Soaring inflation and rising mortgage repayments are leading consumers to cut back on discretionary spending and most digital offerings are discretionary. Even the industry’s trillion-dollar giants have not been spared, despite continuing to rake in handsome profits. Alphabet, Amazon, Apple and Microsoft have collectively lost $2trn in market value over the past 12 months. Despite superficial differences, digital darlings’ business models rest on the same shaky pillars. Do you think that it is Macroeconomics which has led to decline in the number of subscribers on the platforms ?

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