Consistent 40% margins, year over year, for decades, are rarely seen in other industries. For example, Apple's brand is very strong, so it can ask a very steep

Consistent 40% margins, year over year, for decades, are rarely seen in other industries. For example, Apple's brand is very strong, so it can ask a very steep markup on their products. Nevertheless, its profit margins are lower than those of the big five publishers, usually.