While it's not as flat as consulting (one hour's work gets sold once) the maximum leverage on one hour's work is a multiplier based on the distribution.
But looking at history, while media-centric companies take a longer time to mature, don't they also typically have much bigger exit?
Also, what's your take on user-generated media vs. editorial?
The problem is that it's hard to get any payout at all if the growth doesn't fit certain parameters.
It doesn't mean these aren't good business to be in. It's just hard to want to make a very illiquid investment.
I'm not sure that UGC and editorial control are in opposition.
As my background might imply, I'm fond of user curation...
(We need a better term than "user")