In this article, we consider revenue and concentration developments of Nordic media and communication sectors within the wider framework of the network Internet ecology, the aim of which is to understand and contextualise what media concentration is in today’s digital platform economy. By comparing revenue data from the telecom, content media, Internet, and backbone service sectors in Denmark, Finland, Norway, and Sweden between 2018–2022, our analysis shows that telecom is the most profitable sector, particularly wireless (mobile). Traditional content media displayed revenue recessions during Covid-19, however most sectors were recovering by 2022, and many show growth. While content media are moderately to highly concentrated across the region, telecom and core Internet services – particularly search – display the highest concentration levels overall. Finland has the most concentrated media and communications ecology, while Denmark is the least concentrated. High revenue coupled with high concentration thus indicates that small markets may benefit from concentration to attain economies of scale to enable funding of quality services in competition with global providers. The Nordic context furthermore suggests that such concentration levels are only sustainable with appropriate regulations. Our research thus shows that concentration in communication markets should be understood within context-dependent market dynamics, contributing to the political economy of communication.