Good comment. As a side note... It's interesting how "more advertising opportunity" is a well that never runs dry. You would think this tops out at some point

Good comment. As a side note... It's interesting how "more advertising opportunity" is a well that never runs dry. You would think this tops out at some point. That advertiser's won't just spend more and more forever. Turns out, they will. Imo, this is related in a complex way to etherealization of many modern sectors. Outsourcing, specialization, the proverbial 4-hr workweek... and it's more pertinent SME instantiation. If your business model is subscription condiments, you probably have the condiments made with your label and perhaps outsource the shipping. The value add of the consumer facing firm is all marketing. There are no investments or long term improvements to production. You have blunt tools to affect product. It's unsurprising that marketing specialists are big consumers of advertising services. Meanwhile, modern pay-per-performance advertising represents the down-scalable starting point for nascent businesses. That shapes these firms. Anyway... There are so many sectors where paying >20% of gross on advertising is normal. It's not obvious what the upper threshold is... especially with digital products.