I think this can be summarized into a cleaner formulation: by controlling the last mile, Facebook obtains the ability (though not the requirement) to absorb whatever components of the experience they choose.<p>This has always been one of Microsoft and Apple&#x27;s biggest strengths (though executed with varying degrees of competency at various times for both of them).<p>Facebook isn&#x27;t going to replace all existing publishers, but it very well might become a publisher for a few very profitable sub-niches &#x2F; types of content.<p>Or more likely (again, a la Microsoft and Apple) simply buy quality publishers in those niches. Because quality, but under-supported publisher + first-party FB analytics, advertising ability, &amp; platform control = a pretty winning play.