We reveal how online property portals can be one of the most lucrative and defensible business models in the digital economy.

We set the stage for the arrival of AI and the particular challenges it brings to portals.

We explore how we may be moving past the initial AI hype into a phase of fundamental disruption.

We examine the defensive strategies portals are deploying to fight off challenges from new entrants

We reinterpret Helmer’s framework through the lens of marketplaces.

We reveal how AI weakens the moats of SaaS businesses, yet reinforces those of well-designed marketplaces.