[jonlucc]

It's possible that it is becoming a more difficult space to compete in. There are now several companies (MS, Google) that can use it as a mechanism for lock-in or subsidize the costs in another way. If Dropbox wants to compete, their margins over AWS pricing will get very thin, and Google et al can still undercut them.

[free2rhyme214]

Correct! Actually what's coming is free or unlimited storage from MS and Google as Levie has pointed out awhile ago.

When that happens the only way Box or Dropbox makes money is from businesses because MS and Google will want you in their eco-system.