// audience trust

Source: Prof G Research Team

Polymarket ran undisclosed paid promotions through crypto influencers without clear SEC oversight. The incident exposes a structural gap: when compensation flows through direct messages and sponsorships blur into editorial content, regulatory bodies struggle to enforce disclosure rules before content reaches millions of followers. Crypto, NFTs, and other emerging asset classes now have a proven route to retail investors through creators who face minimal consequences for transparency lapses.

Source: Stratechery by Ben Thompson

The shift reflects an inversion of media power: creators who built audiences through algorithmic platforms and direct fan engagement now command larger viewing bases than traditionally gatekept entertainment. Studios can no longer rely on theatrical distribution as a prerequisite for cultural reach. A 19-year-old with a camera can accumulate more devoted viewers than a $200 million tentpole. The economic consequence: the old intermediaries—studios, networks, agents—lost their monopoly on scale. The new gatekeepers are algorithms and parasocial loyalty.