Great one. You tend to see very localized marketplaces, that might not scale, and digital ones that can (with help from network effects). As David Phelps wrote in Three Quarks re the famous Craigslist unbundling graphic: "...the image is a combination of semi-failures and companies battling competitors for market share, even frequently against Craigslist itself, which continues to rake in at least half a billion dollars a year. Craigslist wasn’t really unbundled into verticalized platforms. Instead, it was forced to compete on an increasingly splintered playing field with a multitude of half-satisfactory options. Even despite itself, what the diagram really shows us is not the victors of the past decade, but how rare winner-take-all marketplaces truly are." https://davidphelps.substack.com/p/the-promised-land-of-the-singing

Expand full comment