“Spending money on a growth hypothesis before a value hypothesis is a classic way to suffer horrific churn.”

And how to model lifetime value of a subscriber:

https://25iq.com/2017/07/15/amazon-prime-and-other-subscription-businesses-how-do-you-value-a-subscriber/

And further on the same topic as regards MoviePass:

https://25iq.com/2017/12/30/moviepass-premature-scaling/

h/t Patrick O’Shaughnessy