Search engines and social feeds once delivered an endless stream of free traffic. Today, the landscape is evolving. AI‑generated answers in search, shrinking referral slots, and tighter platform policies are eroding that flow, while new AI-native platforms like ChatGPT are emerging as both disruptors and gatekeepers. Publishers, retailers, and brands are responding by moving audiences into environments they directly control such as native apps, loyalty programs, and email. The pattern is clear: the more a platform can replace or meter your content, the more margin it will keep. Owning the relationship is becoming non‑negotiable, but the routes to ownership are multiplying - and the next gatekeeper may not look like the last.
