Eventually, a tipping point will be reached, and once subscriber growth slows, subscriber losses may start to pick up, and that's when things could really get ugly. A huge amount of churn in Shopify's subscriber base can be expected over the long haul In one of my previous pieces published before Andrew Left released his short report, I noted a scary risk that nobody seemed to be talking about. Everyone was all about the bull case, and barely anyone was considering the real long-term risks associated with the business. Small- and medium-sized businesses (SMBs) have an absurdly high failure rate. That's just a fact, and unfortunately, Shopify caters to such businesses, so it's not too far-fetched to assume that a huge chunk of Shopify's subscribers may not stick around over the next five years. The U.S. Bureau of Labour Statistics states that approximately one-third of new establishments survive more than a decade.