Not too sure about this take. By this logic, the car industry would be bankrupt - people don't buy cars that often. Isn't the real issue that the spend vs. frequency is off? If I spend (on average) $1 a day on an app, that's a pretty good business. If I spend $10,000 every 10 year, that's also a good business. However, if I spend $1 every year, that's likely a bad business. It's not about how often, but how often as a function, with how much as the parameter.