I don’t agree that was obvious in hindsight. I was familiar with Nebula before this article and I had always understood it to be something like a co-op where creators and only creators had genuine equity. When reading the first bit, I assumed as the author did that it must be something where the co-op owns a controlling share in some underlying company.

The conclusion that there’s nothing like a co-op at all is not what I would have expected and I really think does suggest that it’s all smoke and mirrors. If this “ownership” doesn’t consist of anything more than a right for creators to be paid based on their view counts, isn’t it just a YouTube contract with extra steps?