SideCar and Lyft slice that market finer, monetizing an empty seat by letting owners tote along fee-paying passengers on routes they may already be taking.
The payment network charges the bank a very small transaction fee for using the network, but net they are essentially letting the bank make the most from the interchange fee, hence the banks are on the subsidy side.
Scale enables BlackRock to spread costs associated with personnel and technology setup over a larger asset pool and investor base letting it charge a more competitive investment advisory fee while maintaining higher operating margins.
Digital licensing refers to the licensing fee that the media companies charge for letting streaming service providers such as Netflix, Amazon and Hulu stream their content over the internet.
In many cases we have encountered, pensions would be better served by simply making a gift (perhaps in the amount of an asset based fee) to the minority managers they wish to support, as opposed to actually letting such managers handle pension assets and underperform.