Stratechery "Aggregation Theory" Images

Ben Thompson’s simple sketch nails a big idea: how the internet flipped value creation. Pre-internet, companies had to own everything—production, distribution, customers. Today, digital platforms aggregate customers and let suppliers plug in.

Why it works

• Visuals decode complexity fast
• Shows the shift from “own everything” to “connect everything”
• Highlights how power moves to whoever controls demand
• Easy to see how each side benefits

Real-life examples

• Google aggregates information, not creators.
• Amazon aggregates sellers and buyers through one platform.
• Uber aggregates drivers and riders without owning cars.
• Airbnb aggregates hosts and guests without owning property.
• TikTok aggregates creators and viewers—attention is the new control point.

Simple sketch, massive concept.