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Ever since the web began, the number of websites has been growingexponentially. These websites cover an ever-increasing range of online servicesthat fill a variety of social and economic functions across a growing range ofindustries. Yet the networked nature of the web, combined with the economics ofpreferential attachment, increasing returns and global trade, suggest that overthe long run a small number of competitive giants are likely to dominate eachfunctional market segment, such as search, retail and social media. Here weperform a large scale longitudinal study to quantify the distribution ofattention given in the online environment to competing organisations. In twolarge online social media datasets, containing more than 10 billion posts andspanning more than a decade, we tally the volume of external links postedtowards the organisations' main domain name as a proxy for the online attentionthey receive. We also use the Common Crawl dataset -- which contains thelinkage patterns between more than a billion different websites -- to study thepatterns of link concentration over the past three years across the entire web.Lastly, we showcase the linking between economic, financial and market data byexploring the relationships between online attention on social media and thegrowth in enterprise value in the electric carmaker Tesla. Our analysis showsthat despite the fact that we observe consistent growth in all the macroindicators -- the total amount of online attention, in the number oforganisations with an online presence, and in the functions they perform -- wealso observe that a smaller number of organisations account for anever-increasing proportion of total user attention, usually with one largeplayer dominating each function. These results highlight how evolution of theonline economy involves innovation, diversity, and then competitive dominance.

Evolution of diversity and dominance of companies in online activity