The Only Moat In Businesses Now

29 Jul 2025 · 1 min

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This content was created by Eric Siu. This content was uploaded by Eric Siu. This is a YouTube video titled "The Only Moat In Businesses Now" (uploaded July 29, 2025). The excerpt is a single-speaker monologue (labeled SPEAKER A) in English arguing that distribution — and brand tied to distribution — is the primary moat for businesses today. The speaker cites examples of increasing pages-scraped-per-visitor for Google and Anthropic, references a Cloudflare CEO remark about the web/search business model (subscriptions, ads, fame) eroding, and notes shifting user preferences toward platforms like YouTube and Reddit.

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only moat that's left in businesses now. I believe that the only moat in business now is actually your distribution. So if you look at Google 10 years ago, 2 pages scraped 1 visitor. 6 months ago, 6 pages scraped 1 visitor. Today it's 18 pages scraped 1 visitor. And then Anthropic, 6 months ago was 6,000 pages scraped per 1 visitor. Today it's 60,000 pages scraped per visitor, right? So the Cloudflare CEO said that if the business model of web has been search fundamentally for the last 35 years, you get value by subscriptions, ad, or fame. All 3 of these things are going away and they're going away fast. But I do think brand is the moat, distribution is the moat in this world that we're in now. And then I just think like, you look at what people are looking for now, they want LOMO, they want YouTube, they want Reddit, they want stuff that isn't the stuff that people were looking for like at a much more aggressive pace a couple years ago. It's shifting quickly.