You have precisely identified the bubble, inadvertently:
Why are we determining what these companies are worth based on things like number of uniques and users, rather than the actual amount of revenue they bring in? Users, in-and-of themselves, are useless. Revenue is always and everywhere the end goal. Somehow we've begun to take at face value that more users=more money, and I don't think that's the case.
Why are we determining what these companies are worth based on things like number of uniques and users, rather than the actual amount of revenue they bring in? Users, in-and-of themselves, are useless. Revenue is always and everywhere the end goal. Somehow we've begun to take at face value that more users=more money, and I don't think that's the case.