As it relates to brick-and-mortar, we've seen it all and done it all. We operate around the world in different formats, different brands. We've got large stores, small stores, all these different formats. So we know that space pretty well, but the e-commerce business was different.

We're not uncomfortable with it, and we've already been through enough of the music business where I'm not really worried that commercial success is going to in some way - we're already past saving, you know what I mean? It's too late for us.

Businesses grow and they don't change enough and they decline over time. Retailers do that on a bit of a faster cycle.

The stores are an asset, and they have a great assortment in them and they're close to people. Being within 10 miles of 90% of America is a huge advantage, especially with fresh food at a good price. But we must also, if you think long-term and you think about what the company wants to accomplish, you must have a big and important first-party e-commerce business, and you must have a marketplace, and the things that go along with the marketplace.

Back then people closed their eyes and listened to music. Today there's a lot of images that go with the music. A lot of music is crap and it's all commercial and the images are all trying to sell the record.

If you fast-forward through the years, there was a period of time when there was too much debate inside the company about the significance of e-commerce, there were leaders who believed it would never be any bigger than the catalog business, there were leaders that believed it would never be profitable.