Aggregation Theory
Aggregation Theory provides a framework to understand the impact of the Internet on nearly all industries.
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Zillow fits the description of an aggregator, but it hasn’t transformed its industry due to a lack of integration. Now it is trying to do exactly that.
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Facebook is in trouble — again — for Russian ads about the election; figuring out how to deal with them requires first understanding that Facebook, like Google, is a Super-Aggregator. It faces zero transaction costs…
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An apolitical analysis of what is happening in U.S. politics through the lens of Aggregation Theory
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The FANG companies — Facebook, Amazon, Netflix, and Google — are far more similar than you might think. Their rise in value is no accident, and it is connected to Aggregation Theory.
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The disruption caused by the Internet in industry after industry has a common theoretical basis described by Aggregation Theory.
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Morgan Stanley Acquires E*Trade, Intuit Reportedly Acquiring Credit Karma, User Acquisition and Market Power
Morgan Stanley acquired E*Trade, and Intuit is reportedly acquiring Credit Karma; both are about improving customer acquisition, but the competitive impacts differ.
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The Rationale Behind the Daily Update Podcast, Podcasts and Email, Spotify and the Three Bens
An explanation of the strategy undergirding the Daily Update Podcast, how the implementation fits into that strategy, and how Spotify’s podcast strategy impacts Stratechery’s approach.
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Epic Systems and Electronic Health Records, Aggregators and Data Portability, Epic’s Privacy Objections
Epic Systems, an electronic health records company, is protesting a mandate that they make consumer health care available via API. Their arguments highlight the tension between interoperability and privacy.
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Netflix Earnings; Self-Production, Cash Flow, and Margin; Netflix’s New Rung
Netflix’s earnings were mostly more of the same, but management’s comments helped explain an interesting connection between cash flow and margin, and showed how Netflix has evolved again.
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Lime Leaves 12 Cities; Scarcity Amongst Abundance; An Update on Apple, Trump, and Encryption
Scooter companies appear to be struggling, which is not a surprise; still, it is an excuse to re-visit assumptions around ride-sharing in comparison, and an generalizable principle about Aggregation Theory. Plus, an update on Apple versus the FBI.
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Casper Files for IPO, Casper’s Business, Spotify Ad Targeting
Casper is a tech-enabled company, but so are its many competitors. Trying to win with brand is difficult in a market defined by infrequent purchases. Spotify, meanwhile, is seeking to expand the podcasting market beyond companies like Casper.
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Regulating Demand, Ad Targeting and Unintended Consequences, Expedia CEO Out
Google’s continued dominance may not be intransigence, but rather the difficulty of regulating demand. Then, how Apple helps Google and Facebook, and Barry Diller isn’t blaming Google.