Stratechery Plus

Subscribe

Learn More
Member Forum

Menu

Stratechery Plus

Subscribe

Learn More
Member Forum

Latest Podcast

Concepts

Distribution and Transaction Costs

The key economic change introduced by the Internet is the effective elimination of marginal distribution and transaction costs.

  • The Super-Aggregators and the Russians

    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 in all parts of its business.

  • Everything is Changing; So Should Antitrust

    WPP is dealing with not only a changing advertising industry but a changing world, thanks to the Internet. Antitrust needs to change as well.

  • Music Versus Publishing, Spotify’s Increasing Power

    News publishers may want to emulate the music industry, but the only similarities that matter work in favor of the aggregators, not suppliers. Spotify is the perfect example.

  • Publishers and the Pursuit of the Past

    The newspaper industry is seeking an antitrust provision to negotiate for a return to a world that is gone and never coming back; worse, it is an approach that could ruin publishing’s true future.

  • Ends, Means, and Antitrust

    Google is a monopoly, and almost certainly a bad actor: shopping, though, is a terrible example that shows how regulators can go wrong.

  • Tulips, Myths, and Cryptocurrencies

    Did you hear the one about the tulip bubble? It’s almost certainly a myth. It is myths, though, that explain why cryptocurrencies are here to stay.

  • Facebook and the Cost of Monopoly

    Facebook gave one of the worst keynotes in a long time: there was no vision, just the adoption of Snap’s. It’s the inevitable outcome of a monopoly.

  • Manifestos and Monopolies

    Facebook has long had too much power, but Mark Zuckerberg’s expressed willingness to use said power for political ends means it’s time to consider countermeasures.

  • Ben @ Code Media on The Great Unbundling

    A video of Ben presenting at Code Media.

  • The Great Unbundling Follow-Up, Netflix Earnings, The New York Times 2020 Report

    The current TV model is exceptionally strong, but its weaknesses are correlated. Then, Netflix continues to demonstrate the power of Aggregation Theory, and the New York Times impresses with its focus on the business side of journalism.