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TV, merchant media and the unbundling of advertising — Benedict Evans
In the past few years, startups like Substack, Patreon, and Shopify have created alternative ways for creators to build businesses online through direct transactions, rather than advertising. This shift exposed a simple fact: in an ad-driven world, creators were generally under-monetizing their audiences.
Andrew Chen • The Next Phase of Social? Listen Closely | Andreessen Horowitz
Amazon has built a $15bn+ ‘search ad’ business (retailers just call this marketing)