About
What Internet Economics does
We study how internet businesses create and capture economic value.
The question is how a business makes money, and why the model works. The company is the case. The mechanism is the insight.
A revenue figure without a mechanism is not the product. The standard is the evidence, the reasoning, and a clear account of what is not known.
Internet Economics is published by Grant Warfield.
What we analyze
- Customer and payer, including when they are not the same
- The problem that creates willingness to pay
- The product or service actually being sold
- The monetization mechanism
- Distribution and what acquiring a customer costs
- Costs, leverage, and contribution where evidence exists
- The constraint on growth or on the economics
- Bargaining power and value capture
- Defensibility
- Failure conditions
Evidence
Primary sources come first: the company’s own site, pricing page, documentation, filings, and direct public statements. Credible reporting is useful. A social post can establish that someone said something. It does not, by itself, establish that the underlying claim is true.
If a founder says the company makes $5 million, that remains a reported fact attributed to the founder unless it is independently verified. Conflicting evidence is shown, not averaged into a cleaner story. Time is part of the claim. A price observed in October 2026 is not “the price” forever.
- Reported
- A source states this. It is attributed to that source.
- Derived
- Arithmetic or logic applied to reported inputs, shown as such.
- Estimate
- A reasoned number where direct information is missing. Never a reported fact.
- Assumption
- A premise the estimate or argument depends on.
- Interpretation
- A reading of the evidence. Not itself a fact.
- Hypothesis
- A claim we cannot settle with the sources in hand.
Estimates
Estimates are allowed. Economic analysis often has to reason past a missing number. An estimate is labeled, and it shows the inputs, the assumptions, and the calculation when that helps a reader audit it. An estimate is never written as if the company had reported it. False precision is a defect.
Interpretation
An interpretation is a reading of the evidence: why the mechanism works, where bargaining power sits, what looks defensible. It is marked separately from reported fact. A hypothesis is a reading we cannot settle yet. Both can be useful. Neither is allowed to impersonate a filing.
Corrections
Material factual errors are corrected and dated. Interpretive disagreements are evaluated against the underlying evidence.
A material correction compares the published claim with the source offered for the correction. If the record was wrong, the page is updated, the change is dated, and the evidence class stays honest. A disagreement about interpretation is not automatically an error. Facts are corrected. Interpretations can be revised, and they remain interpretations.
Commercial relationships
There are no affiliate relationships, no sponsorships, no vendor relationships, and no lead-generation relationships. If that changes, the disclosure sits separately from the factual claims, on the page it affects. Compensation does not decide the conclusion.
What this is not
Internet Economics is educational and informational. It does not provide individualized investment, tax, or legal advice. Explaining a company’s economics is not a recommendation to buy or sell its securities, and it is not a promise about returns or earnings.