This new way of winning distribution is quite different from the old way. Yes it’s also capital intensive, but you’re not buying real estate. You have low fixed costs, and variable costs that scale with usage (vs. real estate servicing that you pay regardless of use). And where branch-banking might have had winner-take-all dynamic regionally, there... See more

Netflix makes money by selling subscriptions to its bundle. Of course the execution of this strategy is considerably more complex. For example, Netflix focuses on evergreen content because that means that ever more content increases the attractiveness of Netflix to new subscribers, reducing customer acquisition costs. Netflix is also focused on qua... See more

Embedded financial products open up entirely new revenue streams to productivity software companies that were previously only accessible by financial institutions. Fintech APIs (like payments from Stripe) allow companies to monetize not with expensive subscriptions but through financial instruments that were previously the purview of banks.