Netflix escaped the red-envelope era by learning to replace its own best idea. Now it is turning a streaming subscription into a wider entertainment system - one built from stories, software, live moments, games and advertising.

Wendy MacGregor is Vice President of Global Media & AdTech Solutions at Microsoft Advertising, leading the company's audience and ad-technology strategy with a self-described abundance mindset borrowed from CEO Satya Nadella's 'learn-it-all' playbook. She arrived at Microsoft after a long climb through the upper ranks of digital advertising - Google, Turn, AOL - and now spends her days arguing that Copilot is an empowerment tool, not a replacement.