the internet creates a barbell effect: we see both consolidation and fragmentation. Or, more precisely, aggregation and specialization.

The “death of the middlemen” however, is the idea that whoever generates the demand captures the value, and middlemen get commoditized as markets become more efficient.

Pre-internet, you captured profits by controlling supply. Now, post-internet, you capture profits by aggregating demand. 

the best companies win by providing the best experience, which earns them the most consumers/users, which attracts the most suppliers, which enhances the user experience in a virtuous cycle

value capture will more precisely reflect value creation, and the best will make 10x+ more than they are now.

VCs were suppliers, and the internet commoditizes suppliers

as the market becomes even more efficient, it may replace middlemen altogether (e.g. venture studios).

That’s how much power the star has over the middlemen; if only they’d choose to exercise it.

If players teamed up and started a new league, I’m sure fans would switch and pay for it directly. That’s the mindset shift.

Middlemen who merely route supply and demand without adding significant value along the way will get squeezed out.