Companies can grow very quickly because tech has got these great network effects, but they also have, because of interoperability, really low switching costs.
That was a sector of hundreds of small and medium-sized tech companies that in aggregate had more profit than the whole music industry and the whole movie industry. But the movie industry and the music industry had a smaller number of participants: music was five, movies were seven back then, now it’s three and four. As a result, they were able to agree on what to spend the money on. The tech industry was all over the place. They were knifing each other in the back. The reason the tech industry treats people like the music industry treated them 20 years ago is that unity.
