In 2010, we held a series of meetings with Jeff to discuss ideas and options for moving us toward the lucrative ends of the value chain. It was clear that consumers loved the all-you-can-eat, fee-based subscription model of Netflix, but we learned that Netflix was probably pouring between $30 and $40 million annually into licensing deals. While today, $40 million does not seem like a lot of money for Amazon to invest, believe me, this was not the case at the much smaller and leaner Amazon of 2010. That number shocked us. It seemed like a crazy big commitment. Not to Jeff. In one meeting he
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