This dude has been marked down to hell, but I think he has a point. With the self-congratulation going on in a few other threads about how entrepreneurs are better than everyone else because they create (oh I'm sorry, "hack") amazing things which make the world a better place, it's worth noting that 90% of internet traffic is complete garbage.
Kongregate was acquired for this amount (~$30MM); it's also built around leisure and time wasting, but compare their content offerings. One has games developed by over 10k developers, indy and professionals, while the other offers jpegs, crowd-sourced from 4chan and reddit.
Neither is garbage, but $30 mil for an image-board? and that's not even an acquisition but investment.
Same with TV and other media. The point is that 90% is garbage for everyone -- but it's also a different 90% for everyone. So I don't think this argument matters. Witness that companies building something loved by more than 10% of people (Facebook, Apple, Google) also yield way higher valuations and returns.
