Yet another subscription fee: Twitter, Facebook, Netflix are desperate and dying
Kean Birch is director of the Institute for Technoscience and Society at York University.
I’m of the view that these and other digital platforms are doing so because they are facing a reckoning for the dysfunctional capitalism they’ve created, and desperately scrambling around for any revenues they can generate. These platforms have bumped up against an iron ceiling inherent in their rapid-growth business models. I predict we’ll see many more subscription fees coming our way.
The thing is, they know from the start that they have to change once they dominate a market – it’s baked into the business model – since their eventual success is based on being able to reap the monopoly rents they’ve sown. Revenues don’t automatically follow market dominance; they have to be generated through a transformation of the business enabled by their market dominance.
This winner-takes-all dynamic is spurred by the network effects these digital platforms deliberately generate – whereby more users improve the value of a service a la the internet – through the continuous enrolment of more and more users in their platforms. Platforms are able to exploit further these network effects through the mass collection of users’ data, which can be used to improve the platform or influence user behaviour.
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