I think the point @lessin is arguing is incredibly important, but it goes even deeper
Even within digital businesses like media, there is a version of “deep infrastructure” that also gets neglected (hard news, substantive analysis, research, education) for the same reasons

My colleague @itsurboyevan likes to say in business media you either have to go “fund or dumb” if you want to maximize returns.
Aka you either need to make money investing, rather than writing, or you need to pivot to lowest-common-denominator content to maximize your TAM.

@Jessicalessin made a similar point a few days ago after the Axios acquisition happened:

In media, you can solve the problem by avoiding raising too much of the wrong type of outside capital. That’s what we did at @every and what @Jessicalessin did at @theinformation.
But for basic infrastructure like @lessin describes, capital is non-optional. What can be done?