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It is driven by the extremely low costs of entry in digital publishing which makes it very difficult to set up the kinds of de facto monopolies that existed for big city newspapers for most of the second half of the 20th century. Then came the platform monopolies: Google, Facebook and a few others. Over the last five years or so but accelerating rapidly in the last 24 months, they’ve gobbled up almost all of the growth in advertising revenue and begun to engross a substantial amount of the existing advertising revenue as well. Let’s try a

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