Reasons why Geocities died:
- Obnoxious ads
- Spam/malware abuse
- Didn't keep up with Myspace and Facebook
- Not promoted enough (Yahoo just let it die)
But most importantly, I think it died because free services all over the web are being killed off in favor of paid services. As the sucker investors are finally catching on, free just doesn't ever make a payback, except in the rare case where you are able to find even dumber suckers to unload the company on (like Yahoo).
The free ride on the web is over.
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