honest-broker.com

The Collapse at Netflix Signals the End of Audience Capture

Netflix got into this mess by pursuing a simple strategy: (1) Spend less on programming, and (2) Raise subscription prices. That is the 'audience capture' strategy mentioned above. The idea is that the audience got captured years ago with cheap subscription prices, and now the platform can squeeze them mercilessly—offering less and charging more.

stratechery.com

2026.28: XBOX On the Rocks

the Game Pass initiative that was the last great hope for XBOX has been a failure. I'm not a gamer, but Ben's rendering of the XBOX story — and the Game Pass story — is a great case study of both internet economics and management mistakes (and analyst ones!).

stratechery.com

A Script for Mark Zuckerberg

Building a platform is antithetical to building an ad business. A platform's goal is to feature third-parties; an advertiser's goal is to capture attention for itself. Investing in an entirely new technology, including developing hardware, fundamentally limits our addressable market; an advertiser's goal is to maximize its market size.

stratechery.com

2026.11: Winners, Losers, and the Unknown

However, the most recent evidence — particularly Copilot Cowork — is that the companies who are best able to harness (pun intended) model capabilities are the model makers themselves.