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.
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","iv":"9e58dfe8604f966181b6068e10f446d9","s":"74d7a1f3fc5cb39e"}