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Really enjoyed this. It made me wonder about rival goods: alt data is famously so, as every user is eating the others’ alpha. It feels like rock music can go either way: pop stars like Taylor Swift have economies of scale (part of the product is being in an arena with thousands of others whose parents paid thousands of $) while truly edgy and cool alt rock like early grunge is a rival good, and you’re supposed to move on to the next band when the first one gets too popular, at least if you’re trying to max your hipster alpha.

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Thanks! I like that analogy comparing the Swifties vs those maximizing hipster alpha! :)

It's making me think about other industries with the same issue such as craft beer industry - like Sam Adams was once a considered a beer brand for discerning consumers and now its seen as just another uncool mainstream brand.

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