#25 Platform Wars: The future of the US therapy platform market
Is this a winner takes all market? And if not, what will it take to win?
Hi friends,
Over the last ten years, hundreds of businesses have created online therapy platforms.
They’ve attracted billions in funding and many have grown into large businesses, hiring tens of thousands of therapists, landing huge contracts and providing care to millions of people.
In 2024, it’s a very competitive market. Large platforms are desperately pursuing profitability (to either IPO or satisfy shareholders if they are already public). Smaller platforms are sprouting up all the time, focusing on different niches and with slightly different approaches.
Amidst all this, many therapists are pushing back against this rise of therapy platforms, demanding higher pay and improved working conditions.
The promise of new technology looms as both a threat and opportunity.
The execs at these businesses have a lot to think about.
So how is this going to play out? Is this a winner takes all market? And how should leaders of these platforms think about their options?
That’s what we get into in today’s post.
We’ll cover;
Winner takes all? Understanding if this is a winner takes all market.
Win Within: the strategic priorities for winning in a fragmented market
Break Free: an alternative strategy for businesses who don’t want to compete in a crowded therapy platform market
Oh before we get into it, a quick one for you… From this week on, I’m starting to move off Substack. You don’t need to do anything, but if you want to make 100% sure you keep getting these emails in your inbox, you can add thehemingwayreport@mail.beehiiv.com to your contact list and just keep an eye out for emails from that address.
Curious to see your next post as you "break freeeee" from substack