. >>> let's bring in tech investor and former -- partner benedict evans. we're going to talk about digital ad market. in the context of twitter, and the recent moves there benedict, welcome. first of all, twitter's fun, but business-wise and technology-wise, it's a side show tiktok is huge in china owned, it's expanding its ad targeting capability and we're going to get earnings from meta this week as well. what should investors really be focused on when it comes to digital ads and what, if any, relevance twitter as a company has in that market >> i kind of agree with the earlier comment, that twitter is a rounding error in the ad business it's kind of like the music business, the cultural impact is vastly bigger than financial impact it has 38,000 usa. you could argue that's why no one bought it. so much unrealized potential in there if you can run it properly and work out what it should be the others for the border market, i mean, the -- the general state of the online ad business is that on the one hand we've got this decade long kit from analog formats

joining us now benedict evans. welcome.yeah, how do you make these messaging services, force them to operate and protect their security features, which are not supposed to inner operate by nature >> well, there is a specific question and broad question here a lot of kind of if you look at a messaging app kind of like email but got a different logo and goes instantly so you should be able to plug them together and ask questions like well, if you send a snapchat story to i message, that won't work because i message doesn't have stories so who gets fined? there is a 10% of global revenue fined here if you're sitting in mountain view or seattle, you're looking at this and thinking okay, you want us to plug these together but what exactly does that mean really i think it's kind of a general point here, which is that all regulation in fact kind of all policy tends to come with tradeoffs. you can have more employment protection or have more jobs, higher wages, there are always tradeoffs how you build laws and technology is differe