That's the time when VC's were making huge investments into the web tech, most companies were losing crazy money.

The mentality of the age was portrayed like this in SV: https://www.youtube.com/watch?v=BzAdXyPYKQo

There were companies that were making some money but those were killed or acquired by companies that give their services for free. Google killed the blogs by killing their RSS reader since they were long into making money stage and their analytics probably demonstrated that it is better people search stuff than directly going to the latest blog posts.

It's the same thing everywhere, the whole industry is like that. Uber loses money until there's no longer viable competition then lose less money by jacking up the prices. The tech is very monopolistic, Peter Thiel is right about the tech business.