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For decades, the entertainment industry operated on a scarcity model. There were only three major television networks, a handful of radio stations, and a limited number of movie screens. Consequently, popular media was a monolith. If you wanted to be entertained, you watched what everyone else watched. The "water cooler moment"—the shared experience of discussing last night’s episode of M A S H* or Seinfeld the next day at work—was the holy grail of ratings.

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Media is becoming increasingly fragmented. Whether it’s competitive woodworking or deep-dive video game lore, there is an audience—and a creator—for every specific interest. For decades, the entertainment industry operated on a

The transition from cable television to services like Netflix, Disney+, and HBO Max has fundamentally changed our viewing habits. If you wanted to be entertained, you watched