"some" in this case was Groupon & Zynga, not Pinterest or Instagram. while perhaps not the best cases of getting to sustainable profitability, nevertheless both Groupon & Zynga did phenomenally well in customer acquisition and revenue... what they have failed at is long-term retention.
regardless, the argument Fred seemed to be making was that distribution and customer acquisition is getting "harder"... this is not the case.
regardless, the argument Fred seemed to be making was that distribution and customer acquisition is getting "harder"... this is not the case.