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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EVu8FtVnUuwhTKDnI90dAZKr2yo8FvbXTR67pg05IgQX+js9h4Q8Yz7NBP85tt7Gd6Q7cZv2Vc61Oig7Sn+5fy0WD7m9aZj1wXagqLV0t\/bLqGVVHsdY35hUM0ZMDeSj8ddfKumryim+amX6PfHkC0bLXfmzD6W1IRQ\/uTWdkGQNSXcOUG0qAVnxgv\/KhfHbt0kPLSftkxyH+V8eLtYPNxYtrwpTkpCGRXG4GE9ExrldSlmgno7TiEWah\/nDfjo29FAW8c2kMJ4ceKcsDCXXI5rkcMlj6h4RpUCNQ4ecu1BGfTjjLknDIuAk56SJFv6JF6jhPLpR6PQY\/C8D+SnaShHopkEDbiXZmI0Fxg7eS351SE3pxZjSK2eJZMjrt1Vv+1+XrgaqniQC22M0hw7YogPIvqSi1wOjUg6fVMzHlcMi7YVkofx5\/kMhNfZMxyyW+bNkhOENiZXeTSRH7N77+9Mv0KnhOGzpSQd32shi+zXYdo03l57WDxMgTjb\/FUf6umLf62ZvEcmUJV3510TD4ctK\/zrPHGZBBedK0zn\/kZ0KwW0loCA5x+pqT3mjWQpat6HQCWhkXQ5ulJ2yV1lWXY4eazumFLtGkjoM98eMbCR9D0o2rMB6ES+I4bzVpI8AetbXe2aJ7UeQYFsYEEVft8bDbPMXIBghlo4m7W1rXJTaZG+F7ePoBAs1K\/tBDqasw5Mm1KXtloqaXIBNCMWYgCSqGXDr50+EMBU3QbD3VTtS3\/OpNja7oXYqvjeR6BDhy5dugC0gVmf06M3EHZ7+ral6S6NTWXFUffP5zjHjil0AJMrNLLBuD2qFirpsJA6796NFrpBQEF13hf2tO+Eg5kvKyAqzEoX+hy\/cwwki5OnGFkvkKhcW50HY6SYLrDUj4ozy+y1h8owXQvRDoKX55WSrIWFmIXJrlBSEU+0wKQBAWPKXhvUX+Gauq588izjiKuI5q87xSOcithSrGwoiIIdiIazeTp8wu\/MSNnLsKxNlS+gGKoFp16lRNtVbdsbqzx1gP\/I570WnJm6+Fl9v0HiNMNKIH15hLTTOZNi8Lm\/7d+jRS9qSN3RwSN50kCFWC9UBccZH5nYDrkfw7NX6S8iUhZ6c\/9f3XLvguPPI8AuAbj0WQ17\/idF1IRD77g5xUZNXbiSvdBVZOBbHA0HYTs0LRweZ7AVvd5z\/cqntYoghIj8\/uuFfZsOIAkgkcECP7IQD\/q8Pt4tXCLiXo8fPNdn3E8QQMwve\/orMLgkvHQNHya3c\/bmMa7KogKcyPZn0aGnVLeA8AZDqMSaIeBIyXvrwxuprb5BwByKuea30P9215xZOcBtF3vosGS3Xv94JKgqhSoeTKVolM3fqZdegWTV3XYrkZ7UDBRkdwica3pmukxkzT5qi7Y4Qsy26Aa1FGCUNO\/RvCOPV3oAGSq9QYGR1M9IpzNttYggnuOo285MZXzStd1YSc1PMInJ84rKQp5QYITcZRJwA5BGpRVmFjL4h7iRiBV0SAV0fst763U84lV7B3QSVl7W93W1qktKwOLz2BEot62Ca7tdjCk4lZX2AkBm8nJUPDHk8KELvYY0as+7KRrKMHDBc9seLCrwYOWvpys1TbOk4iWU7ctuw7eg5QluDb8t3BzODyhnHcr1vrByjp\/Q41jntmTLv4Kk2vz5YukekRaogtAXnwFH9JMnRWMyDMrUPsnH2zrkVcEIjZ1QXc93KGxJV7cpGYiBwocAi8gna06QFThGfrlSqWqDu4zwjEhSEYZ9H6rpcbnVDRzjdiNTzZUko0BxmjdUB3sdY1WjDxaVdGhmV4U33frkuPluQgzo3WM+Jyi50iVQj3VMMoXYSqfniGuQ4pmDvUjmEix\/0HuS3sqcPQESpvdYNdoCX+jSUclaZvbqWEXXCd66ZYomYccEMxFUEemEtgaIuy1fLJjHin7SkFIcb6iCfLYqcXe8W\/ZBqwR0QHEAhMVXt+q+jF8XBnlR0N8YQLFqCnpvjQZ4g7Pq1Y\/41pyWCs+OJRWI8eECh\/Dm8Gu2PcfwZC0dTz5Fiqk1fpEWiHpE0lQRzB28VTG+wBTzfkY1WYAkT9nIZNzqcEIsVKTpkYlJ4nDTjrek1MIC22IX5gdT+YIvERZFHA31qSiVWUalTfYaz+p05LT03vC\/9epT+DUxaM2nCmlbzEfKjHzQ35Bzoeh\/y103PgpHz6WUKJWcfpGxYNAgd5nJEViFLSk3F43xas1F+fC9ujohdNa3VmBcOPbquRscTNOBsW7U9NV+rFceOVZ0NebgsCNPMrSTsJ6OJf\/om50lyKJS1BS9n9B5B7og4XSvsgG8ltBtXc16WDMG2SpCtdqwH8LTYdWk0UxKrQ9CaAnwd8JucdqoD3rHSlV3zffq27fnMWWT2dHnbFSKhP5+fC8z9WYDIq0o85jP2t\/WyfbVj+keHvC\/oIPNx09WIhEpMhseU2bcIVJdcAqpaiB8VOhDipAcFrAS4I3jH3euXVN8Len\/Y5gckfS+M0tqYvAqqN3tnpYAwaLYutuDboZBKdrG8O7r6RzGONdVJP0JmQDh5EIowLd9+K\/BmG5JjPMfTvCU\/05YScUTTRYezhfwzJZJbDyHKUgB3qLqTVxZHz+ePtfuy1Zyo\/ekGF\/HtaGJbLPK1xa33pEv7OHO1nRnMKm4m8Gm0EJ0QIpNTj7nNhGO9Nc31z\/RO1V6qyHkJTc6nK16O3whM2TEqXMhIWvabgfWdTbwoMQZA5ayBpfQ+C\/TzsG1ms7HzPNchXCJjGE3yhvT9XFXs041ZlJ0ZElKf1VBKNBoGuC50hdhADu2A5yVg+X8PW6SKTwcCikC4UR3meyx319b2zKYzs4K8IkzwN7obp5ZsOjmZCMKZGgzAPPSc8d+h7pOUYf\/eRnyJPNTaCLeedMntIQzFLi47W2fQ9sWNYpLodGczZrHJsNEuVSkrforSWZ5kjZA3N\/fSGhQRgN4\/iyrPasZMtcDOA0I7sl3i\/rf4sz0CjgemJvhdBeaMWcqxq5yhSXUwWF49GaTIM4kD61ji0AEdI27v4DNmw4PxA+OUcINZ1ErscpZ5KmfnRajMXbN8K9ogPRG+j\/cldKLIaTm1XxYJJdVwdFxinUTRZ6yXBWx0vHsJuEF66Bbh9IdZCJ2L6yosJ1\/LJTihTbN+1JD9qX0GXC\/WfhiELht8UpayAIAsTztTee9myodkncytxn1tdeUbhstP43mL0eSO79JaTnfUukLKQyKdqt4PmnMbT08bpe1Mbv7WrPScT4S+wmLJq+iJO8TxpJN5BCt89lxABrhlDtCPWJNR77i6tuhdlqHNxjEeH1xDuiVWA7S8p7FRvcbrY6\/DGs0XV7uagbVNk8t3kmeP9UnfMif51m65gIKXaLLCPc1w4Bx19oW8nVKg1fVf0e0hn3JgTHeVjiyMYSfEz7EZRml4PzpQ2Dyt\/dt3MXj0KwQM9pD2tdxcbcQM6wxaNMeTeBJ9RxZ9mdkL\/zZJ\/USEkoQnKKud\/yHO+4ZDyqiiBmpcVlPBpjrFdrYShDc9QdKitB+AdwwSXrHAH7PiXmRvW9cKLgeAxMGvwgB2TMMIOf+K3NSNKrze4Y\/uciPWwN4psahf1EAM61H6uEVLIDM8KovuzhXg8MLeuWLy\/03vOxFbpQJQkz\/fz98FSNoKgS9NRkXluEpodKx8tgXbzxUg1zltBDlOaQMw7yb5QKMgRL3rh6nc28925bShKXGIp5ERu3JhexZ1mjUGzN4N5Is9MWHqYo1K06WRyNol7NxILrRL\/VVzJuT6nj1NAEQFWCE1xGjOpZXZhDPU","iv":"07eb7ecc51d3e33fd3d1399f489b1254","s":"4d66dd3457f19f3b"}