Owl & Co released its first Vertical Economy Report this month, putting vertical video revenue outside China at $150 billion in 2026, up 42% in a year.

That is the number most likely to travel. It may be the least interesting one.

Owl & Co estimates that Meta, ByteDance and YouTube capture 94% of the market between them. Advertising contributes $131 billion of the total, against $10 billion from consumer payments and $9 billion from shopping take rates.

The report puts a price on a distinction I have been drawing all year. The screen orientation is the common feature. The economics of vertical videos are not.

The Category Everyone Covers Is 3% Of The Market

Dedicated microdrama apps account for roughly $4 billion, or less than 3% of the total, despite nearly 2,000 apps competing globally or regionally.

The cost side helps explain the mismatch.

Owl & Co cites a Media Partners........

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