“As Google’s growth slows, it will need to consume more and more of the web ecosystem, trading against its former suppliers rather than distributing attention to them.

When a new technology is introduced, there’s a lot of green-field opportunity, and so much value is being created that there’s no need to capture it all. But as the technology matures, the winners need to capture more of the total value being created. They gradually crowd out suppliers as well as competitors.