Kevin Munger (yes, my son) recently wrote a piece exploring this problem. His article “Unbundling and Abundance” addresses the impact of technological advancements on the production and consumption of cultural products. Kevin argues that these are the main issues:

Technological Advancements: The rise of the internet and digital tools has lowered barriers to entry for creators, leading to an explosion of content across various media forms.
Unbundling: Traditional media packages, such as albums or cable TV bundles, are being broken down. Consumers now have the freedom to select individual pieces of content, tailoring their media consumption to personal preferences.
Abundance of Content: This unbundling has resulted in an overwhelming abundance of content, making it challenging for consumers to discover high-quality material amidst the vast options available.
Absence of Gatekeeping: The role of traditional gatekeepers, like editors and producers, has diminished. In their place, algorithms and social media trends have become the new curators—determining what is important—and verifiers—determining what is true. The consequence is that the most prominent content is disconnected from profit-and-loss calculus, as well as quality ‘buyer’ feedback.

These trends in media production and consumption have significant economic implications. While more creators can share their work, monetizing content has become complicated. On one hand, anyone can now publish content and charge whatever audiences will pay through services like substack and Patreon. On the other hand, the enormous flood of new content raises the level of competition to earn a sustainable income.

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