The first wave of monetization was about making meaning of the big. Display advertising, for example, operates as a function of viewership. Pricing is typically based on CPM, or cost per thousand impressions, and CPC, or cost per click, both of which require a lot of views to make these numbers meaningful. These days, as consumers are faced with near-infinite options, making money as a creator is about making meaning of the small again: Kevin Kelly’s “1,000 true fans,” finally come to pass. We’re seeing renewed interest in subscription models, sponsorships, and merchandise, all of which
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