The Internet is now a place where everyone has an inventory.

So the choice is now: “I’m going to find this niche obscure thing, or I’ll get the mass market thing.” It’s either Paul Skallas or Malcolm Gladwell. Aesop Rock or ASAP Rocky. Boutique brand or Amazon. You get the idea.

Unlimited availability and optionality among consumer goods has staged the final competitive battleground in the space of immaterial value, where there is no ceiling on “cultural value add” managers can jazz up a product with. Is it any surprise that brands want to become culture itself?

After a few decades in which giant aggregators have become the dominant marketplaces while original media companies often seem relatively small, this framework is a reminder that the most successful marketplaces are always media marketplaces.