I still believe there's a huge markup though. Look at premium Usenet providers - they store something like 1200 days of the posts (minus DMCA takedowns) which I think run something like hundreds of petabytes of data. Yet they can provide the service, including transfer, for what has to be a niche market at rates around $10 a month. Presumably there's no "magic" or subsidies in what they're doing. Yet what they're doing is essentially what a big streaming service is doing.

Now you might say - well, yea, $10 a month - right around streaming prices. Sure, but you figure in the larger scale to spread the costs over. For Box etc, they're not even having the content costs that a Netflix would have (which I'll admit is a lot, and might well make up for the difference between just storage and transfer of Usenet) which makes them comparable in some sense.

Even if you say that well, Usenet gets multiple companies cooperating in their competition and storing the same data so they get some redundancy for "free", compare to backup providers like Backblaze at $7 a month for unlimited storage (unless you're on Linux, then f**k you, so I don't use them, but still). Or Jottacloud that runs around $100 a year for 5TB soft cap 10TB hard cap.

I still think there's a mix of a lot of markup, and people not actually looking much into competition - I know people who don't cross compare.