He literally didn't answer a single thing. When you look at this talks you need to look at what they would love to tell shareholders as a response but didn't. It means the real answer is the opposite, and not whatever PR team came up with. For example in a second one, the obvious answer is "No, we are doing a good job at making sure our viewerbase and spending customers are not cannibalized by new members and we have numbers to back it up". His answer is "we are trying to expand fanbase, and it would be bad if old livers had to take a hit from it". Which means they are very well aware of total cannibalization, they just don't give a shit for as long as they get new customers. For the graduations, the obvious answer is "No, we expect some people deciding to do other jobs, turnover is a normal thing in business and it's within our expectations and isn't going to affect the company going forwards. Otherwise, we provide good support and make sure to retain as many livers as we see fit". And what he said? "Well, ackshually they got fired not graduated. So it doesn't matter. But yeah sure retirements suck, would like do to something about it"
Edit: Not all of this answers mean it wouldn't attract shareholders though. Just not the good kind but the ones who don't give a crap about moral implications and longevity of business they are getting a stake in, and would rather pump and dump it while the company is sucking juices out of their employees