The authors thank Mimansa Bairathi, Marc Bourreau, Joan Calzada, Chiara Farronato, Renaud Foucart, Daniel Garcia, Christos Genakos, Maarten Janssen, Garrett Johnson, Anastasia Leontiou, Leonardo Madio, Richard May, Gosia Majewska, Simon Martin, Klaus Miller, José Luis Moraga-Gonzalez, Martin Peitz, Liza Pronkina, Imke Reimers, Fiona Scott-Morton, Tommaso Valletti, and Christine Zulehner for insightful comments and discussions. Helpful feedback was received at the internal seminars of Télécom Paris, the University of Vienna, the University of Padua, the University of Cambridge Judge Business School, École des Mines—Paris Sciences et Lettres (PSL), the Competition and Markets Authority, and the Organisation for Economic Co-operation and Development (OECD) as well as at the Workshop on the Economics of the DMA, the Centre for Economic Policy Research (CEPR) Virtual Industrial Organization Seminar, the Center for Economic Studies and Ifo Institute for Economic Research (CESifo) Area Conference on Economics of Digitization 2024, Paris Industrial Organization Day 2024, Article 19’s Digital Markets Act Enforcement Symposium, and the 17th Digital Economics Conference in Toulouse. The authors also thank Sofia Hanna and Leonardo Hannas for their help in collecting data. All authors certify that they have no affiliations with or involvement in any organization or entity with any financial interest or nonfinancial interest in the subject matter or materials discussed in this manuscript. All errors are the authors’ own.