And TV is changing a lot faster than retail US cord-cutting percentage has passed ecommerce percentage in just 5 years. Digital change in US retail and TV Cord cutting as % peak 20% US pay TV subs Ecommerce as % US addressable retail 15% 10% 5% 0% 2000 2005 2010 2015 Source: US Census, JP Morgan, @BenedictEvans Benedict Evans –– January 2020 38