[danpalmer]

I think investors are really starting to value companies with good economics, who can show profitable growth. Many VC-backed SV style companies over the past decade have not been like this, and I think that age is coming to an end.

Subscriptions/MRR happen to be a good way to get profitable growth, but that doesn't mean it's not possible otherwise. In fact subscriptions may be obfuscating otherwise poor economics, and I suspect that many customers are going to get subscription overload, or reach the end of nice introductory terms, and churn.

Some investors might be looking exclusively at MRR, but they are likely shortsighted. If too many value MRR and don't value other revenue, there will be plenty of valuable investments to be had in non-subscription companies and the market should rebalance.