> Incumbents have a poor track record of avoiding disruption by ambitious upstarts. Because journalism is hard. Actual journalism requires boots on the ground,

> Incumbents have a poor track record of avoiding disruption by ambitious upstarts. Because journalism is hard. Actual journalism requires boots on the ground, reporters, photographers, contacts in foreign governments, press infrastructure, etc. Netflix and Spotify didn't start out making music, they started out as a delivery platform for it. The NY Times owns the entire integration, from creation to delivery, which puts them in different position than say, music labels for Spotify or movie studios for Netflix.