Dmitry Gurski

Firstly, they had a very deep understanding of our business model because of previous investment to Duolingo and HS Commer and similar companies. And it's really rare to see investors with a deep understanding of consumer subscriptions because there are not so many successful consumer subscriptions and just several public companies based on this business model.

Firstly, they had a very deep understanding of our business model because of previous investment to Duolingo and HS Commer and similar companies. And it's really rare to see investors with a deep understanding of consumer subscriptions because there are not so many successful consumer subscriptions and just several public companies based on this business model.

And most investors, they just don't understand this business model. They confuse it with SaaS. And they're making very wrong conclusions because of that.

And most investors, they just don't understand this business model. They confuse it with SaaS. And they're making very wrong conclusions because of that.

And most investors, they just don't understand this business model. They confuse it with SaaS. And they're making very wrong conclusions because of that.

you may apply the idea that retention should be very high because if you lose your customer, you lose it forever. And it's a fact for B2B, but it's not the fact for B2C because in B2C, in case of consumer-facing apps, customers come, customers go, customers come back, customers go. We already have maybe 40% of installs from users who used our app previously.

you may apply the idea that retention should be very high because if you lose your customer, you lose it forever. And it's a fact for B2B, but it's not the fact for B2C because in B2C, in case of consumer-facing apps, customers come, customers go, customers come back, customers go. We already have maybe 40% of installs from users who used our app previously.

you may apply the idea that retention should be very high because if you lose your customer, you lose it forever. And it's a fact for B2B, but it's not the fact for B2C because in B2C, in case of consumer-facing apps, customers come, customers go, customers come back, customers go. We already have maybe 40% of installs from users who used our app previously.

And because of that, you should analyze not like retention itself, but retention of revenue, for example. You should analyze how cohort behave in time and what revenue you are getting because of this behavior that people are coming back and forth. They stop subscription, they start subscription, and you just can't apply this very simplistic logic of business sales that if people pay,

And because of that, you should analyze not like retention itself, but retention of revenue, for example. You should analyze how cohort behave in time and what revenue you are getting because of this behavior that people are coming back and forth. They stop subscription, they start subscription, and you just can't apply this very simplistic logic of business sales that if people pay,

And because of that, you should analyze not like retention itself, but retention of revenue, for example. You should analyze how cohort behave in time and what revenue you are getting because of this behavior that people are coming back and forth. They stop subscription, they start subscription, and you just can't apply this very simplistic logic of business sales that if people pay,

And then the churn, they will never come back or they will never start paying again. It means that logic in analysis of retention should be very different.

And then the churn, they will never come back or they will never start paying again. It means that logic in analysis of retention should be very different.

And then the churn, they will never come back or they will never start paying again. It means that logic in analysis of retention should be very different.

I think for current market, we may check this number, but average multiple-tier revenue for public SaaS at this moment is close to eight, and it was five last year, and it was 30 or so in 2021. It means that it's declined five or six times as well. It means that- Do you think that's right? It's market.

I think for current market, we may check this number, but average multiple-tier revenue for public SaaS at this moment is close to eight, and it was five last year, and it was 30 or so in 2021. It means that it's declined five or six times as well. It means that- Do you think that's right? It's market.

I think for current market, we may check this number, but average multiple-tier revenue for public SaaS at this moment is close to eight, and it was five last year, and it was 30 or so in 2021. It means that it's declined five or six times as well. It means that- Do you think that's right? It's market.

in a rational world. You can't have in 2021 multiple 30-40 and in 2022 multiple 5 for the same company. Market is not rational, it's market.

in a rational world. You can't have in 2021 multiple 30-40 and in 2022 multiple 5 for the same company. Market is not rational, it's market.

in a rational world. You can't have in 2021 multiple 30-40 and in 2022 multiple 5 for the same company. Market is not rational, it's market.