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":"aabba57b8f12c4a2872a316bf148368a","s":"1c0b99add45cf604"}