Well, to be fair, some of their inability to cash in on the web could be attributed to the regulatory hurdles (especially in Europe, but with global consequence

Well, to be fair, some of their inability to cash in on the web could be attributed to the regulatory hurdles (especially in Europe, but with global consequences) they faced in their attempts to push IE as part of the OS, etc. I do agree with you that market forces (courtesy of some wrong strategic decisions made early on and a willingness to stick to them for too long) were the predominant factor, though.