The discussion here goes to show how valuations are still stretched. In any "normal" times (i.e exclude late 90's bubble and the mini-bubblet of the last couple

The discussion here goes to show how valuations are still stretched. In any "normal" times (i.e exclude late 90's bubble and the mini-bubblet of the last couple of years), valuations like 3-4x revenue would be considered perfectly reasonable, for a relatively mature yet risky play like this (risk because the audience could get bored and leave, as seems to be already happening). After a prolonged downturn (Japan anyone?) we wouldn't be arguing whether 3-4x revenue is too low. We would be surprised any deal at all got done.