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  "documentTitle": "2011 Bond Cap Internet Trends 2011",
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  "authorName": "Mary Meeker",
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      "text": "With undifferentiated products, price is competed down to marginal cost. And the marginal cost for digital content is $0.",
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      "text": "Newspapers, once the bastions of content creation / curation, are experiencing 5th straight year of declining revenue. With undifferentiated products, price is competed down to marginal cost. And the marginal cost for digital content is $0. How does one create differentiated content in an economically viable manner, when few want to pay for it? – For insights, check out Joanne Bradford’s Web 2.0 presentation.",
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      "text": "Source: Demand Media. Note that Search = ~50% of USA Online Ad Revenue ($15B based on Q2 run rate) in 2011 vs. <5% in 2001; Display = 23% of Online Ad Revenue ($7B) in 2011 vs. 62% in 2001",
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      "text": "Content Commoditization – Value Shift from Creators to Aggregators",
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