The flaw in business models for new-media and technology companies goes back to the early days of the Internet. Sooner or later, the 1990s’ revenue-will-follow-eyeballs model will meet its comeuppance, if Facebook’s current stock-price malaise is any indication.
{"ct":"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","iv":"33a5a4a216a735108c3a179d474f6555","s":"3dfd98c79f7fc35f"}