The problem from an economic standpoint, and the article alludes to this, is that a lot of these platforms just aren’t profitable at stage 4. They might be ubiquitous, well loved by users, and have next to no meaningful competition, but if the money isn’t there they will be under the gun to iterate until it is. And even if it is the fear has been, and continues to be, that unless you’re becoming even more profitable each quarter by siphoning off excess value from your network that you’re basically failing at your basic function as a public company. I’m not sure I can think of a good example of this, Google used to be it, but they’ve gone so downhill in the last 10 years.