[busterarm]

> In other words, creator and content growth outstripped ad spend growth.

And by several orders of magnitude. I'm surprised at how many highly intelligent people out there have failed to grasp these basics.

It's also sort of a winner-take-all market. Established channels for each customer segment will capture all of the revenue. Everyone else fights for scraps.

If you look at art/culture trends through modern history, teens aspire to the accomplishments of the generation before them. The clearest sign of YouTube being "done" was all of the surveys of teenagers aspiring to be Youtubers.