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I think about how we’re competing for dollars not with Twitter TWTR -1.89% and Google GOOGL -1.53% in the long run, not even Snapchat. I’m thinking print and TV. There are billions of dollars spent every year on traditional media. The majority of people are spending more time every day on the Internet, especially on mobile. You’re starting to see a shift of that spend go to mobile, especially to things like Instagram.

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