Writing since 2019 On media, technology & strategy

Essays & Dispatches

20 essays · 12 dispatches by Narendra Nag
Cover Essay · Media

The Bounce-Click Argument

Google's defense of AI Overviews is that the clicks they replace were 'bounce clicks' — visits no one valued. The defense is technically true. It is also the same shape, almost line for line, as the one regional sports network executives offered in 2018 about the cable bundle.

Google has a name for the clicks that AI Overviews replaced. It calls them bounce clicks. The framing, articulated by a senior Google search executive last year and repeated in various forms across every Google statement on the subject since, is that the clicks AI Overviews removed were the ones that were not actually working in the first place. A user clicks a link, the page does not have what they wanted, the user clicks back to search and tries again. That is a bounce. Bounces, the argument goes, are wasted clicks. AI Overviews answer the query directly, the user gets the fact, no bounce, no wasted click, everyone wins. Users who actually want to read the article still click through. The publisher only loses the click that was never valuable to them.

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01 Research Report The State of Local Sports Rights in 2026A research report on the post-RSN landscape. Q2 2026

More from the desk

20 essays since 2019
№01

The Magicians

Sports·5 Jun 2026

Italy 1990 was the first World Cup I watched. I have not missed a single game played in any World Cup since — nine tournaments, more than five hund...

13 min
№02

The First WNBA Billion-Dollar Team

Sports·12 May 2026

The Golden State Valkyries are worth $1 billion two seasons into existence. That number is the cleanest case study of a league entering its second ...

10 min
№03

The Untapped Economics of Minor League Broadcasting

Sports·6 May 2026

The FAST-era distribution stack has quietly inverted the unit economics of minor league broadcasting — most of the teams we already cut were alread...

15 min
№04

The Unit Economics of Boredom

Media·2 May 2026

Streaming P&Ls optimize for minutes produced, which is cheap. The scarce variable is minutes earned — attention that is genuinely arousal-weighted....

14 min
№05

The NBA's Next Decade Will Not Look Like Its Last

Sports·29 Apr 2026

The eleven-year, $76 billion media rights deal was priced against a world that is already moving — generationally, geographically, and through the ...

16 min
№06

The Measurement Problem in Creator Economics

Media·26 Apr 2026

CPM, followers, watch-time, RPM. The canonical creator-economy metrics are inherited from businesses that no longer exist. Modern creator revenue h...

13 min
№07

A Short Taxonomy of Bundle Collapse

Streaming·20 Apr 2026

Since the streaming bundle wave began in 2024, the industry has tried many bundle shapes and almost all of them have collapsed into four recurring ...

12 min
№08

The Danger of Binaries

Media·26 Mar 2026

We love sorting the world into two buckets. Left or right. Growth or profit. Success or failure. But the most important things in life — and in bus...

6 min

Notes & marginalia

Short observations, filed as they happen

  • APR 22 Victory+ became the Minnesota Lynx's exclusive local streaming home — APMC's first WNBA deal, 29 games free in 2026.Sports
  • APR 22 Fox bought back the 2026 Big Ten title game from NBC for $45–55M.Sports
  • APR 21 NBC began selling Peacock subscriptions through the Roku Channel.Streaming
  • APR 20 John Ternus will succeed Tim Cook as Apple CEO on September 1; Cook moves to Executive Chairman.Tech
  • APR 18 First NBA playoff weekend under the new 11-year media deal — games split across ABC/ESPN, Peacock, and Prime. The seams showed on night one.Sports
  • APR 17 Victory+ became the first third-party streaming home for Dallas Cowboys content — APMC's deal.Sports

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