Studios go direct-to-consumer out of necessity; Disney has the most potential, even if they should use Universal’s model.
Email Addresses and Razor Blades
The fate of Harry’s and other DTC companies, particularly relative to companies like Credit Karma, highlight how the Internet elevates the importance of demand over supply.
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.
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.
First, Do No Harm
As regulators look closer at acquisitions they should be extremely wary of unintended consequences. The current system works well for everyone, most of the time.
Facebook’s Platform Opportunity
Facebook is under pressure from all sides, but that actually means it has an opportunity to build the platform it has always wanted — in digital ads.
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.
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.
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.
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.