In analyzing any industry, it’s critically important to understand which resources are abundant and which are scarce. That’s because value accrues to the scarce resource in a value chain and, accordingly, it shifts along the chain when the relative abundance/scarcity of resources changes.
AI is set to democratize high production values. At the same time, many consumers’ definitions of quality are shifting away from high production values — and therefore lowering the bar — at least some of the time. YouTube is already the most streamed service in the U.S. to TVs, equivalent to Hulu, Disney+, HBO Max, Peacock and Paramount+ combined. Or, consider that Mr. Beast’s last video, which is performing near his average, got enough viewing to be a top 10 series on Netflix globally.
https://dougshapiro.medium.com/what-is-scarce-when-quality-is-abundant-9e4b5529a07e