Blue Apron

Blue Apron pioneered meal kits but watched its $2 billion IPO valuation collapse to under $100 million as customer acquisition costs exceeded lifetime value. The company couldn't retain subscribers—90% of trial customers churned within a year. Blue Apron exemplifies the subscription trap: high acquisition costs only work with high retention, but convenience products face endless competition. Like an organism expending more energy catching prey than the prey provides, Blue Apron's growth consumed more than it produced.