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In addition to scaled distribution, the financial flexibility of tech companies gives them another leg up—one that will only become stronger as costs remain high and investment is still required for streaming models to become profitable. Over the last several years, traditional media players have struggled to keep up with content expenditure compared to their tech peers, even when it was more affordable to do so. At the same time, the outlook for advertising is uncertain and affiliate revenues that have been used to fund streaming initiatives are accelerating their decline.
Growing Down | LionTree
liontree.com
How the company chooses among this list depends on the return on capital that is available on each choice. Companies that can invest capital in their own business at high rates of return should do that rather than, say, pay dividends.
Salesforce’s Best Acquisition Yet: Itself
memosbyhh.com
It is hard to estimate the value of a meme like Andreessen’s. How many future entrepreneurs were emboldened by those words? How much incremental capital flowed toward the private market, subtly scripted by that sense of promise? Steve Jobs famously remarked that the “most powerful person in the world is the storyteller.” In just a few words, Andreessen had crafted a narrative of remarkable power, capable of organizing talent and capital.
Modern Meditations: Katherine Boyle
thegeneralist.substack.com
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