Own the Demand

On mobile, Google still has to pony up $5-10B per year (and rising) to remain the default search engine on iOS.

Super-AggregatorsWhat makes Facebook and Google unique is that not only do they have zero transaction costs when it comes to serving end users, they also have zero transaction costs when it comes to both suppliers and advertisers.Start with supply: not only is the vast majority of online content accessible to Google’s search engine (unsurprisingly,... See more