05 Aug 2026·5 min read Software had a superpower. Build the product once, distribute it to a million users for roughly the same cost as distributing it to one. Every incremental customer flowed largely to the bottom line. This created a gross margin profile, 75-85%, that made software unlike any other industry in history. Those margins made the unit economics of aggressive customer acquisition work in a way that seemed almost too good to be true. Once a customer was on the platform, they cost yo...