Agreed! Indeed, that strategy has been followed by many of the firms that emerged as the most successful technology firms of our time, from Google and its free internet search to Facebook.
Even hard- and software giant Apple that became the dividend and stock buyback giant it is today, was unprofitable for a long time (even after its IPO), establishing a loyal customer base hooked to its solutions and innovations! We all know how loyal (borderline fanatic) its customers became! Steve Jobs was even fired for his focus on solutions instead of profitability, before he was re-hired by the Board a few years later...
In fact, even while profitable, Apple also launched iTunes, an at that time revolutionary free music library management software. Only once people were hooked and loved the solution and got used to it as their music managemnt software, the money from the iTunes store started flowing...and flowing it did...
Just saying the innovation and initial landgrab never ends completely even for established technology companies, especially the most successful ones with a long term horizon! It is the unique way how the technology industry found its way around the chicken and egg problem, first get people hooked, show them the value of the solution, and then monetise it on a large scale...
No investment, no return...Sphere is a technology company, I hope they focus on one thing and one thing alone for some time: Adaptation
Last but not least: $19 billion valued company Whatsapp is another perfect example. Still has to get its first Dollar out of me, they won't be paying dividends anytime soon, but I bet their early shareholders (some surely asked the same question early on) are damn happy they focussed on adaptation! They now live in houses/ on islands next to other early investors of Google, Facebok, Apple and the like...all of the same clever mindset.. :-)
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