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Jimmy Fallon on "The Tonight Show" Photo: NBC

NBCUniversal CEO Steve Burke talks to Jessica Lessin, founder and CEO of The Information, about "the math puzzle that keeps all media executives up at night":

  • "On any given night, about three and a half million people watch 'The Tonight Show' on linear television. Over the course of the next number of days, almost the exact same number, three and a half million, watch it online ... We make real money off the first. We don't make very much money off the second. Every year, the three and a half million is going to go to 3.3, to 3, and the online will go 3.5 to 3.6."
  • In quest of solutions to that puzzle, Burke sees Snap CEO Evan Spiegel every month or so to plot new areas of collaboration.
  • Burke, whose $500 million bet on Snap is now worth about 12% less: "Snap treats professional content with respect, unlike Facebook, just to give a real pointed example. We are making real money on Snap."

Disclosure: NBC is an investor in Axios.

Go deeper

Off the Rails

Episode 7: Trump turns on Pence

Photo illustration: Eniola Odetunde/Axios. Photos: Elijah Nouvelage, Alex Wong/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 7: Trump turns on Pence. Trump believes the vice president can solve all his problems by simply refusing to certify the Electoral College results. It's a simple test of loyalty: Trump or the U.S. Constitution.

"The end is coming, Donald."

The male voice in the TV ad boomed through the White House residence during "Fox & Friends" commercial breaks. Over and over and over. "The end is coming, Donald. ... On Jan. 6, Mike Pence will put the nail in your political coffin."

Big Tech's post-riot reckoning

Photo illustration: Sarah Grillo/Axios. Photo: Tasos Katopodis/Getty Images

The Capitol insurrection means the anti-tech talk in Washington is more likely to lead to action, since it's ever clearer that the attack was planned, at least in part, on social media.

Why it matters: The big platforms may have hoped they'd move to D.C.'s back burner, with the Hill focused on the Biden agenda and the pandemic out of control. But now, there'll be no escaping harsh scrutiny.

18 mins ago - Technology

Why domestic terrorists are so hard to police online

Illustration: Eniola Odetunde/Axios

Domestic terrorism has proven to be more difficult for Big Tech companies to police online than foreign terrorism.

The big picture: That's largely because the politics are harder. There's more unity around the need to go after foreign extremists than domestic ones — and less danger of overreaching and provoking a backlash.