Lens family
324 analyses · Business Model
The Birkin Was Never the Product. The Scarves You Bought to Earn It Were.
Hermès
The Rolex Waitlist Was Never a List. That's Exactly Why It Worked.
Rolex
Spotify Took Sixteen Years to Make a Profit. The Free Tier Wasn't the Funnel Everyone Thinks.
Spotify
Everyone Calls Thomson Reuters a News Company. The Newswire Is a Small Fraction of It.
Thomson Reuters
Disney's Parks Don't Pay for Streaming. They Pay for the Right to Be Wrong.
Disney
Disney+ Didn't Grow Its Way to Profit. It Squeezed Its Way There.
Disney
Netflix Doubled Its Ad Revenue and Still Calls It 'Immaterial.' Read That Again.
Netflix
Netflix's Pricing Ladder Looks Like an Evolution. It's a Ratchet.
Netflix
Netflix Didn't Convert Freeloaders. It Fixed a Leak It Spent a Decade Drilling.
Netflix
Uber's First Real Profit Wasn't the $1.9 Billion Headline. It Was a Smaller, Realer Number.
Uber
Instacart Isn't a Delivery Company. It's an Ad Network That Happens to Carry Your Groceries.
Instacart
Amex's Famous "Closed Loop" Has Been Quietly Open for Years. The Moat Was Never the Loop.
American Express
Coinbase Didn't Diversify Away From the Crypto Cycle. It Just Found a New Door Into It.
Coinbase
Robinhood's Trades Are Free Because You Aren't the Customer. You're the Inventory.
Robinhood
Walmart's Profit Engine Isn't the Aisle Anymore. It's the Ad Behind the Aisle.
Walmart
7-Eleven Built the Lightest Franchise Model in Retail. Then the Franchisee Bought the Company.
7-Eleven
Aldi Doesn't Have Low Prices. It Has a Machine That Can't Charge High Ones.
Aldi
Kroger's Most Profitable Aisle Doesn't Sell Groceries. It Sells What You Bought.
Kroger
Costco's $1.50 Hot Dog Isn't a Loss Leader. It's a $4.8 Billion Magic Trick.
Costco
Broadcom Didn't Buy VMware to Run It. It Bought VMware to Reprice It.
Broadcom
The H100's Price Has Almost Nothing to Do With the Chip
Nvidia
Google Isn't Losing the AI Search War. It's Eating It.
Alphabet (Google)
Google Pays Apple $20 Billion a Year to Not Compete. The Court Just Made It Renewable.
Alphabet (Google)
Palantir Loses Money on Purpose at the Start. That's the Whole Plan.
Palantir
Snowflake Charges for the Gas, Not the Car. That's the Trap and the Genius.
Snowflake
Apple Doesn't Refuse to Compete on Price. It Refuses to Look Like It Does.
Apple
Apple's $109 Billion Services Empire Isn't a Pivot. It's a Toll on Devices Already Sold.
Apple
The iPhone Price Ladder Isn't About Choice. It's a Machine for Moving Your Money Up.
Apple
The 30% Apple Charge Is a Myth, a Moat, and Now a Crime Scene
Apple
Roblox Built a Flywheel That Spins on Other People's Work — and Keeps Most of the Spin
Roblox