The platform economy is evolving:

Phase 1: VCs own the equity. The product is the platform. The artists get a cut. (Spotify, Medium)

Phase 2: VCs own the equity. The product is the art. The platform gets a cut. (Bandcamp, Substack)

Phase 3: Artists own the equity. The product is the art. The platform gets a cut. But the platform is owned by the artists. (Subvert, Mea)