A larger network and a smaller network in any given market have distinctly different strategies—think of it as a David strategy versus a Goliath strategy. The upstart has to pick off niche segments within a larger network, and build atomic networks that are highly defensible with key product features, and, when applicable, better economics and engagement. The incumbent, on the other hand, uses its larger size to drive higher monetization and value for its top users, and fast-following any niches that seem to be growing quickly.
