  I
• 5:09
  think,
• 5:09
  I
• 5:09
  never
• 5:10
  thought
• 5:10
  about
• 5:10
  that.
• 5:10
  I've
• 5:10
  never
• 5:11
  said
• 5:11
  that
• 5:11
  until
• 5:11
  you
• 5:11
  just
• 5:12
  mentioned
• 5:12
  that.
• 5:12
  But
• 5:13
  I
• 5:13
  think
• 5:13
  that's
• 5:14
  really
• 5:14
  what,
• 5:15
  what
• 5:15
  has
• 5:15
  hit
• 5:16
  the
• 5:16
  business
• 5:16
  model
• 5:17
  more
• 5:17
  so
• 5:17
  than
• 5:18
  the
• 5:18
  actual
• 5:19
  live
• 5:19
  nature
• 5:19
  of,
• 5:19
  of
• 5:20
  what
• 5:20
  it
• 5:20
  did.
• 5:21
  Yeah,
• 5:21
  I
• 5:21
  mean,
• 5:22
  it's,
• 5:22
  it's,
• 5:22
  it's.
• 5:23
  The
• 5:24
  old
• 5:25
  mass
• 5:25
  media
• 5:26
  is
• 5:26
  gone.
• 5:27
  And
• 5:27
  so
• 5:27
  the
• 5:27
  idea
• 5:28
  that
• 5:28
  everyone's
• 5:29
  flipping
• 5:29
  through
• 5:29
  the
• 5:29
  channels,
• 5:30
  the
• 5:30
  same
• 5:30
  channels
• 5:32
  at
• 5:32
  the
• 5:32
  same
• 5:32
  time
• 5:33
  and
• 5:33
  stumbling
• 5:34
  on
• 5:34
  something
• 5:35
  and,
• 5:35
  you
• 5:35
  know,
• 5:35
  I
• 5:35
  think
• 5:36
  you
• 5:36
  could
• 5:36
  still
• 5:36
  make
• 5:36
  the
• 5:36
  argument
• 5:37
  that
• 5:37
  they
• 5:37
  had
• 5:37
  stuff
• 5:38
  people
• 5:38
  wanted
• 5:38
  and
• 5:38
  they
• 5:39
  had
• 5:39
  good
• 5:39
  deals
• 5:39
  and
• 5:39
  stuff.
• 5:40
  And
• 5:40
  I
• 5:41
  think
• 5:41
  there
• 5:41
  were
• 5:41
  personalities
• 5:42
  at
• 5:42
  one
• 5:42
  time
• 5:42
  who
• 5:43
  maybe
• 5:43
  people
• 5:43
  like
• 5:43
  to
• 5:43
  watch.
• 5:45
  But
• 5:46
  yeah,
• 5:46
  when
• 5:46
  you've,
• 5:46
  when
• 5:47
  you've.
• 5:47
  Splintered
• 5:48
  where
• 5:48
  people
• 5:48
  spend
• 5:48
  their
• 5:49
  time,
• 5:49
  you
• 5:50
  know,
• 5:50
  people
• 5:50
  aren't
• 5:50
  going
• 5:51
  to
• 5:51
  the
• 5:51
  movies.
• 5:51
  It's
• 5:52
  like
• 5:52
  mass
• 5:53
  media
• 5:53
  just
• 5:53
  isn't
• 5:54
  a
• 5:54
  real.
• 5:54
  It's
• 5:55
  the
• 5:55
  upheaval
• 5:55
  that
• 5:55
  we've
• 5:55
  been
• 5:56
  talking
• 5:56
  about
• 5:56
  for
• 5:56
  a
• 5:56
  long
• 5:56
  time.
• 5:57
  So,
• 5:58
  yeah,
• 5:59
  I
• 5:59
  think
• 5:59
  it's.
• 5:59
  Yeah,
• 6:00
  yeah.
• 6:00
  And
• 6:00
  then
• 6:00
  with
• 6:01
  technology
• 6:01
  and
• 6:01
  AI,
• 6:02
  you
• 6:02
  just.
• 6:02
  You
• 6:02
  don't
• 6:02
  need
• 6:03
  the
• 6:04
  influencers
• 6:04
  or
• 6:05
  the
• 6:05
  people
• 6:05
  that
• 6:05
  actually
• 6:05
  bring
• 6:06
  the
• 6:06
  attention
• 6:06
  to
• 6:07
  the
• 6:07
  products.
• 6:07
  You
• 6:07
  don't
• 6:07
  need
• 6:09
  that
• 6:09
  QVC
• 6:10
  requires
• 6:11
  to
• 6:11
  do
• 6:11
  that.
• 6:12
  Right.
• 6:12
  Yeah.
• 6:13
  I
• 6:13
  think
• 6:13
  it's
• 6:13
  just
• 6:13
  a
• 6:14
  tough
• 6:14
  game.