Evan Spiegel

Whether, you know, it's Uber.

You know, Snapchat, some of those early generation companies that really, you know, got distribution and built themselves on mobile.

And so I think as we look forward to, you know, sort of these next generation form factors, things like glasses, there's going to be a whole new set of opportunities and a whole new surface for people to build generational consumer companies.

I'm really excited about that.

Oh, gosh.

Well, I just saw Instagram Plus launch.

So I think that's the latest rip.

Which is a subscription.

Yeah, I think we just hit 25 million subscribers on Snapchat Plus, more than a billion revenue run rate.

So it was, I think, probably enough to get Meta's attention that it's a good time to copy.

You know, it's certainly better than making stuff that people don't want to copy.

So I think, you know, in many ways, it's a blessing that we've been able to continue to innovate, to make new things that really resonate with folks and that ultimately people want to end up, you know, copying from Snap.

So I think it certainly beats the alternative.

But it does mean that we have to be really thoughtful about our strategy.

And so I think one of the things, it's been an interesting time for me to reflect a lot on our strategy over the last 15 years, because 15 years ago, we essentially learned that software is not a moat, right?

Which is something that everyone is discovering today with AI.

But 15 years ago, because all the software features that we could create were so easily cloned by our competitors, we started to think about how to build a more durable business, how to build a business that had bigger and more effective modes.

One of the first things we did was focus a lot

on building ecosystems, right?

Whether those are, you know, the relationships between creators and Snapchatters, whether that's the platform we built around augmented reality where, you know, developers have built millions of these lenses.