“But the new economics of multisided platforms, which we explore in detail in Matchmakers, shows that the winner-takes-all theory doesn’t describe most internet platforms. What markets have these companies actually won? If you think Google is the winner in search, Facebook in social networks, and Twitter in microblogging, you might be half right. They might have “won” the ability to give people certain kinds of content and services for free. But all of these companies pay investors, at least in part, by selling advertising to marketers who want to reach more eyeballs. None of them have “won” that side of the market. In fact, they are all competing with many others for advertiser dollars.”