When you wonder "why is [NEW FORMAT] suddenly a thing?", the dynamic is always the same. Early advertising is fantastically lucrative. Once the stampede to the format starts in earnest, the margin drops quickly, and the cycle will have to repeat. It's driven by novelty.https://twitter.com/JayCoDon/status/1385617258353922055 …
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Zooming out, the "chasing new formats" pathology in online publishing is another symptom of too much capital with no place to go. The investors get sold on a dream. Other people act rationally, chasing whatever formats those investors are subsidizing at a big loss for the moment.
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As always, the biggest profit is to be made effectively selling new dreams to the investors. It's become a highly refined art form and the great creative legacy of our era. But why is all this surplus money bottled up and useless, instead of in my pocket? That part stymies me.
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