Eric Min

We're also crowdsourcing content.

So what I mean by that is, unlike other platforms where you might have to pay a spin instructor

to create these spin experiences.

We've got a community of users who want to volunteer their services to be ride beaters.

So there are all sorts of, I think the last I checked, there are over 700 events being organized every month by the community.

95% of our user acquisition is organic.

And it's happening because it's more fun to be on Zoom with your friends.

And most cyclists belong to a tribe, a club, or a team.

And if you like the experience, the first thing you'll do is you'll want your friends on Zwift with you.

So that's investing in the brand and creating awareness.

We do very little on the digital advertising side.

It's not very much at all.

Oh, for sure.

That's a lot for us, actually.

So I'll give you an example of what we invest in, in terms of content.

So we invested in a project called Zip Academy, modeled after GT Academy.

I don't know if you know Gran Turismo Academy.

Okay, so there is a, it's about seven years old, but basically it was a marketing advertising program between Gran Turismo, the Sony PlayStation game, and Nissan.

where they would find talent on the platform, on the gaming platform, and then take the finalists to a track, put them in a real car, and see if they can find a real driver.

They've been doing this for seven years, and over the last few years, they're actually finding real drivers.