setup differentiated platforms compete in advertising and offer consumers a service free of charge (such as a TV program …) that is financed through advertising. We show that advertising can exhibit the properties of a strategic substitute or …

setup differentiated platforms compete in advertising and offer consumers a service free of charge (such as a TV program …) that is financed through advertising. We show that advertising can exhibit the properties of a strategic substitute or …

competition "either or both." A central result is that platform ownership does not affect advertising levels, despite nontrivial … viewer fees. We show that the equilibrium advertising level is inefficiently high. We also demonstrate that entry of a … platform leads to an increase in the advertising level if viewers' preferences for the platforms are negatively correlated …

We measure the effectiveness of competitive advertising on brand search using alarge-scale, quasi-experimental ad …