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No, that's mainly lack of single consumer market, and the markets being too small to meaningfully start B2C companies.

You mean like Spotify, that started in the large and populous country of Sweden?

GP was talking about companies with FAANG levels of profitability. Maybe we should bring up Spotify when they are profitable. [1]

You got me there.

Spotify started from the start as a global company and had US VC money. That's however the exception from the rule.