Rent seeking? Media companies that actually create content are rent seeking? Versus the garbage hallucinations AI creates?
I know because they tried to make a deal with my company, we passed because social media data is infinitely more valuable.
Maybe their data isn't as valuable to eg. advertisers than the data their audience actually shouted into the internet themselves (guess what), but the thing they've been actually selling for a long time now, journalism, can't be dying that fast considering we're both on this website that in big parts consists of discussing journalism.
> ”Rent seeking” is one of the most important insights in the last fifty years of economics and, unfortunately, one of the most inappropriately labeled. Gordon Tullock originated the idea in 1967, and Anne Krueger introduced the label in 1974. The idea is simple but powerful. People are said to seek rents when they try to obtain benefits for themselves through the political arena. They typically do so by getting a subsidy for a good they produce or for being in a particular class of people, by getting a tariff on a good they produce, or by getting a special regulation that hampers their competitors. Elderly people, for example, often seek higher Social Security payments; steel producers often seek restrictions on imports of steel; and licensed electricians and doctors often lobby to keep regulations in place that restrict competition from unlicensed electricians or doctors.
https://www.econlib.org/library/Enc/RentSeeking.html
This is linked in the wikipedia article, which is even more confused:
