If you want to sell a product online, publish a game, or distribute a new app you built, you must pay a tax to one of several dominant aggregators. “Real estate” on the internet can therefore be much more competitive than it is in the physical world, where you pay a market-based rent, but foot traffic comes for free.
We expect that consumers will have a clear preference for about three subscription services that they are willing to pay for, with the rest being long-tail.