But that’s anecdotal and highly subjective. So, as a more objective testament to the aforementioned demand inelasticity, Apple Music boasts 45 million songs — a significant 50% more than Spotify — but the effects of users switching are not manifest in Spotify’s user data, which has accelerated on an exponential curve amidst Apple Music’s gatecrashing the scene. (Tidal has even more, claiming 50 million in selection!) That’s the “empirical” part I mentioned at…
…is that the photos are necessary to show Amazon shareholders that my business judgment is terrible. I founded Amazon in my garage 24 years ago, and drove all the packages to the post office myself. Today, Amazon employs more than 600,000 people, just finished its most profitable year ever, even while investing heavily in new initiatives, and it’s usually somewhere between the #1 and #5 most valuable company in the world. I will let those results speak for themselves.
“If this note converts at a price higher than the cap that you have been given you agree that in the conversion of the note into equity you agree to allow your stock to be converted such that you will receive no more than a 1x non-participating liquidation preference plus any agreed interest.”
Now a decade and a half later the sight of server literally sitting next to the brooms, mops, and buckets is still seared into my brain. I had poured everything into making this work and my dreams had been relegated to the janitor’s closet. My heart was broken.