Essence of all Vedic Scripture: Srimad Bhagavatam

Verse 1.1.11: Two parts in the translation of this verse
Part 1) There are so many scriptures - Vedas, Puranas, Pancharatra vidhi. They are mainly present for people in the 3 modes of material nature. When people study these scriptures, they can slowly elevate from whatever mode they were, towards higher modes, eventually coming beyond the 3 modes of material nature.

Part 2) In the previous verse, it was told how in this age, men have low intelligence, memory etc. So the sages are asking Suta Goswami to tell them about the essence of all the scriptures.

Part 3) One can be fully satisfied by listening to this scripture, Srimad Bhagavatam. The atma (soul) can be satisfied only when it relates to something beyond the modes of material nature. The Bhagavatam is that something. Eg: Srila Vyasadeva who knew the essence of all the scriptures, even after writing so many scriptures he was not satisfied. But after writing Srimad Bbhagavatam, he was totally satisfied.

This verse is establishing the importance of Srimad Bhagavatam.