john battelle of newco with us.ver the last year in particular, what is the biggest challenge that has emerged when it comes to building a media company that people want to consume? >> first of all, there is an extraordinary complexity to the media environment now. if you are an entrepreneur creating a media company, you have to think not just about one or two distribution channels. you have to think about 10 or 20. not just mobile distributional, but apple, android, 10 different flavors of android, cross-section section with so many different devices. how are you going to present on different pieces of glass, as small as a watch and large is a big tablet, and even now television? complexity means cost. cost and the economics of the media business are thin. secondly is form. what we have really managed to do is lose the concept of form. a thing, a media object, a complete object has been lost. is said, it is a stream. streams are great for dipping in and out of, but streams do not create an experience and brand. >>