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Then came cable, then DVRs, then YouTube, then Netflix. Suddenly, scarcity evaporated. Everything was available everywhere. When Stranger Things dropped on Netflix, there was no "appointment viewing." The water cooler was now asynchronous, spread across an entire weekend. www wwwxxx com exclusive

For the consumer, the strategy is to become a nomad. Subscribe for the one exclusive you love ( House of the Dragon ), binge it, cancel, and move to the next walled garden. For the creator and the platform, the race is on to build the highest fence. One thing is certain: In the cacophony of