@pastperformer - my Netflix piece was more in relation to the...

@pastperformer - my Netflix piece was more in relation to the 'eyeballs' measurement comment hahah. Fundamentally Netlfix started as a pure aggregation play. Offering sleek UX experiences, applications and centralised content/information/media into a single directory - much like Google does to websites, or Facebook does to media/news/content/journalism.

What is apparent, aggregation wouldn't work long term for Netflix, as competitors (Disney, Warner Bros etc) understood the need to own the consumer (collect data, understand behaviour usage, build ecosystems) and hence licensing content became more difficult, competitors all moved to subscription/recurring revenue businesses, and Netflix doubled down on content creation/production.

Network effects is important for Afterpay no doubt, and yes, there's natural organic growth, economies of scale, repeat purchasing. However, much like Ubers problems, customer loyalty (arbitraging) could be a problem, and you also have the challenge of large retailers wanting to own the customer relationships/data/behaviour etc. Sure - They'll take referrals now, but, Afterpay is essentially fighting them (and all other marketplaces) for the relationship moving forward.