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Conversely, scale feeds will have a much broader and less binary licensing arithmetic. Conversely, television networks with limited attention can struggle to make even their marquee series a modest success story. As a feed scales, it enters a virtuous cycle of success. The scale feed operating model will be highly distinct from those of today’s television networks. The future of video will look, behave, be valued and interacted with very differently than it has in the past. For this reason - and, as Amazon Studios Head Roy Price is fond of saying - the shift to on-demand video networks means that a series that 80% of people like is likely to be less valuable than one 30% people love (illustratively speaking). Most consumers hook up to a handful of video feeds and do little more than lean back. Anyone with channel space could establish a feed and those that failed (or arrived too late) had the luxury of falling back on the feed-like Pay TV experience.

At the same time, MVPDs have seen the portion of Pay TV service revenues paid out to television networks swell from 50% to more than two thirds. While the traditional studio business of financing content production has been cost-plus or break-even for years, the cable network business has more than doubled topline revenues since 2005 and expanded cash flow margins by 10% (375 net bps). The streaming site counts nearly 45M subscriptions in the United States alone (making it just under half the size of the Pay TV ecosystem), and the average account watches an astounding two hours of content each day (making it not just the most watched television "network", but larger than any television group’s consolidated cable portfolio). Different size wires may be used in the same raceway so long as they are all insulated for the maximum voltage of any of these circuits. The actual voltage to be applied by the bus and which nodes apply to it are application-specific and not formally specified. USB ports are only a few years old, and will likely replace both serial and parallel ports completely over the next several years.

The channel proliferation of the 1990s and 2000s also demonstrated that most viewers aren’t looking to watch more than a few feeds. Similarly, the persistence of bulky channel packaging and failure of network blackouts as an MVPD negotiating strategy have proven that consumers aren’t interested in access to "television entertainment". By offering consolidated, single-input access to all television networks, MVPDs ensure that consumers can change feeds with the mere click of a button and almost no interruption in the consumption experience. They’re interested in access to specific television feeds. For millions, the television has actually become the "second screen" experience - it’s the mobile phone that most engrosses during the likes of The Voice, The Walking Dead, what is control cable and Empire. It’s this goal that makes branding, scheduling, "block building", lead-ins, lead-outs, and franchises so important. While the primary input will be cost-per-minute watched (Netflix’s favorite KPI), decisions will be informed by softer engagement metrics, such as the pace of viewer consumption (how quickly a season was watched), whether viewing was correlated with reduced churn and/or increased consumption, and how it affected subscriber additions.

For nearly a century, the American public increased its television consumption year, after year, after year - creating the most important and potent feed the media business has ever seen. Just as cable feed dynamics meant that every additional minute watched made the next minute easier to acquire, each minute lost has and will continue to lubricate the next. Though these three models will be fundamentally dissimilar, each will be more ubiquitous, absorbing, and personal than the television feeds of old. Traditional TV licensing deals, for one, tend to have discrete and self-contained profit models. Nevertheless, many portions of the AppleTalk system have direct analogs in XNS. As 10BASE-T became the de facto cabling system for Ethernet, second-generation Power Macintosh machines added a 10BASE-T port in addition to AAUI. Each added market may require new licenses, but they enable significantly higher investments in (and returns on) software, regional infrastructure, and market-specific original content, as well as increased buyer power. In television, the power of the feed has manifested in several ways. Among the three models, the scale feed will be the spiritual successor to today’s TV experience, though it will feel more like Pay TV overall than any single Pay TV network.