Spotify seems to be trying to build out control of advertising and distribution of podcasting. With gatekeeping power over listeners through its streaming service, and gatekeeping power over ad revenue through its advertising network, Spotify will eventually be able to force podcasters to live in its ecosystem. It won’t be impossible to get... See more

Take the music industry, for example. From Napster to the iTunes Music Store and now Spotify, the last two decades look a lot like an exercise in how to use internet platforms to effectively deny income to musicians while extracting maximum value in content and data.

Private equity firms have poured billions of dollars into music, believing it to be a source of growing and reliable income. Investors spent $12 billion on music rights in just 2021 — more than in the entire decade before the pandemic.