Strategic Differentiation by Business Models: Free-To-Air and Pay-TV
研究了免费电视（靠广告）和付费电视（靠订阅）两种商业模式为何能共存，发现差异化源于技术带来的战略替代性，而非消费者异质性。
Abstract Broadcasting markets are marked by the coexistence of outlets with radically different business models, some offering content free of charge and relying on advertising, others charging for access and airing few ads. We develop a model with competing broadcasters that leads to endogenous differentiation in business models. Differentiation is not driven by the heterogeneity of agents as in classic works. Rather it relates to the ‘two-sided’ nature of these markets. A key driver is a strong form of strategic substitutability induced by natural properties of technology that allows advertisers to reach viewers.