Amazon’s ad business is bigger than YouTube and more profitable than AWS. Shein is the biggest fast-fashion retailer in the US, with no stores. US pay TV subscribers have fallen by a third. Where do ad budgets go, where does rent go, and how many brands will there be?

Consumers transitioned from the ownership of physical CDs and Digital MP3s to accessing an unlimited catalog of music, for $9.99 / month (a price that has not changed almost 13 years later).