The BuzzFeed Lesson – Stratechery by Ben Thompson

Infinite competition is the result of the Internet: any piece of content is only a tap away, a far cry from a world where geographic areas were dominated by a small number of newspapers. The inferior product is advertising: when newspapers were the only option, advertising inventory was scarce; now advertisers — which only paid for newspaper space as a matter of convenience, not principle — can reach the exact customers they want exactly where they spend most of their time and attention, namely Facebook and Google. And thus the failed business model: is it any surprise that commoditized content and non-competitive ad inventory did not work?

Source: The BuzzFeed Lesson – Stratechery by Ben Thompson