Referrals are down in many of the markets that we are working in Brazil, in South Africa, in Indonesia. We are hearing from publishers - large publishers - that their traffic is down 50 to 60% in the past year,
Analysts wrote that much of that revenue comes from month-to-month subscribers who may churn as quickly as they signed up, putting the durability of those flashy numbers in doubt. While these young companies have disclosed surging ARR, they could have "questionable economics," the analysts wrote, noting that sales gains like this could come from short-term subscribers who might not stick around.