Maybe it's just because I have more exposure to the Hollywood side of this than you do, but you're very dismissive of BET and your other Hollywood competitors in a way that suggests you didn't do your research and that you're thinking that your tech backgrounds will magically let you jump into this market without actually knowing how it works.

BET can never be all the way in on serving the black audience, as Viacom will always look to maximize a piece of content through the channel that makes it the most money

Yes, BET is owned by Viacom, but unlike CBS, BET runs, and has run, largely as an independent unit, has its own financials, has control over its own studios and IP, and has its own streaming service, BET+. I really hope you haven't staked your entire business plan on a fundamental misunderstanding of how BET operates.

There's also the product side, where none of the incumbents have invested in

This is simply wrong. Every year, BET spends several multiples of what you've raised to date on developing new talent. Not only that but recent indie darlings I May Destroy You and Dear White People were both the product of conventional studios...

But if by product you mean the delivery mechanism aka website, then your website simply isn't anything special, and it's definitely an inferior product compared to any your competitors right now. (It's irrelevant what you might have on your roadmap; customers will judge you based on what you have right now.)

and the large players, have actually disintermediated themselves by selling through other products like Amazon and Roku channels. Now we haven't built out a differentiated product yet either, but it's on the roadmap and you can be assured that disintermediation is not a strategy we're interested in.

??? Are you actually dismissing your competitors being available on Amazon and Roku? The point of being on Amazon and Roku is to expand the potential audience, not to "disintermediate" themselves. If your goal is to be web-only, you're relegating yourself to never-was status. Note that HBO Max's interfaces online, on my LG TV, and on my Roku are virtually identical (the same is true of Disney+, and Netflix's respective interfaces).

But no one said this would be easy, and we have a differentiated approach that we believe gives us a strong shot at success.

As far as I can tell, your "differentiated approach" is to try and cheap your way into the market with a library of low-budget indie productions. This is a viable strategy to make money...if your plan is to resell those rights on to bigger studios/streamers, or use the rights to redevelop the IP. (See e.g., Saban of Power Rangers fame and his sizable library of old Japanese shows, or Blumhouse and horror). I had a number of other clients who also made good money reselling IP they bought on the cheap, but the key to this business strategy is knowing who wants to buy and how much they're willing to pay.

But let's be serious: do you honestly believe that there is a $10 billion market for low-budget indie tv crap targeting black viewers? Because that's bigger than the non-targeted market for indie television in the U.S. (and note that Disney pulled in just over $11 billion in 2019 with mass market fare), so I'd have to seriously question both the inputs and the financial model that could have led to such a ridiculous number.