Agreed, but most investors will not part with that kind of money unless they believe in the plan for turning it into way more money (... at least I hope so.)<p>Of course, some investors are idiots, so you have to take their confidence with a grain of salt. But the past decade has proved that there is value to building a large and loyal userbase. As long as big companies continue to acquire those userbases for large price tags, investing in the userbases can remain a justifiably smart idea.