When money is cheap, distribution is expensive. In the last two years, we saw companies look for distribution advantages:

Proprietary distribution is the foundation of most successful businesses. Would customers come regardless of how much the company spends on acquiring them? Distribution advantages that are not proprietary get competed away. Take a look at the numerous open-source competitors that most SaaS apps have.

Even many forms of proprietary distribution are no longer proprietary. Content marketing is possible for any company through a newsletter writer's venture fund (at the right price). Successful shows on Netflix get replicated on Prime Video. Users game web3 airdrops and don't stick around.

We've already seen some companies with good, but not proprietary, distribution fail. Direct-to-consumer companies that relied on paid ads imploded as the cost of customer acquisition shot rapidly increased (all good channels eventually get saturated). SaaS communities became communities of other vendors, not customers.

As money gets more expensive, it will be interesting to see what distribution turned out to be proprietary and what wasn't.