The uncertain one: Lemonade thinks the industry doesn’t acquire enough customers online, and that this locks them out of low-premium policies. But Lemonade is also betting that they can convince customers to spend more over time.

Consequently, this late in the game Medium almost has no choice but to pivot into the #4 locus of value described above: “niche focus on the demand side [like] products and services that specific consumers use to accomplish specific jobs.” Thereafter, monetization is simply a question of: ‘what can we offer that’s scarce and who wants access to... See more

The media business has traditionally been built around content. There have been hints of culture driven commerce throughout the years in the NYT blue bag, the New Yorker tote bag, but most of these attempts teetered on the edge of membership and nowhere near the manufacturing of subcultures. We are seeing new media companies begin to work towards... See more