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It is widely believed that the spread of data extraction technologies on the Internet has led to the erosion of traditional professional content providers and the transformation of the online media ecosystem. To investigate this shift in media ecology, we conduct relational analyses of actual user behavior, departing from existing research that primarily focuses on business institutions and designs of technology. We assess the prevalence of the data extraction business model by grouping websites along two architectural traits that afford data extraction – user content generation and curation – and analyzing how some website architectures get privileged in the web use ecosystem. Since data extraction is relational, we advocate a network measure to capture shared usage in addition to individual popularity of websites. Our analyses of world's 850 most popular websites in 2009, 2011, and 2013 reveal that data extraction fostered a two-tier hierarchical web use ecosystem, marked by interdependence between professional content producers and data extractors. Our study thereby shows that the dynamics in play are more complicated than what is captured by explanations centered on either capabilities of platform giants or the decline of traditional journalism and media organizations. [ABSTRACT FROM AUTHOR]

Market intermediaries are usually thought of as bringing together buyers and sellers. However, intermediaries may also connect these principals with other professionals who can provide assistance with and support for the transaction. We address the question of which set of ties—to buyers and sellers or to other professionals—are more important to the success of market intermediaries, using data from the U.S. residential real estate industry. From a national survey of 525 real estate agents, we find that ties to other professionals are more important than ties to buyers and sellers as predictors of the market intermediary's income, counter to the general wisdom about real estate in particular and market intermediaries more generally. We suggest that the professional networks around market intermediaries may behave like “quasi-firms” helping buyers and sellers navigate complex market transactions. [ABSTRACT FROM AUTHOR]

Electronic markets are increasingly gaining scientific and economic attention. In order to realize their often postulated rationalization potential, a closer look into their organization is necessary. New institutional economics provides a body of theory well suited for this task. Transaction cost theory helps to understand why transactions are more often conducted via markets and why those markets require organization. Principal-agent theory explains future (dis-)intermediation structures in electronic markets. Finally, property rights theory helps to understand why a certain level of market intransparency will remain in electronic markets. [ABSTRACT FROM AUTHOR]