The new TAM

Are we proceeding to a new kind of economic reality, one that mirrors the changes in media that happened over the last 20 years? Where the spread of new enabling platforms (Then: the internet, social, mobile. Now: compute, LLMs, robotics) creates new resilience and a new understanding of the economy and relationship between individuals, corporation... See more

The total addressable market (TAM) for creators is much larger than almost anyone believes. Two forces are hyper-charging the market opportunities for these creators. The first is that more of the demand side of the economy -- i.e. experiences and consumption -- is being mediated by aggregating platforms. The second is that more of the supply side ... See more

The window of opportunity has largely closed, however, this is far from being the case for B2B marketplaces. Whilst consumers are able to order just about anything online, most businesses have not even started transacting online... That being said, I suspect that this category is where the next generation of outliers will be built.

Meanwhile, the more recent rise of social media — plus digital publishing and the continued growth of e-commerce — has given brands strong incentives and tools to build direct relationships with their clientele, skipping the retail middlemen and keeping the rest of their margin.

To explore these three factors further, we will look at the trajectory of Lululemon, where the digital business grew 41% year over year and accounted for a third to top line revenue in the recent quarter. In contrast to many peers, namely Under Armour, the company’s omnichannel success has positioned it to break free of the “CAC is the new rent” pa... See more