What we’re seeing isn’t just a media trend. It’s a shift in the architecture of power. Attention → Speculation → Allocation. This is the new supply chain.
Traditional economic theory assumes information flows serve resource allocation. But increasingly, resource allocation serves attention flows. We've moved from an economy where attention supports... See more
That's why we have intermediaries, and why disintermediation always leads to some degree of re-intermediation. There's a lot of explicit and implicit knowledge and specialized skill required to connect buyers and sellers, creators and audiences, and other sides of two-sided markets. Some producers can do some of this stuff for themselves, and a... See more
The slots that books that connected with readers once occupied are now increasingly occupied by the equivalent of the botshit that fills the first eight screens of your Google search results: book-shaped objects that have gamed their way to the top of the list.
Much of the pleasure of “generating content” — whether through a machine or by some other means, about oneself or about other things or about other things as a way to signify oneself — is in imagining that someone else might also want it. The content is not just for you to consume but to anchor shared experience, or at least allow us to imagine its... See more
The essential truth of every social network is that the product is content moderation, and everyone hates the people who decide how content moderation works. Content moderation is what Twitter makes — it is the thing that defines the user experience. It’s what YouTube makes, it’s what Instagram makes, it’s what TikTok makes. They all try to... See more
The problem, in other words, isn't intermediation – it's power . The thing that distinguishes a useful intermediary from an enshittified bully is power . Intermediaries gain power when our governments stop enforcing competition law. This lets intermediaries buy each other up and corner markets. Once they've formed cozy cartels, they can capture... See more