BURN-RATE

We raised $120 million, hired 400 people, and were doing $600,000 a year in revenue. I know how that math looks now. At the time, it felt like we were about to break through.

We went from 20,000 subscribers to 3 million in six months. The growth was insane. The burn rate was more insane. We were losing $20 million a month.

We spent $1.75 billion and got 500,000 subscribers. Netflix spends that on three movies. For $1.75 billion, we should have just bought a small country. It would have had more users.

Startups glamorize burning cash. Burn rate is celebrated like a badge of honor. It should be treated like what it is — a countdown clock to death.