Stepping back, though we should probably ask where all these ad budgets are coming from, and, more importantly, where the growth for internet advertising will come from next. The obvious answer is television: print is mostly already gone, but ‘TV’ viewing is now finally unlocking, with US pay TV subscriptions now down by over a third 

Notice, though, the trouble this Internet reality presents to Netflix: if content is abundant and attention is scarce, it’s easier to sell attention than content; Netflix’s business model, though, is the exact opposite.